AGEC 101 Exam 1 UWRF Questions and Answers 2024 Correctly done

What are the six parts of the global agri-food system? - Answer-Food distributors, food manufacturers, commodity processors, producers, input suppliers and food retailers Which of the following is an example of a commodity? A. Pasta B. Flour C. Bread D. Wheat - Answer-D. Wheat T/F The study of agriculture only pertains to farm activities - Answer-False T/F Farm Labor accounts for 1% of the nations GDP - Answer-True The number of farms in the U.S has been increasing over the last century. - Answer-False T/F The average size of farms has been decreasing in the last century. - Answer-False The majority of farms in the U.S: - Answer-Earn less than $350,000 in sales Six parts of Kinsey's heicharchy - Answer-Good taste, variety, convenience, live well, status, social cause, nutritious, safe, affordable, promote health T/F The % of income spent on food is decreasing. - Answer-True T/F Globally, more agricultural land is used as pasture than arable land. - Answer-True Who receives the largest portion of a dollar spent on food? - Answer-LaborRoughly what percent of the dollar spent on food goes to farmers and producers? - Answer-7.8% What is the difference between technical efficiency and economical efficiency? - Answer-Technical efficiency is increasing the amount of output per unit and economic efficiency is funding profitable ways to apply new technology. What is not one of the four functions of management? Controlling, analyzing, planning, directing, or organizing? - Answer-Analyzing Which of the four functions involves forecasting consumer demand and business conditions? - AnswerPlanning The barter system is used under which marketing system? - Answer-Central Markets and Specialization and trade The role of middlemen include: A. Providing a place to hold the market B. Build stalls used by sellers C. Store goods between sales D. Transport goods E. All of the Above - Answer-E. All of the above