Card Set Information

2014-01-21 20:03:17

test 1
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  1. All possible buyers and sellers of a product or commodity make up the basic:
  2. Demand curves for perishable crops at harvest time would be expected to normally have a shape of:
    Sloping down to the right
  3. If it pays to produce at all, the optimal quantity that should be produced is always found where:
  4. When the commodity supplied in a market exactly equals quantity demanded, result is:
    Market clearing
  5. The marginal revenue curve in a perfectly competitive market is easy to identify. It almost always:
    Perfectly horizontal
  6. The set of all the final buyers in a market who purchase a product or service for their own personal use defines the:
    Final consumers
  7. Food marketing sales in US may be grouped into 4 major categories. The category with the largest percentage of total sales is:
    Retail food
  8. The "macro marketing" view generally considers the boundaries of Ag marketing to be the "final consumer" and the:
    Farm gate
  9. A market model with competition among a few similar sized firms selling homogeneous products with price established interdependently often by a leader best describes:
  10. The production of both cottonseed and lint cotton when cotton is ginned illustrates the principle of:
    Separability of commodities
  11. The function performed by insurance companies that sell crop insurance to producers is best described as:
    Risk bearing
  12. Foreign demand for food is normally regarded to be more variable and less predictable than domestic demand. These characteristics are found to exist due to the:
    Variable frequency of food purchases by other nations
  13. When a perfectly competitive production firm decides to reduce the quantity that it produces, market price would be expected to:
    Remain unchanged
  14. US domestic demands for food are fairly steady with unexpected shifts being unusual. We generally consider consumer food consumption to occur primarily:
    On a daily basis
  15. The function performed by companies that check weights and measures used by farmers and Ag businesses is best described as:
  16. A market model with competition among a few similar sized firms selling differentiated products with price established interdependently often by a leader best describes a(n):
    Monopolistic competition
  17. True about farm-to-retail marketing spread
    It is easier to calculate for products with less processing
  18. The set of competing firms producing similar products or handling similar commodities in a market best defines a(n):
  19. A market where only 1 buyer exists would best be described as a(n):
  20. Individual business organizations that form basic decision-making marketing units define the:
  21. The marginal revenue curve is an imperfectly competitive market is easy to identify. It almost always:
    Slopes downward
  22. Ag markets have atleast 4 major features that distinguish them from other markets. Name 2
    • Biological lag
    • Globalization
  23. Perfect competition characteristics:
    • Easy entry/exit
    • Many buyers and sellers
    • Homogeneous product
    • Perfect information
  24. Economic goods that belong to a single seller and may be patented copyrighted or trademarked are examples of __________ goods.
  25. Due to biological lags, farmers' decisions are generally made based on _________ prices rather than prices that they actually receive for their crop/animal production.
  26. _________ ratios indicate the percent of total industry sales controlled by the few largest firms.
  27. Ag marketing functions are normally classified into 3 groups:
    • Physical
    • Exchange
    • Facilitating
  28. Particular geographical locations of Ag businesses are affected by many factors. Name 2 location determining factors:
    • Market location
    • Transportation
    • Availability of resources
  29. Competitive media technique by which non-perfect competition firms jockey for market share
  30. Demand shifts for food products do not occur from changes in price. Name 2 that might shift demand
    • Income
    • Change in tastes
  31. Long term repetitive movement of prices defines a price ________
  32. One firm's _________ program is always another firm's marketing program
  33. __________ commodities are typically marketed every week of the year
  34. The degree that food loses desirable characteristics and value over time
  35. The market analysis approach that focuses on the "what" in the marketing system
    Functional approach
  36. 3 physical marketing functions are normally considered to exist in Ag markets. Name 2
    • Storage
    • Transport
    • Processing
  37. Price is a feedback signal to production. The 2 dimensions of price expectations are
    • Price level
    • Price duration
  38. The relationship expressed as "quantity of a good purchased will increase as its price is reduced, all other factors holding constant" commonly known as
    Law of demand
  39. Joe is expecting high prices in beef industry for the next 2-5 yrs and decided to increase his cow herd by selling fewer cull cows and keeping more heifers for replacement. If everyone else does this explain how market sales volume and price will be affect in next 6 months
    Price will go up because quantity of calves will go down since more are being saved
  40. Name 4 facilitating fuctions
    • Risk bearing
    • Financing
    • Market information
    • Standardization