Agricultural Economics Review Questions with
verified answers
Economics is:
a. an agricultural science
b. a social science
c. a physical science
d. not a science, but a field of study Ans✔✔-b. a social science
A producer is:
a. a person who purchases a product
b. the seller of a product
c. the buyer of a product
d. a good sow Ans✔✔-b. the seller of a product
A consumer is all of the following except:
a. a buyer
b. a household
c. a customer
d. a firm Ans✔✔-d. a firm
A North Dakota wheat farmer is an example of a:
a. producer
b. consumer
c. both a and b
,d. neither a nor b Ans✔✔-c. both a and b
The study of growth in Mexico's level of living is an example of:
a. macroeconomics
b. microeconomics
c. political science
d. consumer behavior Ans✔✔-a. macroeconomics
The study of how a single beef producer uses growth hormones is an example of:
a. macroeconomics
b. microeconomics
c. biological science
d. consumer behavior Ans✔✔-b. microeconomics
The statement "The market price of soybeans is USD 4.50 per bushel" is an
example of:
a. positive economics
b. normative economics
c. a value judgement
d. consumer behavior Ans✔✔-a. positive economics
The statement "The price of wheat should be higher" is an example of:
a. positive economics
b. normative economics
c. a factual statement
,d. consumer behavior Ans✔✔-b. normative economics
If the price of wheat rises, who is made better off?
a. producers
b. consumers
c. both a and b
d. neither a nor b Ans✔✔-a. producers
An increase in the price of wheat is good for:
a. wheat producers
b. milling and baking firms
c. bread consumers
d. cattle producers Ans✔✔-a. wheat producers
Scarcity affects:
a. industrial firms
b. agricultural producers
c. internet users
d. everyone Ans✔✔-d. everyone
Scarcity:
a. reflects limited resources and unlimited desires
b. affects religious persons
c. forces us to choose
, d. all of the other three answers Ans✔✔-d. all of the other three answers
An example of an economic good is:
a. a cookie
b. pollution
c. garbage
d. disease Ans✔✔-a. a cookie
The following is a noneconomic good:
a. a cookie
b. a sunset
c. a football
d. a Lexus automobile Ans✔✔-b. a sunset
In a market economy, resources are allocated by:
a. prices
b. whomever is in charge
c. an elected group of officials
d. a disaster Ans✔✔-a. prices
The United States is an example of:
a. a command economy
b. a market economy
c. a mixed economy
verified answers
Economics is:
a. an agricultural science
b. a social science
c. a physical science
d. not a science, but a field of study Ans✔✔-b. a social science
A producer is:
a. a person who purchases a product
b. the seller of a product
c. the buyer of a product
d. a good sow Ans✔✔-b. the seller of a product
A consumer is all of the following except:
a. a buyer
b. a household
c. a customer
d. a firm Ans✔✔-d. a firm
A North Dakota wheat farmer is an example of a:
a. producer
b. consumer
c. both a and b
,d. neither a nor b Ans✔✔-c. both a and b
The study of growth in Mexico's level of living is an example of:
a. macroeconomics
b. microeconomics
c. political science
d. consumer behavior Ans✔✔-a. macroeconomics
The study of how a single beef producer uses growth hormones is an example of:
a. macroeconomics
b. microeconomics
c. biological science
d. consumer behavior Ans✔✔-b. microeconomics
The statement "The market price of soybeans is USD 4.50 per bushel" is an
example of:
a. positive economics
b. normative economics
c. a value judgement
d. consumer behavior Ans✔✔-a. positive economics
The statement "The price of wheat should be higher" is an example of:
a. positive economics
b. normative economics
c. a factual statement
,d. consumer behavior Ans✔✔-b. normative economics
If the price of wheat rises, who is made better off?
a. producers
b. consumers
c. both a and b
d. neither a nor b Ans✔✔-a. producers
An increase in the price of wheat is good for:
a. wheat producers
b. milling and baking firms
c. bread consumers
d. cattle producers Ans✔✔-a. wheat producers
Scarcity affects:
a. industrial firms
b. agricultural producers
c. internet users
d. everyone Ans✔✔-d. everyone
Scarcity:
a. reflects limited resources and unlimited desires
b. affects religious persons
c. forces us to choose
, d. all of the other three answers Ans✔✔-d. all of the other three answers
An example of an economic good is:
a. a cookie
b. pollution
c. garbage
d. disease Ans✔✔-a. a cookie
The following is a noneconomic good:
a. a cookie
b. a sunset
c. a football
d. a Lexus automobile Ans✔✔-b. a sunset
In a market economy, resources are allocated by:
a. prices
b. whomever is in charge
c. an elected group of officials
d. a disaster Ans✔✔-a. prices
The United States is an example of:
a. a command economy
b. a market economy
c. a mixed economy
