Agriculture Exams (Agri Econ) – Page 1

#0. This economic decision addresses the tendency of over protection.
A How to produce?
B For whom to produce?
C When to produce?
D How much to produce?
Answer: How much to produce?
#1. The following are currently categorized as communist countries, except:
A Laos
B Cuba
C Japan
D China
Answer: Japan
#3. A farmer has plenty of yellow corn(8.5%CP) and soya meal (44%CP). How much soya meal will be needed for a 100 kg mixture containing 14% CP?
A 12.59
B 14.59
C 13.49
D 15.49
Answer: 15.49
#4. Which of the following are currently not categorized as communist country?
A Cuba
B Laos
C China
D Japan
Answer: Japan
#5. The concept of opportunity costs refers to the following except:
A A result of choices
B Trade-offs in all decisions
C Result of allocation
D Sufficiency of resources
Answer: Sufficiency of resources
#6. The shift in the production possibilities frontier results from:
A Inflation
B Changes in production techniques
C Increase in economic resources
D Changes in the combination of good produced
Answer: Increase in economic resources
#7. This is an economic system driven by purely self-interest of consumers and producers.
A Communism
B Market economy
C Command economy
D Mixed economy
Answer: Market economy
#8. Which of the following are two fundamental conflicting problems, the reason why economist exist?
A Scarcity and unlimited goods
B Limited income and limited goods
C Choice and allocation
D Limited resources and unlimited wants/needs
Answer: Limited resources and unlimited wants/needs
#9. What is the probable opportunity cost of increasing three times the budget of the Agriculture sector than the previous year?
A Improvement in the facilities and programs in Agriculture
B Growth in the service sector
C Decrease in performance of other sector
D Increase farm subsides
Answer: Growth in the service sector
#10. The following are perceived to be more beneficial, except:
A Economic growth
B Economic development
C Population growth
D Per capita income growth
Answer: Population growth
#11. Which economy has an absolute advantage in sugarcane production?
A China
B Brazil
C UK
D Singapore
Answer: Brazil
#12. William of Ockman introduced this important economic principle:
A absolute advantage
B opportunity cost
C allocation
D Ceteris paribus
Answer: Ceteris paribus
#13. An economic concept that utilizes available resources to its best and efficient use.
A Ceteris paribus
B opportunity cost
C allocation
D distribution
Answer: allocation
#14. It refers to the tabular representation of the relationship between price and quantity demanded.
A Law of demand
B Demand schedule
C Supply schedule
D Law of supply
Answer: Demand schedule
#15. If there is a negative relationship between the price of good X and the demand for good Y, then:
A Goods X and Y are substitutes
B Good Y is a normal good
C Good Y is an inferior good
D Goods X and Y are complement
Answer: Goods X and Y are complement
#16. Commodities whose demand varies directly with money income refers to:
A Substitute goods
B Complementary goods
C inferior goods
D normal goods
Answer: normal goods
#17. Which of the following is least likely to have an elastic demand?
A Imported wine
B Gasoline
C Cars
D Jewelries
Answer: Gasoline
#18. Which of the following would make the demand for a product elastic?
A it is unique
B it is very cheap
C it is considered a necessity
D it has many possible uses
Answer: it has many possible uses
#19. The stage of production which is considered to be rational stage of production:
A Stage 4
B Stage 3
C Stage 1
D Stage 2
Answer: Stage 2
#20. The addition to total output resulting from employing an additional unit of resource is:
A a production function
B Total product
C Marginal product
D Average product
Answer: Marginal product