Resource/Policy 1
Water that lies beneath the earth's surface, typically in aquifers is called ___________ .
groundwater
What rental arrangement generally has the least risk to the landowner?
Cash rent
Non-renewable sources of energy such as coal, natural gas, and petroleum products that were formed from the decayed bodies of animals and plants that died millions of years ago are called ________ __________ .
fossil fuels
What is the practice of producing two crops in the same year on the same acreage called?
Double cropping
On average, how many seeds are there in a pumpkin?
500
What type of tariff is imposed as a fixed amount per unit imported?
Specific
What is an association of member-owners operating a business that provides services at cost to its patrons?
Cooperative
What U.S. act provided a grant of 160 acres to each family who settled on the land and lived there for five years?
Homestead Act
What term describes cash minus futures?
Basis
What's another name for a lycanthrope?
A werewolf
A tax on imports of agricultural goods is known as a(n) _____.
Tariff
What is the report that shows the financial condition of a business at a point in time, including its assets, liabilities, and equity?
Balance Sheet
What organization has essentially replaced GATT?
World Trade Organization (WTO)
When applied to inventory costing, what procedure assumes ending inventory consists of the earliest units manufactured or purchased?
Last in, first out (LIFO)
According to a 2021 survey, what is the most popular Halloween candy in the US?
M&Ms
Zoning, fishing limits, hunting seasons and speed limits are examples of what public right?
Police Power
What are the four factors of production?
Land, labor, capital, and management.
Two countries that are discussing a mutual reduction of barriers to agricultural trade are negotiating what type of agreements?
Bilateral trade
What is it called when borrowed capital is used to supplement and extend the use of equity capital?
Leveraging
Where is Transylvania, otherwise known as home to Count Dracula, located?
Romania
What is the public right to acquire property at the death of a person with no will or heirs?
Escheat
When a firm sells a capital asset for a price higher than the cost, the positive difference is called:
Capital Gains
In dealing with hunger policy, the adaptor position assumes we live in a world of scarcity. This means that someone (usually a policymaker) must decide who lives and who dies. What is the name of this theory?
Lifeboat Theory
Risk management education in agriculture usually includes five basic categories of risk. Name any three.
production, marketing, financial, legal, human
Where does the quote “Double, double toil and trouble” come from?
William Shakespeare's "Macbeth"