1
AGEC 330 EXAM 1|| ACTUAL EXAM ALL QUESTIONS
AND 100% CORRECT ANSWERS ALREADY GRADED
A+|| LATEST AND COMPLETE UPDATE 2025 WITH
VERIFIED SOLUTIONS|| GUARANTEED PASS
What are the 3 sectors of Agribusiness? - (answers)input suppliers
production agriculture
food
What are the three reasons agribusiness is complex? - (answers)demand of
consumers
specialization
services
What are the distinguishing features of food/agribusiness? - (answers)food as a
product
biological nature of production agriculture
seasonal/cyclical nature of business
uncertainty of weather
types of firms
variety of market conditions
rural ties
and government involvement
, 2
What percent of the budget was spent on food in the 1970s? - (answers)13.4%
What percent of the budget is spent on food today? - (answers)10%
In 2012, about one-third of all expenditures by US consumers for groceries by the
type of grocery retailer, was at _________________ grocery stores. -
(answers)non-traditional
In 2013, the marketing share of the marketing bill was about ______ percent of
each dollar spent on food. - (answers)83
What percent of each dollar spent on food does the farmer get? - (answers)17
Currently, the largest US retailer is: - (answers)Walmart
One definition of the concentration ratio is: - (answers)the market share of the 4
largest firms in the industry.
Economics is: - (answers)the study of how scare resources are allocated in a
society of unlimited wants.
What are the reasons for vertical coordination? - (answers)changing consumer
demand
increasing consolidation
, 3
increasing manufacturing mentality
more product differentiation
more "vertically coordinated" set of activities- a "value chain"
What are the Incentives for Value Chains? - (answers)efficiency/lowering costs
managing/allocating risks
responding to consumers
What is management? - (answers)the art and science of successfully pursuing
desired results with the resources avaliable to an organization
The steps of the decision making procedure are: - (answers)1. Identify the
problem
2. determine alternative courses of action
3. analyze alternatives
4. select the best alternative
5. implement the decision
6. Follow-up
The four factors of production are: - (answers)land, capital, labor and
management
physical (land and capital)
people (labor and management)
AGEC 330 EXAM 1|| ACTUAL EXAM ALL QUESTIONS
AND 100% CORRECT ANSWERS ALREADY GRADED
A+|| LATEST AND COMPLETE UPDATE 2025 WITH
VERIFIED SOLUTIONS|| GUARANTEED PASS
What are the 3 sectors of Agribusiness? - (answers)input suppliers
production agriculture
food
What are the three reasons agribusiness is complex? - (answers)demand of
consumers
specialization
services
What are the distinguishing features of food/agribusiness? - (answers)food as a
product
biological nature of production agriculture
seasonal/cyclical nature of business
uncertainty of weather
types of firms
variety of market conditions
rural ties
and government involvement
, 2
What percent of the budget was spent on food in the 1970s? - (answers)13.4%
What percent of the budget is spent on food today? - (answers)10%
In 2012, about one-third of all expenditures by US consumers for groceries by the
type of grocery retailer, was at _________________ grocery stores. -
(answers)non-traditional
In 2013, the marketing share of the marketing bill was about ______ percent of
each dollar spent on food. - (answers)83
What percent of each dollar spent on food does the farmer get? - (answers)17
Currently, the largest US retailer is: - (answers)Walmart
One definition of the concentration ratio is: - (answers)the market share of the 4
largest firms in the industry.
Economics is: - (answers)the study of how scare resources are allocated in a
society of unlimited wants.
What are the reasons for vertical coordination? - (answers)changing consumer
demand
increasing consolidation
, 3
increasing manufacturing mentality
more product differentiation
more "vertically coordinated" set of activities- a "value chain"
What are the Incentives for Value Chains? - (answers)efficiency/lowering costs
managing/allocating risks
responding to consumers
What is management? - (answers)the art and science of successfully pursuing
desired results with the resources avaliable to an organization
The steps of the decision making procedure are: - (answers)1. Identify the
problem
2. determine alternative courses of action
3. analyze alternatives
4. select the best alternative
5. implement the decision
6. Follow-up
The four factors of production are: - (answers)land, capital, labor and
management
physical (land and capital)
people (labor and management)
