Agricultural Economics Quiz 2

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

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 ?

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

Index measuring deprivation in basic human development in a country ?

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_______________?

The coordinating mechanism of capitalism is a system of___________________?

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

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

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

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

Total consumption deducted from total income is called__________________?

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

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

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

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

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

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

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

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

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______________?

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 ?

The payment for the use of borrowed funds _____________?

Productive efficiency means___________________?

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

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

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

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

An accounting item which decreases the value of an asset___________________?

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

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

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

Changing the term of existing loan________________?

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

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

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

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

Urban population is developed nations?

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

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

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

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

Allocative efficiency is__________________?

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

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

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

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

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 ?