Agricultural Economics Quiz 3

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

Change in quantity demanded is______________________?

Any point inside the production possibility curve represents ?

Monopoly and oligopoly are the examples of___________________?

Labour force engage in Agriculture in economically developed nations ?

Commodities whose demand varies directly with money income are called______________________?

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

Nonproductive members of society are referred to as___________________?

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

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

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

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

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

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

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

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

Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________?

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

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

A cooperative farm or other collectively organized unit ?

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

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

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

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

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 ?

Failure to achieve full production is called ?

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

The amount by which a nation?s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?

In richer nations children are______________% of the dependents?

Rural based population in developed countries___________________?

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

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

All points on the production possibility curve explain__________________?

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

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

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

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

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

Nominal income adjusted for inflation__________________?

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 ?

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

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

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

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

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

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

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

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

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

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