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Agriculture Economics Important MCQs

1 - "Economics is the study of causes of material welfare" was defined by___________________?

Marshall

2 - __________________provides an overview of the operation of the capitalist system ?

Circular flow model

3 - ______________assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making?

Traditional economy

4 - A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?

None

5 - A barrier to the attainment of a set target in a particular period of time?

Economic inefficient

6 - A benefit or cost from production or consumption accruing without compensation to non buyers and non/sellers of the product is called_________________?

Spill over

7 - A closed economy that attempts to be completely self-reliant ?

Autarchy

8 - A commercial bank authorized by state govt. to engage in business of banking ?

State Bank

9 - A compensation device through which workers receive part of their pay in the form of share of their employer€™s profit___________________?

Profit sharing plan

10 - A condition when there is excessive produce in the market which lowers down the price is called__________________?

Market glut

11 - A cooperative farm or other collectively organized unit ?

Corporation

12 - A country€™s potential for economic growth is greatly influenced by its endowments of__________________?

Both a and b

13 - A course of action indented to correct or avoid a problem_________________?

Economic policy

14 - A curve showing the distribution of income in an economy___________________?

Lorenz curve

15 - A debit which monitory value, an amount awed by a firm or an individual___________________?

Liability

16 - A decrease in the governmentally defined value of currency ____________________?

Devaluation

17 - A deliberate effort to replace major consumer imports by promoting the emergence and expansion of domestic industries such as textile, shoes etc ?

Import substitution

18 - A demand curve shifts because of change is_____________________?

All of these

19 - A federal budget deficit caused by a recession and a consequent decline in tax revenues ?

Cyclical deficit

20 - A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?

Micro economic

21 - A firm which engages in in the busyness of banking_________________?

Commercial bank

22 - A good and service is indivisible and to which the exclusion principle does apply is called_________________?

Public good

23 - A good used together with another good is___________________?

Complementary good

24 - A group of firms which produces identical or similar products__________________?

Industry

25 - A household€™s or firm€™s income in the form of goods or services ?

Fixed income

26 - A labour union which limits its membership to workers with a particular skill ?

Credit union

27 - A large govt. role and some degree of coordinated economic decision making directed towards transforming the economy are usually viewed as essential components of__________________?

Development economics

28 - A legal entry chartered by a state or the federal govt. which is district and separate from the individuals who own it ?

Corporation

29 - A legally determined price above the equilibrium price is__________________?

Floor price

30 - A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price?

Budget line

31 - A market in which money of one nation can be used to purchase the money of other nation is called____________________?

Foreign exchange market

32 - A market in which products are sold by firms and bought by households is_________________?

Product market

33 - A market in which products households sell and firms buy resources or the services of resources is__________________?

Resource market

34 - A market situation in which a product that does not have close substitutes is being produced and sold by a single seller?

Perfect competition

35 - A measure of average output or real output per unit of input is called____________________?

Productivity

36 - A measure of the real purchasing power of the community ?

All

37 - A minimum price which govt. allows seller to receive for a good or service____________________?

Supprot Price

38 - A particular set of institutional arrangement and a coordinating mechanism is___________________?

Economic system

39 - A payment of funds by a govt. firm or house hold for which it receives no goods or services in return?

Subsidy

40 - A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________?

Transfer payment

41 - A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ?

Plant

42 - A process of production that uses a higher proportion of capital as compared to other factors of production ?

Both a and b

43 - A ratio that shows the unit of capital required to produce a unit of output over a given period of time?

Capital input ratio

44 - A rise in the general level of prices in an economy___________________?

Inflation

45 - A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called________________?

Consumption schedule

46 - A section in a nation€™s international balance of payments which records its export and import of goods and services, its net investment income, and its net transfers ?

Current account

47 - A simplified picture of economic reality, an abstract generalization ?

Economic model

48 - A summary statement of a nations financial transactions with the outside world ?

Balance of payments

49 - A supply curve shifts because of change in_____________________?

The price of the related products

50 - A tax imposed by a nation on an imported good is called_________________?

Tariff

51 - A tax levied on the cost of a board group of products______________________?

Sales tax

52 - A tax which is a constant amount at all levels of GDP is termwd as ?

Lump sum tax

53 - A technological innovation that increase the production while using the same capital input?

Production intensive technique

54 - A term used by ILO to describe the basic goods and services necessary for a minimum standard of living ?

Basic needs

55 - A type of unemployment caused by insufficient total spending___________________?

Cyclical unemployment

56 - A type of unemployment used by workers voluntarily changing jobs and by temporary layoffs; unemployment workers between jobs?

Frictional employment

57 - Activities of central bank designed to influence financial variables such as money supply and interest rates?

None

58 - Advantage that occurs to individual or society as a whole as a result of increase in the consumption of certain types of goods or services by other individuals ?

Consumption surplus

59 - Aggregate inequality measures that can vary anywhere from O (perfect equality) to 1 (perfect inequality) are given by________________?

Gini co-efficient

60 - Agriculture contribution in GNP of developing nations ?

0.03

61 - Agriculture contribution in GNP of developing nations?

0.14

62 - All goods and services produced in a country in one year are called its__________________?

GDP

63 - All international changes in ownership of merchandise passing across the customs borders of trading countries?

International trade laws

64 - All LDC€™s require to take off into a period of self-sustaining economic growth is a massive investment program designed to promote rapid industrialization and the building up of economic infrastructure. ?

Big Push theory of development

65 - All points on the production possibility curve explain__________________?

Productive efficiency

66 - All seem fully employed but in reality much of their time is spent in unproductive activities?

Underemployment

67 - All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called ?

GNP

68 - Allocative efficiency is__________________?

Producing all output combinations in least costly way

69 - Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?

Opportunity cost

70 - An accounting item which decreases the value of an asset___________________?

Debit

71 - An accounting item which increase the value of an asset___________________?

Credit

72 - An agreement among sellers of a commodity to set a common price or share their commodity market?

Oligopoly

73 - An analytic approach in which we move from facts to theory, from a particular to general is called____________________?

Induction

74 - An analytic approach in which we move from general to particular from theory to facts is_________________?

Deduction

75 - An asset set aside for future use is termed as_______________________?

Store of value

76 - An economic plan that sets targets to cover all the major sectors of the national economy?

Comprehensive plan

77 - An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________?

Pure capitalism

78 - An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?

Command economy

79 - An economic system in which traditions and customs determine how the economy would use its scare resources ?

Traditional economy

80 - An essentially risk free, long term interest rate which is free of the influence of market imperfections?

Pure rate of interest

81 - An increase either in real output (GDP) or in real output per capita is called___________________?

Economic growth

82 - An index measuring national socioeconomic development based on measures of life expectancy at birth, educational attainment and adjusted per capital income ?

Human poverty index

83 - An individuals demand curve is down sloping because_____________________?

Price and quantity demanded are inversely related

84 - An industry in which economics profits are negative and which will, therefore, decrease its output as firms leave it ?

Declining industry

85 - An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ?

Decreasing cost industry

86 - An institution or mechanism which brings together buyers and sellers is called____________________?

Market

87 - An interest bearing deposit which normally can be withdrawn by the depositor at any time ?

Saving deposit

88 - An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?

Tax

89 - An organization of producers agreeing to limit the output of their product in an effort to raise prices and profit ?

Cartel

90 - An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called_______________?

Firm

91 - An ownership share in a corporation___________________?

Both

92 - Any financial institution that serves to channel loan able funds savers to borrowers?

Both

93 - Any point inside the production possibility curve represents ?

Both A and B.

94 - Any resource whose quantity can not be changed by a firm in the short run_______________?

Fixed resource

95 - Any system that features one price for sellers and another for buyers ?

Dual price system

96 - Building of new factories in particular nation by corporations of other nations ?

Direct foreign investment

97 - Change in quantity demanded is______________________?

Movement from one point to the other on the same demand curve

98 - Changes in govt. spending and tax collection designed to achieve a full employment and non-inflationary domestic out put is called___________________?

Fiscal policy

99 - Changing the term of existing loan________________?

Debt repudiation

100 - Colostrums to the young born calf should be given by ___________________________ ?

1/10th of body wt.

101 - Commodities whose demand varies directly with money income are called______________________?

Superior or normal goods

102 - Cooperation among unification of the economies of different nations is termed as_____________________?

Economic integration

103 - Determinant of supply is__________________?

All

104 - determinants of demand are some times referred as__________________________?

Demand shifters

105 - Directing domestic resources to output which a nation is highly efficient at producing is called____________________?

International specialization

106 - Discount rate that causes a project to have a net present value of zero used to rank projects in comparison with market rates of interest?

Internal rate or returns

107 - Economic model describing growth of the economy on one or at most a few sectors and variables?

Aggregate growth model

108 - Employment available resources so that the maximum amount of goods and services is produced?

Full production

109 - Excess of total revenue over total costs_______________?

Both

110 - Excess utility over price derived by the consumers because of negative sloping demand curve ?

Producer surplus

111 - Failure to achieve full production is called ?

Under employment

112 - Failure to use all available economic resources to produce goods and services is called__________________?

Unemployment

113 - From of central bank that issues domestic currency for foreign exchange at fixed rates ?

Stock exchange

114 - gestation period of cow is ________________________?

282 ± 10 days

115 - Gradual pay off a loan principle ?

Amortization

116 - Group of LDC debtors who join together to bargain as a group with creditors?

Economic union

117 - Hitler introduced ?

Authoritarian economy

118 - In ___________________ we avoid value judgments and focus on facts?

Positive economics

119 - In developed countries children are€¦.% of the total population ?

0.21

120 - In developed countries manufactured goods are about ________________% of total export?

0.82

121 - In LDC children under age of 15 years are ___________% of the total population?

0.4

122 - In least developed nations dependent children are__________________?

0.9

123 - In less developed nations economic dependency burden is__________________?

45 % of the population

124 - In richer nations children are______________% of the dependents?

0.66

125 - In________________ economics we look at desirability of certain aspects of the economy ?

Normative

126 - Income that is available to house holds for spending and saving after personal, income taxes have been deducted ?

Disposable income

127 - Increase in the price level at a rate greater than expected ?

Unanticipated

128 - Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand ?

Demand pull inflation

129 - Increasing a country€™s stock of real capital (net investment in fixed essels)__________________?

Capital accumulation

130 - Index measuring deprivation in basic human development in a country ?

Human deprivation index

131 - International resources shared by all countries e.g ocean, air etc?

Global environment facility

132 - Labour force engage in Agriculture in economically developed nations ?

0.05

133 - Legally established maximum price of a good or service__________________?

Ceiling price

134 - Loans not passed through formal banking system e.g. family loans?

Med term loans

135 - Major financial institution responsible for issuing currency, managing foreign reserves implementing monetary policy and providing banking service to the govt. and commercial banks ?

State Bank

136 - Mastitis is an infection in cows and its affects the _____________________________?

Udder

137 - Meaningful statement about the economic behavior or the economy is called_______________________?

Both

138 - Monopoly and oligopoly are the examples of___________________?

Imperfect competition

139 - Noble prize of Economics in 1979 was awarded to________________?

Both a and b

140 - Nominal income adjusted for inflation__________________?

Real income

141 - Nonproductive members of society are referred to as___________________?

Economic dependency burden

142 - Number of peoples and their level of skills is called as________________?

Human resources

143 - Obtaining the socially optimal amounts of goods and services using minimum necessary resources ?

All

144 - Opportunity cost is illustrated by the___________________?

Downward slope

145 - Other thing remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is___________________?

Law of supply

146 - People both rural and urban who are working less than they could___________________?

Under employment

147 - People who are eager and able to work but for whom no suitable jobs are available?

Open unemployment

148 - Power of a good/ service to satisfy human desire/want is called____________________?

Utility

149 - Private or public debt owed to foreign citizens firms and institutions ?

External debt

150 - Problems that occur to the individuals or society as a whole as a result of the unpopular consumption habits. Of another individual e.g drug addiction ?

Commune

151 - Production possibility curve is always concave because ?

In reflects the law of increasing opportunity cost

152 - Productive efficiency means___________________?

Producing all output combinations in the least costly way

153 - Productive investments embodied in human persons?

Human capital

154 - Proportion of school aged children who don€™t complete a particular school cycle ?

Dropout rate

155 - Rates of open unemployment in developing world average ?

8-15%

156 - Recurring increase and decrease in the level of economic activity over periods of years?

Business cycle

157 - Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________?

Both of these

158 - Respiration rate in sheep is __________________________?

15 -30 /min

159 - Rural based population in developed countries___________________?

0.27

160 - Rural based population in less developed countries (LDC€™s) ?

0.65

161 - Selling public assets to individuals or private business interests ?

Privatization

162 - Separating a young calf from its mother from milking/sucking is called _____________________?

Weaning

163 - Situation in which govt. intervention in an economy worsens outcomes__________________?

Govt. inefficiency

164 - Stage of growth model development was porposed by____________________?

Rostow

165 - Stocks of commodities held by the countries or international organizations to moderate the commodities price fluctuations ?

Buffer stocks

166 - structural transformation of primary subsistence economy for economic development war proposed by ?

Arthur Lewis

167 - Sum total of currency in circulation plus commercial bank demand deposits and sometimes savings bank time deposits?

National income

168 - Tax levied on production of specific product on quantity of product purchased ?

Excise tax

169 - Technologies that by design produce less waste and use resources more efficiently ?

Efficient technology

170 - The ability of Market forces to synchronize selling and buying decision to eliminate potential surpluses and shortages is known as_________________?

Rationing function of the price

171 - The absence of artificial barriers to trade among individuals and firms in different nations ?

Free trade

172 - The activity of buying or selling with the motive of later reselling or re buying for profit is called ?

Speculation

173 - The amount by which a nation€™s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?

Trade surplus

174 - The amount by which a nation€™s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?

Trade deficit

175 - The annual amount that a borrower must pay a lender over an above the total borrowed ?

Interest

176 - The attainment of literacy, arithmetic competence and elementary vocational skills ?

Basic education

177 - The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?

Technology

178 - The branch of economics which analyze govt. revenues and expenditures is__________________?

Public finance

179 - The coordinating mechanism of capitalism is a system of___________________?

Market and prices

180 - The core value of development is________________?

All

181 - The currency of a major industrial country, such as the U.S dollar___________________?

Hard currency

182 - The demand schedule or the demand curve of all buyers of a good or service is called____________________?

Both

183 - The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses ?

Centralized planning

184 - The emigration of highly skilled and educated professionals and technical man power from developing to developed countries?

Brain Drain

185 - The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________?

Trade surplus

186 - The extreme case of physical resource endowment is ________________?

Gulf oil states

187 - The gradual decline over time in the value or price of one currency in terms of another as a result of market forces of supply and demand ?

Rightsizing

188 - The highest milk producing cattle in the world is ______________________?

Holstein Friesian

189 - The households and the business firms of the economy are called__________________?

Ptivate sector

190 - The implicit change in real income resulting from the effects of a change in a commodity€™s price on quantity demand?

Labour effect

191 - The increasing integration of national economies into expanding international market ?

Globalization

192 - The intersection of the supply curve and demand curve indicates ?

Market equilibrium

193 - The investment of private foreign funds in the economy of a developing nation?

Private foreign investment

194 - The monetary payment a firm must make to an outsider to obtain a resource____________________?

Explicit cost

195 - The monitory income a firm sacrifices when it uses a resource it rosins rather than supplying the resource in the market ?

Implicit cost

196 - The number of children who die before their first birthday out of every 1,000 live births?

Infant mortality rate

197 - The part of economy which contains all govt. entities is called__________________?

Public sector

198 - The part of the urban economy of LDC€™s characterized by small competitive individual or family firms, labour intensive methods, free entry and market determined factor and product prices?

Informal sector

199 - The payment for the use of borrowed funds _____________?

Loan

200 - The percentage of labour force unemployment at any time__________________?

Unemployment rate

201 - The portion of economy consisting of Agriculture, Forestry, Hunting and Fishing ?

Agricultural sector

202 - The price paid for the use of services of labour per unit of time is called__________________?

Wage

203 - The principle that if one factor of production is fixed and constant addition of other factors are combined with it, the marginal productivity of variable factors will eventually decline ?

Diminishing returns

204 - The private ownership of resources and use of a system of market and prices to coordinate and direct economic activity________________?

Both

205 - The process of deriving principles is called___________________?

Both A and B.

206 - The process of improving the quality of all human lives including sustenance, self esteem and freedom________________?

Economic growth

207 - The rate of exchange of one nation€™s currency for another nation€™s currency?

None of these

208 - The responsiveness of the quantity demand of a commodity to change in the consumer€™s income, measured by the proportionate change in quantity divided by the proportionate change in income ?

Elasticity of demand

209 - The role of power in economic decision making is studied in________________?

Political economics

210 - The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called__________________?

Trade offs

211 - The sale of products below sale of production in a foreign country or below the prices charged at home is called ?

Dumping

212 - The study of how economies are transformed from stagnation to growth and from low income to higher income status?

Development economics

213 - The study process by which a productive capacity of the economy is increased over time to bring about raising levels of national output and income?

Economic integration

214 - The sum of interest payments and repayment of principal on external public and public ally guarantee debt?

Debt repudiation

215 - The total amount buyers of goods and services sped or plan to spend____________________?

Both a and b

216 - The total amount by the federal govt. of the owner of the govt. securities is called___________________?

Public debt

217 - The total number of people living below a specified minimum level of real income, an international poverty line, is called ?

Absolute poor

218 - The total revenue of a film less all its economic costs is called_____________________?

All these

219 - The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is_________________?

capital flight

220 - The tricks of economic growth and development are simply a matter of increasing national savings and investment. Is a simplest form of?

Harod-Domar growth model

221 - The use of foreign currency as a medium of exchange in place of or long with the local currency e.g. (Mdexican Pesos)___________________?

Partial substitution

222 - The use of the resources of an individual or firm, a region, or a nation to produce one or a few goods and services ?

Specialization

223 - The value of a product sold by a firm less the value of the products purchased and used by the firm to produce the product____________________?

Value added

224 - The yearly number of children born alive per 1,000 women within a chil bearing age bracket?

Crude birth rate

225 - To charge different prices for the goods of the same standard is called___________________?

Prices discrimination

226 - To obtain the greates utility consumer should allocate money income so that last dollar spent on each good or service yields the same marginal utility ?

Law of diminishing return

227 - Total amount of income necessary to raise everyone who is below the poverty line up to that line ?

Poverty gap

228 - Total consumption deducted from total income is called__________________?

Saving

229 - Total money income received by the individual or recipients of income is called____________________?

Gross income

230 - Total number of monetary units received by a firm from the sale of a product is called___________________?

Total revenue

231 - Transfer of funds to a foreign country by a local citizen by business ?

Capital flight

232 - Upward shift of the demand curve is due to_________________?

Increase in demand

233 - Urban migration is causing the labour force to grow at annual rates of _____________in LDC?

5-7%

234 - Urban population in LDC€™s_________________?

0.36

235 - Urban population is developed nations?

0.74

236 - Using part of income/saving for more income is called_________________?

Investment

237 - Wealth of nations was written by_________________?

Adam Smith

238 - When price for one and demand for other move in same direction we say them___________________?

Supplementary

239 - Year number of deaths per 1,000 population is called?

Death rates

240 - Yearly number of live births per 1000 population is termed as_________________?

Crude birth rate

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