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Questions and Answer Economics

The document contains 30 multiple choice questions testing knowledge of key concepts in agricultural economics. The questions cover topics such as the definitions of agricultural economics, farm management, agricultural finance, marketing, production economics, and classifications of goods. Correct answers are provided for each question.

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Nick ivan Alvares
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14K views5 pages

Questions and Answer Economics

The document contains 30 multiple choice questions testing knowledge of key concepts in agricultural economics. The questions cover topics such as the definitions of agricultural economics, farm management, agricultural finance, marketing, production economics, and classifications of goods. Correct answers are provided for each question.

Uploaded by

Nick ivan Alvares
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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QUESTIONS AND ANSWER

1. field of economics in which the principles of choice are applied in the use of scarce
resources such as land, labour, capital and management in farming and allied activities.
A. Marketing
B. Agricultural Economics
C. Economics
Correct Answer: B
2. defined agricultural economics as “an applied phase of social science of economics in
which attention is given to all aspects of problems related to agriculture.”
A. Snodgras and Wallace
B. Prof. Hibbard
C. Bradford and Jhonson
Correct Answer: A
3. a field of specialization within the subject of Agricultural Economics.
A. Agricultural Production Economics
B. Farm Management
C. Importance of Economics
Correct Answer: A
4. According to “It is an economic study of borrowing finds by farmer; of the organization
and operation of farm lending agencies and of society’s interest in credit for agriculture.’’
A. Tandon and Dhandyal (1962)
B. According to Murray and Tandon (1958)
C. According to Murray (1953)
Correct Answer: C
5. It means the power to satisfy a human want.
A. Commodity
B. Utility
C. Service
Correct Answer: B
6. concerned with the production and distribution of goods and services
A. Economics
B. Good and Service
C. Goods
Correct Answer: A
7. Deals with the different sources of raising funds for agriculture as a whole in the
economy and it is also concern with the lending procedures.
A. Micro Finance
B. Finance
C. Macro Finance
Correct Answer: C
8. deals with financing the individual farm business units and its concern with the study as
to how the individual farmer considers various sources
A. Micro Finance
B. Finance
C. Macro Finance
Correct Answer: A
9. According to “as a branch of agricultural economics, which deals with the provision, and
management of bank services and financial resources related to individual farm units”
A. J.N. Efferson
B. Bradford and Jhonson
C. Tandon and Dhandyal (1962)
Correct answer: C
10. This classification emphasized on the nature of goods and their usage.
A. Free good:
B. Mono period Goods
C. Based on durability
Correct answer: C
11. He defined agricultural economics as “the science in which the principles and methods
of economics are applied to the special conditions of agricultural industry.
A. Wallace
B. Prof. gray
C. Snodgras
Correct answer: B
12. Branch of agricultural economics, which deals with wealth earning and wealth spending
activities of farmer
A. Marketing
B. Farm Management
C. Farm production
Correct Answer: B
13. It is defined as anything that satisfies human wants or needs
A. Goods
B. Service
C. Management
Correct answer: A
14. Are scarce and can be had only on payment.
A. Free good
B. Based on Supply
C. Economic goods
Correct Answer: C
15. The change in the form offers greater utility to the good than in its original form.
A. Form Utility
B. Time utility
C. Possession Utility
Correct Answer: A
16. The utility obtained by spatial movement of the goods
A. Form Utility
B. Time utility
C. Place Utility
Correct Answer: C
17. The utility obtained due to transfer of ownership of the commodity
A. Form Utility
B. Time utility
C. Possession Utility
Correct Answer: C
18. According to “agricultural marketing comprises all the operations and the agencies
conducting them involved in the movement of farm produced foods, raw materials and
their derivatives”
A. Murray
B. Thomsen
C. Dhandyal
Correct Answer: B
19. Farm management is defined as the art of managing a farm successfully as measured by
the test of profitableness
A. Snodgras
B. Thomsen
C. Gray
Correct Answer: C
20. The word agriculture comes from the Latin word
A. Cultura
B. Ager
C. Cultural
Correct Answer: B
21. Implies selling of goods and services by the farmers and ranchers
A. Agricultural Marketing
B. Agricultural Economics
C. Agricultural Production
Correct Answer: A
22. known as interest or interest payment.
A. Capital
B. Interest
C. Salary
Correct Answer: A
23. ability refers to the skill the owner or producer applies to combine all the factors of
production to produce goods and services.
A. Man-made
B. Entrepreneurships
C. Entrepreneurial
Correct Answer: B
24. needed in the production process to properly used the capital and the land, under the
supervision or instruction of the entrepreneur to produced goods and services
A. man-made
B. labour
C. Labor
Correct Answer: C
25. According to “as a branch of agricultural economics, which deals with the provision, and
management of bank services and financial resources related to individual farm units”
A. Tandon and Dhandyal (1962)
B. Gray
C. Thomson
D. Hibbard
Correct Answer: A
26. concern with the selection of production pattern and resource use efficiency in order to
optimize the objective function of farming community
A. Agricultural Production and management
B. Agricultural Production and Marketing
C. Agricultural Production Economics
Correct Answer: C
27. Farm management is defined as the science that deals with organization and operation of
the farm in the context of efficiency and continuous profits
A. Bradford
B. Jhonson
C. J.N. Efferson
Correct Answer: C
28. generally, means studying, examining and analyzing the financial aspects pertaining to
farm business, which is the core sector of the country.
A. Agricultural Marketing
B. Agricultural Finance
C. Agricultural management
Correct Answer: B
29. It gives signals to increase production and thereby ensures the availability of goods, and
services.
A. Production
B. Marketing
C. Developed
Correct Answer: B
30. goods which can be used only once in the production and consumption process.
A. Poly Period Goods
B. Based on Durability
C. Mono period goods
Correct Answer: C

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