Agricultural Economics Quiz 2

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

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______________?

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

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

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 ?

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

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

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

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

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

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____________________?

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

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

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

Total consumption deducted from total income is called__________________?

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

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

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

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

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

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

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

Index measuring deprivation in basic human development in a country ?

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

The coordinating mechanism of capitalism is a system of___________________?

Productive efficiency means___________________?

Allocative efficiency is__________________?

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

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

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

Urban population is developed nations?

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

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

An accounting item which decreases the value of an asset___________________?

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

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

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 ?

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

Changing the term of existing loan________________?

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 ?

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 ?

Production possibility curve is always concave because ?

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

The payment for the use of borrowed funds _____________?

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

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

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

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

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

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