Exam 1: Introduction to the Economics of Agriculture

All real-world economies are:

An economic good is always:

A consumer is:

Many claim that globalization leads to job loss for American workers. Write an essay on the strengths and weaknesses of this claim. Is globalization and trade good for agriculture? Explain your arguments carefully.

Scarcity is the fundamental concept of economics because:

Since World War II, US agriculture has been characterized by:

Resources are:

Suppose that Congress increased the minimum wage to $12.50/hour, ceteris paribus. This will:

Total Revenues are equal to:

The US is an example of:

The price of cattle assumes:

A command economy could NOT be:

All graphs must include the following on each axis:

Scarcity:

The statement, "The price of soybeans is $8.21/bu" is an example of:

If the price of corn increases:

Briefly explain how resources are allocated in: (a) a market economy, and (b) a command economy.

The relationship between the price of a good and the quantity of a good consumed is:

North Korea is an example of a:

Write an essay that explains the difference between absolute and relative prices. Define and explain all terms.