Tamu AGEC 105 Exam Questions and
Answers Graded A+
Agricultural economics is an applied social science that deals with - Correct
answer--How producers use scarce resources.
-How consumers and society use scarce resources.
-The production, processing and marketing of food and fiber products.
-The consumption of food and fiber products and natural resources.
Trends seen in agriculture include all of the following except. - Correct answer-
Increasing amount of food expenditures attributed to food produce at home
The _____is the portion of the food expenditures associated with activities beyond
the farm gate - Correct answer-Marketing bill
Perfect competition applies when four of following conditions are met. Which
condition is not required? - Correct answer-The item traded must be a physical
product, such as corn and not a nonphysical (service) ite, such as haircuts
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, A student club wants to raise its income to cover its costs. The club's income
comes from membership fees and from selling tickets to its football tailgates.
attendance at the tailgates currently leads to overcrowding of the space allowed.
The demand for membership is price inelastic and the demand fir tailgates is price
elastic. to reduce the crowding at the tailgates without changing its total income,
what should the club do? - Correct answer-Raise both tailgate ticket price and the
me fee
_____effect of a price change is the change in quantity attributed solely to the
change in the price ration between two goods - Correct answer-substitution
which of the following statements about the market demand curve for a product is
false? - Correct answer-the market demand curve may shift if there is change in the
price of the product
if we compare the changes in total variable costs (TVC) and total cost (TC) as an
additional unit of output is produced - Correct answer-the changes in TVC and TC
are equal
Kroger is having a sale on pork tenderloin. As a result, you decide to buy fewer
chickens this week. Assuming that pork and chickens are normal goods, which of
the following best describe the situation? - Correct answer-For the consumption of
chickens, the substitution effect is negative and the income effect is positive
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Answers Graded A+
Agricultural economics is an applied social science that deals with - Correct
answer--How producers use scarce resources.
-How consumers and society use scarce resources.
-The production, processing and marketing of food and fiber products.
-The consumption of food and fiber products and natural resources.
Trends seen in agriculture include all of the following except. - Correct answer-
Increasing amount of food expenditures attributed to food produce at home
The _____is the portion of the food expenditures associated with activities beyond
the farm gate - Correct answer-Marketing bill
Perfect competition applies when four of following conditions are met. Which
condition is not required? - Correct answer-The item traded must be a physical
product, such as corn and not a nonphysical (service) ite, such as haircuts
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, A student club wants to raise its income to cover its costs. The club's income
comes from membership fees and from selling tickets to its football tailgates.
attendance at the tailgates currently leads to overcrowding of the space allowed.
The demand for membership is price inelastic and the demand fir tailgates is price
elastic. to reduce the crowding at the tailgates without changing its total income,
what should the club do? - Correct answer-Raise both tailgate ticket price and the
me fee
_____effect of a price change is the change in quantity attributed solely to the
change in the price ration between two goods - Correct answer-substitution
which of the following statements about the market demand curve for a product is
false? - Correct answer-the market demand curve may shift if there is change in the
price of the product
if we compare the changes in total variable costs (TVC) and total cost (TC) as an
additional unit of output is produced - Correct answer-the changes in TVC and TC
are equal
Kroger is having a sale on pork tenderloin. As a result, you decide to buy fewer
chickens this week. Assuming that pork and chickens are normal goods, which of
the following best describe the situation? - Correct answer-For the consumption of
chickens, the substitution effect is negative and the income effect is positive
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
