AGRICULTURAL ECONOMICS MCQs

1. “Economics is the study of causes of material welfare” was defined by___________________?

A. Adam Smith
B. Marshall
C. Robins
D. Marks


2. Total money income received by the individual or recipients of income is called____________________?

A. Gross income
B. Net income
C. Personal income
D. None of above


3. 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 ?

A. GDP
B. NNp
C. NDP
D. GNP


4. Power of a good/ service to satisfy human desire/want is called____________________?

A. Utility
B. Worth
C. The point of satiety
D. All of these


5. The sale of products below sale of production in a foreign country or below the prices charged at home is called ?

A. Dumping
B. Subsidy
C. Inflation
D. Monopoly


6. An increase either in real output (GDP) or in real output per capita is called___________________?

A. Economic development
B. Economic growth
C. Growth rate
D. Economic efficiency


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

A. Economics of scale
B. Economics of mass production
C. Both A. and B.
D. None of these


8. A condition when there is excessive produce in the market which lowers down the price is called__________________?

A. Market glut
B. Perfect market
C. Imperfect market
D. All of these above


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

A. Fiscal policy
B. Economic planning
C. Economizing problem
D. None of these


10. The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation is_________________?
 
A. Capital flight
B. Capital account
C. Capital deficit
D. All of these above


11. A legally determined price above the equilibrium price is__________________?

A. Floor price
B. Ceiling price
C. Equilibrium price
D. None of these


12. The branch of economics which analyze govt. revenues and expenditures is__________________?

A. Public revenue
B. Public finance
C. Public good
D. None of these


13. Nominal income adjusted for inflation__________________?

A. Real income
B. Net income
C. Total income
D. None of these


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

A. Tariff
B. Foreign exchange
C. Net profit
D. GNP


15. The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?

A. Technology
B. Advanced knowledge
C. Both A. and B.
D. None of these


16. The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?

A. Trade surplus
B. Trade deficit
C. Trade bloc
D. None of these


17. An economic system in which traditions and customs determine how the economy would use its scare resources ?

A. Traditional economy
B. Mixed economy
C. Capitalistic economy
D. Command economy


18. Failure to use all available economic resources to produce goods and services is called__________________?

A. Unemployment
B. Underemployment
C. Inflation
D. Deflation


19. The price paid for the use of services of labour per unit of time is called__________________?

A. Salary
B. Income
C. Wage
D. All of the above


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

A. Resource market
B. Product market
C. Consumer market
D. Producer market