AGEC 440 Exam 1 Answers Graded A+
Which of the following is NOT included in concept strategy?
A) Strategy is a postulate of a theory of how to compete successfully.
B) Strategy is success oriented.
C) Strategy includes anticipating the competitive moves of a firm's opponent .
D) Strategy is an allocation of resources that maintain or improves firm
performance.
E) A good is one that addresses the needs of the market, even if the firm does not
have the assets(i.e. strengths) to pursue them. - Correct answer-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.
B) Uncertainty is the biological basis of crop and livestock production.
C) Government intervention (i.e subsidies and price support).
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, D) The agribusiness system is exclusively driven by a large number of small scaled
producers, processors, and retailers.
E) Public and private investment in Ag. Research - Correct answer-D
Which of the following best defines the concept of competitive advantage?
A) Resources that create value relative to competing firms.
B) Resources 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. - Correct answer-A
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.
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Which of the following is NOT included in concept strategy?
A) Strategy is a postulate of a theory of how to compete successfully.
B) Strategy is success oriented.
C) Strategy includes anticipating the competitive moves of a firm's opponent .
D) Strategy is an allocation of resources that maintain or improves firm
performance.
E) A good is one that addresses the needs of the market, even if the firm does not
have the assets(i.e. strengths) to pursue them. - Correct answer-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.
B) Uncertainty is the biological basis of crop and livestock production.
C) Government intervention (i.e subsidies and price support).
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, D) The agribusiness system is exclusively driven by a large number of small scaled
producers, processors, and retailers.
E) Public and private investment in Ag. Research - Correct answer-D
Which of the following best defines the concept of competitive advantage?
A) Resources that create value relative to competing firms.
B) Resources 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. - Correct answer-A
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.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
