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AGEC 440 Exam 1 Questions with Answers (100%
Correct Answers)
Which of the following is NOT included in concept strategy?
A) Strategy is a postulate of a theory of how to compete successfully.
B) Strategy is success oriented.
C) Strategy includes anticipating the competitive moves of a firm's
opponent .
D) Strategy is an allocation of resources that maintain or improves firm
performance.
E) A good is one that addresses the needs of the market, even if the
firm does not have the assets(i.e. strengths) to pursue them. Answer: E
Which of the following is NOT considered to be a distinctive
characteristic of the Food and Agribusiness system?
A) Food is intertwined with culture, domestically and internationally.
B) Uncertainty is the biological basis of crop and livestock production.
C) Government intervention (i.e subsidies and price support).
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D) The agribusiness system is exclusively driven by a large number of
small scaled producers, processors, and retailers.
E) Public and private investment in Ag. Research Answer: D
Which of the following best defines the concept of competitive
advantage?
A) Resources that create value relative to competing firms.
B) Resources that generate positive economic value or profits.
C) Products and Services that yield better value than competing firms.
D) Products and Services that generate positive economic value or
profits.
E) All of the above. Answer: A
Which of the following statements best describes educational training
in Agribusiness management?
A) Agribusiness is concerned with decisions made at the industry level
and therefore Economics- in terms of its understanding of markets- is
the cornerstone of basis for agribusiness education.
© 2025 All rights reserved
AGEC 440 Exam 1 Questions with Answers (100%
Correct Answers)
Which of the following is NOT included in concept strategy?
A) Strategy is a postulate of a theory of how to compete successfully.
B) Strategy is success oriented.
C) Strategy includes anticipating the competitive moves of a firm's
opponent .
D) Strategy is an allocation of resources that maintain or improves firm
performance.
E) A good is one that addresses the needs of the market, even if the
firm does not have the assets(i.e. strengths) to pursue them. Answer: E
Which of the following is NOT considered to be a distinctive
characteristic of the Food and Agribusiness system?
A) Food is intertwined with culture, domestically and internationally.
B) Uncertainty is the biological basis of crop and livestock production.
C) Government intervention (i.e subsidies and price support).
© 2025 All rights reserved
, 2
D) The agribusiness system is exclusively driven by a large number of
small scaled producers, processors, and retailers.
E) Public and private investment in Ag. Research Answer: D
Which of the following best defines the concept of competitive
advantage?
A) Resources that create value relative to competing firms.
B) Resources that generate positive economic value or profits.
C) Products and Services that yield better value than competing firms.
D) Products and Services that generate positive economic value or
profits.
E) All of the above. Answer: A
Which of the following statements best describes educational training
in Agribusiness management?
A) Agribusiness is concerned with decisions made at the industry level
and therefore Economics- in terms of its understanding of markets- is
the cornerstone of basis for agribusiness education.
© 2025 All rights reserved
