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LEA Reviewer – Agricultural Economics and Marketing (Set 1)

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  • Question of

    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.

    • Socialism
    • Capitalism
    • Fascism
    • Communism
  • Question of

    Microeconomic theory studies how free-enterprise economy determines

    • The price of goods
    • all of the choices
    • the price of services
  • Question of

    Which aspect of taxation involves the policy of economics?

    • The fairness of the tax
    • All of the choices
    • The incidence of tax (i.e. who actually pays for the tax)
  • Question of

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

    • has alternative uses
    • insatiable
    • They command a price
    • Unlimited in supply
  • Question of

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

    • full employment
    • economic efficiency
    • Economic security
    • Economic freedom
  • Question of

    It is an economic system characterized by public ownership of property resources and collective determination of economic decisions through central economic planning.

    • Capitalism
    • Fascism
    • Socialism
    • Communism
  • Question of

    Which of the following criterion guides economic decisions?

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

    The word economic means household

    • decisions
    • resources
    • keeping
    • management
  • Question of

    Economics is everybody’s

    • vocation
    • concern
    • welfare
    • occupation
  • Question of

    The most basic of economic concept is

    • desires
    • needs
    • wants
    • scarcity
  • Question of

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

    • forms and market
    • employment
    • expenditures
    • enterprise
  • Question of

    Scarcity is a permanent economic phenomenon, shortage is

    • limited
    • temporary
    • short run
    • occasional
  • Question of

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

    • psychological
    • emotional
    • physiological
    • social
  • Question of

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

    • needs
    • motives
    • wants
    • desires
  • Question of

    Because resources is limited people must avoid ____ to prevent economics problems.

    • choices
    • extravagance
    • desires
    • motives
  • Question of

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

    • implicit cost
    • cash cost
    • explicit cost
    • opportunity cost
  • Question of

    The highest needs in hierarchy level is

    • self-actualization
    • esteem
    • belongingness
    • security
  • Question of

    Man will usually satisfy

    • social
    • basic
    • welfare
    • cultural needs before satisfying the higher level needs
  • Question of

    Macroeconomics is not concerned with

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

    Price support leads to persistent

    • surplus
    • restriction of output
    • shortage
    • none of the choices
  • Question of

    A price control will create a problem of

    • surplus
    • all of the choices
    • restriction of output
    • shortage
  • 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
    • franchise
    • monopoly
  • Question of

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

    • The right to be bequeaths
    • the freedom of enterprise
    • The right of ownership
    • the freedom of choice
  • Question of

    Protection against imitators or copycats is known as

    • intellectual property rights
    • SEC registration
    • patents
    • copyright
  • Question of

    A fee received by individuals for endorsing a product is called

    • franchise
    • patent fee
    • intellectual property rights fee
    • royalty
  • 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
    • franchise
    • corporation
    • partnership
  • Question of

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

    • Privatization
    • Franchise
    • Corporativism
    • Cooperativism
  • Question of

    Underground economy is conducted

    • outside legal boundary
    • outside parts of entry
    • within legal boundaries
    • on parts of entry
  • Question of

    When the current price exceeds the equilibrium price there is

    • surplus and price will fall
    • surplus and price will rise
    • shortage and price will rise
    • shortage and price will fall
  • Question of

    When there is price floor on the price of palay

    • all of the choices will take place
    • supply of palay increases because of the higher price
    • quantity supplied increases because of the high price
    • quantity demanded will decrease because of the high price
  • Question of

    Capital is usually accumulated from

    • interest
    • savings
    • profit
    • rent
  • Question of

    The main source of government revenues is

    • fees
    • taxes
    • licenses
  • Question of

    During the inflation the real value of income

    • remains unchanged
    • none of the choices
    • increases
    • decreases
  • Question of

    A term created to describe a situation of simultaneous economic stagnation, high unemployment and inflation is

    • a. deflation
    • stagnation
    • depression
    • inflation
  • Question of

    Among the widespread unemployment is

    • income effect
    • none of the choices
    • supply effect
  • Question of

    The most serious and widespread unemployment is

    • cyclical unemployment
    • frictional unemployment
    • hidden unemployment
  • Question of

    Severe and prolonged decline in business activity is called a change in the

    • depression
    • stagnation
    • inflation
    • deflation
  • Question of

    Changes in real wages are calculated by comparing changes in money wages with changes in the

    • rates of profit works
    • tax rate
    • cost of living
    • effort of work
  • Question of

    Which of the following is not the source of aggregate demand?

    • government expenditures
    • consumption expenditures
    • exports less imports
  • Question of

    GNP represents

    • market value of all final goods and services produced by the economy within the year
    • market value of all intermediate goods and services produced by the economy within the year
    • none of the choices
    • market value of all final and intermediate goods and services produced by the economy within the year
  • Question of

    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?

    • The real GNP of B increases faster than that of A
    • The real GNP of A is now higher than that of B
    • The real GNP of B is now higher than that of A
    • The real GNP of A increases faster than that of B
  • Question of

    In making year to year comparisons of GNP, a difference may arise between “money GNP and “real GNP” because

    • the total quantity of goods may change over the years
    • not all production of an economy represents tangible goods
    • the average index of goods prices may change
    • the nations gold supply may change
  • Question of

    Real GNP is greater that nominal GNP if

    • exports exceeds imports
    • imports exceeds exports
    • prices are falling
    • prices are racing
  • Question of

    An important difference between personal income and personal disposable income consists of

    • dividends
    • investment income
    • personal taxes
    • personal savings
  • Question of

    The phase of the cycle wherein output and employment expand to full employment is

    • peak
    • recovery
    • recession
    • tough
  • Question of

    Slope of the consumption function is called a. Average Propensity to consume b. Marginal Propensity to consume

    • Marginal Propensity to save
    • All of the choices
    • Average Propensity to consume
    • Marginal Propensity to consume
  • Question of

    Source of data relating to the measurement of prices, which measure the price of commodities at various stage of production, is called

    • producer price index
    • consumer price index
    • all of the choices
    • implicit price deflator
  • Question of

    Inflation caused by the deficiency of aggregate supply is called

    • cost-push inflation
    • demand pull or excess inflation
    • all of the choices
    • bottleneck inflation
  • Question of

    Unemployment resulting from the deficiency aggregate total demand

    • cyclical
    • frictional
    • all of the choices
    • structural
  • Question of

    Disposable income can either be spent on either on which two items?

    • saving and investment
    • consumption and savings
    • none of the choices
    • consumption and investment
  • Question of

    Which of the following is mostly associated with unemployment due to business recessions

    • frictional unemployment
    • cyclical unemployment
    • consumption and savings
    • seasonal unemployment
  • Question of

    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.

    • devaluation
    • depreciation
    • inflation
    • deflation
  • Question of

    Macroeconomics may be divided into four sectors except

    • GNP sector
    • Money sector
    • Unemployment and Inflation sector
    • Public sector
  • Question of

    Refers to any activity that uses resources today allowing for greater production in the future and hence, greater consumption

    • inventory
    • saving
    • deposit
    • investment
  • Question of

    Interest, the payment for the use of capital is commonly expressed

    • an absolute amount
    • in percent
    • as a combination of percentage and absolute amount
    • none of the choices
  • Question of

    The statement “Taxes reduce private spending and lower the equilibrium rate of “GNP” is

    • correct
    • incorrect
    • no basis for saying whether true or false
    • all of the above
  • Question of

    A minimum wage rate higher than the market wage rate results in

    • Labor
    • Labor surplus
    • An equilibrium in labor market
  • Question of

    When government wishes to create excess demand for foreign exchange, it basically adopts ___ of exchange rate

    • Devaluation
    • Depreciation
    • Deterioration
    • Overvaluation
  • Question of

    The regulatory agency responsible to register and monitor cooperative is called

    • Cooperative Development Authority
    • Cooperative Development Administration
    • Cooperation and Development Agency
    • All of the choices
  • Question of

    The extent of protection of agricultural outputs is measured by

    • National Power Corporation
    • National Performance Coefficient
    • Nominal Protection Coefficient
    • National Protection Cofactor
  • Question of

    The main subject of GATT-WHO organization is the reduction of

    • Tariffs
    • Quantitative Restrictions
    • Levies
    • Subsidies imposed on agricultural products
  • Question of

    The trading block where the Philippine belong is

    • Asean for Trade Association
    • Asean Free Trade Asia
    • Atlantic Free Trade Association
    • Association of Food and Trade Asia
  • Question of

    It measures the degree given to value added of agricultural sector

    • Effective Protection Rate
    • Effective Prevention Ration
    • Effective Prevention Reconnaissance
    • None of the choices
  • Question of

    It provide climate for enhancing competitiveness and food security of the country

    • Hybrid Valued Corn and Crops
    • High Valued Commodity Crops Act
    • High Value Commercial Crop Act
    • None of the choices
  • Question of

    The ___ reflects the current and capital accounts of the country via-a-vis other countries

    • Balance of Payment
    • Balance of Trade
    • Balance of Tariffs
  • Question of

    Unlike any other government programs, infrastructures do not enhance efficiency in the agricultural sector because it is sector neutral

    • true
    • maybe
    • false
    • maybe true, maybe false
  • Question of

    Most pricing policies adopted by the government are

    • Distortionary
    • Favoring urban consumers
    • Support farmer
    • None of the choices
  • Question of

    GNP can be measured through the national income category and the

    • expenditure category
    • output category
    • investment type category
    • consumer type category
  • Question of

    Land reform is intended to place the ownership of the land in the hands of the

    • landlord
    • tenant
    • tiller
    • lease
  • Question of

    The performance of the foreign trade is NOT determined by

    • foreign policies
    • restrictions
    • demand for good
    • trade laws
  • Question of

    An activity of function performed to alter the form, time, place, or possession characteristics of the product refers to

    • marketing services
    • market planning
    • none of the choices
  • Question of

    Which one does not belong to the 4P’s of marketing?

    • product
    • price
    • place
    • purchase
  • Question of

    The point of usual first sale by farmers, typically at the farm or at the farmer’s home is called

    • point of consumption
    • point of production
    • point of equilibrium
  • Question of

    The point where marketing ends or it is the point of last purchase or sale refers to

    • point of consumption
    • point of equilibrium
    • point of production
    • point of breakeven
  • Question of

    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

    • consumer subsystem
    • function subsystem
    • environmental subsystem
    • channel subsystem
  • Question of

    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

    • institutional approach
    • commodity approach
    • functional approach
    • market-structure-performance approach
  • Question of

    This involves the study of various agencies and function structures involved in marketing processes. It attempts to answer “who”

    • institutional approach
    • commodity approach
    • functional approach
    • market-structure-performance approach
  • Question of

    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.

    • advertising
    • promotion
    • packaging
    • selling
  • Question of

    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

    • middlemen
    • merchant middlemen
    • commission
    • broker
  • Question of

    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.

    • Middlemen
    • Merchant middlemen
    • Commission
    • Broker
  • Question of

    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

    • agent middlemen
    • merchant middlemen
    • commission
    • broker
  • Question of

    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

    • agent middlemen
    • merchant middlemen
    • commission
    • broker
  • Question of

    Marketing activity, which involves the sorting of products into lots or units according to one or more of their quality attributes

    • standardization
    • packaging
    • grading
    • branding
  • Question of

    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

    • financing function
    • risk-bearing function
    • standardization function
    • market intelligence function
  • Question of

    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

    • monopolistic market
    • purely competitive
    • oligopolistic market
    • perfect market
  • Question of

    This marketing function addresses the problem on product seasonality. This primary aim of which is to help

    • pooling
    • storage
    • processing
    • packaging
  • Question of

    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.

    • marketing intelligence
    • market research
    • advertising
    • branching
  • Question of

    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

    • marketing system
    • marketing origin
    • marketing channel
    • marketing program
  • Question of

    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.

    • merchant
    • wholesalers
    • retailers
    • brokers
  • Question of

    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.

    • marketing costs
    • marketing charges
    • marketing margins
    • mark-up
  • Question of

    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.

    • marketing costs
    • marketing charges
    • marketing margins
    • mark-up
  • Question of

    Consists of short-term incentives to encourage purchase of sales of a product or services

    • advertisement
    • publicity
    • sales promotion
    • selling
  • Question of

    Is anything that can be offered for a market for attention, acquisition, use or consumption that might satisfy a want or need

    • assets
    • resources
    • promotion
    • product
  • Question of

    A price reduction to reward a customer for paying bills on time

    • volume discount
    • functional
    • cash discount
    • seasonal discount
  • Question of

    Is a name, design or symbol (or a combination of these) that identifies the product of a seller.

    • design
    • trademark
    • brand
    • advertisement
  • Question of

    A pricing approach where the seller sets price in accordance with competitors

    • target profit pricing
    • demand-based pricing
    • competition-based pricing
    • variable pricing
  • Question of

    A pricing strategy where the firm charges the same price to all costumers who seek to purchase a good or service under similar conditions.

    • one price policy
    • flexible pricing
    • customary pricing
    • variable pricing
  • Question of

    A distribution strategy where the producer purposely limit the number of middlemen handling the products

    • intensive distribution
    • selective distribution
    • exclusive distribution
    • extensive distribution
  • Question of

    A market is usually defined as a

    • an activity of the buyers and sellers
    • players where buyers and sellers meet to exchange goods and services
    • group of purely competing buyers and sellers
    • all of the choices
  • Question of

    The series of services involved in the process of moving the products from the farm gate to the consumers

    • exchange
    • marketing
    • transporting
    • disbursement
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