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Intro to AgEcon Exam 3

Niki Barnes 9 questions

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Questions in this quiz (9)

  1. 1A perfectly competitive business is a _________ , or it accepts the price of the product it receives in the product market or it pays in the input as given.
    1. AMonopsony
    2. BPrice Taker
    3. CInterdependent
  2. 2If the following conditions hold, an input or product market structure is considered perfectly competitive.
    1. AHomogeneous product, barriers for entry or exit, a large number of sellers, perfect information
    2. BNot homogeneous, no barriers for entry or exit, a large number of sellers, imperfect information
    3. CHomogeneous product, no barriers for entry or exit, a large number of sellers, perfect information
    4. DHomogeneous product, no barriers for entry or exit, a few sellers, perfect information
  3. 3Classification of inputs
    1. ALand, Labor, Capital, and management
    2. BRenewable resources, Labor, Capital, business expansion
    3. CNon renewable resources, Labor, Durable equipment, Management
  4. 4Classification of firms
    1. APerfect Competition
    2. BMonopolistic Competition
    3. COligopoly
    4. DMonopoly
    5. EAll of the Above
  5. 5A production function characterizes the physical relationship between what?
    1. AThe level of inputs and the use of output
    2. BThe use of inputs and the level of output
  6. 6When we graph the output and input relationship we come up with ________?
    1. AA market supply curve
    2. BA market demand curve
    3. CA total physical product curve
    4. DA total product demand curve
  7. 7A market supply curve for a particular product generally has a positive slope.
    1. ATrue
    2. BFalse
  8. 8The market supply curve for a particular product is based on the decisions of ________ and ____________ made by individual businesses in an industry
    1. AWhat and how much to produce
    2. BWhere and what to produce
    3. CWhy and how to produce
  9. 9Legislative act that prohibited monopolies and other restrictive business practices
    1. AFederal Trade Commission Act
    2. BClayton Act
    3. CAgricultural Bargaining Associations
    4. DSherman Antitrust Act

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Description
Chapters 6-9
Language
English
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