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

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

The following are currently categorized as communist countries, except:

This economic decision addresses the tendency of overprotection.

The concept of opportunity costs refers to the following except:

Act as the grease in the marketing machinery

The shift in the production possibilities frontier results from:

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

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

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

The following are perceived to be more beneficial, except:

Which economy has an absolute advantage in sugarcane production?

William of Ockman introduced this important economic principle:

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

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

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

Commodities whose demand varies directly with money income refers to:

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

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

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

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

Marginal cost and average cost are related in this way:

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

He is widely regarded as father of modern economics.

Economies and diseconomies of scale occur mainly because:

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

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

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:

An extremely high inflation known as

Economics is a ___ science.

A negative inflation rate or declining prices is known as

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.

Fiscal policies are government policies related to:

The bulk of government spending is a accounted for by

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

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

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:

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

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

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

Trade liberalization is the result of the following except one:

The following are forms of trade restrictions except one:

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

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:

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

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

The opposite of devaluation is called:

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

The opposite of depreciation is called:

When evaluation or depreciation occurs, it means that:

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

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

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