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LEA Reviewer – Agricultural Economics and Marketing (Set 1)
LEA Reviewer – Agricultural Economics and Marketing (Set 1)
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It is an economic system in which all major decisions concerning the level of resources use, the composition and distribution of output and the organization of production are determined by price system.
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Microeconomic theory studies how free-enterprise economy determines
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Which aspect of taxation involves the policy of economics?
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Which of the following is not a characteristic of economic resources?
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When all available resources should be employed or no workers should be involuntary out of work, this is related to the goal of
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It is an economic system characterized by public ownership of property resources and collective determination of economic decisions through central economic planning.
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Which of the following criterion guides economic decisions?
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The word economic means household
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Economics is everybody’s
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The most basic of economic concept is
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While macroeconomics deals with economy as a whole, microeconomics deals with the actions of individual
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Scarcity is a permanent economic phenomenon, shortage is
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The basic human needs like food, water, clothing and shelter are considered
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This refers to all things people would consume if they had unlimited resources
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Because resources is limited people must avoid ____ to prevent economics problems.
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The value of the best alternative one gives up when a choice is made is called
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The highest needs in hierarchy level is
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Man will usually satisfy
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Macroeconomics is not concerned with
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Price support leads to persistent
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A price control will create a problem of
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The exclusive right of an inventor for the control of his invention for a period of some say, 17 years is called
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. The right of the property owner to designate the recipient of his property at the time of his death refers to
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Protection against imitators or copycats is known as
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A fee received by individuals for endorsing a product is called
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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
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It is the selling of government-owned or controlled corporations and non-performing assets to the private sector
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Underground economy is conducted
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When the current price exceeds the equilibrium price there is
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When there is price floor on the price of palay
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Capital is usually accumulated from
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The main source of government revenues is
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During the inflation the real value of income
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A term created to describe a situation of simultaneous economic stagnation, high unemployment and inflation is
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Among the widespread unemployment is
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The most serious and widespread unemployment is
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Severe and prolonged decline in business activity is called a change in the
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Changes in real wages are calculated by comparing changes in money wages with changes in the
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Which of the following is not the source of aggregate demand?
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GNP represents
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Over a given period (1976-1980), GNP in current price in country A doubled, but prices increase by 70 percent. In country B, nominal GNP rose by only 20 percent while prices remain virtually the same. Which of the following can be inferred?
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In making year to year comparisons of GNP, a difference may arise between “money GNP and “real GNP” because
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Real GNP is greater that nominal GNP if
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An important difference between personal income and personal disposable income consists of
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The phase of the cycle wherein output and employment expand to full employment is
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Slope of the consumption function is called a. Average Propensity to consume b. Marginal Propensity to consume
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Source of data relating to the measurement of prices, which measure the price of commodities at various stage of production, is called
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Inflation caused by the deficiency of aggregate supply is called
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Unemployment resulting from the deficiency aggregate total demand
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Disposable income can either be spent on either on which two items?
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Which of the following is mostly associated with unemployment due to business recessions
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An option resorted by countries, which is done by changing the country’s exchange rate in a fixed rate system or by increasing the number of units of s country’s currency.
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Macroeconomics may be divided into four sectors except
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Refers to any activity that uses resources today allowing for greater production in the future and hence, greater consumption
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Interest, the payment for the use of capital is commonly expressed
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The statement “Taxes reduce private spending and lower the equilibrium rate of “GNP” is
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A minimum wage rate higher than the market wage rate results in
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When government wishes to create excess demand for foreign exchange, it basically adopts ___ of exchange rate
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The regulatory agency responsible to register and monitor cooperative is called
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The extent of protection of agricultural outputs is measured by
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The main subject of GATT-WHO organization is the reduction of
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The trading block where the Philippine belong is
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It measures the degree given to value added of agricultural sector
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It provide climate for enhancing competitiveness and food security of the country
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The ___ reflects the current and capital accounts of the country via-a-vis other countries
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Unlike any other government programs, infrastructures do not enhance efficiency in the agricultural sector because it is sector neutral
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Most pricing policies adopted by the government are
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GNP can be measured through the national income category and the
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Land reform is intended to place the ownership of the land in the hands of the
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The performance of the foreign trade is NOT determined by
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An activity of function performed to alter the form, time, place, or possession characteristics of the product refers to
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Which one does not belong to the 4P’s of marketing?
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The point of usual first sale by farmers, typically at the farm or at the farmer’s home is called
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The point where marketing ends or it is the point of last purchase or sale refers to
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It is part or component of the marketing system, which includes the climatic/physical, socio-cultural, economic, technological and legal/political factors that affects the marketing system
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An approach in the study of marketing which covers the characteristic of the product, the market demand and supply situation at the domestic and international level, the behavior of the consumers in relation to a specific product and prices either at the farm, wholesale or retail level is referred to us
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This involves the study of various agencies and function structures involved in marketing processes. It attempts to answer “who”
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While advertising inform the consumers of product availability (creating awareness among them), this marketing function on the other hand, encourage them to buy (enhancing demand). Sometimes it does not only encourages them to buy, but also of P0.95, provision of supplementary products, free samples etc.
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They are those individuals or business concerns that specialize in performing the various marketing functions involved the purchase and sale of goods as they are moved from producers to consumers
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It is a type of middlemen who takes title to and therefore, owns the products they handle. They also buy and sell for their gain.
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A type of middlemen who acts as representatives of their client. They do not take title to and therefore do not own, the products they handle. They just receive their incomes in the form of fees and commission. They sell their services to their principal, not physical goods to consumers
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This agent usually not have physical control of the product. He ordinarily follows the instructions of his principal closely and has less discretionary power in price negotiations than the commission agent
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Marketing activity, which involves the sorting of products into lots or units according to one or more of their quality attributes
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This marketing function is the establishment and maintenance of uniform measurement. This function simplifies buying and selling, since it makes the sale by sample and description
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A type of market where the number of buyers and sellers is sufficiently large so that no individual can perceptibly influence price by his decisions to buy or sell. The product is also sufficiently homogeneous so that the product of one firm is essentially a perfect substitute for that of other firm refers to
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This marketing function addresses the problem on product seasonality. This primary aim of which is to help
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This marketing service that influences the buyers and/or consumers to buy. The objective is to form consumers what is available for purchase, especially if the product is new in the market.
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It refers to an inter-organizational system made up of a set of interdependence institutions and agencies involved in the task of moving product from their point of production to their point of consumption
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They are products handlers who serve as the last link in the marketing channel. They have greater utility both in rural and urban centers by selling to consumers. They occupy almost everyday.
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This refers to the differences between prices at different levels of the system. It can be also defined as the difference between what consumer pays and what the producer receives for his agricultural produce. It also termed as “price spreads” between farm price and retail price.
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This refers to the cost of marketing services rendered between the prices the farmers and the consumers. These include wages, interest on borrowed capital, land rent, building rental and the profit of the entrepreneur who risk his capital.
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Consists of short-term incentives to encourage purchase of sales of a product or services
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Is anything that can be offered for a market for attention, acquisition, use or consumption that might satisfy a want or need
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A price reduction to reward a customer for paying bills on time
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Is a name, design or symbol (or a combination of these) that identifies the product of a seller.
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A pricing approach where the seller sets price in accordance with competitors
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A pricing strategy where the firm charges the same price to all costumers who seek to purchase a good or service under similar conditions.
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A distribution strategy where the producer purposely limit the number of middlemen handling the products
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A market is usually defined as a
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The series of services involved in the process of moving the products from the farm gate to the consumers
