Resource/Policy 1
When discussing EU agricultural policy, what does CAP stand for?
Common Agriculture Policy
What common risk management tool transfers risk to a third party for the payment of a specified fee?
insurance
USDA's subsidized multiperil crop insurance program is administered by the ____ _________ ______.
Risk Management Agency
A previous outlay or sacrifice than cannot be changed by any future action is called:
sunk cost
Which Halloween candy was originally referred to as “chicken feed?”
Candy corn
What does the term "decoupling" mean in farm policy?
separating payments to farmers from market prices and production
What is the name of the action taken by a manager to give employees expanded authority to solve problems as they arise?
Empowerment
An individual who makes decisions among environmental programs strictly on the basis of expected values is described as _____.
Risk neutral
What value includes cash receipts from sale of farm products, value of food and fuel produced and consumed on farms, and the rental value of farm dwellings?
Gross (farm) income
Samhainophobia is the fear of what?
Halloween
Which one of the three NAFTA countries tends to have the greatest share of its agricultural support focused on production input assistance?
Mexico
What type of management technique is concerned with reducing inventory levels and delivering raw materials just when they are needed for production?
Just-in-time
What type of analysis involves a direct comparison of the trade-offs between environmental risk and dollar benefits?
Risk-Benefit
A constraint that prevents additional sellers from entering a monopoly firm's market.
Barrier to entry
Which U.S. state holds the record for the largest pumpkin ever grown?
Minnesota. In 2023, a horticulture teacher set a world record for the heaviest pumpkin ever. It weighed an astounding 2,749 pounds.
The Herfindahl index is a summary measure of industry concentration. What is the upper bound of the Herfindahl index?
1
What exists when a single firm can produce both goods A and B for less than two firms can produce A and B separately?
Economies of scope
A tax for which the fraction of income used to pay it decreases as income increases is called?
Regressive Tax
Under Michael Porter's Five Forces model __________ rivalry describes the competition for market share by incumbent firms within a market
Internal
What is a group of witches called?
The theory that once assets enter into agriculture they tend to be locked in by the fact they are worth little outside of agriculture.
Fixed Asset Theory
Assume the total cost equation is given by TC = 100 + 10Q. If total output is 100 units, what is the breakeven price?
$11/unit
An import duty that must be constantly adjusted to reflect the difference between an internal support price and the world price is called:
A variable levy
In land appraisal using an income approach, what factor has the first claim on gross income while land gets the residual?
Labor
Before pumpkins, which root vegetable did the Irish and Scottish carve on Halloween?
Turnips