NOUN eExams Past Questions & Answers: ARD251 - Introduction To Agricultural Economics

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NOUN eExams Past Questions & Answers: ARD251 - Introduction To Agricultural Economics

Postby Jed » Sat Jul 18, 2020 12:52 pm

NOUN eExams Past Questions & Answers: ARD251 - Introduction To Agricultural Economics

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FBQ1: The rate at which output is increased by each additional increase in input possibilities is called ___.
Answer: *Marginal returns*

FBQ2: ___ type of marginal returns is experienced in agricultural production.
Answer: *Diminishing*

FBQ3: ___ function is a technical relationship between input and output.
Answer: *Production*

FBQ4: Average and marginal products are examples of ____.
Answer: *Production function*

FBQ5: ____ describes the transformation of a given input into a product.
Answer: *Factor – product*

FBQ6: ____ function describes the form of association between input involved in production and the product produced.
Answer: *Production*

FBQ7: Stage ____ of production function is average product greater than marginal product.
Answer: *III*

FBQ8: Stage ____ of production function is of economic relevance in production.
Answer: *II*

FBQ9: ____ is the curve of all combinations of X 1 - X 2 that yields specified output levels.
Answer: *Isoquant*

FBQ10: The relationship whereby two variable inputs are used in the production of one output is referred to as ____.
Answer: *Factor – Factor*

FBQ11: The rate at which inputs substitutes for each other to maintain constant output is known as ____.
Answer: *Marginal rate of input substitution*

FBQ12: The line which connects points of equal slope on a production surface is known as ____
Answer: *Isocline*

FBQ13: ____ are either convex to the origin or slopes from left to right.
Answer: *Isoquant*

FBQ14: The line joining points of least cost combination of inputs on the production surface is referred to as ____.
Answer: *Expansion path*

FBQ15: The line which connects points of zero slopes on successively higher isoquants is known as ____.
Answer: *Ridgeline*

FBQ16: ____ Substitutes increase in one input causing a decrease in the other input at a constant output level.
Answer: *Technical*

FBQ17: ____ is the type of product that require the same set of inputs and one product can be expanded by diverting inputs to its production and thus reduce the quantity of inputs to the other.
Answer: *Competitive*

FBQ18: ____ relationship involves the substitution of one input for another to achieve a constant level of output.
Answer: *Factor – factor*

FBQ19: The curve of all combinations of two inputs that cost the same amount is known as ____.
Answer: *Isocost*

FBQ20: ____ cost is the cost of producing an additional unit of output.
Answer: *Marginal*

FBQ21: ____function is a mathematical relationship between the total cost of production and the output produced.
Answer: *Cost*

FBQ22: ____ refers to any group of transactions or business dealings between buyers and sellers
Answer: *Market*

FBQ23: Non homogenous commodity, entry and exit of buyers are features of ____.
Answer: *Imperfect market*

FBQ24: Feeds, seeds and fertilizers are examples of ____ costs.
Answer: *Variable*

FBQ25: Salaries of staff and expenses of maintenance are examples of ____ costs.
Answer: *Fixed*

FBQ26: Perishability of agricultural produce is caused by inadequate ____.
Answer: *Power*

FBQ27: The activity involved in the transfer of title goods is called ________________ function.
Answer: *Exchange*

FBQ28: Storage, transportation and processing are examples of ____ function.
Answer: *Physical*

FBQ29: Economic theory is also known as profitability and ____.
Answer: *Efficiency*

FBQ30: The economic concept that cannot satisfy human needs is called ____.
Answer: *Scarce Resources*

FBQ31: The cultural behaviour of any consumer is referred to as ____.
Answer: *Demand*

FBQ32: Farms and factories can be regarded as ____ producing units.
Answer: *Output*

FBQ33: ____ is measured in terms of the adult male equivalents as in man days.
Answer: *Labour*

FBQ34: Linear, quadratic and power are examples of ___.
Answer: *Algebraic forms*

FBQ35: ____ demand is a function of price and time.
Answer: *Individual*

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Re: NOUN eExams Past Questions & Answers: ARD251 - Introduction To Agricultural Economics

Postby Jed » Sat Jul 18, 2020 12:53 pm

Whatsapp: 08155572788

Multiple Choice Questions (MCQs):
MCQ1: The Process of bargaining on the price of the commodity between a few sellers and a few buyers is referred to as ________.
Answer: Auction

MCQ2: ________ is determined by the interplay of the forces of demand and supply.
Answer: Equilibrium price

MCQ3: Supply depends on ruling price and ________
Answer: Time

MCQ4: ________ is the summation of individuals supply.
Answer: Commodity

MCQ5: ________ is important in economic analysis.
Answer: Commodity

MCQ6: Jewelleries, cars and clothes are examples of _____
Answer: Luxury goods

MCQ7: Prices and costs are examples of -----------
Answer: Factors

MCQ8: Agricultural economics studies these aspects except;
Answer: Inputs

MCQ9: What economic concept is central to the behaviour of every consumer?
Answer: Demand

MCQ10: What is a desire backed up with the ability to pay for the good or service in question?
Answer: Demand

MCQ11: What economic concept is a function of time and price?
Answer: Demand

MCQ12: The summation of individual demand schedules is known as--------------
Answer: Supply

MCQ13: _______ involves the application of scientific and technical principles to the solution of day problems facing farmers on farms.
Answer: Farm management

MCQ14: Price of a commodity and substitutes are factors of influencing -----------
Answer: Supply

MCQ 15: Quantity demanded of a commodity is directly related to the prices of its __________
Answer: Products

MCQ16: Demand shifters shift the demand curve ________
Answer: Upward

MCQ17: What is the study of how resources are used to satisfy the needs and desired of people?
Answer: Education

MCQ18: The variable that cannot satisfy all the alternatives use is known as ---------------
Answer: Demand

MCQ19: Scarcity and ----------- are the major constituents of economic problems.
Answer: Wants

MCQ20: What concept is concerned with resource allocation in the agricultural industry?.
Answer: Agricultural economics

MCQ21: The application of economic principles to the operations of the agricultural industry is known as what?
Answer: Agricultural economics

MCQ22: What are the real costs of items chosen on a scale of preference?
Answer: Opportunity costs

MCQ23: What are the wishes which people only dream to have called?
Answer: Wants

MCQ24: Profitability and efficiency are also known as ----------
Answer: Economic laws

MCQ25: What concept explains the movements along the demand curve?
Answer: Changes in price

MCQ26: The schedules of amounts of any commodity which a seller would bring to the market are referred to as what?
Answer: Individual supply

MCQ27: When elasticity of supply is zero, the situation is referred to as what?
Answer: Fixed supply

MCQ28: Leisure and working overtime are examples of which type of supply?
Answer: Fixed

MCQ29: The slope of the supply curve is always _____________
Answer: Positive

MCQ30: Price and cost of production are examples of factors influencing ______ of a community.
Answer: Increase

MCQ31: Improvement in technological change would lead to increase in _____________
Answer: Increase

MCQ32: Favourable climatic factor is a variable influencing ________
Answer: Increase

MCQ33: ________ comes into the market over period of time at a particular price.
Answer: Demand

MCQ34: The supply curve shifts to _______ when there is an increase in cost of production.
Answer: Right

MCQ35: ______ is the elasticity measurement of the changes in both quantity and factors of interest are larges.
Answer: Point elasticity

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