Which of the following is the best economic explanation of what determines an agricultural product’s price?

What is the general economic term used to describe the place where buyers and sellers interact?

In business and economics, what you give up in order to do something is called?

Money owed by you that you have NOT paid yet would be called this on your ‘balance sheet’:

A risk-taker in business is:

Based on the law of diminishing returns, an added pound of fertilizer in corn production will eventually reduce:

Which of the following would most likely increase the demand for pork chops in a grocery store?

A farm with multiple enterprises is:

What is the ‘future value in one year’ of $108 today if the interest rate = 8%?

In ag marketing, a basis is typically the difference between:

If TR = total revenue and Q = output quantity, TR/Q =

Marginal cost is:

A firm’s net worth is most readily seen on:

Which of the following is most likely not a variable input for a corn producer?

Assets that will be used or sold during the next accounting period are typically said to be of this type:

If a dairy farmer doubles the number of cows in his/her milking hed, which of the following will likely change the most?

Liquidity is a financial term that relates to how easy it is for a firm to:

Increasing diversification by a farmer:

Crop insurance protects the producer against:

A volatile market is one with:

What is another term for interest expense owed?

If a cattle producer can gain $1.00/cwt by doing a better job of marketing 400 head of cattle each weighing 1200 pounds (i.e. 11 cwt), how much have they added to their total revenue?

If a firm is maximizing its profits, it will most likely be doing which of the following?

In studying consumer purchasing behavior in economics, utility means:

Spreading and reducing risk by a farmer would most likely be associated with which of the following:

If a corn farmer has total fixed costs per acre of $200, variable costs of $3 per bushel, and the price of corn is $4 per bushel, what is the farmer’s breakeven yield per acre (in bushels)?

A debt obligation that must be paid within one year is known as:

Which of the following costs is most likely to decrease with increases in output?

Which of the following is an example of a noncurrent liability?

The business organization that limits individual liability.

Another term which has the same meaning as owner’s equity is?

Which financial statement lists the value of farm assets and liabilities on a specified date?

What is principal?

A farmer budgets corn production assuming an expected yield of 170 bushels per acre, total variable input costs of $475 and cash rent of $200 per acre. What is the per bushel break-even price needed to cover total input costs and cash rent? Round to the nearest penny.

The most common form of farm/ranch business organization is a

An owner of a corporation is also called a stockholder

Cooperatives allow farmers and ranchers to gain market power by combining their resources.

A farm has current assets of $75,000, non-current assets of $4,750,000 and liabilities of $4,500,000. What is the value of this farm’s net worth?

Supply and Demand determine the market price of an item.