1. EQ #2 AGEC 105 - Capps (4 pts) September 10, 2012
Suppose that Bill Toney, a tobacco farmer near Roanoke, Virginia has assets of $36 million and liabilities of $12 million. The equity for this tobacco farmer is $___24________ million.
As a consumer’s disposable income rises, the proportion of income spent on food falls. This assertion is known as Engel’s Law.
The portion of food expenditures associated with the activities of firms beyond the farm gate is known as the marketing bill.
Productivity is defined as the ratio of _output_ to _input_.