Question

1).A market model in which there are many sellers facing a downward sloping demand curve with fairly easy entry/exit is:

a) Oligopoly, b) Perfect competition, c) Monopoly or d) Monopolistic competition

2) The top 4 agricultural commodities produced in Texas ( by value) are: (TDA Lab) a) cattle, broilers, cotton , milk,
b) cattle, cotton. wheat. milk
c) cattle, corn, fruits, milk

d) pork, wheat, vegetables, eggs

3) Five Rivers one time capacity (heads) is _____ a) below 500,000

b) between 500,000 and 1’000,000 c) more than 1’000,000

4) Typical length of contracts used by large packers and hog producers are: a) less than 2 years

b) 2 to 3 years c) 3 to 4 years c) 4 to 7 years

5) The farming sector’s share of the total value of US food consumption is: a) less than 10%

b) between 10% and 20% c) between 20% and 50% d) more than 50%

6) Sellers in a Monopolistic competition market are

1. a) Price takers

2. b) Price makers

3. c) Can be both

7) VEG stands for:___
a) vegetable eggs and gluten

b) value enhanced grains c) vegetable eggs and grain d) none of the above

8) Developing countries future agricultural products demand will grow fast due to a rapid increase in:

1. a) Income, population, and urbanization

2. b) Income, Population and Free Trade Agreements

c) Production, population, and global warming

Answer 1

1) A market model in which there are many sellers facing a downward sloping demand curve with fairly easy entry/exit is:

d) Monopolistic competition

2) The top 4 agricultural commodities produced in Texas ( by value) are:
a) Cattle, broilers, cotton, milk

3) Five Rivers one time capacity (heads) is _____

b) between 500,000 and 1,000,000

4) Typical length of contracts used by large packers and hog producers are:

c) 4 to 7 years

5) The farming sector’s share of the total value of US food consumption is:

b) Between 10% and 20%

6) Sellers in a Monopolistic competition market are

a) Price takers

7) VEG stands for:___
b) Value enhanced grains