AGEC 333 Final Exam with verified
answers to pass
A price taker is one who has little to say over establishing an asking price - correct answer
✔✔True
Storage, transportation, and financing are all facilitating functions of marketing - correct answer
✔✔False - Processing, Storage, Transpo
Farmers marketing programs are typically not as strong as the procurement programs of their
buyers - correct answer ✔✔True
In terms of the market covered in chapter 2 the fast food restaurant industry is most like perfect
competition. - correct answer ✔✔False - Most like monopolistic
Micro marketing is more complex for the manager of a firm in perfect competition rather than
in oligopolistic competition. - correct answer ✔✔False
Agribusinesses handling commodities generally engage in less price competition than those
merchandising differentiated products because firms handling commodities aren't able to do
much about fixing prices. - correct answer ✔✔False - Price is the only thing they have to use for
competition
Convenience yield pertains to the storage of commodities, even though the market is not
signaling storage opportunities. - correct answer ✔✔True
If the price of a farm commodity such as lettuce falls abruptly, you can be confident that lettuce
production costs have fallen. - correct answer ✔✔False - bumper crop, recalls, etc.
, Whereas price cycles refer to price patterns within a year, seasonality refers to patterns that
may occur over longer periods. - correct answer ✔✔False
Engel's law states that as the incomes increase, the proportion spent on food ordinarily
increases - correct answer ✔✔False - It decreases
The cause of a change in consumption is ALWAYS a shift in the demand curve. - correct answer
✔✔False BITCH - shift in supply or both
Own-price Elasticities of demand vary between zero and negative infinity. - correct answer
✔✔True
Grain utilization (making bread, feeding cows, eating other foods made from crops) per capita
generally rises with per capita incomes. - correct answer ✔✔True
In dollar terms, less than one-half of US annual ag exports have typically been animal products.
- correct answer ✔✔True
Asia has been one of the largest continental markets for the US ag exports - correct answer
✔✔True
As a nation favoring free trade, the US imports nearly any agricultural commodity without
restrictions or barriers, but it also subsidizes most of its food exports. - correct answer ✔✔False
- We protect a lot of things
Price discovery describes a situation in which all buyers and sellers are price takers or price
negotiators - correct answer ✔✔True
answers to pass
A price taker is one who has little to say over establishing an asking price - correct answer
✔✔True
Storage, transportation, and financing are all facilitating functions of marketing - correct answer
✔✔False - Processing, Storage, Transpo
Farmers marketing programs are typically not as strong as the procurement programs of their
buyers - correct answer ✔✔True
In terms of the market covered in chapter 2 the fast food restaurant industry is most like perfect
competition. - correct answer ✔✔False - Most like monopolistic
Micro marketing is more complex for the manager of a firm in perfect competition rather than
in oligopolistic competition. - correct answer ✔✔False
Agribusinesses handling commodities generally engage in less price competition than those
merchandising differentiated products because firms handling commodities aren't able to do
much about fixing prices. - correct answer ✔✔False - Price is the only thing they have to use for
competition
Convenience yield pertains to the storage of commodities, even though the market is not
signaling storage opportunities. - correct answer ✔✔True
If the price of a farm commodity such as lettuce falls abruptly, you can be confident that lettuce
production costs have fallen. - correct answer ✔✔False - bumper crop, recalls, etc.
, Whereas price cycles refer to price patterns within a year, seasonality refers to patterns that
may occur over longer periods. - correct answer ✔✔False
Engel's law states that as the incomes increase, the proportion spent on food ordinarily
increases - correct answer ✔✔False - It decreases
The cause of a change in consumption is ALWAYS a shift in the demand curve. - correct answer
✔✔False BITCH - shift in supply or both
Own-price Elasticities of demand vary between zero and negative infinity. - correct answer
✔✔True
Grain utilization (making bread, feeding cows, eating other foods made from crops) per capita
generally rises with per capita incomes. - correct answer ✔✔True
In dollar terms, less than one-half of US annual ag exports have typically been animal products.
- correct answer ✔✔True
Asia has been one of the largest continental markets for the US ag exports - correct answer
✔✔True
As a nation favoring free trade, the US imports nearly any agricultural commodity without
restrictions or barriers, but it also subsidizes most of its food exports. - correct answer ✔✔False
- We protect a lot of things
Price discovery describes a situation in which all buyers and sellers are price takers or price
negotiators - correct answer ✔✔True
