AGEC 101 CORE EXAMS SET 2025/2026 QUESTIONS AND
ANSWERS RATED A+
✔✔What is a middleman? - ✔✔They complete the production process by preparing the
producers' goods for sale to consumers.
✔✔5 barriers to customer satisfaction. - ✔✔Ownership separation, Time separation,
Space separation, Value separation, and Information separation
✔✔What is consumer sovereignty? - ✔✔Consumers determine through purchases what
goods and services will be produced.
✔✔What are the 4 Ps of marketing? - ✔✔Product, Price, Place, and Promotion
✔✔What is business planning? - ✔✔When a new business is selecting a purpose and
objective.
✔✔What is strategic planning? - ✔✔It is when an already existing business firm comes
up with a new business plan and also analyzes existing lines of business.
✔✔Sherman Antitrust Act - ✔✔1890 law banning any trust that restrained interstate
trade or commerce
✔✔Clayton Antitrust Act - ✔✔1914 law that strengthened the Sherman Antitrust Act
✔✔Robinson-Patman Act - ✔✔1936 amendment to the Clayton Act strengthens the
Clayton Act against price discrimination.
✔✔Food and Drug Administration - ✔✔1906 regulate the quality of food and drugs.
✔✔Federal Trade Commission - ✔✔1914 Regulate price competition in interstate
commerce.
✔✔Meat Inspection Act - ✔✔1906 enforcement of sanitary regulations and federal
inspection of meat sold in interstate commerce.
✔✔Food Products Act - ✔✔1917 established the role of the federal government in food
grading and gave the enforcement job to the Agricultural Marketing Service of the
USDA.
✔✔Packers and Stockyards Act - ✔✔1921 law regulating livestock marketing and meat
packing.
ANSWERS RATED A+
✔✔What is a middleman? - ✔✔They complete the production process by preparing the
producers' goods for sale to consumers.
✔✔5 barriers to customer satisfaction. - ✔✔Ownership separation, Time separation,
Space separation, Value separation, and Information separation
✔✔What is consumer sovereignty? - ✔✔Consumers determine through purchases what
goods and services will be produced.
✔✔What are the 4 Ps of marketing? - ✔✔Product, Price, Place, and Promotion
✔✔What is business planning? - ✔✔When a new business is selecting a purpose and
objective.
✔✔What is strategic planning? - ✔✔It is when an already existing business firm comes
up with a new business plan and also analyzes existing lines of business.
✔✔Sherman Antitrust Act - ✔✔1890 law banning any trust that restrained interstate
trade or commerce
✔✔Clayton Antitrust Act - ✔✔1914 law that strengthened the Sherman Antitrust Act
✔✔Robinson-Patman Act - ✔✔1936 amendment to the Clayton Act strengthens the
Clayton Act against price discrimination.
✔✔Food and Drug Administration - ✔✔1906 regulate the quality of food and drugs.
✔✔Federal Trade Commission - ✔✔1914 Regulate price competition in interstate
commerce.
✔✔Meat Inspection Act - ✔✔1906 enforcement of sanitary regulations and federal
inspection of meat sold in interstate commerce.
✔✔Food Products Act - ✔✔1917 established the role of the federal government in food
grading and gave the enforcement job to the Agricultural Marketing Service of the
USDA.
✔✔Packers and Stockyards Act - ✔✔1921 law regulating livestock marketing and meat
packing.
