AGB 212 STUDYS CORRECT ANSWERS AND
QUESTIONS SET A+
✔✔index - ✔✔nothing more than a percentage comparison from a fixed point go
reference or benchmark
✔✔Output Index - ✔✔an index that shows the level of current production or output of a
particular commodity or group of commodities relative to a particular year, or base
period
to calculate: example: with milk production for any given year, simply divide the milk
production in that year by the production leveling the base period.
✔✔price index - ✔✔a measurement that shows how the average price of a standard
group of goods changes over time
✔✔indices - ✔✔provide a straightforward way to make comparisons.
✔✔Consumer Price Index (CPI) - ✔✔an index of the cost of all goods and services to a
typical consumer
✔✔Nominal or current dollar values - ✔✔refers to economic measures for which no
adjustment for inflation have been made
✔✔Real or constant dollar values - ✔✔refer to economic measures for which
adjustments to inflation (or deflation) have been made
✔✔Real Value Equation - ✔✔nominal value/price index
✔✔Food and Fiber Industry - ✔✔consists of business entities that are involved in one
way or another with the supply of food and fiber products to consumers example: farms,
ranches, and agribusiness
, ✔✔the food and fiber system from farmer to consumer - ✔✔is one of the largest sectors
In the us economy. this system typically produces output valued at roughly 12 to 15% of
the nations output
✔✔1 and 6 jobs are provided by - ✔✔food and fiber system
✔✔examples of companies in food and fiber system - ✔✔John Deere, green giant,
Kroger, Sysco,
✔✔farm input supply sector - ✔✔manufactures farm inputs and supplies them to
farmers
✔✔Farm Sector - ✔✔Raises raw farm products and supplies them primarily to
manufacturers and processors
✔✔processing and manufacturing sector - ✔✔manufactures food and fiber products
and supplies them to wholesalers and retailers
✔✔wholesale and retail sector - ✔✔distributes food and fiber products to consumers
✔✔Consumer - ✔✔A person who purchases goods and services for personal use
✔✔Number of farms - ✔✔decreased from 6.8 million in 1935 to about 2.2 million
currently. dropped 2/3rd between 1935 and 1974 from 6.8 million to 2.5 million
✔✔Trends in the number of farms the past 80 years - ✔✔it has decreased from 6.8
million to 2.2 million in the past 80 years
✔✔average size in farm - ✔✔doubled from 200 acres to 40o acres per farm after ww11
✔✔the average size in farm 1990-2011 - ✔✔418 to 464 acres
current: 420 acres
✔✔agriculture sector - ✔✔capital, land, labor, materials
✔✔food supply chain - ✔✔process of how food gets from the farm to our tables.
involves production, processing, distribution, consumption, and disposal
✔✔Net Farm Income - ✔✔gross farm income minus farm expenses and taxes
✔✔Gross Farm Income - ✔✔Cash receipts from farm marketings + government
payments + other income from farm sources
QUESTIONS SET A+
✔✔index - ✔✔nothing more than a percentage comparison from a fixed point go
reference or benchmark
✔✔Output Index - ✔✔an index that shows the level of current production or output of a
particular commodity or group of commodities relative to a particular year, or base
period
to calculate: example: with milk production for any given year, simply divide the milk
production in that year by the production leveling the base period.
✔✔price index - ✔✔a measurement that shows how the average price of a standard
group of goods changes over time
✔✔indices - ✔✔provide a straightforward way to make comparisons.
✔✔Consumer Price Index (CPI) - ✔✔an index of the cost of all goods and services to a
typical consumer
✔✔Nominal or current dollar values - ✔✔refers to economic measures for which no
adjustment for inflation have been made
✔✔Real or constant dollar values - ✔✔refer to economic measures for which
adjustments to inflation (or deflation) have been made
✔✔Real Value Equation - ✔✔nominal value/price index
✔✔Food and Fiber Industry - ✔✔consists of business entities that are involved in one
way or another with the supply of food and fiber products to consumers example: farms,
ranches, and agribusiness
, ✔✔the food and fiber system from farmer to consumer - ✔✔is one of the largest sectors
In the us economy. this system typically produces output valued at roughly 12 to 15% of
the nations output
✔✔1 and 6 jobs are provided by - ✔✔food and fiber system
✔✔examples of companies in food and fiber system - ✔✔John Deere, green giant,
Kroger, Sysco,
✔✔farm input supply sector - ✔✔manufactures farm inputs and supplies them to
farmers
✔✔Farm Sector - ✔✔Raises raw farm products and supplies them primarily to
manufacturers and processors
✔✔processing and manufacturing sector - ✔✔manufactures food and fiber products
and supplies them to wholesalers and retailers
✔✔wholesale and retail sector - ✔✔distributes food and fiber products to consumers
✔✔Consumer - ✔✔A person who purchases goods and services for personal use
✔✔Number of farms - ✔✔decreased from 6.8 million in 1935 to about 2.2 million
currently. dropped 2/3rd between 1935 and 1974 from 6.8 million to 2.5 million
✔✔Trends in the number of farms the past 80 years - ✔✔it has decreased from 6.8
million to 2.2 million in the past 80 years
✔✔average size in farm - ✔✔doubled from 200 acres to 40o acres per farm after ww11
✔✔the average size in farm 1990-2011 - ✔✔418 to 464 acres
current: 420 acres
✔✔agriculture sector - ✔✔capital, land, labor, materials
✔✔food supply chain - ✔✔process of how food gets from the farm to our tables.
involves production, processing, distribution, consumption, and disposal
✔✔Net Farm Income - ✔✔gross farm income minus farm expenses and taxes
✔✔Gross Farm Income - ✔✔Cash receipts from farm marketings + government
payments + other income from farm sources
