AGEC 101 Exam 2 UWRF Questions and Answers 100% Solved correctly

Which of the following parts of the SWOT analysis are internal to the business? A. Strengths B. Weaknesses C. Opportunities D. Threats - Answer-A and B. Strengths and Weaknesses The Law of Demand states: A. There us a direct relationship between price and quantity demanded B. There is an inverse relationship between price and quantity demanded. C. There is no relationship between price and quantity demanded D. The law of Diminishing Marginal Utility holds - Answer-B. There is an inverse relationship between price and quantity demanded. Which has the least elastic demand curve? A. Oranges B. Fruit C. Food D. Apples - Answer-C. food A decrease in the price of oil results in: A. A decrease in the quantity supplied of natural gas B. a decrease in the supply of wheat C. an increase in the quantity supplied of oil D. All of the above - Answer-B. a decrease in the supply of wheat An increase in the price of corn could be caused by: A. An increase in the demand for soybeansB. An increase in the supply of corn C. An increase in the demand for corn D. None of the above - Answer-C. An increase in the demand for corn Increased ethanol production has resulted in: A. Higher corn prices B. higher corn and soybean prices C. Higher corn prices but lower soybean prices D. Lower corn and soybean prices - Answer-B. higher corn and soybean prices If the price of fuel increases, this will result in the following changes for food: A. an increase in price and increase in the quantity B. A decrease in price and increase in the quantity C. An increase in price and decrease in quantity D. A decrease in price and quantity - Answer-C. An increase in price and decrease in quantity An increase in income will result in the following changes for food: A. an increase in price and increase in the quantity B. A decrease in price and an increase in quantity C. An increase in price and decrease in quantity D. A decrease in price and a decrease in quantity - Answer-A. an increase in price and increase in quantity If the price of a movie ticket decreases, this could be caused by: A. A decrease in the demand for movies B. A decrease in the quantity demanded for movies C. Higher fuel prices D. Decreased supply of movie theatres. - Answer-A. A decrease in the demand for movies