All Free Agriculture MCQs with Answers

• A. Company
• B. Firm
• C. Factory
• D. None

Explanation: A firm is a business organization that combines resources to produce goods or services for profit and may own or operate one or more…

• A. Implicit cost
• B. Net cost
• C. Explicit cost
• D. Total cost

Explanation: An explicit cost involves an actual monetary payment to an outside resource supplier, such as wages, rent or purchased inputs.

• A. Prices discrimination
• B. Prices differentiation
• C. Oligopoly
• D. Prices elasticity

Explanation: Price discrimination means charging different prices for the same standard or product to different buyers or markets when the cost…

• A. Economy Profit
• B. Pure Profit
• C. All these
• D. Above normal Profit

Explanation: Economic profit is total revenue minus all economic costs, including both explicit and implicit costs.

• A. None
• B. Closed economy
• C. Open economy
• D. Command economy

Explanation: A command economy publicly owns major productive resources and uses central planning to decide how economic activity is organized.

• A. Saving
• B. Gross income
• C. Net income
• D. None of these

Explanation: Saving is the portion of income left after consumption is deducted, commonly expressed as income minus consumption.

• A. Busyness
• B. Investment
• C. Consumption
• D. Entrepreneurship

Explanation: Investment is the use of current income or savings to acquire productive assets or activities that can generate future income.

• A. GNP
• B. None of theseHire Grant Writers
• C. NDP
• D. GDP

Explanation: GDP measures the market value of final goods and services produced within a country's borders during a given year.

• A. Adam Smith
• B. Rostow
• C. Keynes
• D. Lewis

Explanation: Adam Smith wrote The Wealth of Nations, published in 1776, a foundational work in classical economics.

• A. Induction
• B. Deduction
• C. Specification
• D. None

Explanation: Deduction starts with a general theory or principle and applies it to particular facts or cases.

• A. Public sector
• B. Govt sector
• C. Ptivate sector
• D. None

Explanation: Households and privately owned business firms belong to the private sector, which operates outside direct government ownership.

• A. Productivity
• B. Production
• C. Efficiency
• D. None

Explanation: Productivity is output per unit of input, such as crop yield per hectare or output per worker.

• A. Resource market
• B. Product market
• C. Consumer market
• D. Producer marketTake Economics Courses

Explanation: A resource market is where households supply factors such as labour, land, and capital, while firms purchase their services.

• A. Salary
• B. Wage
• C. Income
• D. All

Explanation: Wage is the payment made to labour for its services, commonly stated per hour, day, or other unit of time.

• A. Inflation
• B. Underemployment
• C. Unemployment
• D. Deflation

Explanation: Unemployment means that available labour resources are not being used to produce goods and services.

• A. Traditional economy
• B. Mixed economy
• C. capitalistic economy
• D. Command economy

Explanation: In a traditional economy, customary practices and inherited traditions determine what is produced, how it is produced, and for whom.

• A. Trade surplus
• B. Trade deficit
• C. Trade bloc
• D. None

Explanation: A trade deficit occurs when the value of imports exceeds the value of exports.

• A. Both
• B. Advanced knowledge
• C. Technology
• D. None

Explanation: Technology is the combined body of knowledge, skills, and techniques used to transform economic resources into goods and services.

• A. GNP
• B. Foreign exchange
• C. Net profit
• D. Tariff

Explanation: A tariff is a tax placed by a government on imported goods, usually to raise revenue or protect domestic producers.

• A. Net income
• B. Real income
• C. Total income
• D. None

Explanation: Real income is nominal income adjusted for changes in the price level, so it reflects actual purchasing power.