0% 8 Agricultural Economics Quiz 2 1 / 50 ?structural transformation of primary subsistence economy for economic development? war proposed by ? Rostow Arthur Lewis Keyne?s Carl Marx 2 / 50 An accounting item which decreases the value of an asset___________________? Credit None Depreciation Debit 3 / 50 Tax levied on production of specific product on quantity of product purchased ? Income tax Excise tax Sales tax All 4 / 50 In LDC children under age of 15 years are ___________% of the total population? 40% 80% None 50% 5 / 50 Allocative efficiency is__________________? Producing the desired things Producing all output combinations in least costly way Producing the specific output mix most desired by society None 6 / 50 The absence of artificial barriers to trade among individuals and firms in different nations ? Free economy None Free trade Trade union 7 / 50 A ratio that shows the unit of capital required to produce a unit of output over a given period of time? Capital output ratio None Capital intensive ratio Capital input ratio 8 / 50 Increasing a country?s stock of real capital (net investment in fixed essels)__________________? Capital dumping Capital accumulation None Capital stock 9 / 50 The coordinating mechanism of capitalism is a system of___________________? Market and prices Competition All Capital and laborers 10 / 50 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 ? Capital account Saving account Current account Fixed account 11 / 50 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______________? Subsidy Transfer payment Tax Tariff 12 / 50 Index measuring deprivation in basic human development in a country ? Human poverty index None Human development index Human deprivation index 13 / 50 An economic plan that sets targets to cover all the major sectors of the national economy? Commune None Centralized plan Comprehensive plan 14 / 50 A minimum price which govt. allows seller to receive for a good or service____________________? Floor Price All Ceiling Price Supprot Price 15 / 50 The number of children who die before their first birthday out of every 1,000 live births? Crude mortality rate All Children mortality rate Infant mortality rate 16 / 50 Urban population is developed nations? 74% 80% 67% none 17 / 50 Any financial institution that serves to channel loan able funds savers to borrowers? Financial intermediary IMF None Both 18 / 50 Production possibility curve is always concave because ? In reflects the law of increasing opportunity cost The marginal benefit decreases as more of a good is consumed The curve gets steeper as we move downward Resources are scarce 19 / 50 An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ? Command economy Open economy None Closed economy 20 / 50 An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________? Command Economy Pure capitalism Closed economy Open economy 21 / 50 The price paid for the use of services of labour per unit of time is called__________________? Income All Wage Salary 22 / 50 The role of power in economic decision making is studied in________________? Political economics None of these Traditional economics Development economics 23 / 50 Aggregate inequality measures that can vary anywhere from O (perfect equality) to 1 (perfect inequality) are given by________________? None Rostow?s model Gini co-efficient Lewis theory 24 / 50 Total consumption deducted from total income is called__________________? None of these Gross income Net income Saving 25 / 50 A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price? Indifference curve Lorenz curve Budget line Say?s law 26 / 50 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____________________? Vertical range Value of money Value added None 27 / 50 The total amount buyers of goods and services sped or plan to spend____________________? Both a and b Total spending None Aggregate spending 28 / 50 Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________? Real cost Economic cost Opportunity cost None 29 / 50 Productive efficiency means___________________? Producing all output combinations in the least costly way Producing the desired ones only Producing the specific output mix most desired by society None 30 / 50 ______________assumes economic rationality and purely materialistic, individualistic, self interested orientation towards economic decision making? Open economy Political economy Traditional economy Capitalistic economy 31 / 50 Changing the term of existing loan________________? Debt renegotiation Debt repudiation All Debt transformation 32 / 50 A large govt. role and some degree of coordinated economic decision making directed towards transforming the economy are usually viewed as essential components of__________________? Political economics Development economics Tradititional economics None 33 / 50 A term used by ILO to describe the basic goods and services necessary for a minimum standard of living ? Basic needs Poverty line Gini co-efficient None 34 / 50 Group of LDC debtors who join together to bargain as a group with creditors? Debtor?s cartel Economic union Debtor?s commune None 35 / 50 A tax which is a constant amount at all levels of GDP is termwd as ? Lump sum tax Surcharge None Fixed tax 36 / 50 The currency of a major industrial country, such as the U.S dollar___________________? Main currency Stable currency None Hard currency 37 / 50 An index measuring national socioeconomic development based on measures of life expectancy at birth, educational attainment and adjusted per capital income ? Human poverty index Headcount index None Human development index 38 / 50 Other thing remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is___________________? Law of supply None Keynes theory of supply Say?s law 39 / 50 The payment for the use of borrowed funds _____________? Loan Interest None Both 40 / 50 People who are eager and able to work but for whom no suitable jobs are available? Disguised employment Open unemployment Unemployment Under employment 41 / 50 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 ? Demand pull inflation Stagflation None Both 42 / 50 An economic system in which traditions and customs determine how the economy would use its scare resources ? Traditional economy capitalistic economy Command economy Mixed economy 43 / 50 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 ? Law of diminishing marginal utility Law of diminishing return Say? law Say? law 44 / 50 Any resource whose quantity can not be changed by a firm in the short run_______________? Available resource Fixed resource Economic resource Variable resource 45 / 50 A good and service is indivisible and to which the exclusion principle does apply is called_________________? Public finance Public good Public debt Public service 46 / 50 A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ? Factory Plant None Firm 47 / 50 The monetary payment a firm must make to an outsider to obtain a resource____________________? Implicit cost Net cost Total cost Explicit cost 48 / 50 A condition when there is excessive produce in the market which lowers down the price is called__________________? Imperfect market Market glut Perfect market All of these 49 / 50 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 ? NNp GDP GNP NDP 50 / 50 A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called________________? Consumption schedule Income schedule Saving schedule None Provide Your Information Your score is The average score is 61% LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on facebook Facebook Share on twitter Twitter Share on whatsapp WhatsApp PrevAgricultural Economics Quiz 1 Agricultural Economics Quiz 3Next
