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WorksheetsFFA Farm Buisness Management
Total questions: 30
Worksheet time: 20mins
Selling through a farmers' market or roadside market is known as ________.
Equilibrium
Call Option
Direct Marketing
Demand
The relationship between quantity purchased and price is known as ____________.
Demand
Supply
Call Option
Equilibrium
The relationship between quantity supplied and price is known as _________________.
Demand Curve
Deprived demand
Supply Curve
Direct Marketing
Price movement across months within the year is ______________ variability.
Seasonal
Short
Deprived Demand
Bull
A demand for a product at the farm level is a(n) _____________.
Equilibrium
Demand Curve
Supply Curve
Deprived Demand
The price where demand and supply intersect is known as ____________________.
Deprived Demand
Equilibrium
Supply Curve
Demand Curve
The primary purpose of the production function is to determine _________________.
Whether or not to operate in the long run
How to Accolade resources throughout a business
How much to produce
ALL of the above
What does stage two in production function graph determine?
The beginning point of increasing returns
The stage where you should not produce
The lowest point in increasing marginal returns
The amount of variable input to use
The point on a production function graph where marginal cost equals marginal revenue is where ________.
Losses are the greatest
Profits will be greatest
Costs are minimized
Production is maximized
An agriculture producer learns what from the production function?
Output responses to an input
Whether or not to operate in the long run
How to accolate resources throughout an enterprise
ALL of the above
On a production function graph MC=MR
Where losses will be the least
Where change in cost and chage in revenue are the same
Where the profits are the greatest
ALLof the above
What is stage II (2) of the production function?
Thw lowest point
The highest point
The point of demolishing returns
The decision making stage
Any time a consumer will take more only at lower prices is called _____________.
Margin
Supply
Discovery
Demand
The dynamic process of searching for the equilibrium or market - clearing prices is called _________.
Margin
Supply
Discovery
Demand
On a chart, a line that connects all the high points as the markets move higher forms a trend line. When projected out, it forms points of
Support
Interest
Resistance
Understanding
When a market has huge swings on a daily basis, it is described as...?
Stable
Comfortable
Volatile
Variable
What does the Production Function indicate for an agricultural producer?
How to allocate resources throughout a business
How output responds to inputs
Whether to operate in the long run
ALL of the above
The point where Marginal Costs = Marginal Revenue is ______________
Where production reaches maximum point
Where all of your resources are used
Where profits are at a maximum
ALL of the above
What does marginal cost measure?
a. The change in cost from one enterprise to another
b. The output cost from production at the level of inputs
c. The change in the cost by adding another unit of input
d. The change in cost by producing another unit of output
Suppose that the supply curve shifts right. What is the most likely effect on price and quantity?
a. Price will increase and quantity may change
b. Price will decrease and quantity may decrease
C. Price will decrease and quantity will increase
d. Price will increase and quantity will increase
When an increase in the level of production of one enterprise causes a reduction in the level of production in another enterprise, these two enterprises are said to be
Independent
Supplementary
Competitive
Complimentary
At a price of $15, Marta buys 3 CD's per month. When the price increases to $20, Marta buys 2 CD's per month. Luz says that Marta's demand for CD's has decreased. Is Luz correct?
Yes
No her demand increased
No, Luz is incorrect. Marta's quantity demanded has decreased, but her demand has stayed the
same.
No, Luz is incorrect. Marta's quantity demanded has increased, but her demand has stayed the
The ____________
is King in the market place
Farmer
Adviser
Consumer
Processer
An increase in the number of buyers in an area will result in a
Movement up the demand curve
Movement down the demand curve
Leftward shift in the demand curve
Rightward shift in the demand curve
The middlemen in the marketing system operate on
Turst
Loans
Price
Margin
If an increase in income results in an increase in the demand for chicken, then chicken is
a. A neutral good
b. A luxury good
c. A normal good
d. An inferior good
The operator knows that the value of the dollar on the world market can have an impact on grain markets. If the dollar increases in value related to other currencies, it will impact U.S. corn and wheat prices in what way?
a. Make corn and wheat prices higher on world market
b. Make corn and wheat prices lower on world market
C. Make no difference on world market
d. Make rest of world prices higher
Which of the following is true about the relationship between price and quantity supplied?
a. There is always a direct relationship
b. There is always an inverse relationship
c. There is usually a direct relationship
d. There is usually an inverse relationship
Comparing the retail price to the farm price for an agricultural commodity allows you to determine the portion of each dollar spent at the retail level that farmers receive for their commodities. The difference between retail value and the farm value is
Profit
b. Net farm revenue
c. Farm to city transportation cost
d. Marketing margin
If Max's demand for hot dogs falls as his income rises, then hot dogs are
A bad good
An inferior good
A normal good
A preferable good
