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Ag Econ > Exam #1 (pt. 1) > Flashcards

Exam #1 (pt. 1) Flashcards

1
Q

Economics:
A. Helps us make business, career, and personal decisions
B. Provides a tool to choose between alternatives
C. Both of the above
D. Neither of the above

A

C.

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2
Q

Economics exists because of:
A. Markets
B. Resources
C. Production
D. Scarcity

A

D.

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3
Q

Economics is a :
A. Fine art
B. Science
C. Social science
D. Theory on how to increase the amount of profit a firm can make

A

C.

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4
Q

Economics is:
A. Universally loved, since it allows us to maximize our happiness
B. Is all about making good decisions in our careers and lives
C. The allocations of scare resources among non-competitive ends
D. the dollar value of the national output of goods and services

A

B.

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5
Q

An economic good is always:
A. Free
B. Scarce
C. Neither scarce nor free
D. Both scarce and free

A

B.

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6
Q

Economic decisions are made by:
A. Relative prices
B. Absolute prices
C. Constant-quality prices
D. Economic price

A

A.

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7
Q

Agriculture is:
A. Global in nature
B. Local in nature
C. About farming, but not food
D. A depressed industry due to ethanol

A

A.

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8
Q

In a command economy, resources are allocated by:
A. Prices and returns
B. Elected officials
C. The dictator
D. Whoever is in charge

A

D.

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9
Q

The massive consolidation of farms in the US is due to:
A. Substitutions of K for L
B. exports
C. Increases in the standard of living
D. Off-farm income

A

A.

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10
Q

Microeconomics concerns:
A. The decisions of individual firms and households
B. Economic growth
C. Little, or small, economic decisions
D. Unemployment and inflation

A

A.

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11
Q

The statement “Michael Phelps is the greatest athlete of all time” is an example of:
A. Positive economics
B. Normative economics
C. Microeconomics
D. Macroeconomics

A

B.

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12
Q

Economists divide people into two broad groups:
A. Employed and unemployed
B. Capitalist and socialist
C. Rich and poor
D. Producers and consumers

A

D.

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13
Q

The payment to capital is:
A. Land
B. Interest
C. Profit
D. Rent

A

B.

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14
Q

An Iowa corn producer who has studied economics will desire to:
A. Maximize output
B. Apply the output-maximizing level fertilizer
C. Use the profit-maximizing level of all inputs, including fertilizer
D. Not use fertilizer, since the cost has increased so dramatically

A

C.

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15
Q

If the price of corn increases:
A. Producers are made better off
B. Consumers are made better off
C. Producers and consumers are made better off
D. Producers benefit, but consumers lose

A

D.

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16
Q

In economics, the term “capital” refers to:
A. Financial capital only
B. Physical and financial capital
C. Physical capital only
D. It depends on the situation

A

C.

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17
Q

The statement “The price of soybeans is $8.21/bu” is an example of:
A. Positive economics
B. Normative economics
C. Microeconomics
D. Macroeconomics

A

A.

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18
Q

All real-world economies are:
A. Market
B. Command
C. Mixed
D. None of the other answers

A

C.

19
Q

Scarcity:
A. Is the fundamental principle of economics
B. Applies to tangible goods, but not to intangible goods
C. Does not hold for the major religions of the world
D. Explains why we purchase iPods and trips to Florida

A

A.

20
Q

A market economy:
A. Allocates goods by prices
B. Allocates goods by firms
C. Bases decisions on what is good for everybody
D. A democratic nation

A

A.

21
Q

If China continues to have high rates of economic growth, then the following groups will benefit:
A. US farmers
B. US ranchers
C. US farmers and ranchers
D. Neither US farmers nor ranchers

A

C.

22
Q

The relationship between the price of a good and quality of a good consumed is:
A. Depends on the situation
B. Inverse
C. Direct
D. Unknown

A

B.

23
Q

Total revenues are equal to:
A. Price times quality in terms of dollars
B. Price times rent
C. Net profit
D. The amount of costs that a business firm incurs

A

A.

24
Q

If the price of organic food decreases relative to food produced with chemicals, then:
A. Farmers will plant more acres to organic and conventional food
B. Farmers will plant more acres to organic food
C. Farmers will plant more acres to conventional food
D. Farmers will continue to grow what they always have

A

C.

25
Q

A phone call is an example of a:
A. Relative good
B. Good
C. Service
D. Input

A

C.

26
Q

North Korea is an example of:
A. A market economy
B. A command economy
C. A mixed economy
D. An “Asian Tiger,” a rapidly growing economy

A

C.

27
Q

The statement “Gambling is legal in Nevada” is an example of:
A. Positive economics
B. Normative economics
C. Prescriptive economics
D. Microeconomics

A

A.

28
Q

Scarcity is the fundamental concept of economics because:
A. consumption is greater than production
B. it forces us to choose
C. the Law of Diminshing Returns
D. necessities such as food and water are widely available

A

b.

29
Q

Free Trade Agreements:
a. are formed to reduce or eliminate trade barriers between two nations
b. have opened the way for increased exports of US Grain
c. has benefits for agriculture producers
d. all of the above

A

d.

30
Q

the term ceteris paribus in economics means:
a. prices are fixed and constant
b. a graph has only two variables in it
c. holding all else constant
d. equilibrium

A

c.

31
Q

the payment to rent is
a. rent
b. profit
c. revenues
d. interest

A

a.

32
Q

a noneconomic good is also called:
a. a scarce good
b. a free good
c. a normative good
d. a positive good

A

b.

33
Q

the payment to management is:
a. interest
b. profit
c. capital
d. rent

A

b.

34
Q

a command economy could NOT be:
a. a dictatorship
b. a democracy
c. a market economy
d. a republic

A

c.

35
Q

most farm families:
a. rely on off-farm income
b. are full-time farmers
c. have lower levels of wealth relative to nonfarm families
d. have a large number of children relative to nonfarm families

A

A.

36
Q

the price of cattle assumes:
a. different qualities of livestock
b. the same qualities of livestock
c. different corn qualities used in cattle production
d. relative prices are held constand

A

b.

37
Q

when the price of gasoline increases, ceteris paribus;
a. the quantity demanded of gasoline will decrease
b. the quantity demanded of gasoline will increase
c. the quantity demanded of gasoline will stay the same
d. not enough info to answer

A

a.

38
Q

economics assumes that all business firms desire to;
a. max TR
b. max TC
c max profits
d. max the well-being of the firm’s workers

A

c.

39
Q

suppose that congress increased the min wage to $12.50/hr, ceteris paribus this will;
a. increase the number of fast food workers
b. decrease the number of fast food workers
c. result in no change in the number of fast food workers
d. move fast food workers to sit down dinning

A

b.

40
Q

mechanization of agriculture has:
a. eliminated millions of agricultural jobs
b. been due to relative price changes
c. resulted in larger farms
d. all of the above

A

d.

41
Q

Resources are:
A. Plentiful
B. Used to produce inputs
C. Scarce
D. Abundant in high-income nations

A

C.

42
Q

If the price of corn increases relative to

A
43
Q
A
44
Q
A

Ag Econ (10 decks)

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