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AGEC 340 EXAM 1 ACTUAL SOLUTION!!, Exams of Nursing

Walden UniversityNursing

AGEC 340 EXAM 1 ACTUAL SOLUTION!!

Typology: Exams

2024/2025

Available from 01/20/2025

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Q&A
AGEC 340 EXAM 1 ACTUAL SOLUTION!!
What are the six component industries of the agri-food system? -
Answers 1. Input Suppliers: prepare and sell products to farmers
2. Producers: produce agricultural commodities
3. Commodity Preprocessors: process agricultural commodities
4. Food Manufacturers: manufacture prepared food products
5. Food Distributors: transport agricultural commodities and food products
6. Food Retailers: sell agricultural commodities and food products to
consumers
After the Agricultural Revolution, two new sectors of agriculture emerged.
These two sectors are? - Answers 1. Agricultural Input Supply
Sector
2. Commodity Processing/Food Manufacturing Sector
According to Jean Kinsey, people buy food for a hierarchy of reasons.
When examining the hierarchy, the levels from highest to lowest are? -
Answers 1. Social/Status
2. Live Well
3. Promote Health
4. Convenience
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AGEC 340 EXAM 1 ACTUAL SOLUTION!!

What are the six component industries of the agri-food system? - Answers 1. Input Suppliers: prepare and sell products to farmers

  1. Producers: produce agricultural commodities
  2. Commodity Preprocessors: process agricultural commodities
  3. Food Manufacturers: manufacture prepared food products
  4. Food Distributors: transport agricultural commodities and food products
  5. Food Retailers: sell agricultural commodities and food products to consumers After the Agricultural Revolution, two new sectors of agriculture emerged. These two sectors are? - Answers 1. Agricultural Input Supply Sector
  6. Commodity Processing/Food Manufacturing Sector According to Jean Kinsey, people buy food for a hierarchy of reasons. When examining the hierarchy, the levels from highest to lowest are? - Answers 1. Social/Status
  7. Live Well
  8. Promote Health
  9. Convenience
  1. Good Taste and Variety
  2. Nutritious, Safe, Affordable Nearly all the productivity gains on the farm and elsewhere in the system have passed along to consumers in the form of? - Answers lower retail food prices The goal of every manager is to? - Answers maximize the long-run profits of the firm by profitably satisfying consumer needs What is the recipe for long-run business success? - Answers Efficiency + Effectiveness + Economic well-being Agribusiness managers can achieve the 3 E's when their firms are the first choice of their? - Answers customers, employees, investors List and briefly describe the four functions of management: - Answers
  3. Planning Function: determine the future
  4. Organizing Function: how to set up
  5. Controlling Function: feedback on progress
  6. Directing Function: leadership of people What is the mission of marketing? - Answers To bridge the gap between the conflicting needs of producers and consumers by completing the production process

Market Information: - Answers Information Money came into existence because? - Answers it makes trade easier and more efficient What idea does the marketing approach accept? - Answers the idea of consumer sovereignty What are the three prerequisites to an efficient economic system? - Answers 1. A free-market economy

  1. Prices reflect the full value of resources
  2. A high degree of interactions between consumers & producers What are the two criteria used to evaluate performance of a marketing system? - Answers 1. Efficiency
  3. Fairness What are the four P's of the marketing mix? - Answers 1. Product
  4. Price
  5. Place
  6. Promotion

Mass marketing operates on the idea that? - Answers All consumers have similar needs Target marketing operates on the idea that? - Answers Consumers have different needs What are the three approaches for estimating market potential? - Answers 1. Macroeconomic Approach

  1. Population Approach
  2. Consumption Approach "Market Potential" is defined as? - Answers The total level of sales possible in a target market for all firms "Sales Forecast" is defined as? - Answers The level of sales a single firm can expect to receive from a target market "Market Share" is defined as? - Answers The % of total sales from the target market achieved by a single firm What is an equation that links the relationship among market potential, sales forecast, and market share? - Answers SF = MS x MP What are the two economic principles that drive consumer behavior? - Answers 1. Maximization of satisfaction or utility

What is the formula for calculating income elasticity? - Answers Ey = % change quantity / % change in income Elastic: - Answers price elasticity of demand is less than - Inelastic: - Answers price elasticity of demand is greater than - Unitary: - Answers price elasticity of demand is - Complements: - Answers cross price elasticity is negative Substitute: - Answers cross price elasticity is positive Inferior: - Answers income elasticity is negative Necessary: - Answers income elasticity is less than 1 Luxury: - Answers income elasticity is greater than 1 Raising the price of a commodity will increase the company's revenue only if the price elasticity of the commodity is - Answers inelastic The shape of demand for general food category is ________ than the shape of demand for a specific food product. - Answers steeper

What are the three basic questions faced by managers? - Answers

  1. What is the company's current situation?
  2. Where do we want to take the company?
  3. How are we going to get there? What are the three parts of the business vision? - Answers 1. Vision Statement: what the firm aspires to be
  4. Values Statement: how will you conduct your business and treat customers
  5. Mission Statement: defines the firms purpose and objective What are the four elements of sustainable advantage? - Answers 1. Superior efficiency
  6. Superior quality
  7. Superior innovation
  8. Superior customer responsiveness What are the four commonly strategic approaches to build competitive advantage? - Answers 1. Striving to be the industry's low cost provider
  9. Outcompeting rivals on the basis of differentiating features
  10. Developing on advantage based of offering more value for the profit
  11. Focusing on a narrow market niche within an industry