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%
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%