AGEC 325 Final Review Exam Questions
and Answers Graded A+
Chapter 1 - Correct answer-
What is the trend we've been seeing in the structure of production agriculture? -
Correct answer-Trend towards fewer but larger farms
What factors have contributed towards the trend of fewer but larger farms? -
Correct answer-labor saving technology
good off-farm employment opportunities
Desire of farmers for a higher income
Higher fixed costs of some technologies
Specialization of crops
What have the business strategies become today? - Correct answer-low volume,
high value
high volume, low margin
specialty product and services
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, part-time operators
How does new technology offer possible gains? - Correct answer-Biotech --> more
efficient crops
genetics --> more efficient livestock
GPS -->
What are some characteristics of the information age? - Correct answer-Improved
data collection
More specific data
automatic recording
personal computers
MORE information
MORE reliable & easier to use information
Due to the "information age" what is the problem that producers face? - Correct
answer-"too much" information; now they must decide what info to use and what
to not use
Financial management has changed as agriculture shifted from labor to capital
intensive. What does this mean/what did this cause? - Correct answer-instead of
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
and Answers Graded A+
Chapter 1 - Correct answer-
What is the trend we've been seeing in the structure of production agriculture? -
Correct answer-Trend towards fewer but larger farms
What factors have contributed towards the trend of fewer but larger farms? -
Correct answer-labor saving technology
good off-farm employment opportunities
Desire of farmers for a higher income
Higher fixed costs of some technologies
Specialization of crops
What have the business strategies become today? - Correct answer-low volume,
high value
high volume, low margin
specialty product and services
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, part-time operators
How does new technology offer possible gains? - Correct answer-Biotech --> more
efficient crops
genetics --> more efficient livestock
GPS -->
What are some characteristics of the information age? - Correct answer-Improved
data collection
More specific data
automatic recording
personal computers
MORE information
MORE reliable & easier to use information
Due to the "information age" what is the problem that producers face? - Correct
answer-"too much" information; now they must decide what info to use and what
to not use
Financial management has changed as agriculture shifted from labor to capital
intensive. What does this mean/what did this cause? - Correct answer-instead of
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
