Intro to Ag Econ - 1
Most resources are best suited for a particular use. What economic concept deals with this issue?
What famous ranch in Texas has a breed of cattle created on their ranch, a famous casserole named after their ranch, and is larger than the state of Rhode Island?
King Ranch
Output = f(capital | land, labor, management). What variable is being varied here?
Capital
While Dr. Samper will say she is from around Fresno, CA, what small community does she actually call home?
Coarsegold
Oakhurst
Madera
Lodi
Coarsegold
Which of the following is the best example of an inferior good?
A market _______________ occurs in a market when the quantity supplied at a given price exceeds the quantity demanded.
Surplus
The frozen margarita machine was invented in which Texas city?
Dallas
The marginal utility of a good declines with increases in the consumption of that good. This phenomenon is referred to as the
Dr. Samper can quote which of these movies almost word by word by heart.
Austin Powers (any of the 3 movies)
Forrest Gump
Harry Potter & The Sorcerers Stone
all of the above
The stage of production where the total physical product curve begins to decline corresponds to
Stage 3
When MC________ MR, you produce more because you are still gaining revenue for each additional unit (haven’t reached full profit potential).
Amarillo is consider the _________ capital of the world. Hint: It is a gas
Helium
Which of the following is an example of a perfect substitute of two inputs?
Which is Dr. Sampers Favorite favorite show animal?
Sheep!
Which form of imperfect competition is associated with the domestic automobile industry?
If the own-price elasticity of demand is -1, the demand is said to be ___________.
Unitary elatic
The deadliest natural disaster in United States history occurred in this coastal town in Texas.
Galveston. Great Galveston Hurricane in 1900 killed between 6 and 12 thousand with a storm surge of 15ft.
If a consumer is willing to give up 4 of one good for another good, then what was their MRS?
-4
What year did Dr. Samper graduate from high school?
2016
In perfect competition, there are four conditions which are true. In monopolistic competition, which of the four conditions no longer holds?
______________'s law states that as a consumer's disposable income rises, the proportion of income spent on food falls
Engels
The Six Flags Over Texas theme park is named for the six countries' flags that have ruled over Texas. Outside of the Republic of Texas, Name at least 3 countries that have ruled over Texas at some point.
Spain, France, Mexico, the Republic of Texas, the United States, and the Confederate States of America.
Suppose that a retailer sells 500 six-packs of Dr. Pepper per day at $3.50/six-pack. Also, suppose that the cross-price elasticity between Dr. Pepper and Pepsi is 0.6. Then Dr. Pepper and Pepsi are _________________ goods.
Dr. Samper has one dog. Can you name her?
Tillie
If the own-price elasticity of demand is -1.25, in order for the manufacturer of Ragu to increase total revenue, at least in the short run, it would be advisable to