Pq Flashcards
What is true for the global milk consumptions in the last 5 years?
Sharply increasing
Which asset has the highest average value in dairy farm?
Livestock
On the product exchanges which milk product is NOT traded?
UHT milk
Which country is NOT a beef exporter?
Australia
In which region is the largest growth in demand for beef forecasted?
South and East-Asia
Which of the large beef producer regions is NOT free of FMD?
South America
Which country is the top beef producer in EU?
France
Which of the following is produced in the least amount globally?
Goose
Which country is a net poultry meat imported?
EU
Which cost has the largest share in the total production cost for broilers?
Feed
Which country is the largest egg producer?
China
In which EU country is the per capital consumption of fishery and aquaculture products largest?
Portugal
How many member states does EU have?
27
If an increase in bus fares in London reduces the total revenue of the public transit system, this is evidence that demand is?
Price elastic
If a price 5 percent reduction in the price of a good produces a 3 percent increase in the quantity demanded, the price elasticity of demand over this range of demand curve is
Inelastic
The income elasticity of demand for grapes is estimated to be 1.50. We can conclude that grapes
Are a normal good
The change in quantity demanded resulting from a change in purchasing power as known as the
Income effect
Suppose a milking parlor has 2 milking stalls and 2 workers and is able to milk 100 cows per day. When it adds a third stall, but no more workers, it is able to milk 150 cows per day. The marginal product of the third milking stall is
50 cows per day
If both the marginal cost and the average variable cost curve are u/shaped, at the point of minimum average variable cost, the marginal cost must be
Equal to the average variable cost
Implicit costs are the opportunity cost of using the resources of
Owners
What kind of meat is produced in the largest amount globally?
Pork
Which country is the largest meat producer in the eu?
Germany
Which group of countries are the largest net pork exporters?
USA, EU, Brazil
On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained by
Movement from point inside the curve to a point on the curve
Assuming coffee and tea are substitutes, a decrease in the price of coffee, other things being equal, result in a(an)
Leftward shift of the demand curve for tea
Yesterday seller “A” supplied 400 units of good X at $10 per unit. Today seller “A” supplies the same quantity of units at $5 per unit. Based on this evidence, seller “A” has experienced an
Increase in supply
Suppose autoworkers receive a substantial wage increase. Other things being equal, the price of autos will rise because of an
Leftward shift in the supply curve for autos
Consider the market for chicken. An increase in the price of beef will
Increase the demand for chicken, resulting in a higher price and a greater amount of chicken purchased in the market
If the eu commission wants to raise the price of cheese, it will
Encourage farmers to produce less cheese
Pollution from cars is an example of
Negative externality
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