question
1. Since 1950, the distribution of farm numbers and annual sales has shifted to where ____ percent of US farms produce approximately _____ percent of the total US output.
a. 2 and 99
b. 10 and 99
c. 2 and 50
d. none of the above
a. 2 and 99
b. 10 and 99
c. 2 and 50
d. none of the above
answer
C
question
Raw commodities flow from farms and ranches directly to food manufacturers in the Agri-Food System.
a. True
b. False
a. True
b. False
answer
False
question
Corporate farms dominate the US farming landscape with 99 percent of all farms and acreage in the US being owned by corporations.
a. True
b. False
a. True
b. False
answer
False
question
Business management is a profession that applies knowledge from a diverse set of academic disciplines such as economics, statistics, psychology, and mathematics
a. True
b. False
a. True
b. False
answer
True
question
. As the agri-food system has evolved and become more efficient since 1950, who are the biggest benefactors of the increase in scope and size of the system?
a. Consumers
b. Producers (Farmers and Ranchers)
c. Retailers
d. Manufacturers
a. Consumers
b. Producers (Farmers and Ranchers)
c. Retailers
d. Manufacturers
answer
A
question
A single farm worker produces, on average, enough food for ___________ people
a. 12
b. 150
c. 11
d. 16
e. 1000
a. 12
b. 150
c. 11
d. 16
e. 1000
answer
B
question
Farmers receive approximately _________ percent of each dollar spent on food
a. 12
b. 150
c. 11
d. 16
e. 1000
a. 12
b. 150
c. 11
d. 16
e. 1000
answer
D
question
United States farmers produce ______ percent of world agricultural output
a. 12
b. 150
c. 11
d. 16
e. 1000
a. 12
b. 150
c. 11
d. 16
e. 1000
answer
A
question
Agribusinesses create around _______ new food products each month
a. 12
b. 150
c. 11
d. 16
e. 1000
a. 12
b. 150
c. 11
d. 16
e. 1000
answer
C
question
Agribusiness management is all about the ____________ and integration of technology in ways that __________ people's well-being.
a. adoption, improves
b. development, maximizes
c. adoption, encourages
d. creation, improves
a. adoption, improves
b. development, maximizes
c. adoption, encourages
d. creation, improves
answer
A
question
Being an effective manager is all about doing things well and at the lowest cost
a. True
b. False
a. True
b. False
answer
False
question
The Three Es of Long-Run Business Success are:
a. Efficiency, Effectiveness, and Economic Well-Being
b. Earning Potential, Economics, and Efficiency
c. Economy, Ecology, and Equity
d. none of the above
a. Efficiency, Effectiveness, and Economic Well-Being
b. Earning Potential, Economics, and Efficiency
c. Economy, Ecology, and Equity
d. none of the above
answer
A
question
Good decision making requires clear and logical thinking. Managers must understand the problem, objectively weigh alternatives, effectively implement the best solution
a. True
b. False
a. True
b. False
answer
True
question
All members of the food system must be concerned with satisfying consumer needs in order to earn a profit.
a. True
b. False
a. True
b. False
answer
True
question
Often the most difficult step in the decision making process
a. Problem Identification
b. Analyzing Alternatives
c. Implementing the Best Alternative
d. Selection of the Best Alternative
a. Problem Identification
b. Analyzing Alternatives
c. Implementing the Best Alternative
d. Selection of the Best Alternative
answer
A
question
The Four Functions of Management are:
a. Planning, Organizing, Examining, and Directing
b. Planning, Forecasting, Accounting, and Directing
c. Preparing, Organizing, Controlling, and Deciding
d. none of the above
a. Planning, Organizing, Examining, and Directing
b. Planning, Forecasting, Accounting, and Directing
c. Preparing, Organizing, Controlling, and Deciding
d. none of the above
answer
D
question
The unifying theme that ties everything a manager does together is the desire to maximize the _________ ________ of the firm by profitably ______________ customer's needs.
a. cost savings, meeting
b. production output, predicting
c. long-term profits, satisfying
d. none of the above
a. cost savings, meeting
b. production output, predicting
c. long-term profits, satisfying
d. none of the above
answer
C
question
Planning starts with a business plan. The business plan begins with the purpose (what the firm intends to do) and the oobjective (how to accomplish the purpose).
a. True
b. False
a. True
b. False
answer
False
question
This management function is often the most time consuming function using up some 90 percent of a manager's time
a. Directing
b. Controlling
c. Organizing
d. Planning
a. Directing
b. Controlling
c. Organizing
d. Planning
answer
A
question
In order to increase consumer satisfaction the marketing system must find ways to overcome five barriers to consumer satisfaction. The five barriers to consumer satisfaction are:
a. Ownership, Time, Space, Value, Information
b. Ownership, Time, Possession, Value, Information
c. Ownership, Time, Space, Variation, Information
d. Ownership, Time, Space, Value, Instinct e. None of these
a. Ownership, Time, Space, Value, Information
b. Ownership, Time, Possession, Value, Information
c. Ownership, Time, Space, Variation, Information
d. Ownership, Time, Space, Value, Instinct e. None of these
answer
A
question
Marketing encompasses only the business activities that address the time and space barriers by coordinating the flow of goods and services from producers to consumers.
a. True
b. False
a. True
b. False
answer
False
question
The marketing approach is based on the idea that a successful firm first finds out what consumers want and then develops a product that meets those needs
a. True
b. False
a. True
b. False
answer
True
question
The marketing system performs nine functions (selling, buying, storage, transportation, processing, grades and standards, financing, risk-taking, and market information) to complete the production process and add four types of utility to products. What are the four types of utility (satisfaction) consumers receive?
a. Form, Place, Time, Space
b. Form, Place, Information, Possession
c. Form, Place, Time, Possession
d. Function, Place, Time, Possession
e. None of these
a. Form, Place, Time, Space
b. Form, Place, Information, Possession
c. Form, Place, Time, Possession
d. Function, Place, Time, Possession
e. None of these
answer
C
question
When done efficiently and fairly, marketing improves the overall efficiency of the economy, increases producer profits, and increases consumer satisfaction.
a. True
b. False
a. True
b. False
answer
True
question
Economics gives people the ability to make good decisions when faced with choices about where to spend their time, money, and energy
a. True
b. False
a. True
b. False
answer
True
question
Overcomes the separation of time
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
answer
A
question
Overcomes the separation of space
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
answer
E
question
Overcomes value separation
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
answer
D
question
Overcomes value, time and space separation
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
answer
C
question
Overcomes the separation of ownership
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
a. Storage Function
b. Buying and Selling Functions
c. Financing Function
d. Processing Function
e. Transportation Function
answer
B
question
Effective managers manipulate the Four Ps of Marketing to find the right mix of attributes that meet consumer needs. The Four Ps of Marketing are:
a. Product, Price, Policy, Promotion
b. Product, Price, Place, Promotion
c. Product, Price, Place, Premium
d. Prestige, Price, Place, Promotion
e. None of these
a. Product, Price, Policy, Promotion
b. Product, Price, Place, Promotion
c. Product, Price, Place, Premium
d. Prestige, Price, Place, Promotion
e. None of these
answer
B
question
Prices set at a level just below estimated perceived value of the product
a. Cost Pricing
b. Competitive Pricing
c. Value-Based Pricing
d. Discount Pricing
a. Cost Pricing
b. Competitive Pricing
c. Value-Based Pricing
d. Discount Pricing
answer
C
question
Add a constant margin to the basic cost of the individual product or service
a. Cost Pricing
b. Contribution-to-Overhead (CTO) Pricing
c. Discount Pricing
d. Value-Based Pricing
a. Cost Pricing
b. Contribution-to-Overhead (CTO) Pricing
c. Discount Pricing
d. Value-Based Pricing
answer
A
question
Establish prices that are emotionally satisfying
a. Penetration Pricing
b. Cost Pricing
c. Value-Based Pricing
d. Psychological Pricing
a. Penetration Pricing
b. Cost Pricing
c. Value-Based Pricing
d. Psychological Pricing
answer
D
question
Product offered at a high price to make high profits from initial sales
a. Skimming the Market
b. Value-Based Pricing
c. Prestige Pricing
d. Loss-Leader Pricing
a. Skimming the Market
b. Value-Based Pricing
c. Prestige Pricing
d. Loss-Leader Pricing
answer
A
question
Sales is the focus of the modern marketing system
a. True
b. False
a. True
b. False
answer
False
question
The act of __________ a consumer need is what gives a business its ________ to earn a profit
a. satisfying, right
b. understanding, competitive advantage c. identifying, strategy
d. fulfilling, revenue
a. satisfying, right
b. understanding, competitive advantage c. identifying, strategy
d. fulfilling, revenue
answer
A
question
Consumers purchase the satisfaction that products give them, not goods and services
a. True
b. False
a. True
b. False
answer
True
question
When performing the _________ Function of Management, marketing managers need information on sales, prices, market shares, profit levels, and so on to evaluate their decisions in these areas and to determine whether they need to be changed.
a. Controlling
b. Planning
c. Organizing
d. Directing
a. Controlling
b. Planning
c. Organizing
d. Directing
answer
A
question
The foundation for a firm's product offering is the expected product which delivers the bare minimum set of features that the customer expects
a. True
b. False
a. True
b. False
answer
False
question
Higher price elasticity of demand means that a consumer's demand is:
a. less responsive to price changes.
b. less responsive to income changes.
c. more responsive to price changes.
d. more responsive to income changes.
a. less responsive to price changes.
b. less responsive to income changes.
c. more responsive to price changes.
d. more responsive to income changes.
answer
C
question
When the price of wine is $10 per bottle, Thomas purchases 30 bottles every month. Later, the government introduces a 50% tax on all alcoholic beverages, which is to be completely borne by consumers. This increases the price per bottle and reduces Thomas's consumption to 12 bottles of wine a month. Calculate Thomas's arc price elasticity of demand for wine and give your answer in absolute value (no negative sign):
A. 214
B. 6.08
C. 2.14
D. 608
A. 214
B. 6.08
C. 2.14
D. 608
answer
C
question
What does your answer in question 2 above tell you about Thomas' elasticity of demand over the price range? In other words, when the tax is put in place and raises the price of wine (and Thomas reduces his purchases) how would you classify Thomas' response to the price change?
a. Elastic
b. Inelastic
c. Unit-Elastic
d. Income Elastic
e. None of these
a. Elastic
b. Inelastic
c. Unit-Elastic
d. Income Elastic
e. None of these
answer
A
question
Consumers do not buy products. What is it that they actually buy?
a. junk they don't really need
b. the satisfaction the product gives them c. what advertising tells them to buy
d. services
e. the processing and retailing value of the product
a. junk they don't really need
b. the satisfaction the product gives them c. what advertising tells them to buy
d. services
e. the processing and retailing value of the product
answer
B
question
Factors that cause a movement along the demand for a product include:
a. change in price of competitors' products
b. change in tastes and preferences
c. change in own product's price
d. increase in population
e. all of the above
a. change in price of competitors' products
b. change in tastes and preferences
c. change in own product's price
d. increase in population
e. all of the above
answer
C
question
If the income elasticity for beef filet is 2.0 this indicates that:
a. Sales response (demand) of beef filet to a rise in income is greater than the rise in income
b. Beef filet is a normal good
c. Beef filet is a luxury good
d. a and c
e. all of the above
a. Sales response (demand) of beef filet to a rise in income is greater than the rise in income
b. Beef filet is a normal good
c. Beef filet is a luxury good
d. a and c
e. all of the above
answer
E
question
As an individual consumes additional units of a good, the utility obtained from each additional item _________________.
a. diminishes
b. increases
c. shifts
d. marginalizes
e. moves along the demand curve
a. diminishes
b. increases
c. shifts
d. marginalizes
e. moves along the demand curve
answer
A
question
If the price elasticity of demand is 1.6 for chicken, cutting the price of chicken will:
a. increase revenue
b. decrease revenue
c. increase the supply of chicken
d. have no effect on revenue
e. both a and c
a. increase revenue
b. decrease revenue
c. increase the supply of chicken
d. have no effect on revenue
e. both a and c
answer
A
question
American consumers have started consuming more vegetable soybeans (edamame). This change in consumer tastes and preferences would be represented by a ______________ of the demand curve to the ________________.
a. Move, top
b. Shift, right
c. Move, bottom
d. Shift, left
e. Shift, top
a. Move, top
b. Shift, right
c. Move, bottom
d. Shift, left
e. Shift, top
answer
B
question
Increased herd size leads to greater demand for feed soybean meal, which leads to a greater demand for fertilizer to grow the soybeans, which leads to a greater demand for natural resource extraction to produce fertilizer. This effect is referred to as:
a. Supply chain demand
b. Derived demand
c. Quantity demand
d. Input demand
e. None of the above
a. Supply chain demand
b. Derived demand
c. Quantity demand
d. Input demand
e. None of the above
answer
B
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