FBQ1: Agriculture is defined as the ____________ of crops, plants or livestock products Answer: Cultivation FBQ2: Agriculture was invented by ___________ people after prolonged observations of plants and animal life in their natural habitats Answer: olden days FBQ3: Economics is the study of mankind in the ordinary _____________ of life Answer: Business FBQ4: Economics is the science that studies as to how people choose to use ___________________ to produce various goods and to distribute these goods to various members of society for their consumption Answer: Scarce productive resources FBQ5: Agricultural economics is the study of _________, processing, distribution, and consumption of food and fibre Answer: Production FBQ6: Agricultural depression which occurred in the last quarter of _____________ and middle of 20th century Answer: 19th century FBQ7: ____________ is a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of common economic interest of themselves Answer: Co-operation FBQ8: Co-operatives are ______________ businesses and not for profit-making and therefore members enjoy the advantages of low prices Answer: service oriented FBQ9: The co-operative societies are _____________ in nature Answer: Democratic FBQ10: ___________________ is the association of producers of similar products that come together to promote the production and sale of their particular product Answer: Producer Co-operatives FBQ11: ___________________ are consumers that pool their resources together to buy goods in bulk directly from the producers Answer: Consumer Co-operatives FBQ12: ______________ is a type of co-operative where members pool their money together for the sole purpose of lending out to borrowing members as loans for which low interest is charged as agreed Answer: Credit and Thrift Co-operatives FBQ13: _____________________ is a type of cooperation formed solely to sale the products of their members or on the other hand to engage in buying and selling products of interest to assist members manage their resources and make profit Answer: Marketing Co-operatives FBQ14: __________________ is open to everybody in Co-operative Answer: Membership FBQ15: Co-operation has no political and ______ motives Answer: Religious FBQ16: Co-operation is an ______________ part of the Nigeria Economy Answer: Integral FBQ17: Co-operatives offer great hope for the _______, the down-trodden and struggling masses Answer: Poor FBQ18: Co-operative organizations help to _________ the level of production of their members, reduce operating costs and generally raise the income level of participants Answer: Increase FBQ19: Co-operatives are allowed to merge from society level to _______ Answer: Unions FBQ20: Agriculture has greatly ________ from the assistance of co-operatives Answer: Benefitted FBQ21: The essence of __________ is to assist members in particular and the economy at large Answer: co-operation FBQ22: Co-operative societies are led by laid down _____________ Answer: Principles FBQ23: The Economy is like a giant Production Line. True OR False________ Answer: True FBQ24: _________________ involves the production of unprocessed commodities in their natural state and the exploitation of the resources made available by nature. Answer: Primary Production FBQ25: ____________ consists of the processing and manufacturing of the primary products into various products capable of satisfying human wants. Answer: Secondary Production FBQ26: The distribution of the commodities produced so that they get to the final consumer is called ______________ Answer: Tertiary Production FBQ27: Factors of production are classified into four: land, labour, ________ and entrepreneur. Answer: Capital FBQ28: Land includes all Resources in their ___________ state Answer: Natural FBQ29: ___________ is a free gift of Nature Answer: Land FBQ30: The location of a piece of land in a given area also determines the ________ value of that land. Answer: Market FBQ31: __________ consists of human efforts both physical and mental efforts used in the production of goods and services. Answer: Labour FBQ32: _________ is regarded as a special factor of production Answer: Labour FBQ33: __________ consists of that community‟s wealth that is used up in the production of additional wealth. Answer: Capital FBQ34: Wealth in the form of goods for immediate consumption such as expensive private cars or very attractive residential houses can be regarded as capital.True or False ________ Answer: False FBQ35: Capital can be classified into producer or capital goods, human capital and social capital. True OR False _________ Answer: True FBQ36: _____________________ consist of those goods desired not for their own sake but only to aid in the production of other commodities for future consumption Answer: Producer or capital goods FBQ37: Human capital refers to investment in the education and technical training of an individual. True OR False Answer: True FBQ38: Social capital refers to productive wealth jointly owned by the members of the community. True OR False Answer: True FBQ39: An _________________ is the person who coordinates the activities of other factors of production for the realization of the motive of profit maximization Answer: Entrepreneur FBQ40: An Entrepreneur determines what to produce how to produce, method of production and the quantity to produce.True OR False ___________ Answer: True FBQ41: A farmer who produces livestock for commercial purposes is an _____________ Answer: Entrepreneur FBQ42: An Entrepreneur can also be called a _____________ Answer: Producer FBQ43: Those decisions which involve less investment but are made more frequently are called ________________________ Answer: Operational producer decisions FBQ44: The essence of decisions by a producer is to avert risk and ___________ profit Answer: Maximize FBQ45: The Decision made by the Producer on how to buy and sell the products and make profit is called _____________ Answer: Marketing Decision FBQ46: ________ is defined as the different quantities of commodity which producers are willing and able to offer for sale at a specified price and at a particular time. Answer: Supply FBQ47: Supply is a function of scarcity while, _______ is a function of utility. Answer: Demand FBQ48: The higher the price of a commodity, the higher the rate of __________________ Answer: Profitability FBQ49: The greater the quantity that producers are willing to supply, the more the supply curve slopes from left to right. Answer: Upward FBQ50: The _________ schedule can be derived by adding together the various quantities of the commodity which each producer offers for sale at the different prices and at a particular time. Answer: Supply MCQ01: The Word AGRICULTURE comes from the Latin Word _______ Answer: Ager MCQ02: The Basic Definition of Agriculture can be defined as Answer: the cultivation and/or production of crops, plants or livestock products. MCQ03: Economics can be defined as the Answer: Study of mankind in relation to animals and the science that studies as to how people choose to use scarce productive resources to produce various goods and to distribute these goods to various members of society for their consumption MCQ04: Agricultural Economics can be defined as the Answer: social science dealing with the allocation of scarce resources among those competing alternative uses found in production, processing, distribution and consumption of food and fiber MCQ05: Agricultural Depression Occurred in the ________________ Answer: last quarter of 19th century & middle of 20th century MCQ06: The Economic Depression that brought about increased attention to the study and expansion of Agricultural Economics happened in the ________ Answer: 1920s MCQ07: Co-operation can be defined as _________________________ Answer: a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of common economic interest of themselves MCQ08: Co-operative operates an ______________________________ Answer: open door for entry and exit of interested people MCQ09: Agricultural Extension was introduced as an Educational process in the year _______ Answer: 1873 MCQ10: ____________ was mainly concerned with the improvement of agriculture, using conventional teaching methods Answer: Agricultural Extension MCQ11: Agricultural __________ is a part of sociology that involves exchange of ideas to improve knowledge about a certain area. Answer: Extension MCQ12: According to Babcock’s Definition, Agricultural Cooperatives can be defined as ___________________ Answer: a legal practical means by which a group of self-selected agricultural producers seek to improve their individual economic position in a scarcity prone world. MCQ13: Types of Budget are this Except Answer: None of the Options MCQ14: A ________ is a financial plan for a period of time. Answer: Budget MCQ15: Nigerian’s budget is usually prepared ________ Answer: Yearly MCQ16: __________ is a formal written document, containing the income and expenditure of an individual, an organization or government. Answer: Budget MCQ17: The ___________ is a legal document that states and defines the use of land in Nigeria Answer: Land Use Act MCQ18: The Land Use Act was formerly called ___________ Answer: Land Use Decree MCQ19: The Land Use Act was Promulgated in the Year _____ Answer: 1978 MCQ20: Land __________ is the way in which the rules of land tenure are applied and made operational. Answer: Administration MCQ21: __________ system determines who can use what resources for how long, and under what conditions. Answer: Land tenure MCQ22: ______ is the farmer’s most important asset. Answer: Land MCQ23: ______ of a commodity refers to the value of the product in terms of the money unit. Answer: Price MCQ24: Factors Causing Increase in Demand include the following Except Answer: Increase in Sports MCQ25: ____________ is the highest rate of Inflation. Answer: Galloping or Hyperinflation MCQ26: __________ indicates moderate degree of controlled inflation. Answer: Deflation MCQ27: ________ indicates the decline in the rate of inflation. Answer: Disinflation MCQ28: __________ occurs when an economy’s output Real Gross Domestic Product (RGDP) decreases while its price level rises. Answer: Stagflation MCQ29: ________ is a sustained increase in an economy’s average price level. Answer: Inflation MCQ30: _____________ can be defined as a method of providing cost advice which assists the designer in making design decision. Answer: Cost Planning MCQ31: Farm Budgets are classified into three Except Answer: Management Budget MCQ32: Farm _______ is the determination of a course of action to achieve the desired goals. Answer: Planning MCQ33: _________________ deals with agricultural mechanization through efficient use of inputs to increase farm productivity, conserving natural resources, reduce crop losses, and improve quality of agro-produce. Answer: Agricultural Engineering MCQ34: Process of Agricultural Marketing are this Except Answer: Ownership MCQ35: _______ are the goods and services which a trading country sends to another country. Answer: Exports MCQ36: ________ of payments of a country refers to systemic records of all economic transaction between the residents of a reporting country and residents of the foreign countries during a given period of time usually one year. Answer: Balance MCQ37: ____________ is the rate at which one country’s products exchange with those of another country and this depends on the country’s prices of exports and imports. Answer: Term of Trades MCQ38: ___________________ are the Decision Made by the Producer on how to buy and sell the Products with Profit Answer: Marketing Decisions MCQ39: The Producer makes Administrative and __________ Decision Answer: Strategic MCQ40: _________ is defined as the different quantities of commodity which producers are willing and able to offer for sale at a specified price and at a particular time. Answer: Supply MCQ41: Supply is a function of ____________. Answer: Scarcity MCQ42: Demand is a function of ________. Answer: Utility MCQ43: The higher the price of a commodity, the higher the rate of ______________. Answer: Profitability MCQ44: The supply schedule for a commodity is a _________ which shows the various quantities of a commodity that producers offer for sale at different prices over a period of time. Answer: Table MCQ45: The Higher the price of a given commodity the higher the _______ produced and supplied. Answer: Quantity MCQ46: The higher the level of technology, the ________ the quantity of goods and services produced Answer: Higher MCQ47: Changes in the costs of production affect changes in the ________ of a commodity. Answer: Supply MCQ48: Supply Function can be expressed as _____________ Answer: None of the following MCQ49: A farm is a ________________ and also a decision making unit. Answer: Economic MCQ50: ______________ is a branch of agricultural economics which deals with wealth earning and spending activities of a farmer in relation to the organization and operation of the individual farm unit for securing the maximum possible net income. Answer: Farm management