AGEC 440 Final (Multiple Choice) Study Guide – Practice Questions, Flashcards &
Exam Review
Which of the following is NOT included in the concept of strategy?
a. strategy is a postulate or a theory of how to compete successfully
b. strategy is success oriented
c. strategy is an allocation of resources that maintains or improves firm performance
d. Strategy includes anticipating the competitive moves of a firm's opponents
e. A good strategy is one that addresses the needs of the market, even if the firm does not have
the assets (i.e. strengths) to pursue them - ANS ✔✔E
Which of the following is NOT considered to be a distinctive characteristic of the Food and
Agribusiness system?
a. Food is intertwined with culture, domestically and internationally (meatball wars)
b. Uncertainty in the biological basis of crop and livestock production (weather and safe food)
c. Government intervention (i.e. subsidies and price supports) ($15 wage)
d. The agribusiness system is driven by a large number of small scaled producers
- should be fewer but largely competitive
e. Public and private investment in Ag. Research (prices inc even private) - ANS ✔✔D
Which of the following statements best describes educational training in Agribusiness
management?
a. Agribusiness is concerned with decisions made at the industry level and therefore Economics-
in terms of its understanding of markets- is the cornerstone of basis for agribusiness education.
b. Economic theory has been criticized for sacrificing relevance for abstract vigor. Therefore,
economics has no value in dealing with "real world" business problems.
c. Problems in agribusiness are diverse and complex and therefore economics alone is not likely
to be sufficient with dealing with Agribusiness problems.
, d. None of the above. - ANS ✔✔C
In the article titled King Bean, When CEO Howard Schultz was attending an International House
wares show in Milan, he decided to take a stroll through the city in which he made the following
statement: "All kinds of people gathered and chatted at the bars...Right then it struck me like a
lightning rod: Why not bring the concept to America? This statement is an example of which of
the following components of Mintzberg's model of strategy as a process.
a. Intended strategy
b. Deliberate strategy
c. Realized strategy
d. Emergent strategy (it came out of nowhere)
e. Unrealized strategy - ANS ✔✔D
In the article titled King bean, Howard Schultz' investment in a "world class roasting facility,
computer information system, health insurance and stocks for his employees, are examples of
which of the following components of Mintzberg's model of strategy as a process.
a. Intended strategy
b. Deliberate strategy (got the assets to succeed)
c. Realized strategy
d. Emergent strategy
e. Unrealized strategy - ANS ✔✔B
Which of the following best defines the concept of a competitive advantage?
a. Actions / resources that create value relative to competing firms
b. Actions / resource that generate positive economic value or profits
c. Products and services that yield better value than competing firms
d. Products and services that generate positive economic value or profits
e. all of the above - ANS ✔✔A
Exam Review
Which of the following is NOT included in the concept of strategy?
a. strategy is a postulate or a theory of how to compete successfully
b. strategy is success oriented
c. strategy is an allocation of resources that maintains or improves firm performance
d. Strategy includes anticipating the competitive moves of a firm's opponents
e. A good strategy is one that addresses the needs of the market, even if the firm does not have
the assets (i.e. strengths) to pursue them - ANS ✔✔E
Which of the following is NOT considered to be a distinctive characteristic of the Food and
Agribusiness system?
a. Food is intertwined with culture, domestically and internationally (meatball wars)
b. Uncertainty in the biological basis of crop and livestock production (weather and safe food)
c. Government intervention (i.e. subsidies and price supports) ($15 wage)
d. The agribusiness system is driven by a large number of small scaled producers
- should be fewer but largely competitive
e. Public and private investment in Ag. Research (prices inc even private) - ANS ✔✔D
Which of the following statements best describes educational training in Agribusiness
management?
a. Agribusiness is concerned with decisions made at the industry level and therefore Economics-
in terms of its understanding of markets- is the cornerstone of basis for agribusiness education.
b. Economic theory has been criticized for sacrificing relevance for abstract vigor. Therefore,
economics has no value in dealing with "real world" business problems.
c. Problems in agribusiness are diverse and complex and therefore economics alone is not likely
to be sufficient with dealing with Agribusiness problems.
, d. None of the above. - ANS ✔✔C
In the article titled King Bean, When CEO Howard Schultz was attending an International House
wares show in Milan, he decided to take a stroll through the city in which he made the following
statement: "All kinds of people gathered and chatted at the bars...Right then it struck me like a
lightning rod: Why not bring the concept to America? This statement is an example of which of
the following components of Mintzberg's model of strategy as a process.
a. Intended strategy
b. Deliberate strategy
c. Realized strategy
d. Emergent strategy (it came out of nowhere)
e. Unrealized strategy - ANS ✔✔D
In the article titled King bean, Howard Schultz' investment in a "world class roasting facility,
computer information system, health insurance and stocks for his employees, are examples of
which of the following components of Mintzberg's model of strategy as a process.
a. Intended strategy
b. Deliberate strategy (got the assets to succeed)
c. Realized strategy
d. Emergent strategy
e. Unrealized strategy - ANS ✔✔B
Which of the following best defines the concept of a competitive advantage?
a. Actions / resources that create value relative to competing firms
b. Actions / resource that generate positive economic value or profits
c. Products and services that yield better value than competing firms
d. Products and services that generate positive economic value or profits
e. all of the above - ANS ✔✔A
