Agricultural Economics Part 3

Question No. 1 Marks +1 -0 Time

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Which of the following best defines a 'good' in economics?

A. Anything tangible that can be bought and sold
B. Anything that satisfies a human want
C. Anything that is produced in a factory
D. Anything that is scarce

Question No. 2 Marks +1 -0 Time

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In economics, cash is categorized as:

A. Fixed capital
B. Working capital
C. Circulating capital
D. Liquid capital

Question No. 3 Marks +1 -0 Time

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An isoquant represents:

A. All possible combinations of two inputs that can be purchased with a given budget
B. All possible combinations of two outputs that can be produced with a given amount of input
C. All possible combinations of two inputs capable of producing the same level of output
D. All possible combinations of two outputs that can be sold at the same price

Question No. 4 Marks +1 -0 Time

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An isocost line represents:

A. All possible combinations of two inputs capable of producing the same level of output
B. All possible combinations of two outputs that can be produced with a given amount of input
C. All possible combinations of two inputs which can be purchased with a given amount of fund
D. All possible combinations of two outputs that can be sold at the same price

Question No. 5 Marks +1 -0 Time

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The gestation period refers to:

A. The time taken for a seed to germinate
B. The time gap between investment and return
C. The time taken for a loan to be repaid
D. The time period for which a government policy is in effect

Question No. 6 Marks +1 -0 Time

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A farmer's risk-bearing ability is primarily dependent on their:

A. Annual income
B. Net worth
C. Land holding size
D. Level of education

Question No. 7 Marks +1 -0 Time

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When total utility is at its maximum, marginal utility is:

A. Positive and increasing
B. Positive and decreasing
C. Zero
D. Negative

Question No. 8 Marks +1 -0 Time

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Stage I of production is also known as the stage of:

A. Diminishing returns
B. Increasing returns
C. Negative returns
D. Constant returns

Question No. 9 Marks +1 -0 Time

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The marketed surplus of fruits and vegetables is typically around:

A. 20%
B. 50%
C. 80%
D. 95%

Question No. 10 Marks +1 -0 Time

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The income elasticity of demand for inferior goods is:

A. Positive
B. Negative
C. Zero
D. Infinite

Question No. 11 Marks +1 -0 Time

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The income elasticity of demand for Giffen goods is:

A. Positive
B. Negative
C. Zero
D. Greater than 1

Question No. 12 Marks +1 -0 Time

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A monopoly market is characterized by:

A. Many buyers and sellers
B. One buyer and many sellers
C. One seller and many buyers
D. Few buyers and few sellers

Question No. 13 Marks +1 -0 Time

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A market with only one buyer is termed as a:

A. Monopoly
B. Oligopoly
C. Monopsony
D. Duopoly

Question No. 14 Marks +1 -0 Time

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A perfect market is characterized by:

A. Few buyers and sellers with limited information
B. Many buyers and sellers with perfect knowledge
C. One seller and many buyers
D. Few sellers and many buyers

Question No. 15 Marks +1 -0 Time

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Markets operating under established rules and regulations are called:

A. Free markets
B. Regulated markets
C. Black markets
D. Open markets

Question No. 16 Marks +1 -0 Time

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The cost of transporting a product from production to consumption is known as:

A. Production cost
B. Transportation cost
C. Marketing cost
D. Distribution cost

Question No. 17 Marks +1 -0 Time

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A farmer's balance sheet reflects their:

A. Annual income
B. Financial position
C. Land ownership
D. Crop yield

Question No. 18 Marks +1 -0 Time

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Farm-level financial management is known as:

A. Macro-finance management
B. Micro-finance management
C. Rural finance management
D. Agricultural finance management

Question No. 19 Marks +1 -0 Time

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According to RBI norms, what percentage of Net Bank Credit should be allocated to agriculture?

A. 10%
B. 15%
C. 18%
D. 25%

Question No. 20 Marks +1 -0 Time

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In India, marketed surplus is typically:

A. Less than marketable surplus
B. Equal to marketable surplus
C. Greater than marketable surplus
D. Unrelated to marketable surplus

Question No. 21 Marks +1 -0 Time

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Land rent is an example of:

A. Variable cost
B. Fixed cost
C. Marginal cost
D. Opportunity cost

Question No. 22 Marks +1 -0 Time

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Sales tax is an example of:

A. Direct tax
B. Indirect tax
C. Progressive tax
D. Regressive tax

Question No. 23 Marks +1 -0 Time

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How do cooperatives benefit both members and non-members?

A. By providing exclusive services to members
B. By restricting access to non-members
C. By fostering community development and fair pricing
D. By maximizing profits for a select few

Question No. 24 Marks +1 -0 Time

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The Benefit-Cost (B:C) ratio is calculated as:

A. Total cost / Gross return
B. Gross return / Total cost
C. Net profit / Total cost
D. Gross profit / Gross return

Question No. 25 Marks +1 -0 Time

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The most common method used in regulated markets is:

A. Direct negotiation
B. Open auction system
C. Private treaty
D. Forward contract

Question No. 26 Marks +1 -0 Time

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Hedging is a technique used to protect traders from:

A. Fluctuations in demand
B. Extreme price falls
C. Changes in government regulations
D. Competition from other traders

Question No. 27 Marks +1 -0 Time

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The storage function primarily creates:

A. Form utility
B. Time utility
C. Place utility
D. Possession utility

Question No. 28 Marks +1 -0 Time

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When one enterprise neither helps nor hinders the production of another, the relationship is:

A. Competitive
B. Complementary
C. Supplementary
D. Joint

Question No. 29 Marks +1 -0 Time

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As income increases, the percentage expenditure on luxury goods:

A. Decreases
B. Remains constant
C. Increases
D. Fluctuates randomly

Question No. 30 Marks +1 -0 Time

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The market where permanent or durable commodities are traded is called a:

A. Primary market
B. Secondary market
C. Secular market
D. Futures market

Question No. 31 Marks +1 -0 Time

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Crop farming and milk production are examples of:

A. Competitive enterprises
B. Complementary enterprises
C. Supplementary enterprises
D. Independent enterprises

Question No. 32 Marks +1 -0 Time

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In WTO terminology, subsidies for agricultural research and environmentally fragile zones fall under:

A. Amber box
B. Blue box
C. Green box
D. Red box

Question No. 33 Marks +1 -0 Time

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In WTO terminology, limited subsidies on inputs like electricity and fertilizers are categorized as:

A. Amber box
B. Blue box
C. Green box
D. Red box

Question No. 34 Marks +1 -0 Time

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The Agricultural Produce (Grading and Marketing) Act was passed in:

A. 1937
B. 1947
C. 1957
D. 1967

Question No. 35 Marks +1 -0 Time

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The Co-operative Credit Societies Act was passed in:

A. 1904
B. 1914
C. 1924
D. 1934

Question No. 36 Marks +1 -0 Time

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The cooperative movement in the Indian agricultural sector began in:

A. 1904
B. 1914
C. 1924
D. 1934

Question No. 37 Marks +1 -0 Time

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The Human Development Index (HDI) measures a country's:

A. Economic growth
B. Standard of living, educational opportunities, and longevity
C. Technological advancement
D. Military strength

Question No. 38 Marks +1 -0 Time

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The HDI, as reported in the World Development Report, quantifies a nation's:

A. GDP growth rate
B. Standard of living, educational opportunities, and longevity
C. Inflation rate
D. Unemployment rate

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