Agricultural Economics MCQ Question and Answer

31

Which one of the following relationships will provide least cost combination of input use?

A) $$\frac{{\vartriangle {{\text{X}}_1}}}{{\vartriangle {{\text{X}}_2}}} = \frac{{{\text{P}}{{\text{X}}_2}}}{{{\text{P}}{{\text{X}}_1}}}$$ B) $$\frac{{\vartriangle {{\text{X}}_1}}}{{\vartriangle {{\text{X}}_2}}} > \frac{{{\text{P}}{{\text{X}}_2}}}{{{\text{P}}{{\text{X}}_1}}}$$ C) $$\frac{{\vartriangle {{\text{X}}_1}}}{{\vartriangle {{\text{X}}_2}}} < \frac{{{\text{P}}{{\text{X}}_2}}}{{{\text{P}}{{\text{X}}_1}}}$$ D) $$\frac{{\vartriangle {{\text{X}}_1}}}{{\vartriangle {{\text{X}}_2}}} = \frac{{{\text{P}}{{\text{X}}_1}}}{{{\text{P}}{{\text{X}}_2}}}$$

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Answer & Solution

Answer: Option A

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32

The term 'monopsony' means

A) Only two sellers of a commodity B) Only one seller of a commodity C) Only one buyer of a commodity D) None of the above

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Answer & Solution

Answer: Option C

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33

Perfect elasticity is shown by

A) Vertical straight line B) Horizontal straight line C) Slopping curve from left to right D) Slopping curve from right to left

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Answer & Solution

Answer: Option B

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34

Which method(s) is employed for calculating depreciation of tractors and livestock

A) Annual revaluation and reducing fraction B) Diminishing balance and straight line C) Straight line and annual revaluation D) Diminishing balance and reducing fraction

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Answer & Solution

Answer: Option C

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35

Principle of equimarginal return is applied when

A) The resources are unlimited B) The price of resources is high C) The prices of resources vary D) The resources are limited

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Answer & Solution

Answer: Option D

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36

The demand for agriculture commodity will tend to be elastic with respect to a change in its price if

A) Its price is low in relation to income B) It has several substitutes C) Its consumption develops into a habit D) It is properly priced

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Answer & Solution

Answer: Option B

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37

Regional Rural Banks are financed by

A) RBI B) Government Banks C) Nationalised Banks D) All of these

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Answer & Solution

Answer: Option D

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38

Exim bank was set-up in

A) 1980 B) 1982 C) 1981 D) 1985

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Answer & Solution

Answer: Option B

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39

Marketing surplus is

A) Total production - minus - Total family requirement B) Total consumption - minus - Marginal consumption C) Total cost - minus - Marginal cost D) Total production - minus - Total cost

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Answer & Solution

Answer: Option A

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40

When increase and decrease in the level of one product does not affect the production level of the other product, this relationship is known as

A) Supplementary B) Competitive C) Joint product D) Complementary

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Answer & Solution

Answer: Option A

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Agricultural Economics MCQ Question and Answer | Agriculture MCQ Question