# ARD251 e-exam (2019)

Question FBQ1 : ______ cost is the moderate cost of producing each unit of output.

Question FBQ2 : Mathematically variable cost is always under the _______ cost

Question FBQ3 : The average cost is got by dividing the total cost by ________   level.

Question FBQ4 : A commodity that is exactly like any other in a given market is said to be ________

Question FBQ5 : The market where a few sellers and many buyers are found is called __________.

Question FBQ6 : The market where there is no substitute for a commodity is referred to as ________.

Question FBQ7 : ______ is the process of satisfying human needs by bringing pre-cuts to people in the proper form, at the proper time and place they need the products.

Question FBQ8 : Breaking of bulk and marketing of products are functions of the _________

Question FBQ9 : Seasonality. Bulkiness and perishability are characteristics of ____________ prod<span style="font-size:12pt">ucts.

Question FBQ10 :The allocation of resources in the agricultural sector is known as ______.

Question FBQ11 : The rate at which output is increased by each additional increase in input possibilities is called ______.

Question FBQ12 : _________ is a type of marginal returns is experienced in agricultural <span style="font-size:12pt">production.

Question FBQ13 : _________ function is a technical relationship between input and output.

Question FBQ14 : Average and products are examples of  production function

Question FBQ15 :______ describes the transformation of a given input into a product.

Question FBQ16 : _____ function describes the form of association between input involved in production and the product produced.

Question FBQ17 : Stage ______ of production function is average product greater than marginal product.

Question FBQ18 : Stage ______ of production function is of economic relevance in production.

Question FBQ19 : ______ is the curve of all combinations of X<span style="font-size:12pt"><sub> 1 </sub><span style="font-size:12pt">- X<span style="font-size:12pt"><sub> 2 </sub><span style="font-size:12pt">that yields specified output levels.

Question FBQ20 : The relationship whereby two variable inputs are used in the production of one factor is referred to as ______Factor.

Question FBQ21 : The rate at which inputs substitutes for each other to maintain cons<span style="font-size:12pt">tant output is known as _______<span style="font-size:12pt"> rate of input substitution

Question FBQ22 : The line which connects points of equal slope on a production surface is known as ____

Question FBQ23 : ____ are either convex to the origin or slopes from left to right.

Question FBQ24 : The line joining points of least cost combination of inputs on the production surface is referred to as _______.

Question FBQ25 : The line which connects points of zero slopes on successively higher isoquants is known as _______.

Question FBQ26 :_____ Substitutes increase in one input causing a decrease in the other input at a constant output level.

Question FBQ27 : ______ is the type of product require the same set of inputs and one product can be expanded by diverting inputs to its production and thus reduce the quantity of inputs to the other.

Question FBQ28 :Factor of one input for another to achieve a constant level of output.

Question FBQ29 : The curve of all combinations of two inputs that cost the same amount is known as ________.

Question FBQ30 : _____ cost is the cost of producing an additional unit of output.

Question FBQ31 : ________function is a mathematical relationship between the total cost of production and the output produced.

Question FBQ32 : _____ refers to any group of transactions or business dealings between buyers and sellers

Question FBQ33 : Non homogenous commodity, entry and exit of buyers are features of  ___________market

Question FBQ34 : Feeds, seeds and fertilizers are examples of ________ costs.

Question FBQ35 : Salaries of staff, expenses of maintenance are examples of ________ costs.

Question MCQ1 : The Process of bargaining on the price of the commodity between a few sellers and a few buyers is referred to as ________.

Question MCQ2 : ________ is determined by the interplay of the forces of demand and supply.

Question MCQ3 : Supply depends on ruling price and ________

Question MCQ4 : ________ is the summation of individuals supply.

Question MCQ5 : ________ is important in economic analysis.

Question MCQ6 : Jewelleries, cars and clothes are examples of _____

Question MCQ7 : Prices and costs are examples of -----------

Question MCQ8 : Agricultural economics studies these aspects except;

Question MCQ9 : What economic concept is central to the behaviour of every consumer?

Question MCQ10 : What is a desire backed up with the ability to pay for the good or service in question?

Question MCQ11 : What economic concept is a function of time and price?

Question MCQ12 : The summation of individual demand schedules is known as--------------

Question MCQ13 : _______ involves the application of scientific and technical principles to the solution of day problems facing farmers on farms.

Question MCQ14 : Price of a commodity and substitutes are factors of influencing -----------

Question MCQ15 : Quantity demanded of a commodity is directly related to the prices of its __________

Question MCQ16 : Demand shifters shift the demand curve ________

Question MCQ17 : What is the study of how resources are used to satisfy the needs and desired of people?

Question MCQ18 : The  variable that cannot satisfy all the alternatives use is known as ---------------

Question MCQ19 : Scarcity and what are the major constituents of economic problems.

Question MCQ20 : What concept is concerned with resource allocation in the agricultural industry?.

Question MCQ21 : The application of economic principles to the operations of the agricultural industry is known as what?

Question MCQ22 : What are the real costs of items chosen on a scale of preference?

Question MCQ23 : What are the wishes which people only dream to have called?

Question MCQ24 : Profitability and efficiency are also known as ----------

Question MCQ25 : What concept explains the movements along the demand carve?

Question MCQ26 : The schedules of amounts of any commodity which a seller would bring to the market are referred to as what?

Question MCQ27 : When elasticity of supply is zero, the situation is referred to as what?

Question MCQ28 : Leisure and working overtime are examples of which type of supply?

Question MCQ29 : The slope of the supply curve is always _____________

Question MCQ30 : Price and cost of production are examples of factors influencing ______ of a community.

Question MCQ31 : Improvement in technological change would lead to increase in _____________