AGB101 agribuisness wint01 quiz3 - AGB 101 Quiz 3 Winter...

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Unformatted text preview: AGB 101 Quiz 3 Winter 2001 / /\§ r \i n ' ‘ Nair \ U Definitions (2 pts each): 1. Law of Supply /1r 2. Cooperatives —- Qavmba/S l)ng 30 lm OCH/N WM SWW'plL-gfi 0:9 3. Oligopoly; (Di/bdupd”: W 0-1.0. {WOW ‘9’)W 6}qu PairQWT'D. was: W (,mG ‘ p 1 WW W1 midi/“Q Lit/hm W J Mgw »~\ ,7, True and False: If you believe the statement is false, correct it so that it is true (1 pts each). 4. T A change in quantity supplied is caused by a change in price. fl— ? star‘s Technological changes cause a change in quantity supplied. \ a W” 6. Prices are set at the point where supply is greater than demand. .\ 7. 1 Most growers of commodities (feed grains, milk, cotton) are in perfectly competitive markets. 8. I Dairy farmers poured out milk to protest low prices they receive. .——— 3"?) 2/! Monopelist-ie competition means that there is only one producer in the market. \< 29/? RE’roducts protected by government patents are the most common type of agribusiness. *9 mm?” M Tyson F oods' bid to buy IBP gives Tyson a chance to vertically integrate their” business. 12. 5 Weather, government regulations and changes in production costs cause changes in demand. ‘ 13. Marketing cooperatives are more important in California than they are in the US. M (5 hm} W New or) CW0 14. E Theboardofdirectors of a cooperative hires both the manager and the staff of the cooperative. : if g mm M” 15. Supply and service coops help farmers receiv higher Gfi'fput prices. 16. T Bargaining cooperatives have lower overhead costs than marketing cooperatives. 17. T Regional and National cooperatives can be organized either as federated or centralized governance. V , 418'. T Many marketing cooperatives help farmers enter either oligopoly or monopoly market '\ structures. l9. Genetically modified crops have become very popular with farmers, but consumers are i :1) orried about the long-term health effects of eating these foods. W, 4 TM SUPP” mm W gaian \L k , % U r - (9% (W M Emu/6 RM MM «6 20. The robust economy and new health reports have caused people to change their eating habits back toward red meat. 1M Wig/l PW VU MLO/Ajuuu} .flo Vavoflwi $6M PM \vaoc/O W M Wm M new-roads my) ...
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