MCQs of Agriculture – Agriculture Economics

“Economics is the study of causes of material welfare” was defined by

“Wealth of nations” was written by

Total money income received by the individual or recipients of income is called.

All goods and services produced in a country in one year are called its

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.

Using part of income/saving for more income is called

Total consumption deducted from total income is called

Power of a good/ service to satisfy human desire/want is called

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

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

The total revenue of a film less all its economic costs is called

An increase either in real output (GDP) or in real output per capita is called

To charge different prices for the goods of the same standard is called

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

The monetary payment a firm must make to an outsider to obtain a resource

A condition when there is excessive produce in the market which lowers down the price is called

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

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

A market in which money of one nation can be used to purchase the money of other nation is called

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

Legally established maximum price of a good or service

A legally determined price above the equilibrium price is

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

The branch of economics which analyze govt. revenues and expenditures is

An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities

Nominal income adjusted for inflation

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

A tax imposed by a nation on an imported good is called

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.

The body of knowledge and techniques which can be used to produce goods and service from economic resources is

The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is.

The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is.

The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)

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

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.

Failure to use all available economic resources to produce goods and services is called

The percentage of labour force unemployment at any time

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

The price paid for the use of services of labour per unit of time is called

An institution or mechanism which brings together buyers and sellers is called

A market in which products households sell and firms buy resources or the services of resources is

A market in which products are sold by firms and bought by households is.

A measure of average output or real output per unit of input is called

A minimum price which govt. allows seller to receive for a good or service.

The households and the business firms of the economy are called

A compensation device through which workers receive part of their pay in the form of share of their employer’s profit.

The process of deriving principles is called

An analytic approach in which we move from facts to theory, from a particular to general is called

An analytic approach in which we move from general to particular from theory to facts is

Meaningful statement about the economic behavior or the economy is called

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

In—— economics we avoid value judgments and focus on facts.

In —- economics we look at desirability of certain aspects of the economy

Production possibility curve is always concave because.

All points on the production possibility curve explain

Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called—– its

Opportunity cost is illustrated by the

Any point inside the production possibility curve represents.

Directing domestic resources to output which a nation is highly efficient at producing is called

A particular set of institutional arrangement and a coordinating mechanism is

The private ownership of resources and use of a system of market and prices to coordinate and direct economic activity

Hitler introduced.

Productive efficiency means

Allocative efficiency is

……… provides an overview of the operation of the capitalist system

An individuals demand curve is down sloping because

determinants of demand are some times referred as

Upward shift of the demand curve is due to

Commodities whose demand varies directly with money income are called

A good used together with another good is

When price for one and demand for other move in same direction we say them

A demand curve shifts because of change is

Change in quantity demanded is

Other thing remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is

Determinant of supply is

A supply curve shifts because of change in

The intersection of the supply curve and demand curve indicates.

The ability of Market forces to synchronize selling and buying decision to eliminate potential surpluses and shortages is known as

The coordinating mechanism of capitalism is a system of

The total amount by the federal govt. of the owner of the govt. securities is called

A good and service is indivisible and to which the exclusion principle does apply is called

The part of economy which contains all govt. entities is called

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

A tax levied on the cost of a board group of products

An interest bearing deposit which normally can be withdrawn by the depositor at any time.

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

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

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

An ownership share in a corporation

An asset set aside for future use is termed as

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

The demand schedule or the demand curve of all buyers of a good or service is called

Total number of monetary units received by a firm from the sale of a product is called

The total amount buyers of goods and services sped or plan to spend

A group of nation which lowers or abolishes trade barriers among members

The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called

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.

Failure to achieve full production is called.

Increase in the price level at a rate greater than expected.

A decline in economy’s price level

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.

Building of new factories in particular nation by corporations of other nations.

A decrease in the governmentally defined value of currency

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

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.

A course of action indented to correct or avoid a problem

Cooperation among unification of the economies of different nations is termed as

Obtaining the socially optimal amounts of goods and services using minimum necessary resources.

A simplified picture of economic reality, an abstract generalization.

An accounting item which decreases the value of an asset

An accounting item which increase the value of an asset

A labour union which limits its membership to workers with a particular skill.

A type of unemployment caused by insufficient total spending

A federal budget deficit caused by a recession and a consequent decline in tax revenues.

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.

A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called

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

A firm which engages in in the busyness of banking

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

A tax which is a constant amount at all levels of GDP is termwd as.

A curve showing the distribution of income in an economy

A debit which monitory value, an amount awed by a firm or an individual

A rise in the general level of prices in an economy

A group of firms which produces identical or similar products

The absence of artificial barriers to trade among individuals and firms in different nations.

A type of unemployment used by workers voluntarily changing jobs and by temporary layoffs; unemployment workers between jobs.

Employment available resources so that the maximum amount of goods and services is produced.

Any resource whose quantity can not be changed by a firm in the short run.

Private or public debt owed to foreign citizens firms and institutions

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

Tax levied on production of specific product on quantity of product purchased.

The rate of exchange of one nation’s currency for another nation’s currency.

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

Recurring increase and decrease in the level of economic activity over periods of years.

Selling public assets to individuals or private business interests.

Excess of total revenue over total costs

The investment of private foreign funds in the economy of a developing nation.

The role of power in economic decision making is studied in.

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

Noble prize of Economics in 1979 was awarded to

……… assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making.

The core value of development is

Yearly number of live births per 1000 population is termed as

Nonproductive members of society are referred to as

In less developed nations economic dependency burden is

In least developed nations dependent children are

In richer nations children are ……% of the dependents

In LDC children under age of 15 years are …..% of the total population

Rural based population in less developed countries (LDC’s)

Rural based population in developed countries

Labour force engage in Agriculture in economically developed nations.

Agriculture contribution in GNP of developing nations.

Agriculture contribution in GNP of developing nations.

Urban population is developed nations.

Urban population in LDC’s

In developed countries manufactured goods are about ….% of total export.

In developed countries children are….% of the total population.

People who are eager and able to work but for whom no suitable jobs are available.

People both rural and urban who are working less than they could

Rates of open unemployment in developing world average.

Urban migration is causing the labour force to grow at annual rates of…..in LDC

A country’s potential for economic growth is greatly influenced by its endowments of

The extreme case of physical resource endowment is.

Number of peoples and their level of skills is called as