Arec 212 – Exam 1 study guide

question

Labor use as an input over the years of ag production has decreased over the past 60 years

answer

true

question

Labor use as an input over the years of ag production has increased over the past 60 years

answer

false

question

Which of the following is not one of Porters Five Forces
A - Bargaining power of suppliers
B - Threat of a new product entering the market
C - Government regulation
D - Threat of a new firm entering the market

answer

question

What are Porter's Five Forces?

answer

1. Threat of a new firm entering the market
2. Threat of a new product entering the market
3. Bargaining power of suppliers
4. Bargaining power of buyers
5. Level of competition among existing firms

question

The ______ function of marketing overcomes the separation of space by moving the product from where it is produced to where consumers desire it.

answer

transportation

question

The four Ps of marketing

answer

price
promotion
place
production

question

the ______ budget summarizes the expected sales, production activities and related costs for the budgetary period

answer

operating

question

Which of the following factor or factors will cause a movement along the demand curve
A - change in the price of a product (own price)
B - change in the price of a substitute
C - change in income
D - change in tastes and preferences

answer

A - change in the price of a product (own price)

question

Which of the following factor or factors will cause a shift of the demand curve or a change in quantity demanded
A - change in the price of a product (own price)
B - change in the price of a substitute
C - change in income
D - change in tastes and preferences

answer

B - change in the price of a substitute
C - change in income
D - change in tastes and preferences

question

The market approach focuses on profitability satisfying consumer needs through an understanding that consumers are purchasing the utility received from a good rather than the good itself. True or False

answer

True

question

A positive _______ -- _______ elasticity indicates a substitutionary relationship between the price of one good and the change in quantity demanded of another

answer

cross price elasticity

question

??? Suppose an Ecp = -1.33 for coffee, given changes in the price of doughnuts. If the price of doughnuts decreased 20%, by what percentage would the Qd of coffee change? What kind of goods are coffee and doughnuts as reflected by this elasticity?

answer

26.6% increase in percent change in Qd
Compliments

question

For a good with an Ep = | -1.18 | a 1% increase in price would bring about a ________ % increase/decrease (choose one)

answer

1.18%
decrease

question

_____ _____ _______ summarize the amount and timing of cash that is expected to flow in and out of a business during the budgetary period

answer

Cash Flow Budget

question

If your income increased 12% and your consumption of Krystal. hamburgers decreased 8% what is the Ey for Krystal hamburgers, and what type of good are Krystal hamburgers?

answer

Ey = -.8/.12 = -.67
Inferior

question

Describe the responsiveness of quantity demanded to a change in price for a good with inelastic demand.

answer

Inelastic = less responsive
1% change in price = less than 1% change in Qd

question

Explain and interpret the own price elasticity of demand for a good with an Ep= -1.23

answer

for every 1% change in price the Qd will move 1.23 % in the opposite direction

question

Condition where the percentage change in Qd is = % change in $
A. Perfect elasticity
B. Perfect inelasticity
C. Unitary Elasticity
D. Inelastic Demand

answer

C. Unitary Elasticity

question

How is profit calculated?

answer

Profit = Total Revenue - Total Costs

question

Name one way to increase profit

answer

Increase units sold

question

_______ ________ is the percent change in Qd given a 1 percent change in income

answer

Income elasticity

question

________ -- ________ data are collected from different groups or locations at the same time

answer

cross sectional

question

________ -- _________ data collected from different times with the same variable

answer

time series

question

the first step in decision making is identifying the problem. True or false

answer

true

1 of 24

question

Labor use as an input over the years of ag production has decreased over the past 60 years

answer

true

question

Labor use as an input over the years of ag production has increased over the past 60 years

answer

false

question

answer

question

What are Porter's Five Forces?

answer

1. Threat of a new firm entering the market
2. Threat of a new product entering the market
3. Bargaining power of suppliers
4. Bargaining power of buyers
5. Level of competition among existing firms

question

The ______ function of marketing overcomes the separation of space by moving the product from where it is produced to where consumers desire it.

answer

transportation

question

The four Ps of marketing

answer

price
promotion
place
production

question

the ______ budget summarizes the expected sales, production activities and related costs for the budgetary period

answer

operating

question

answer

A - change in the price of a product (own price)

question

answer

B - change in the price of a substitute
C - change in income
D - change in tastes and preferences

question

answer

True

question

A positive _______ -- _______ elasticity indicates a substitutionary relationship between the price of one good and the change in quantity demanded of another

answer

cross price elasticity

question

answer

26.6% increase in percent change in Qd
Compliments

question

For a good with an Ep = | -1.18 | a 1% increase in price would bring about a ________ % increase/decrease (choose one)

answer

1.18%
decrease

question

_____ _____ _______ summarize the amount and timing of cash that is expected to flow in and out of a business during the budgetary period

answer

Cash Flow Budget

question

If your income increased 12% and your consumption of Krystal. hamburgers decreased 8% what is the Ey for Krystal hamburgers, and what type of good are Krystal hamburgers?

answer

Ey = -.8/.12 = -.67
Inferior

question

Describe the responsiveness of quantity demanded to a change in price for a good with inelastic demand.

answer

Inelastic = less responsive
1% change in price = less than 1% change in Qd

question

Explain and interpret the own price elasticity of demand for a good with an Ep= -1.23

answer

for every 1% change in price the Qd will move 1.23 % in the opposite direction

question

Condition where the percentage change in Qd is = % change in $
A. Perfect elasticity
B. Perfect inelasticity
C. Unitary Elasticity
D. Inelastic Demand

answer

C. Unitary Elasticity

question

How is profit calculated?

answer

Profit = Total Revenue - Total Costs

question

Name one way to increase profit

answer

Increase units sold

question

_______ ________ is the percent change in Qd given a 1 percent change in income

answer

Income elasticity

question

________ -- ________ data are collected from different groups or locations at the same time

answer

cross sectional

question

________ -- _________ data collected from different times with the same variable

answer

time series

question

the first step in decision making is identifying the problem. True or false

answer

true

Continue to order Get a quote

Arec 212 – Exam 1 study guide

Recent Posts

Recent Comments

Calculate the price of your order

Our guarantees

Money-back guarantee

Zero-plagiarism guarantee

Free-revision policy

Privacy policy

Fair-cooperation guarantee