Agricultural Economics - Practice Test

(A) a-2, b-1, c-3, d-4

(B) a-2, b-3, c-4, d-1

(C) a-1, b-2, c-3, d-4

(D) a-3, b-2, c-1, d-4

(A) a-2, b-1, c-3, d-4

(A) Subsidy paid by the government over the price already available in the market

(B) The floor price below which it cannot be sold

(C) The minimum price at which the government is prepared to buy it

(D) Money paid to agriculturists for case of drought damaging their crops

(C) The minimum price at which the government is prepared to buy it

(A) Capital expenditure

(B) Revenue expenditure

(C) Both A and B

(D) Neither A nor B

(A) Capital expenditure

(A) The law of substitution

(B) The law of diminishing returns

(C) The law of comparative advantage

(D) The law of equimarginal return

(D) The law of equimarginal return

(A) Free

(B) Scarce

(C) Limited

(D) Unlimited

(B) Scarce

Agricultural Economics - Study Mode