AGEC 314 - EXAM 1 questions with
verified answers passed
Which of the following is not a macro approach to studying agricultural marketing?
Functional Approach
Institutional Approach
Procurement
Behavioral Systems Approach - correct answer ✔✔Procurement
Which macro approach of studying agricultural marketing focuses on the "what"?
Functional Approach
Institutional Approach
Behavioral Systems Approach - correct answer ✔✔Functional Approach
Which of the following functions are classified as Exchange Functions? (Select all that apply)
Buying
Processing
Transportation
Storage
Selling - correct answer ✔✔Buying
Selling
What is the fallacy of composition?
- The concept that under free trade, people within a country specialize in producing those
commodities that they can produce relatively efficiently.
, - The concept that what is true for an individual is not necessarily true for the whole.
- The set of firms that move a commodity from the farm to the consumer.
- The concept that consumers, through their independent purchases, direct all production and
market activities. - correct answer ✔✔The concept that what is true for an individual is not
necessarily true for the whole.
The bi-directional flow of information in the marketing channel is not an important aspect of
the process.
True
False - correct answer ✔✔False
Which of the three I's of economic theory is focused on people trying to make themselves
better off:
Possession utility
Responding to incentives
Interactions
Indifference principle - correct answer ✔✔Responding to incentives
What does the economic doctrine of consumer sovereignty emphasize?
Consumers are influenced solely by advertising.
Producers have full control over consumer preferences.
Consumers' independent purchases direct all production and market activities.
Producers determine the winners and losers in the marketplace. - correct answer
✔✔Consumers' independent purchases direct all production and market activities.
What is the main advantage of economies of scale?
It leads to higher average costs per unit.
It decreases the per unit cost of production.
verified answers passed
Which of the following is not a macro approach to studying agricultural marketing?
Functional Approach
Institutional Approach
Procurement
Behavioral Systems Approach - correct answer ✔✔Procurement
Which macro approach of studying agricultural marketing focuses on the "what"?
Functional Approach
Institutional Approach
Behavioral Systems Approach - correct answer ✔✔Functional Approach
Which of the following functions are classified as Exchange Functions? (Select all that apply)
Buying
Processing
Transportation
Storage
Selling - correct answer ✔✔Buying
Selling
What is the fallacy of composition?
- The concept that under free trade, people within a country specialize in producing those
commodities that they can produce relatively efficiently.
, - The concept that what is true for an individual is not necessarily true for the whole.
- The set of firms that move a commodity from the farm to the consumer.
- The concept that consumers, through their independent purchases, direct all production and
market activities. - correct answer ✔✔The concept that what is true for an individual is not
necessarily true for the whole.
The bi-directional flow of information in the marketing channel is not an important aspect of
the process.
True
False - correct answer ✔✔False
Which of the three I's of economic theory is focused on people trying to make themselves
better off:
Possession utility
Responding to incentives
Interactions
Indifference principle - correct answer ✔✔Responding to incentives
What does the economic doctrine of consumer sovereignty emphasize?
Consumers are influenced solely by advertising.
Producers have full control over consumer preferences.
Consumers' independent purchases direct all production and market activities.
Producers determine the winners and losers in the marketplace. - correct answer
✔✔Consumers' independent purchases direct all production and market activities.
What is the main advantage of economies of scale?
It leads to higher average costs per unit.
It decreases the per unit cost of production.
