FFA: FBM 21

FFA: FBM 21

9th - 12th Grade

40 Qs

quiz-placeholder

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FFA: FBM 21

FFA: FBM 21

Assessment

Quiz

Other

9th - 12th Grade

Hard

Created by

Chandler Hambidge

Used 24+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

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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