1
AGEC 325 Final Review Questions with Answers (100%
Correct Answers)
What is the trend we've been seeing in the structure of production
agriculture? Answer: Trend towards fewer but larger farms
What factors have contributed towards the trend of fewer but larger
farms? Answer: labor saving technology
good off-farm employment opportunities
Desire of farmers for a higher income
Higher fixed costs of some technologies
Specialization of crops
What have the business strategies become today? Answer: low
volume, high value
high volume, low margin
specialty product and services
part-time operators
© 2025 All rights reserved
, 2
How does new technology offer possible gains? Answer: Biotech -->
more efficient crops
genetics --> more efficient livestock
GPS -->
What are some characteristics of the information age? Answer:
Improved data collection
More specific data
automatic recording
personal computers
MORE information
MORE reliable & easier to use information
Due to the "information age" what is the problem that producers face?
Answer: "too much" information; now they must decide what info to
use and what to not use
Financial management has changed as agriculture shifted from labor to
capital intensive. What does this mean/what did this cause? Answer:
© 2025 All rights reserved
AGEC 325 Final Review Questions with Answers (100%
Correct Answers)
What is the trend we've been seeing in the structure of production
agriculture? Answer: Trend towards fewer but larger farms
What factors have contributed towards the trend of fewer but larger
farms? Answer: labor saving technology
good off-farm employment opportunities
Desire of farmers for a higher income
Higher fixed costs of some technologies
Specialization of crops
What have the business strategies become today? Answer: low
volume, high value
high volume, low margin
specialty product and services
part-time operators
© 2025 All rights reserved
, 2
How does new technology offer possible gains? Answer: Biotech -->
more efficient crops
genetics --> more efficient livestock
GPS -->
What are some characteristics of the information age? Answer:
Improved data collection
More specific data
automatic recording
personal computers
MORE information
MORE reliable & easier to use information
Due to the "information age" what is the problem that producers face?
Answer: "too much" information; now they must decide what info to
use and what to not use
Financial management has changed as agriculture shifted from labor to
capital intensive. What does this mean/what did this cause? Answer:
© 2025 All rights reserved
