EAG 2018/2019 - SUPPORT EXAM | Take the Quiz

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EAG 2018/2019 - Support Exam Quiz

Test your knowledge of Agricultural Economics with our engaging quiz! This quiz covers fundamental concepts, including consumer behavior, production factors, and elasticity in demand. Perfect for anyone looking to enhance their understanding of economics.

Explore key concepts in Agricultural Economics.
Assess your understanding with multiple-choice questions.
Get instant feedback on your performance.

10 Questions2 MinutesCreated by StudyingPlant314

2) Which of the following is not a property of an Indifference Curve?

A) Indifference Curve’s slope downward left to right.

B) The utility level of the Indifference Curve, which is always at the top of one Indifference Curve map, is lower than the curve below

C) The Indifference curves are not in contact with each other.

D) An infinite number of Indifference curves can be created for a pair of items under Consideration

What is the main factor influencing the producer equilibrium at point C in a factor-factor relationship?

A) Marginal cost is lowest.

B) Total cost is lowest

C) Total revenue is highest.

D) Total production is high.

4) Which of the following is the main production factor that includes in main four production factors in Agricultural Economics?

A) Scarcity.

B) Micro economics.

C) Macro economics

D) Land

5) Consumer’s Equilibrium occurs when?

A) MUA = MUB = MUC = … MUZ

B) MUA × PA = MUB× PB = MUC× PC = … MUZ×PZ

C) MUA/ PA = MUB/ PB = MUC/PC = … MUZ/ PZ

D) PA/MUA = PB/MUB = PC/MUC = … MUZ

6) If goods X and Y are SUBSTITUTES, then which of the following could be the value of the cross price elasticity of demand for good Y?

A) -1.

B) -2

C) Neither a) nor b).

D) Both a) and b).

7)Which of the following statements about the relationship between the price elasticity of demand and revenue is TRUE?

A) If demand is price inelastic, then increasing price will decrease revenue.

B) If demand is price elastic, then decreasing price will increase revenue.

C) If demand is perfectly inelastic, then revenue is the same at any price.

D) Elasticity is constant along a linear demand curve and so too is revenue.

8)) If a demand curve is VERTICAL, then own-price elasticity of demand for this good is equal to

A) Infinity.

B) Zero.

C) One.

D) None of the above

9).Note that P × Q equals $900 at every point on this demand curve.

I. Demand is unit elastic at a price of $30, and elastic at all prices greater than $30.

II. Demand is unit elastic at a price of $30, and inelastic at all prices less than $30.

III. Demand is unit elastic for all prices.

A) I and II only.

B) I only

C) I, II and III.

D) III only.

10) If – given consumer preferences – a certain good has few close substitutes available, then:

A) The demand for that good will be relatively inelastic, compared to goods for which there are many close substitutes

B) The supply of that good will be relatively inelastic, compared to goods for which there are many close substitutes.

C) The demand for that good will be relatively elastic, compared to goods for which there are many close substitutes.

D) The supply of that good will be relatively elastic, compared to goods for which there are many close substitutes

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EAG 2018/2019 - SUPPORT EXAM

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