AgBusiness Fall Study Guide

Processing efforts are put into place to add value to the product

• Form Utility

• Place Utility

• Time Utility

Consumers want products in a specific form and with convenient access

• Form Utility

• Place Utility

• Time Utility

Consumers want products in a timely fashing

• Form Utility

• Place Utility

• Time Utility

Utility for a product decreases as the product changes.

• True

• False

Major Sectors in Agriculture Industry include

• producing

• natural resources

• ag business

• farm management

Free enterprise has minimal government control and regulation

• True

• False

Characteristics of American Free Enterprise includes all except

• Freedom of owners to purse their own interests in seeking maximum gain from thier resources

• Strong government supervision

• Private ownership of land and capital

• Organization of economic activity through interaction of buyers and sellers

Thomas Jefferson signed the first Farm Bill into law in 1804.

• True

• False

How often is a new version of the Farm Bill passed by Congress?

• every year

• every 4 years

• every 5 years

• every 6 years

What program is simultaneously a nutrition, anti-poverty, and economic stimulus program?

• Beginning Farmer and Rancher Development Program

• Conservation Reserve Program

• Food for Peace

• SNAP