AGEC Exam 1 Study Guide 2026 | Agricultural Economics Exam Review, Practice
Questions & Prep
what is dr. kings office # - ANS ✔✔est 240
economics? - ANS ✔✔began as "moral philosophy"
to understand what leads to human betterment and to increase it
classical economics? - ANS ✔✔built upon a foundation of natural rights
-it sought to discover systems which could best
what are the 2 blocks of opposing schools of thought? - ANS ✔✔-austrian and classical
-keynesian and marxist
austrian and classical? - ANS ✔✔-favors more liberalized/free markets
-favors minimal role for government in economy
keynesian and marxist? - ANS ✔✔-favors more regulated markets
-favors government intervention in the economy
what has influenced economic schools of thought? - ANS ✔✔the liberty debate
how did thomas hobbes view society? - ANS ✔✔an unwashed and fickle mass
what is economics? - ANS ✔✔the study of how people allocate their limited resources in an
attempt to satisfy their unlimited wants
, what is the study of economics common categorized into? - ANS ✔✔positive and normative
economics
positive economics? - ANS ✔✔"what is, or what can be"
-tested
normative economics? - ANS ✔✔"value judgements"
-ones belief
agricultural economics? - ANS ✔✔defined as an applied social science that deals with how
producers, consumers and societies use scarce resources in the production, marketing and
consumption of food and fiber products
agribusiness? - ANS ✔✔the sum of total of all operations involved in the manufacture and
distribution of farm supplies
what is the importance of agribusiness? - ANS ✔✔-50% of u.s. corporate and farm assets
-20% food and fiber products
-20% labor force is employed
examples of microeconomic level jobs? - ANS ✔✔-production economist
-market economist
-financial economist
examples of macroeconomic level jobs? - ANS ✔✔-monetary policy analyst
-regional economist
Questions & Prep
what is dr. kings office # - ANS ✔✔est 240
economics? - ANS ✔✔began as "moral philosophy"
to understand what leads to human betterment and to increase it
classical economics? - ANS ✔✔built upon a foundation of natural rights
-it sought to discover systems which could best
what are the 2 blocks of opposing schools of thought? - ANS ✔✔-austrian and classical
-keynesian and marxist
austrian and classical? - ANS ✔✔-favors more liberalized/free markets
-favors minimal role for government in economy
keynesian and marxist? - ANS ✔✔-favors more regulated markets
-favors government intervention in the economy
what has influenced economic schools of thought? - ANS ✔✔the liberty debate
how did thomas hobbes view society? - ANS ✔✔an unwashed and fickle mass
what is economics? - ANS ✔✔the study of how people allocate their limited resources in an
attempt to satisfy their unlimited wants
, what is the study of economics common categorized into? - ANS ✔✔positive and normative
economics
positive economics? - ANS ✔✔"what is, or what can be"
-tested
normative economics? - ANS ✔✔"value judgements"
-ones belief
agricultural economics? - ANS ✔✔defined as an applied social science that deals with how
producers, consumers and societies use scarce resources in the production, marketing and
consumption of food and fiber products
agribusiness? - ANS ✔✔the sum of total of all operations involved in the manufacture and
distribution of farm supplies
what is the importance of agribusiness? - ANS ✔✔-50% of u.s. corporate and farm assets
-20% food and fiber products
-20% labor force is employed
examples of microeconomic level jobs? - ANS ✔✔-production economist
-market economist
-financial economist
examples of macroeconomic level jobs? - ANS ✔✔-monetary policy analyst
-regional economist
