2005Fall_Exam1

2005Fall_Exam1 - AEC 305(Fall 2005 Exam 1(20 Fall 2005 NAME...

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AEC 305 (Fall 2005) Exam 1 (20%) Fall 2005 NAME _____________________________________________________ A. True or False: (4 points each). Identify if the following statement is true or false. If the statement is false correct it to make it true. 1. True or False. An increase in fertilizer prices (a farm-level input) will cause the farm value of food commodities to fall and increase the marketing bill. 2. True or False. An increase in the USDA market basket index for retail food prices from a value of 200 to a value of 205 indicates a 5% increase in food prices during the relevant period. 3. True or False. A decrease in a commodity price from one period to another would result in its corresponding price relative being negative (i.e. less than zero). 4. True or False. Changes in tastes and preferences for a given food item will always shift the demand curve to the right and thus is not represented by a movement along a given demand curve. 5. True or False. A policymaker attempting to boost total (commodity) revenue would support a policy that would restrict supply for any commodity characterized by an inelastic demand. B. Short Answer/Calculations 6. Identify the three different approaches to studying agricultural marketing and provide a specific example for each approach. (6 points). 1. _______________________
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2005Fall_Exam1 - AEC 305(Fall 2005 Exam 1(20 Fall 2005 NAME...

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