AGEC 101 EXAMINATION TEST 2025/2026 QUESTIONS AND
ANSWERS RATED A+
✔✔How many pounds of food does the US agribusiness firm provide each American? -
✔✔about 6 pounds
✔✔How many new food items do they bring in each month? - ✔✔1,000
✔✔How many people could a farm worker feed? - ✔✔more than 150 people
✔✔Out of 150 people a farm worker feeds how many are abroad? - ✔✔more than a 1/4
✔✔How much has the production gone up since 1960? - ✔✔It has Doubled.
✔✔How much of the dollar does the farmer or rancher receive? - ✔✔about 16%
✔✔How much of the average US consumer spends on food from their disposable
income? ( break it down) - ✔✔11.3%, 6.1 at home, 5.2 outside the home
✔✔What are the parts of the marketing system? - ✔✔Specialization and trade, Central
Market, Money and Middleman
✔✔What is specialization and trade - ✔✔Allows the people good at things to trade for
things that they are not as good at allowing them to focus on a few products.
✔✔What is a central market? - ✔✔They increased the economic system because it
gave people a place to trade their goods at a consistent place instead of having to go
out and find the people.
✔✔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.
ANSWERS RATED A+
✔✔How many pounds of food does the US agribusiness firm provide each American? -
✔✔about 6 pounds
✔✔How many new food items do they bring in each month? - ✔✔1,000
✔✔How many people could a farm worker feed? - ✔✔more than 150 people
✔✔Out of 150 people a farm worker feeds how many are abroad? - ✔✔more than a 1/4
✔✔How much has the production gone up since 1960? - ✔✔It has Doubled.
✔✔How much of the dollar does the farmer or rancher receive? - ✔✔about 16%
✔✔How much of the average US consumer spends on food from their disposable
income? ( break it down) - ✔✔11.3%, 6.1 at home, 5.2 outside the home
✔✔What are the parts of the marketing system? - ✔✔Specialization and trade, Central
Market, Money and Middleman
✔✔What is specialization and trade - ✔✔Allows the people good at things to trade for
things that they are not as good at allowing them to focus on a few products.
✔✔What is a central market? - ✔✔They increased the economic system because it
gave people a place to trade their goods at a consistent place instead of having to go
out and find the people.
✔✔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.
