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Ag Business Spring 2022 Final

Total questions: 52

Worksheet time: 32mins

Name
Class
Date
1.

What is another term for a country?

a)

developed state

b)

country state

c)

sovereign states

d)

developing state

2.

What classification of industrialization is "a country that has achieved a high level of industrialization"?

a)

developed

b)

developing

c)

least developed

3.

Which of the following is an example of a developed country?

a)

Brazil

b)

South Africa

c)

China

d)

Mexico

4.

What classification of industrialization refers to "third world countries"?

a)

developed

b)

developing

c)

least developed

5.

Which of the following is a developing country?

a)

India

b)

Portugal

c)

Sweden

d)

Monaco

6.

What classification of industrialization "exhibits the lowest indicators or socioeconomic development along with the lowest Human Development Index rating of all countries?

a)

developed

b)

least developed

c)

developing

7.

What is he number of people in a given area?

a)

demographics

b)

population

c)

barrier

d)

tariff

8.

What is the study of the human population?

a)

demographics

b)

demography

c)

sovereignty

d)

FAS

9.

What is the data collected about the human population?

a)

demographics

b)

demography

c)

misery

d)

tarriffs

10.

What was the human population in 1804?

a)

1 billion

b)

2 billion

c)

2.5 billion

d)

5 billion

11.

What is the projected population for 2050?

a)

5.8 billion

b)

7.9 billion

c)

8.9 billion

d)

9.5 billion

12.

How many people live in poverty?

a)

1 billion

b)

2 billion

c)

3 billion

d)

4 billion

13.

What fraction of the world is malnourished?

a)

1/8

b)

1/3

c)

1/5

d)

1/7

14.

Who was the political economist who wrote "Essay on the Principle of Population"?

a)

Abraham Lincoln

b)

Albert Einstein

c)

Thomas Malthus

d)

Mark Mueller

15.

What was the Malthusian Theory?

4 lines
16.

Concerning conclusions from the political scientist theory, what is "the mechanism that balances human requirements & available resources"?

a)

demographics

b)

misery

c)

population

d)

sovereignty

17.

What does FAO stand for (agency within the UN that heads international efforts to defeat hunger & provide data on the world production of major crops)?

a)

Food Association Organization

b)

Federal Agriculture Organization

c)

Food for Agriculture Organization

d)

Food & Agriculture Organization

18.

What percent of world corn does the US produce?

a)

34%

b)

36%

c)

38%

d)

40%

19.

Who is the top producer of sorghum?

a)

USA

b)

india

c)

Nigeria

d)

Sudan

20.

What percent of world soybean production does US produce?

a)

42%

b)

53%

c)

38%

d)

40%

21.

What rank is canola seed for oil seed crops?

a)

2nd

b)

3rd

c)

4th

d)

5th

22.

What rank are potatoes in food crops for the world?

a)

2nd

b)

3rd

c)

4th

d)

5th

23.

What fraction of sugar is grown in tropical zones?

a)

2/3

b)

3/4

c)

5/8

d)

11/16

24.

Who is the world-wide leader is sugar beet production?

a)

US

b)

India

c)

Indonesia

d)

russia

25.

What are products brought into one country from another country?

a)

demographics

b)

imports

c)

exports

d)

sovereignty

26.

What are commodities sold & shipped from one country to another?

a)

sovereignty

b)

demographics

c)

imports

d)

exports

27.

Which product has Japan as the top receiver of this US export?

a)

soybeans

b)

cotton

c)

corn

d)

rice

28.

Where does the US import the most fresh & frozen fruits & veggies from?

a)

México

b)

Paraguay

c)

Venezuela

d)

Guatemala

29.

What is "exchange of goods & services between different countries"?

a)

sovereignty

b)

free trade

c)

international trade

d)

tariffs

30.

What type of advantage is "the ability of a country or region to produce goods or services at a lower cost per unit than the cost at which any other country or region produces the good or service"?

a)

absolute

b)

comparative

31.

What type of advantages is "a situation in which a country or region can produce a good at a lower opportunity cost than a competitor"?

a)

absolute

b)

comparative

32.

What is "a system in which goods & services are traded without government-imposed restriction, which result in higher cost of goods & services to consumers & producers"?

a)

FAS

b)

Trade concession

c)

free trade

d)

transfer pricing

33.

What is FAS, the agency within the U.S. department of agriculture that promotes agricultural trade?

4 lines
34.

What are "restrictions placed on the sale of products by the country exporting to the country importing"?

a)

barriers

b)

transfer pricing

c)

embargoes

d)

tariffs

35.

What are duties or fees imposed by importing actions upon the sales of products in their country from exporting nations?

a)

transfer pricing

b)

tariffs

c)

embargoes

d)

trade concessions

36.

What are actions with political implications where a deal is granted to select nations; may include long payment periods, occasional payment forgiveness, low interest, & other favorable terms?

a)

transfer pricing

b)

non-tariff restrictions

c)

subsidies

d)

trade concessions

37.

What is the term that has to do with multinational corporations adjusting the price of commodities exchanged between the parent company and its subsidiary according to the rate of the country involved in the exchange?

a)

tariffs

b)

transfer pricing

c)

trade concessions

d)

subsidies

38.

What are the quotas, packaging, & labeling requirements; health & safety standards; & custom regulations/

a)

transfer pricing

b)

import quotas

c)

non-tariff restricitons

d)

subsidies

39.

What is the physical set limit on the quantity of a good that can be imported into a country in a given period of time?

a)

transfer prices

b)

import licenses

c)

import quotas

d)

subsidies

40.

What is the form of financial assistance paid to a business or economic sector?

a)

trade concessions

b)

subsidies

c)

tariffs

d)

transfer pricing

41.

What is the document issued by a national government authorizing the importation of certain goods?

a)

trade concessions

b)

import quota

c)

trade deficit

d)

import licenses

42.

What is the term when a country exports more than it imports; or has a positive trade balance?

a)

trade surplus

b)

trade deficit

43.

What is the term when a country imports more than it exports?

a)

trade surplus

b)

trade deficit

44.

What was one of the reasons for trade restrictions/barriers?

(a)  

45.

What type of agreement relates to a contract or engagement imposed on one side or party?

a)

NAFTA

b)

unilateral

c)

GATT

d)

bilateral

46.

What type of agreement affects two sides or parties involved with trading?

a)

EU

b)

Multilateral

c)

GATT

d)

bilateral

47.

What type of agreement are those participated in by more than two nations when trading?

a)

unilateral

b)

bilateral

c)

multilateral

48.

What group deals with the rules of trade between nations at a global or near-global level and consists of 153 member nations?

a)

EU

b)

NAFTA

c)

WHO

d)

GATT

49.

What is the agreement, consisting of multilateral treaties between governments concerned with international trade?

a)

WHO

b)

EU

c)

GATT

d)

NAFTA

50.

What is the agreement designed to remove most barriers out of trade and investment among US, Canada, & Mexico?

a)

GATT

b)

NAFTA

c)

WHO

d)

EU

51.

What is an economic & political union established in 1992, & has a standardized system of laws that guarantees the freedom of movement of people, goods, services, & capital?

a)

EU

b)

NAFTA

c)

GATT

d)

WHO

52.

What is the "rate between two currencies, which specify how much one currency is in worth in comparison to another"?

a)

trade concession

b)

trade deficit

c)

exchange rate

d)

trade surplus