1. What is the difference between an output and a price index
2. What is the difference between nominal (or current) dollar values and real (or constant) dollar values
3. On your own research what inflation is and define it in your own words. Is there a general agreement on what constitutes a “healthy” rate of inflation
4. From the book or from your own research name two trends occurring in agriculture and how you see these impacting agricultural production moving forward
5. What are the six broad categories of farm input suppliers?
6. Look at the chart on Farm Input Expenditures on Page 32 (page 28 if you have the sixth edition). Is there anything that surprised you about this chart?
7. Look at the Marketing bill on page 36 (page 32 in the sixth edition). In your own words what is this showing us? is there anything that surprised you about this?
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