2004Fall_Exam1

2004Fall_Exam1 - AEC 305 Exam 1 (15%) Fall 2004 NAME _ 1....

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AEC 305 Exam 1 (15%) Fall 2004 NAME _____________________________________________________ 1. (20 points) Given the following table: 2001 2002 2003 May 2004 Marketing Bill (Billion $) 550 577 - - Market Basket Retail Cost (1982-84 = 100) 177.2 180.3 185.3 195.2 Farm Value (1982-84 = 100) 106.2 104.3 110.4 131.1 Source: ERS/USDA a. Briefly (i.e., 1-2 sentences) define what is the food marketing bill and how does it differ from the market basket? b. Interpret the May 2004 index value for the retail cost for items in the market basket. c. Has the retail cost of the market basket increased more or less than the farm value since the base years (1982-1984)? EXPLAIN WHY? d. Has the retail cost of the market basket increased more or less than the farm value since 2001 ? EXPLAIN WHY? 2. (10 points ) You are asked to construct an index for the cost of a college education. Identify three factors you would need to take into account in order to construct such an index.
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3. (5 points) What does the following data indicate about the disappearance (i.e., use or
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2004Fall_Exam1 - AEC 305 Exam 1 (15%) Fall 2004 NAME _ 1....

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