AGB 301 Midterm 2 LATEST ACTUAL EXAM TEST 2025 WITH
LATEST UPDATED (QUESTIONS AND ANSWERS) /ALREADY
GRADED A+
1. What differentiates commodities ✓ Unbranded, have little to no
bulk from consumer products? processing, homogeneous, sold in,
and use generic promotion
2. Which data base would you use to ✓ Mergent intellect-First research
determine the business trends and
opportunities in a certain industry?
3. the two purposes of a grading ✓ price/product sale
system are that ... can be
established and the ... is facilitated.
4. What are the characteristics of ✓ Increased loyalty for the product,
brands? differentiation of food products,
encourage R&D and innovation,
Decrease the magnitude of PED to
an inelastic range, and increased
non-price competition
, 5. The basic idea of risk management ✓ tradeoff between minimizing risk and
is the maximizing returns/profits
6. What are the advantages for selling ✓ Market info is accurate, increases
on description? area of search, increases
competition, increases technical
efficiency, and increases pricing
efficiency
7. The CME Group is the merger of ✓ True
the Chicago Board of Trade and
the Chicago Mercantile Exchange
8. Producers are price takers, which ✓ True
means that the price can only be
influenced by the total number of
farmers-also called aggregate
supply
9. Participates in futures marketing ✓ Input suppliers, farmers/ land
owners, and processors/
manufacturers
10. Does not participate in futures ✓ Wholesalers, retailers, and
marketing consumers/ taxpayers
11. According to the video, the futures ✓ True
market serves as a risk
management tool
LATEST UPDATED (QUESTIONS AND ANSWERS) /ALREADY
GRADED A+
1. What differentiates commodities ✓ Unbranded, have little to no
bulk from consumer products? processing, homogeneous, sold in,
and use generic promotion
2. Which data base would you use to ✓ Mergent intellect-First research
determine the business trends and
opportunities in a certain industry?
3. the two purposes of a grading ✓ price/product sale
system are that ... can be
established and the ... is facilitated.
4. What are the characteristics of ✓ Increased loyalty for the product,
brands? differentiation of food products,
encourage R&D and innovation,
Decrease the magnitude of PED to
an inelastic range, and increased
non-price competition
, 5. The basic idea of risk management ✓ tradeoff between minimizing risk and
is the maximizing returns/profits
6. What are the advantages for selling ✓ Market info is accurate, increases
on description? area of search, increases
competition, increases technical
efficiency, and increases pricing
efficiency
7. The CME Group is the merger of ✓ True
the Chicago Board of Trade and
the Chicago Mercantile Exchange
8. Producers are price takers, which ✓ True
means that the price can only be
influenced by the total number of
farmers-also called aggregate
supply
9. Participates in futures marketing ✓ Input suppliers, farmers/ land
owners, and processors/
manufacturers
10. Does not participate in futures ✓ Wholesalers, retailers, and
marketing consumers/ taxpayers
11. According to the video, the futures ✓ True
market serves as a risk
management tool
