A severe drought in a given corn-producing area is most likely to shift the:

FFA: FBM 21

Quiz
•
Other
•
9th - 12th Grade
•
Hard
Chandler Hambidge
Used 24+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
supply curve to the right
supply curve to the left
demand curve to the left
demand curve to the right
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is the best economic explanation of what determines an agricultural product’s price?
Weather
Production
Supply and Demand
Governmental policy
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the general economic term used to describe the place where buyers and sellers interact?
A market
An exchange
Production
Arbitrage
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
In business and economics, what you give up in order to do something is called?
an opportunity cost
a sunk cost
a fixed cost
profit
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Money owed by you that you have NOT paid yet would be called this on your ‘balance sheet’:
account payable
negative cash flow
current liability
account receivable
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A risk-taker in business is:
a hedger
making a poor decision
an entrepreneur
a profit maker
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Based on the law of diminishing returns, an added pound of fertilizer in corn production will eventually reduce:
Total corn production
The additional corn produced per additional unit of fertilizer
Profit
Dollar returns
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