0% 2 Agricultural Economics Quiz 3 1 / 50 In________________ economics we look at desirability of certain aspects of the economy ? Theoretical None Normative Positive 2 / 50 The portion of economy consisting of Agriculture, Forestry, Hunting and Fishing ? Farm economy Rural sector All Agricultural sector 3 / 50 Recurring increase and decrease in the level of economic activity over periods of years? Both None Business cycle Cyclic flow 4 / 50 Nominal income adjusted for inflation__________________? None Net income Total income Real income 5 / 50 The amount by which a nation?s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________? Trade deficit Trade off None Trade surplus 6 / 50 The total number of people living below a specified minimum level of real income, an international poverty line, is called ? Real poverty None Absolute poor Relative poor 7 / 50 The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________? None Trade deficit Trade surplus Trade Balance 8 / 50 Yearly number of live births per 1000 population is termed as_________________? Infant birth rate Live birth rate All Crude birth rate 9 / 50 The monitory income a firm sacrifices when it uses a resource it rosins rather than supplying the resource in the market ? Explicit cost Economic cost Nominal cost Implicit cost 10 / 50 The gradual decline over time in the value or price of one currency in terms of another as a result of market forces of supply and demand ? Downsizing All Rightsizing Depreciation 11 / 50 Any point inside the production possibility curve represents ? Failure to achieve productive efficiency All Unemployment None of these 12 / 50 International resources shared by all countries e.g ocean, air etc? Global commons None Global reserves Global environment facility 13 / 50 A federal budget deficit caused by a recession and a consequent decline in tax revenues ? Annual deficit Cyclical deficit Anticipated deficit None 14 / 50 A tax imposed by a nation on an imported good is called_________________? Net profit Tariff Foreign exchange GNP 15 / 50 A process of production that uses a higher proportion of capital as compared to other factors of production ? Both a and b Labour intensive technique None of these Capital intensive technique 16 / 50 Economic model describing growth of the economy on one or at most a few sectors and variables? Formal growth model None Aggregate growth model Functional growth model 17 / 50 A cooperative farm or other collectively organized unit ? All Society Commune Corporation 18 / 50 Rural based population in less developed countries (LDC?s) ? None 75% 65% 45% 19 / 50 An institution or mechanism which brings together buyers and sellers is called____________________? None Resource Market Market Product Market 20 / 50 Sum total of currency in circulation plus commercial bank demand deposits and sometimes savings bank time deposits? Money supply None Money lender National income 21 / 50 Nonproductive members of society are referred to as___________________? None of these Society wastes Society burden Economic dependency burden 22 / 50 A commercial bank authorized by state govt. to engage in business of banking ? National Bank None State Bank Business authorized bank 23 / 50 Labour force engage in Agriculture in economically developed nations ? 10% 2% 15% 5% 24 / 50 A legal entry chartered by a state or the federal govt. which is district and separate from the individuals who own it ? Co-operative Partnership Corporation None 25 / 50 In richer nations children are______________% of the dependents? 66% 60% 70% 45% 26 / 50 The principle that if one factor of production is fixed and constant addition of other factors are combined with it, the marginal productivity of variable factors will eventually decline ? Both None Diminishing returns Marginal returns 27 / 50 A labour union which limits its membership to workers with a particular skill ? Labour union None Craft union Credit union 28 / 50 Major financial institution responsible for issuing currency, managing foreign reserves implementing monetary policy and providing banking service to the govt. and commercial banks ? State Bank None Both Central Bank 29 / 50 A closed economy that attempts to be completely self-reliant ? None Autarchy Amortization Command economy 30 / 50 Directing domestic resources to output which a nation is highly efficient at producing is called____________________? None International Trade International specialization Speculation 31 / 50 All goods and services produced in a country in one year are called its__________________? NDP GNP GDP None of these 32 / 50 To charge different prices for the goods of the same standard is called___________________? Prices elasticity Prices differentiation Oligopoly Prices discrimination 33 / 50 The part of economy which contains all govt. entities is called__________________? Public utility Private sector Public sector None 34 / 50 Loans not passed through formal banking system e.g. family loans? Formal finance Long term loans Med term loans Informal finance 35 / 50 A barrier to the attainment of a set target in a particular period of time? Economic inefficient Economic constraint None Economic integration 36 / 50 A measure of average output or real output per unit of input is called____________________? Production Productivity None Efficiency 37 / 50 An analytic approach in which we move from facts to theory, from a particular to general is called____________________? Induction Randomization Deduction Generalization 38 / 50 Rural based population in developed countries___________________? 35% 42% 50% 27% 39 / 50 A market situation in which a product that does not have close substitutes is being produced and sold by a single seller? Monopoly Perfect competition None Oligopoly 40 / 50 Failure to achieve full production is called ? Unemployment None Unplanned Under employment 41 / 50 In developed countries children are?.% of the total population ? 16% 21% 35% 62% 42 / 50 Number of peoples and their level of skills is called as________________? Physical resources Human resources None Capital resources 43 / 50 Monopoly and oligopoly are the examples of___________________? None Imperfect competition Perfect competition Pure competition 44 / 50 Commodities whose demand varies directly with money income are called______________________? Superior or normal goods None Complementary goods Substitutes 45 / 50 All points on the production possibility curve explain__________________? Productive efficiency Unattainable levels of output Less than full use of resources Allocative efficiency 46 / 50 Income that is available to house holds for spending and saving after personal, income taxes have been deducted ? Disposable income Saving All Net income 47 / 50 Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________? Both of these Economics of scale None of these Economics of mass production 48 / 50 Change in quantity demanded is______________________? None Upward movement or shift of entire cure. Shift of the demand curve to left side Movement from one point to the other on the same demand curve 49 / 50 A technological innovation that increase the production while using the same capital input? Capital intensive technique Capital saving technological process Production intensive technique None 50 / 50 A course of action indented to correct or avoid a problem_________________? Economic policy Economic rationale Economic phenomena Economic principle Provide Your Information Your score is The average score is 66% LinkedIn Facebook Twitter 0% Restart quiz Send feedback Share on facebook Facebook Share on twitter Twitter Share on whatsapp WhatsApp PrevAgricultural Economics Quiz 2 Agricultural Economics Quiz 4Next
