Exam 1: Introduction to the Economics of Agriculture

Agriculture is:

A market economy:

In economics, the term, "capital" refers to:

Graph the demand curve for beef, P= 200 - 2Q, where P is the price of beef in dollars per cwt and Q is the quantity of beef demanded in million cwt. Describe what this curve means.

The statement, "The price of wheat should be higher" is an example of:

If China continues to have high rates of economic growth, then the following groups will benefit:

Economics:

Suppose that the demand for hamburgers in Chicago is given by: P = 100 - 2Q. The y-intercept of the demand curve is given by:

Economics exists because of:

Write an essay that explains the difference between scarce and nonscarce goods. Define and explain all terms.

In a command economy, resources are allocated by:

Microeconomics concerns:

If the price of corn increases, then:

If the price of corn increases relative to other crops:

A noneconomic good is also called:

The term, ceteris paribus, in economics means:

When the price of gasoline increases, ceteris paribus:

Define the term, "scarcity," and explain why scarcity is the fundamental problem of economics.

The payment to land is:

Agricultural commodity prices constantly fluctuate. Write an essay on who benefits, who loses, and indirect effects of price movements of wheat, corn, soybeans, etc. What determines the fluctuations?