Vocab

Costs incurred only when production is undertaken are

• Fixed Costs

• Variable Costs

• Average Costs

• Marketing Costs

Land is an example of a current asset

• True

• False

If the price increases, then:

• Quantity demanded decreases

• Supply increases

• Demand decreases

• None of the above

The opportunity cost of raising milo is:

• $50 per acre.

• $60 per acre.

• $90 per acre.

• $25 per acre

The change in total costs or total variable costs due to the production of one more unit of output is known as

• Mark-up Cost

• Marginal Cost

• Opportunity Cost

• Production Cost

Farmable land is depreciated over which period of time?

• None, land does not depreciate

• 10 years

• 20 years

• 50 years

What is the meaning of the term ceteris paribus to an economist?

• All other factors stay at the same level

• Other independent variables affecting the dependent variable are hold constant

• Consider only one change at a time

• All of the above

1 lb. of Urea has

• .27 lb. Nitrogen

• .32 lb. Nitrogen

• .41 lb. Nitrogen

• .46 lb. Nitrogen

Which of the following can be depreciated for tax purposes?

• Land

• Livestock feed

• Fertilizer on hand

• Farm equipment

The market demand curve for the output of a single competitive firm is:

• Vertical at the equilibrium market quantity.

• Horizontal at the prevailing market price.

• Down-sloping to the right

• Upward-sloping to the right