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agricultural economics MCQs

Practise focused agricultural economics questions with marked answers for exam preparation and subject revision.

agricultural economics Mcqs
1. The activity of buying or selling with the motive of later reselling or re buying for profit is called ?
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A. Spillover

B. Specializing

C. Speculation

D. All

2. A tax levied on the cost of a board group of products______________________?
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A. Consumer charge

B. Sales tax

C. None

D. Income tax

3. Failure to achieve full production is called ?
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A. Under employment

B. Unplanned

C. None

D. Unemployment

4. An analytic approach in which we move from general to particular from theory to facts is_________________?
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A. Deduction

B. Specification

C. Induction

D. None

5. An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?
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A. Tacit collusion

B. Tariff

C. Subsidy

D. Tax
6. The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is_________________?
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A. capital flight

B. capital account

C. capital deficit

D. All of these

7. A market in which products households sell and firms buy resources or the services of resources is__________________?
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A. Consumer market

B. Resource market

C. Producer market

D. Product market

8. Failure to use all available economic resources to produce goods and services is called__________________?
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A. Inflation

B. Deflation

C. Unemployment

D. Underemployment

9. Nominal income adjusted for inflation__________________?
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A. Real income

B. Net income

C. None

D. Total income

10. A simplified picture of economic reality, an abstract generalization ?
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A. None

B. Economic principle

C. Economic theory

D. Economic model
11. People both rural and urban who are working less than they could___________________?
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A. Under employment

B. Partial employment

C. None

D. Open employment

12. Private or public debt owed to foreign citizens firms and institutions ?
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A. External debt

B. Internal debt

C. Loan

D. None

13. Change in quantity demanded is______________________?
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A. None

B. Upward movement or shift of entire cure.

C. Movement from one point to the other on the same demand curve

D. Shift of the demand curve to left side

14. A market in which money of one nation can be used to purchase the money of other nation is called____________________?
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A. Foreign exchange market

B. Money market

C. All of these

D. International market

15. Power of a good/ service to satisfy human desire/want is called____________________?
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A. The point of satiety

B. Utility

C. Worth

D. All of these

16. The ability of Market forces to synchronize selling and buying decision to eliminate potential surpluses and shortages is known as_________________?
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A. None

B. Rationing function of the price

C. Generalization

D. Specification

17. The absence of artificial barriers to trade among individuals and firms in different nations ?
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A. Free trade

B. None

C. Trade union

D. Free economy

18. A compensation device through which workers receive part of their pay in the form of share of their employers profit___________________?
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A. Labour saving scheme

B. Profit maximizing plan

C. Profit sharing plan

D. Labour laws

19. Meaningful statement about the economic behavior or the economy is called_______________________?
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A. Economic theories

B. None

C. Economic principle

D. Both
20. The investment of private foreign funds in the economy of a developing nation?
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A. Private foreign investment

B. Public investment

C. Both a and b

D. None of these

21. The amount by which a nations import of goods (or goods and services) exceeds its export of goods or goods and services is________________?
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A. None

B. Trade surplus

C. Trade bloc

D. Trade deficit
22. Yearly number of live births per 1000 population is termed as_________________?
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A. Infant birth rate

B. All

C. Crude birth rate

D. Live birth rate

23. In________________ economics we look at desirability of certain aspects of the economy ?
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A. Theoretical

B. Positive

C. None

D. Normative
24. The total amount by the federal govt. of the owner of the govt. securities is called___________________?
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A. None

B. Public finance

C. Public good

D. Public debt
25. __________________provides an overview of the operation of the capitalist system ?
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A. Income budget line

B. Circular flow model

C. Says law

D. Indifference curve

26. The number of children who die before their first birthday out of every 1,000 live births?
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A. All

B. Infant mortality rate

C. Crude mortality rate

D. Children mortality rate

27. An individuals demand curve is down sloping because_____________________?
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A. P & D are directly related

B. None

C. There is no relation bet P & D

D. Price and quantity demanded are inversely related
28. Technologies that by design produce less waste and use resources more efficiently ?
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A. Innovative technology

B. Productive technology

C. Efficient technology

D. Clean technologies

29. Total money income received by the individual or recipients of income is called____________________?
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A. Gross income

B. None of above

C. Net income

D. Personal income

30. Changes in govt. spending and tax collection designed to achieve a full employment and non-inflationary domestic out put is called___________________?
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A. Economizing problem

B. Economic planning

C. Fiscal policy

D. None

31. The total revenue of a film less all its economic costs is called_____________________?
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A. Pure Profit

B. Above normal Profit

C. All these

D. Economy Profit

32. The portion of economy consisting of Agriculture, Forestry, Hunting and Fishing ?
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A. Rural sector

B. All

C. Farm economy

D. Agricultural sector
33. Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?
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A. Economic cost

B. None

C. Opportunity cost

D. Real cost

34. The branch of economics which analyze govt. revenues and expenditures is__________________?
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A. Public finance

B. Public revenue

C. None

D. Public good

35. A supply curve shifts because of change in_____________________?
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A. The price of the related products

B. Technology

C. Both a and b

D. None of these

36. In developed countries children are.% of the total population ?
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A. 21 %

B. 16%

C. 62%

D. 35%

37. The monetary payment a firm must make to an outsider to obtain a resource____________________?
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A. Explicit cost

B. Net cost

C. Implicit cost

D. Total cost

38. 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____________________?
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A. Value of money

B. Vertical range

C. Value added

D. None

39. An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?
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A. None

B. Closed economy

C. Command economy

D. Open economy

40. A section in a nations international balance of payments which records its export and import of goods and services, its net investment income, and its net transfers ?
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A. Saving account

B. Capital account

C. Fixed account

D. Current account
41. A minimum price which govt. allows seller to receive for a good or service____________________?
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A. Ceiling Price

B. Floor Price

C. Supprot Price

D. All

42. Cooperation among unification of the economies of different nations is termed as_____________________?
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A. Economic integration

B. none

C. Economic Bloc

D. Economic union

43. All points on the production possibility curve explain__________________?
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A. Less than full use of resources

B. Productive efficiency

C. Allocative efficiency

D. Unattainable levels of output

44. The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses ?
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A. Circular flow model

B. None

C. Centralized planning

D. Cognitive planning

45. Opportunity cost is illustrated by the___________________?
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A. Positive slope

B. Steep slope

C. None

D. Downward slope
46. The households and the business firms of the economy are called__________________?
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A. Public sector

B. None

C. Ptivate sector

D. Govt sector

47. A good used together with another good is___________________?
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A. None

B. Normal good

C. Complementary good

D. Superior good

48. 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 ?
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A. GDP

B. NDP

C. NNp

D. GNP
49. An asset set aside for future use is termed as_______________________?
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A. Future planning

B. None

C. Store of value

D. Speculation

50. A type of unemployment caused by insufficient total spending___________________?
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A. Cyclical unemployment

B. Under employment

C. None

D. Underdevelopment