The price of a commodity is basically determined by the
Answer: supply and demand for the product.
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Business Management
- Suzie signed a contract to sell her soybeans locally to a feed dealer. The best term for this transaction is
- All of the following are said to be inelastic with regard to demand except
- A document that shows the exact size, location, ownership and method of ownership of property is called a .
- A market where there are a few large firms that control the market is called a(n)
- To the untrained eye, workers at businesses such as the telephone company and the post office may not appear to be moving when actually they are just very slow workers. Slow service is often blamed on the situation of those businesses, where workers have no incentive to do a good job.
- In the short run, if variable costs cannot be covered
- A budget to determine if holding hogs to a heavier weight would be profitable is termed a(n)
- A budget for soybeans would be termed
- A business is said to be solvent if total
- Which of the following statements is correct about the law of supply ?
- One example of a current asset is (a) .
- What is another term used to describe a net worth statement ?
- At the beginning of last year, you had an outstanding loan for $90,000. The loan carries an interest rate of 12% annual percentage rate. You make one loan payment at the end of the year for $25,400. What is the outstanding balance at the beginning of this year?
- Which items are most readily converted into cash without loss?
- Larry has hedged his peanut crop. If he makes the predicted yield and his costs do not change he will
- When a banker asks a person to pledge his land, livestock or similar property to obtain a loan, this property is referred to as
- A nonprofit business organization that is owned and controlled by the members for the mutual benefit of the members is a
- Vern sued his boss, Wilber Wilt, because he fell through a hole in the storage room floor and broke his leg. The judge found Wilber guilty because the hole had been there for months and two other people had also hurt themselves by falling through the hole. The judge said, "You failed to take ordinary care to protect your worker. In other words, I find you guilty of ."
- The rate of return on investment for a farm business is found by
- Suppose a producer discovers insects in his cotton crop and decides to use an insecticide to save the crop. A bank will loan him $2000 at 9.75 percent interest until he sells his crop 9 months later. At that time he must repay the loan. How much will he pay in interest if simple interest is computed?
- The demand curve shows the relationship between
- The income that could have been received if the input had been used in its most profitable alternative use is called
- If the government were to set the price of milk at an artificially high price, what is likely to occur?
- A written statement that the seller of property gives to the buyer that gives up only the seller's right to the property but does not imply the property is free from legal claims by outside parties is called a(n)
- A farmer would like to determine her liquidity. She has the following data: Current assets equal $178,000 and current liabilities equal $60,000. Her current ratio would equal
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