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AGEC 105 Test 1 Study Guide 2026 | Complete Review, Practice Questions & Exam Prep

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AGEC 105 Test 1 Study Guide 2026 | Complete Review, Practice Questions & Exam Prep

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AGEC 105
Course
AGEC 105

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AGEC 105 Test 1 Study Guide 2026 | Complete Review, Practice Questions &
Exam Prep


Scarce resources like land, labor, and capital can be categorized as? - ANS ✔✔Human resources,
Natural & Biological resources, and Manufactured resources



Number of US farms? - ANS ✔✔2 million



Average size of US farm? - ANS ✔✔400-500 acres



Total utility may never be? - ANS ✔✔negative



Indifference curves never? - ANS ✔✔intersect



The MRS is always? - ANS ✔✔negative



When total utility is a maximum, marginal utility is? - ANS ✔✔zero



On average, US farmers get______ cents of every dollar spent of food? - ANS ✔✔.20



Equity =? - ANS ✔✔total assets - total liabilites



Ag. Economics - ANS ✔✔an applied social science that deals with how producers, consumers,
and societies use scarce resources in the food and fiber sector



The food and fiber industry today accounts for what percent of GDP in the US? - ANS ✔✔12 to
15%

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