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Agricultural Economics and Marketing – Agriculturist Exam Reviewer (Set 2)

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  • Question of

    The meaning of the word “economics” is most closely associated with the word_____.

    • Free
    • Scarce
    • Unlimited
    • Unrestricted
  • Question of

    A theory is

    • An assumption
    • An “if-then proposition
    • A hypothesis
    • A validated hypothesis
  • Question of

    A hypothesis is tested by

    • a. The realism of its assumption
    • b. Its ability to predict accurately
    • c. Both a and b
    • d. None of the choices
  • Question of

    In a free enterprise economy, the problems of what, how and for whom to produce are solved by:

    • The planning committee
    • The elected representative of the people
    • The price mechanisms
    • None of the choices
  • Question of

    It is concerned with controlling or influencing economic behavior or its consequences

    • Normative economics
    • Positive economics
    • Agricultural economics
    • Policy economics
  • Question of

    An economic system in which all major decisions concerning the level of resource use, the composition and the distribution of output and the organization of the production are determined by the price system is

    • Socialism
    • Communism
    • Capitalism
    • Fascism
  • Question of

    Microeconomic theory studies how a free enterprise economy determines

    • The price of goods
    • The price of services
    • c. The price of economic resources
    • All of the choices
  • Question of

    Which aspect of taxation involves positive economics?

    • The incidence of tax (i.e. who actually pays the tax
    • The effect of tax on incentives
    • The fairness of the tax
    • All of the choices
  • Question of

    Which of the following is not a characteristic of economic resources?

    • Unlimited in supply
    • They command a price
    • Full employment
    • Economic efficiency
  • Question of

    When all available resources should be employed or no workers should be involuntary out work, this is related to the goal of

    • Yes
    • No
    • Full employment
    • Economic efficiency
  • Question of

    An economic system characterized by public ownership of property resources and collective determination of economic decision through economic planning is

    • Socialism
    • Communism
    • Capitalism
    • Fascism
  • Question of

    Which of the following criterion guides economic decision?

    • a. Marginal Cost (MC) are greater than Marginal Benefits (MB)
    • b. Marginal Cost (MC) are lesser than Marginal Benefits (MB)
    • c. Both A and B
    • d. MC=MB
  • Question of

    The word economics means household

    • Decisions
    • Keeping
    • Management
    • Resources
  • Question of

    Economics is everybody’s

    • Vocation
    • Concern
    • Occupation
    • Welfare
  • Question of

    The most basic of all economic concept is

    • Desires
    • Needs
    • Scarcity
    • Wants
  • Question of

    While macroeconomics deals with the economy as a whole, microeconomics deals with action of an individual

    • Firms and market
    • Enterprise
    • Expenditures
    • Employment
  • Question of

    Scarcity is an economic phenomenon, shortage is

    • Limited
    • Occasional
    • Short run
    • Temporary
  • Question of

    The basic human needs like food, water, clothing and shelter are considered

    • Psychological
    • Physiological
    • Social
    • Emotional
  • Question of

    This refers to all things people would consume if they had unlimited resources

    • Needs
    • Desires
    • Motives
    • Wants
  • Question of

    Because resources are limited, people must avoid_____ to prevent economic problems

    • Choice
    • Decisions
    • Priorities
    • Extravagance
  • Question of

    The value of best alternative one gives up when a choice is made is called

    • Implicit cost
    • Opportunity cost
    • Explicit cost
    • Cash cost
  • Question of

    The highest need in the hierarchy level is

    • Esteem
    • Belongingness
    • Security
    • Self-actualization
  • Question of

    Man will usually satisfy

    • Basic
    • Social
    • Welfare
    • Cultural needs before satisfying the higher level needs
  • Question of

    Macroeconomics is not concerned with

    • The level of output of goods and services
    • The general level of prices
    • The growth of income
    • Individual income
  • Question of

    Economic problems arise because

    • Resources are scarce
    • Human wants are insatiable
    • Most goods are scarce
    • All of the choices
  • Question of

    The objective of rational consumer is to

    • Buys as much as his income allows of the cheapest articles
    • Avoid purchasing the most expensive commodities
    • Secure the highest level of satisfaction from his money income
    • Spread his expenditures over as many products as possible
  • Question of

    A change in demand and supply

    • Is caused by the change in price
    • Is presented by a movement from one point to another on the demand or supply curve
    • Is caused by a change in any of the determinants of demand or supply other than price and is presented by the a shift of the entire demand or supply curve
    • None of the choice
  • Question of

    Which of the following statement is incorrect?

    • Microeconomics is primarily concerned with the problem of what, how and for whom to produce
    • Microeconomics is primarily concerned with the economic behavior decision making units when at equilibrium
    • Microeconomics is primarily concerned with the economic activities of the household, business and the government sector
    • Microeconomics is primarily concerned with the flow of goods and services from business firms to consumers, the composition of the flow and evaluation or pricing of the component of the flow
  • Question of

    Economics is

    • Is a scientific study which deals of how individuals and society generally makes choices
    • Concerned with goods and services to satisfy human wants
    • Concerned with allocation of scarce resources
    • All of the choices
  • Question of

    A change of quantity demanded or supplied

    • Is caused by any of the determinants of supply or demand
    • Is good of the change of price of good itself, when all other things remains unchanged and is represented by a movement from the point to another of the demand or supply curve.
    • Is presented by the shift of the entire demand or supply curve
    • None of the choices
  • Question of

    The market equilibrium point for a commodity is determined by

    • The market demand
    • The market supply
    • The balancing forces of demand and supply
    • Any of the choices
  • Question of

    When an individual’s income rises (other things constant) the demand for a normal good

    • Rises
    • Falls
    • Remains the same
    • We cannot say without additional information
  • Question of

    The supply curve slopping upward because

    • Price and quantity are directly related
    • Price and quantity is inversely related
    • Price and quantity are not related
    • None of the above
  • Question of

    The demand curve sloping downward because

    • Price and quantity are directly related
    • Price and quantity is inversely related
    • Price and quantity are not related
    • None of the choices
  • Question of

    Which of the following is also known as RA 7394, which protects consumers against hazard to health and safety, unfair sales nets and the like

    • Toxic Substance and Nuclear Waste Control Act
    • Consumers Act of the Philippines
    • Retail Trade Liberalization Act
    • None of the choices
  • Question of

    A price support leads to persistent

    • Surplus
    • Shortage
    • Restriction of output
    • None of the choices
  • Question of

    A price control will create a problem of

    • Surplus
    • Shortage
    • Rationing of output
    • All of the choices
  • Question of

    The exclusive right of an inventor for the control of his invention for a period of some say, 17 years is called

    • Patent
    • Royalty
    • Monopoly
    • Franchise
  • Question of

    The right of the property owner to designate the recipient of his property at the time of his death

    • The right of ownership
    • The right to be bequeath
    • The freedom of choice
    • The freedom of enterprise
  • Question of

    Protection against imitators or copycats is known as

    • Intellectual property rights
    • Copyright
    • Patent
    • SEC registration
  • Question of

    A fee received by individuals for endorsing a product is called

    • Franchise
    • Royalty
    • Patent fee
    • Intellectual property fee
  • Question of

    Which of the following cannot be used as synonym for another?

    • Price system
    • Command economy
    • Free enterprise
    • Capitalism
  • Question of

    Which of the following statement is incorrect?

    • The law of supply yields a positively sloped supply curve
    • The law of demand yields a negatively demand curve
    • A shortage or surplus is observed is disequilibrium occurs in the market
    • None of the choices
  • Question of

    It is owned by two or more people who agree to pool their resources in a common fund with the aim of sharing whatever profit(losses) they will get. Examples of which are law firms, accounting firms and medical offices

    • Sole proprietorship
    • Partnership
    • Corporation
    • Franchise
  • Question of

    It is the selling of government owned or controlled corporations and non-performing assets to the private sector

    • Privatization
    • Corporativism
    • Cooperativism
    • Regulation
  • Question of

    Underground economy is conducted

    • Outside legal boundaries
    • Within legal boundaries
    • On parts of entry
    • Outside parts of entry
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