ARD251 e-exam (2019)

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

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

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

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

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

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

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.
Answer: Marketing

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

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

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

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

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

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

Question FBQ14 : Average and products are examples of  production function                  
Answer: marginal

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

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

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

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

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. 
Answer: Isoquant

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

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

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

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

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

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

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.
Answer: Competitive

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

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

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

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

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

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

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

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

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

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

Question MCQ3 : Supply depends on ruling price and ________ 
Answer: Scarcity  

Question MCQ4 : ________ is the summation of individuals supply. 
Answer: Market supply 

Question MCQ5 : ________ is important in economic analysis. 
Answer: Market supply 

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

Question MCQ7 : Prices and costs are examples of -----------
Answer: Socio-economic determinants 

Question MCQ8 : Agricultural economics studies these aspects except;
Answer: Soil management

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

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

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

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

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

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

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

Question MCQ16 : Demand shifters shift the demand curve ________
Answer: Inward

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

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

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

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

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

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

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

Question MCQ24 : Profitability and efficiency are also known as ----------
Answer: Economic theory 

Question MCQ25 : What concept explains the movements along the demand carve? 
Answer: Changes in price

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

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

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

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

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

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

Question MCQ32 : Favourable climatic factor is a variable influencing ________ 
Answer: Supply 

Question MCQ33 : ________ comes into the market over period of time at a particular price. 
Answer: Supply 

Question MCQ34 : ______ is the elasticity measurement of the changes in both quantity and factors of interest are larges.
Answer: Arc elasticity

Question MCQ35 : ______ is the elasticity measurement of the changes in both quantity and factors of interest are larges.
Answer: Arc elasticity

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