Which is the best example of a “natural resource”?

What type of economic system allows individuals to own resources like land?

Which branch of economics would be concerned with the textbook costs for students at MJC?

What branch of economics is concerned with inflation and the unemployment rate?

Which type of economic system does the US have?

Would this example be “positive” or “normative” economics? An economist wants to study the effects of processing plant supply chain issues on consumer demand for beef.

The study of economics at the simplest level addresses the problem of over-coming

When given a set of human and non-human resources, _______ of effort generally results in higher total output.

Economic reasoning that is true for one individual but not for society as a whole is referred to as:

If the price index received by farmers for 2015 was .97. Which statement would be most accurate?

Assumed the base year is 2015, calculate the output index value for 2014.

Calculate the price index for 2016 as indicated. The base year is 2015, round the nearest 100th.

Given the table below, what is the price index for 2014 assuming the base year is 2013.

Given the following table, relative to 2013 (base year) the price of corn for 2014 was?

The base year is indicated by:

What is the marginal utility for A?

According to the following table, which of the “Consumption Bundles” is most preferred?

“I wanted to purchase a new laptop but I just couldn’t afford it.” This statement portrays that we are all faced with what economists call ______________.

The marginal utility of a good such as ice cream declines with increases in consumption of that good. The phenomenon is referred to as the _______ (an economic law)

Engel’s law states:

For Herman, 4 wings and 3 bottles of Dr. Pepper generate the same utility as 6 wings and 2 bottles of Dr. Pepper. These combinations are called ______ _____. And form the basis for the calculation of marginal rate of substitution.

In studying consumer behavior, we assume consumers are ______ and _____ their utility/satisfaction.

Which of the following statements is true?

The graph of alternative consumption bundles that provides a consumer with a given level of satisfaction is called a (n) _____________________ curve.

In the example of an inferior good; as consumer income increases, demand for the good will

The change in the economic welfare of the consumer can be approximated by the concept of “consumer surplus”

“Consumer Equilibrium” in economics refers to which of the following?

Which of following is NOT a factor that affects consumer demand as we studied it in class?

Which of the following would be considered and “inferior” good?

Advertising and promotion can cause the demand curve to shift to the right.

A food safety scare such as an “E Coli” outbreak in beef would cause what type of immediate change on the demand change.

The “law of demand” states that: “as price increases, demand decreases”

During the Covid 19 pandemic, the federal government has been pumping billions of dollars into the American economy. What immediate effect does this have on the demand curve?

What does the point P represent

If goods are _____ that means the goods can replace each other so a change in the price of one good will have an impact on the demand of the other good. Example: If the price of beef goes up, the demand for chicken will increase.

What is an economic characteristics of elastic goods?

What is an economic characteristic of an “inelastic” good?

The producer of an inelastic good would make more profit by raising the price of the good

Which of the following would be an “inferior” good

Goods that are ____ are generally consumed together like peanut buttter and jelly

___ goods are goods which show an increase in demand as a consumer’s income increase

A general property of demand curves is that short-run demand is more inelastic than long-run demand

The producer of an inelastic good would make more profit by raising the price of the good

Competitive markets work best when there are only a few sellers

“No entry barriers” refers to the fact that anyone can start a business of that type

An example of an “entry barrier” could be a patent or special licensing required to start a business

Which economic input class includes all services used in the production of a product with the exception of management

Which stage of the production function does the “law of diminishing marginal returns” start

Which of the following would not fit the description of a “capital” input?

_______ products are those which are undifferentiated in the market place and this prevent buyer preference. In agriculture, grades an standards enforced by the USDA make this a regular occurrence

Competitive markets work best when they are only a few sellers

“No entry barriers” refers to the fact that anyone can start a business of that type

An example of an “entry barrier” could be a patent or special licensing required to start a business

Which stage of the production function does the "Law of Diminishing Marginal Returns" start?

Which of the following would not fit the description of a “capital” input?

Economic profit or _____ _______ is the economic return above the firm’s cost of production.

Which of the following markets is likely to most nearly reflect a perfectly competitive market?

According to a supply and demand curve, shortages occur when prices are too

The slope of a supply curve is

Market price (market equilibrium) is determined by the producer

In a perfectly competitive market like agriculture producers must accept prices for products, they are called _____ ______

A supply decrease will shift the supply curve to the

The demand curve is determined by consumer’s decisions

Market price (market equilibrium) is determined by the interaction of supply and demand

A supply increase will shift the supply curve to the

The intersection of the supply and demand curves represents

According to a supply and demand curve, surplus occurs when prices are too

In general, oligopolies compete using the practice of

Which of the following is the best example of an oligopoly?

Which of the Anti-Trust Laws below was the first of its kind and is still playing a role in preventing the formation of monopolies in the USA?

In the beef processing industry, three firms- Conagra, Excel and IBP - comprise roughly 85% of the buying side of the market. This situation characterizes a(n)

A monopoly can consist of one or more businesses selling the same product

Which of the following types of market structure is most often accused of “collusion”

Which of the following would be a characteristic of an “imperfectly competitive” market?

Businesses can classed by: number of firms, product differentiation, market information and entry/exit barriers. What type of firm would be a business firm like Nutcher Milk?

Which of the following is an example of an Agricultural Cooperative operating in California?

Which of the following legislative Acts exempted Agricultural Cooperatives from Anti-Trust Laws?

Which agricultural commodities generally do not receive agricultural subsidies?

A “bumper crop” in agriculture shifts the supple curve to the left

A “bumper crop” for a farmer generally results in _______ (lower or higher) prices?

The food and fiber industry is one of the most highly regulated industries in the United States

Because most farmers pay cash for their assets, they have=be the lowest capital invested per worker for any sector of the economy

One way to reduce agricultural surpluses is to provide food subsidies. List one example as given in your test of a “Food Subsidy” provided to needy Americans.

Because farmers are typically engaged in purely competitive markets, they lack market power

Consumers in the United States spend approximately __% of their disposable income on food and rarely experience an interruption in the supply of food products

Which of the following is Not a form of “government intervention” in agriculture?

In general, demand for agricultural products (food & fiber) is

During the “Great Recession” which was the financial crisis caused by the bankruptcy of major financial firms, the federal government utilized a nonconventional method to stimulate the economy. What is it called

Which of the following is the most liquid asset

The “fiduciary monetary system” is what the US relies on to support its economy. It is the belief that a piece of paper (money) can be exchanged for goods and services.

What time period did the “Great Recession” occur in the US?

A branch location of the Federal Reserve is located in which city in California?

Contractionary monetary policies drive up interest rates and depress investment expenditures by businesses and households

The Federal Reserve stores all of the gold used to back US dollars

Which US President established the Federal Reserve?

The Federal Reserve began operating in 1914 as the U.S. _____ ____

Raising the “discount rate” would be an example of “expansionary” monetary policy