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1) In law of supply the relationship between price and quantity supplied is: a. Direct b. Indirect c. Both (a) and (b) d. None of the above
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2) In mixed farming the contribution of livestock to gross farm income is: a. At least 10% b. At least 30% c. At least 40% d. More than 50%
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3) Who wrote the book, "The Theory of Monopolistic Competition": a. Joan Robinson b. E.H. Chamberlin c. A.C. Pigou d. Frederic Benham
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4) In pesant farming the owner of the land is: a. Land lord b. Co-operative society c. Government d. Farmer
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5) In prefect competition, there are: a. Large number of buyers and few number of seller in the market b. Large number of sellers and few number of buyers in the market c. Number of buyers and sellers are large and nearly equal d. All of above
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6) The fource of finance of State Co-operative Bank is: a. Deposits from member and non-members b. Borrow from State Government etc. c. Both (a) and (b) d. None of these
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7) In the short run, Average Cost, Average Variable Cost and Marginal Cost Curves are 'U' shaped due to the operation of: a. Low of equimarginal returns b. Substitution between two factor inputs c. Law of variable proportion d. Time comparison principle
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8) Which of the following is not merit of open auction system? a. It disposes of the market supply promptly b. A wide variety of goods are available to buyers for selection c. The buyers of small lots have disadvantage d. The payments of the price of the goods is made immediately
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9) In which method of sale, prices are fixed by mutual agreement: a. Dara sale b. Under cover of a cloth c. Private negotiation d. Close tender system
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10) In which planning period profit rule says that gross return should cover variable cost: a. Long run b. Short run c. Both (a) and (b) d. None of the above
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11) In which planning period we can change the output by altering the size of form: a. Long run b. Short run c. Both (a) and (b) d. None of the above
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12) In which planning period we can change the output without altering the size of the plant: a. Long run b. Short run c. Accounting period d. Base year period
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13) In which relationship increase or decrease in the production of one product affects the production of the other commodity inversely: a. Joint product b. Supplementary c. Complementary d. Competitive
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14) A boom is marked by: a. Full employment b. Under employment c. Overfull employment d. None of the above
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15) In which system of sale commission agents takes the sample of the produce to the shops of buyers? a. Quotations on samples b. Open auction system c. Private negotiation d. None of the above
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16) Which of the following is not component of farm business? a. Capital b. Environment c. Land d. Management
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17) Which of the following is not a type of farming on the basis of land use and cultural practices classification? a. Tenant farming b. Specialized farming c. Diversified farming d. Mixed farming
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18) Which of the following is not a farming system on the basis of ownership and management classification? a. Tenant farming b. Co-operative farming c. Mixed farming d. State farming
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19) Income tax is a: a. Direct tax b. Indirect tax c. Both (a) and (b) d. None of these
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20) Which of the following is not a factor-affecting rate of market development? a. Nature of demand b. Nature of product c. Transportation of communication d. Disturbance and un-security
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21) Indifference curve are those curve: a. Which are circular in shape b. Which are concave in shape c. Which does not intersect to each other d. Which always cuts the axis
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22) Individuals do not have physical control of the product but they render personal service are known as: a. Speculated middle man b. Commission agents c. Brokers d. Whole sellers
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23) Individuals, which specialize in performing the various marketing functions and rendering their services, are known as: a. Producers b. Consumers c. Middle man d. None of the above
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24) Individuals who buy goods from whole sellers and sell them to the consumers in small quantities are known as: a. Whole seller b. Retailer c. Consumer d. Producer
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25) Initial utility is the utility of the: a. First unit b. Last unit c. Marginal units d. Third unit
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26) Keeping few birds, some fruit trees and a small garden on farm are the: a. Complementary enterprise b. Competitive enterprise c. Supplementary enterprise d. None of these
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27) Which of the following is not a component of farm business? a. Land b. Capital c. Labour and Management d. Water
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28) Land holding of either 10 or more hectares have been classified as: a. Semi-medium b. Medium c. Semi-large d. Large
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29) Land reforms have been equated with total ______ development: a. Urban b. Agrarian c. Industrial d. Education
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30) Level of output of a particular commodity depends upon the quantities of inputs used for its production. This relationship is known as: a. Production process b. Product mix c. Production function d. Cost function
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31) The return from best alternate use of that input forgone by putting it to the present use is known as: a. Average cost b. Total cost c. Marginal cost d. Opportunity cost
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32) The route through which agricultural products move from producers to consumers is known as: a. Marketing information b. Marketing channels c. Marketing efficiency d. Marketing institutions
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33) M.P.P. is equal to (P = Production, X = input): a. rP/rX b. rX/rP c. P/X d. rX/rP x 100
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34) Main functions of a Central Bank are: a. To serve as an ideal banking institution b. To regulate entire banking institute of the state c. To issue paper currency d. To serve as a government bankers
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35) Which of the following is an economic factor, affects the type or system of farming? a. Availability of capital b. Water c. Land d. All of the above
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36) Man's wants are: a. Limited b. Unlimited c. Countable d. Scarce
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37) Management decisions, which involve lasting effects, are known as: a. Operational decisions b. Strtegic decisions c. Marketing problem decisions d. Administrative decisions
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38) Marginal cost is equal to: a. Change in total cost/change in output b. Change in total cost + 100 c. Average fixed cost d. None of the above
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39) Morginal cost is equal to: a. The average cost of the total output produced b. The difference between average cost and the cost of the last unit produced c. The cost of the last but one unit produced d. The extra cost of an additional unit produced
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40) Marginal cost is the: a. Change in cost due to one unit change in input b. Change in cost due to one unit change in output c. Change in variable cost due to one unit change in input d. None of the above
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41) Marginal farmers are those farmers having land holding: a. Less than 5 acres b. Less than 2 acres c. Less than 1 acre d. All of those
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42) Marginal product is the: a. Output per unit of input b. Total output divided by total input c. Change in output due to one unit change in input d. Change in input due to one unit change in output
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43) Marginal utility of a commodity is the utility derived from the purchase of: a. The first unit b. All the units c. Any extra unit d. The last but one unit
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44) Market demand curve is faced by: a. Monopolist b. Competitive firm c. Joint firm d. Oligopolic firm
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45) Marshall defines economics as: a. The study of mankind in the ordinary business of life b. The study of human behaviour as a relationship between ends and scarce means, which have alternative uses c. An enquiry into the nature and causes of the wealth of nation d. Fundamentally a science of scarcity
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46) Marshall's definition of economics has been criticized by: a. Ricardo b. Robbins c. Ruskin d. Carlyle
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47) Maximum profit will be at the point where: a. M.C. = M.R. b. M.C. is more than M.R. c. M.C. is less than M.R. d. None of the above
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48) Means to satisfy human wants are: a. Unlimited b. Limited c. Both (a) and (b) d. None of the above
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49) Which of the following contributes more national income and stand next to agriculture? a. Mining and manufactures b. Animal husbandry c. Transportation d. Forestry
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50) Which are of the following is administrative decision? a. Financing the farm business b. Accounting and book-keeping c. Adjustments of government programmes and policies d. All of these
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