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Agricultural Economics Quiz 3

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Agricultural Economics Quiz 3

1 / 50

An institution or mechanism which brings together buyers and sellers is called____________________?

2 / 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 ?

3 / 50

Economic model describing growth of the economy on one or at most a few sectors and variables?

4 / 50

A process of production that uses a higher proportion of capital as compared to other factors of production ?

5 / 50

Loans not passed through formal banking system e.g. family loans?

6 / 50

Yearly number of live births per 1000 population is termed as_________________?

7 / 50

Failure to achieve full production is called ?

8 / 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_______________?

9 / 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 ?

10 / 50

Income that is available to house holds for spending and saving after personal, income taxes have been deducted ?

11 / 50

Major financial institution responsible for issuing currency, managing foreign reserves implementing monetary policy and providing banking service to the govt. and commercial banks ?

12 / 50

A course of action indented to correct or avoid a problem_________________?

13 / 50

A barrier to the attainment of a set target in a particular period of time?

14 / 50

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

15 / 50

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

16 / 50

A closed economy that attempts to be completely self-reliant ?

17 / 50

Nonproductive members of society are referred to as___________________?

18 / 50

Rural based population in developed countries___________________?

19 / 50

International resources shared by all countries e.g ocean, air etc?

20 / 50

A tax imposed by a nation on an imported good is called_________________?

21 / 50

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

22 / 50

The portion of economy consisting of Agriculture, Forestry, Hunting and Fishing ?

23 / 50

A market situation in which a product that does not have close substitutes is being produced and sold by a single seller?

24 / 50

Commodities whose demand varies directly with money income are called______________________?

25 / 50

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

26 / 50

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

27 / 50

Any point inside the production possibility curve represents ?

28 / 50

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

29 / 50

Labour force engage in Agriculture in economically developed nations ?

30 / 50

Change in quantity demanded is______________________?

31 / 50

A technological innovation that increase the production while using the same capital input?

32 / 50

Number of peoples and their level of skills is called as________________?

33 / 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________________?

34 / 50

The total number of people living below a specified minimum level of real income, an international poverty line, is called ?

35 / 50

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

36 / 50

In richer nations children are______________% of the dependents?

37 / 50

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

38 / 50

Nominal income adjusted for inflation__________________?

39 / 50

A measure of average output or real output per unit of input is called____________________?

40 / 50

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

41 / 50

In________________ economics we look at desirability of certain aspects of the economy ?

42 / 50

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

43 / 50

Monopoly and oligopoly are the examples of___________________?

44 / 50

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

45 / 50

A cooperative farm or other collectively organized unit ?

46 / 50

To charge different prices for the goods of the same standard is called___________________?

47 / 50

The part of economy which contains all govt. entities is called__________________?

48 / 50

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

49 / 50

Sum total of currency in circulation plus commercial bank demand deposits and sometimes savings bank time deposits?

50 / 50

All points on the production possibility curve explain__________________?

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