Livestock Profitability and Productivity Quiz
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Questions and Answers

Which measure takes into account the costs of a livestock enterprise?

  • Conversion
  • Profitability (correct)
  • Efficiency
  • Productivity
  • Which measure assesses the productivity of a livestock enterprise?

  • Profitability
  • Productivity (correct)
  • Efficiency
  • Conversion
  • Which measure represents the efficiency of conversion of inputs to outputs?

  • Conversion
  • Profitability
  • Efficiency (correct)
  • Productivity
  • What is commonly used to estimate livestock productivity by converting inputs and outputs to monetary values?

    <p>Productivity</p> Signup and view all the answers

    What is important for an economic analysis in terms of livestock productivity?

    <p>Identifying scarce resources</p> Signup and view all the answers

    Which term refers to costs that are additional to an activity and are associated with a change?

    <p>Marginal costs</p> Signup and view all the answers

    Which term refers to benefits that are generated by a change and are also additional?

    <p>Marginal benefits</p> Signup and view all the answers

    What is the basis for economically rational decisions?

    <p>Assessment of marginal costs and marginal benefits</p> Signup and view all the answers

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