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ag business
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ag business
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
The U.S. signs a free trade agreement, spends billions in business opportunities which causes?
a change in consumer tastes
a change in producer production
a change in consumer preferences
all of the above
2
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of
weather
consumer's personal issues
consumer's tastes
consumer's needs
3
The point at which supply and demand meet is the?
equilibrium
consumer satisfaction
marginal utility
the line
4
What group controls what is produced in a free-market economic system?
manufacturers
producers
business managers
consumers
5
Schedule of how much consumers are willing and able to buy at various prices
high
supply
low
demand
6
What is defined as unlimited wants with limited resources?
demand
products
abundance
scarcity
7
Christmas trees having a greater demand in December than in July is an example of?
seasonality
utility maximization
consumer tastes
seasons
8
What source is affected when minimum wage gets raised from 8 bucks to $150/hour
hours
outcome
tax
Income
9
An example of a companion product?
complement
consumer
producer
10
The economic term used to explain when you have too much of a good thing.
being blessed
adding marginal utility
diminishing marginal utility
11
P Diddy comes out with his own brand of hand knitted sweaters - P Knitty Factor affected?
product price
competitors product
sales price
consumer satisfaction
12
The law of demand states that as prices decrease, demand does what?
decrease
stays the same
none of the above
increase
13
Supply comes primarily from what group?
companies
producers
firms
consumers
14
Zombie apocalypse wipes out 50% of US, what
factor
is affected?
consumer demand
supply
all of the answers
population
15
When supply curve shifts to the right, what affect does it have on the equilibrium price?
none of the above
it does nothing
it goes down
it goes up
16
The Law of Supply states that as prices increases, supply...
increases
stays the same
all of the answers
decreases
17
Iphones and Android Phones are an example of?
substitutes
companions
rivals
complements
18
__ means consumer will always choose the item that gives them the highest level of satisfaction
utility maximization
utility marginalization
none of the above
utility minimization
19
Give an example of a government action that can cause a shift in supply
fire somebody
excise tax
subsidy
rationing
20
What chart helps a business determine at what prices demand will increase?
sales
calendar
demand schedule
consumer tastes
21
Tires and Gasoline are?
none of the above
complements
mix
companions
22
Demand comes primarily from what group?
producers
consumers
supply
resources
23
This causes an excess of supply is typically created by government initiation
none of the above
price door
price ceiling
price floor
24
The drought affects a farmer's _______factor.
outcome
income
all of the above
resources
25
Hot dog and buns?
mix
lunch
opposites
complements
