FBLA Agribusiness – TEST UPDATED
Exam Questions and CORRECT Answers
The price of beef goes up in the grocery store due to a shortage of beef production in the country.
This represents the economic concept of: - CORRECT ANSWER - supply and demand
A well-known restaurant chain has an outbreak of salmonella poisoning from tomatoes. The
customer response to this situation represents economic - CORRECT ANSWER -
elasticity
The country whose per capita consumes the greatest amount of pork is: - CORRECT
ANSWER - Denmark
_________ consists of real estate (land), building, house, and various types of improvements to
real estate. - CORRECT ANSWER - real property
A depreciable asset's book value will equal its salvage value: - CORRECT ANSWER -
only at the end of the useful life
A farmer increases an investment in land, building, and equipment to increase the total units of
production. The cost per unit of production - CORRECT ANSWER - decreases
The most important reason of complete farm financial records should be: - CORRECT
ANSWER - to combine with production records to provide information for management
decision making
Marian and Sara borrow $175,000 on March 15. They expect to repay $100,000 on October 15
and the remaining balance on November 15. Calculate the total interest obligation if the interest
rate is 8% and interest is charged on the daily outstanding principle balance. - CORRECT
ANSWER - $8,666
Less workers are need for farm production due to - CORRECT ANSWER - technology
Exam Questions and CORRECT Answers
The price of beef goes up in the grocery store due to a shortage of beef production in the country.
This represents the economic concept of: - CORRECT ANSWER - supply and demand
A well-known restaurant chain has an outbreak of salmonella poisoning from tomatoes. The
customer response to this situation represents economic - CORRECT ANSWER -
elasticity
The country whose per capita consumes the greatest amount of pork is: - CORRECT
ANSWER - Denmark
_________ consists of real estate (land), building, house, and various types of improvements to
real estate. - CORRECT ANSWER - real property
A depreciable asset's book value will equal its salvage value: - CORRECT ANSWER -
only at the end of the useful life
A farmer increases an investment in land, building, and equipment to increase the total units of
production. The cost per unit of production - CORRECT ANSWER - decreases
The most important reason of complete farm financial records should be: - CORRECT
ANSWER - to combine with production records to provide information for management
decision making
Marian and Sara borrow $175,000 on March 15. They expect to repay $100,000 on October 15
and the remaining balance on November 15. Calculate the total interest obligation if the interest
rate is 8% and interest is charged on the daily outstanding principle balance. - CORRECT
ANSWER - $8,666
Less workers are need for farm production due to - CORRECT ANSWER - technology
