Agricultural Economics and Marketing – Agriculturist Exam Reviewer (Set 3)

  • Question of

    The following are currently categorized as communist countries, except:

    • Laos
    • Cuba
    • Japan
    • China
  • Question of

    This economic decision addresses the tendency of overprotection.

    • How to produce?
    • For whom to produce?
    • How much to produce?
    • When to produce?
  • Question of

    The concept of opportunity costs refers to the following except:

    • A result of choices
    • Trade-offs in all decisions
    • Sufficiency of resources
    • Result of allocation
  • Question of

    Act as the grease in the marketing machinery

    • Market intelligence
    • Selling
    • Transportation
    • All of the choices
  • Question of

    The shift in the production possibilities frontier results from:

    • Inflation
    • Changes in production techniques
    • Changes in the combination of good produced
    • Increase in economic resources
  • Question of

    This is an economic system driven by purely self-interest of consumers and producers.

    • Market economy
    • Mixed economy
    • Command economy
    • Communism
  • Question of

    Which of the following are two fundamental conflicting problems, the reason why economist exist?

    • Choice and allocation
    • Limited income and limited goods
    • Scarcity and unlimited goods
    • Limited resources and unlimited wants/needs
  • Question of

    What is the probable opportunity cost of increasing three times the budget of the Agriculture sector than the previous year?

    • Decrease in performance of other sector
    • Improvement in the facilities and programs in Agriculture
    • Growth in the service sector
    • Increase farm subsides
  • Question of

    The following are perceived to be more beneficial, except:

    • Economic growth
    • Economic development
    • Population growth
    • Per capita income growth
  • Question of

    Which economy has an absolute advantage in sugarcane production?

    • Brazil
    • China
    • Philippines
    • Singapore
  • Question of

    William of Ockman introduced this important economic principle:

    • allocation
    • Ceteris paribus
    • opportunity cost
    • absolute advantage
  • Question of

    An economic concept that utilizes available resources to its best and efficient use.

    • opportunity cost
    • distribution
    • Ceteris paribus
    • allocation
  • Question of

    It refers to the tabular representation of the relationship between price and quantity demanded.

    • Law of demand
    • Law of supply
    • Demand schedule
    • Supply schedule
  • Question of

    If there is a negative relationship between the price of good X and the demand for good Y, then:

    • Goods X and Y are substitutes
    • Goods X and Y are complement
    • Good Y is an inferior good
    • Good Y is a normal good
  • Question of

    Commodities whose demand varies directly with money income refers to:

    • Substitute goods
    • Complementary goods
    • normal goods
    • inferior goods
  • Question of

    Which of the following is least likely to have an elastic demand?

    • Gasoline
    • Imported wine
    • Cars
    • Jewelries
  • Question of

    Which of the following would make the demand for a product elastic?

    • it is unique
    • it is very cheap
    • it has many possible uses
    • it is considered a necessity
  • Question of

    The stage of production which is considered to be rational stage of production:

    • Stage 1
    • Stage 2
    • Stage 3
    • Stage 4
  • Question of

    The addition to total output resulting from employing an additional unit of resource is:

    • Average product
    • Total product
    • Marginal product
    • A production function
  • Question of

    Marginal cost and average cost are related in this way:

    • When MC is less than AC, AC is falling
    • When MC is greater than AC, AC is falling
    • When MC is equal to AC, MC is at a minimum
    • None of the choices
  • Question of

    These are actual costs or “out of pocket” expenses incurred in the production of goods and services:

    • implicit costs
    • variable costs
    • explicit costs
    • fixed costs
  • Question of

    He is widely regarded as father of modern economics.

    • James Naismith
    • Heinrech Anton de Bary
    • Adam Smith
  • Question of

    Economies and diseconomies of scale occur mainly because:

    • of the law diminishing returns
    • Firms in an industry must be relatively large in order to use the most efficient productive techniques
    • of the inherent difficulties involved in managing and coordinating a large business enterprise
    • The short run average total cost curve rises when marginal product is greater than average total cost
  • Question of

    In the Philippines, national income is done and maintained by what office/agency?

    • Department of Budget and Management
    • Department of Trade and Industry
    • Department of Finance
    • National Economic Development Authority (NEDA)
  • Question of

    Economists prefer to use real GNP than current or nominal GNP as a measure of aggregate output because

    • Current GNP always understates actual output changes
    • Real GNP adjusts current GNP for inflation
    • Real GNP adjusts for the unequal distribution of income
    • All of the choices
  • Question of

    Given the following equations: S = -25 + 0.4Y; G = 20; I = 15; T = 0 Suppose the Nominal GDP in 2009 was 500 billion pesos and the CPI was 125, then the real GDP must be:

    • P 125 billion
    • P 499 billion
    • P 300 billion
    • P 500 billion
  • Question of

    An extremely high inflation known as

    • stagflation
    • super inflation
    • Megainflation
    • Hyperinflation
  • Question of

    Economics is a ___ science.

    • biological
    • social
    • environmental
    • agricultural
  • Question of

    A negative inflation rate or declining prices is known as

    • Deflation
    • Reinflation
    • Disinflation
    • Preinflation
  • Question of

    An economic system often associated with Hitler’s Germany , Mussolini’s Italy , and the militaristic government of Japan all before the end of the second world war.

    • socialism
    • fascism
    • capitalism
    • communism
  • Question of

    Fiscal policies are government policies related to:

    • wages and prices
    • Money supply, credit and interest rates
    • Government expenditures and taxation
    • Investment
  • Question of

    The bulk of government spending is a accounted for by

    • maintenance and operating expenses
    • debt service
    • personal services
    • capital outlay
  • Question of

    By open market operations we mean the actions of the government to:

    • Increase or decrease government spending
    • Increase or decreases taxes
    • Buy and sell government securities of bonds
    • Buy and sell investment goods and services
  • Question of

    This is a phase in the business cycle when economic prosperity is experienced

    • recessional phase
    • peak phase
    • expansion phase
    • trough phase
  • Question of

    A field in international economics which focuses on real transactions that involve a physical movement of goods or a tangible commitment of economic revenues is:

    • International Finance
    • International Trade
    • Production economics
    • Marketing economics
  • Question of

    The economic framework which has been defined by GATT-WTO calls for the expansion and stabilization of world trade through the following except one:

    • Tariffication of quantitative restrictions
    • Reduction of domestic price and export subsidies
    • Increase tariffs on all agricultural products
    • Market access commitments and harmonization of sanitary and phyto-sanitary measures
  • Question of

    These are taxes imposed as a fraction of the value of the imported goods (i.e. 20% of the important value).

    • Import tariffs
    • Ad Valorem tariffs
    • export tariffs
    • all of the choices
  • Question of

    As a result of tariff imposition, the imposing country suffers from efficiency losses which include the following:

    • Production distortion losses
    • Consumption distortion losses
    • Production distortion losses and consumption distortion losses
  • Question of

    Trade liberalization is the result of the following except one:

    • tariff reduction
    • elimination of production subsidies
    • elimination of export subsidies
    • limited flow of goods from abroad
  • Question of

    The following are forms of trade restrictions except one:

    • tariff
    • Quota
    • Import licenses
    • Subsidy
  • Question of

    The expenditures of the domestic economy on imported goods are called:

    • imports
    • exports
    • investment income
    • transfer payments
  • Question of

    When a country engages in international transactions, it always involves at least two kinds of currencies. The value of domestic currency relative to the foreign currency is called:

    • foreign exchange rate
    • domestic exchange rate
    • foreign exchange
    • none of the choices
  • Question of

    The fixed exchange rate, on the other hand is determined by:

    • forces of supply and demand through foreign exchange
    • the demand for a particular currency alone
    • the supply for a particular currency alone
    • the government through the Central Bank
  • Question of

    When the Central Bank of the Philippines devaluates its currency against the US dollar, it means that:

    • the value of the peso increases against the dollar
    • the value of the peso declines relative to the dollar
    • the value of the peso remains the same
    • none of the choices is correct
  • Question of

    The opposite of devaluation is called:

    • evaluation
    • revaluation
    • depreciation
    • appreciation
  • Question of

    When the Philippine currency depreciates against the US dollar due to forces of supply and demand, it means that:

    • the value of the peso increases against the dollar
    • the value of the peso declines relative to the dollar
    • the value of the peso remains the same
    • none of the choices is correct
  • Question of

    The opposite of depreciation is called:

    • evaluation
    • revaluation
    • depreciation
    • appreciation
  • Question of

    When evaluation or depreciation occurs, it means that:

    • the foreigners have to lay more for the devalued currency
    • the foreigners have to pay less for the devalued currency
    • the foreigners have to pay the same for the devalued currency
    • the foreigners cannot determine how much to pay for the devalued currency
  • Question of

    When the exchange rate (P/S) increases, the value of the peso relative to the dollar becomes:

    • stronger
    • weaker
    • remains the same
    • cannot be determined
  • Question of

    It is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

    • Economic Development
    • Economic Growth
    • Economic Growth rate
    • Technological Change

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