ECN 215 CBT PRACTICE

Phil 2 days agoLast Updated: January 12, 2025

0 548 1 minute read

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ECN 215 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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ECN 215

1 / 50

1. Net farm income measures:

A. Profit excluding taxes and labor costs

B. Direct input contributions to final output

C. Benefits from rotational cropping techniques

D. Total revenue minus all production-related costs

2 / 50

2. Budgeting assists farm managers by:

A. Limiting market adaptability through reserves

B. Focusing solely on immediate output expansion

C. Tracking expenses for specific enterprises

D. Planning for long-term depreciation losses

3 / 50

3. Which of these factors is crucial for agricultural development?

A. Reduced population

B. High interest rates

C. Strict trade policies

D. Improved technology

4 / 50

4. Shadow prices represent:

A. Economic value of resources in constraints

B. Costs arising from underutilized technology

C. Potential profit from banned imports

D. Differences between market and fixed costs

5 / 50

5. Planning in farm management ensures:

A. Uniform pricing across markets

B. Increased reliance on subsidies

C. Efficient allocation of resources

D. Avoidance of production risks

6 / 50

6. Sustainability in production primarily depends on:

A. Market flexibility for luxury goods

B. Maintaining resource-efficient input balances

C. Long-term external subsidies

D. Decreasing reliance on fixed costs

7 / 50

7. An isorevenue curve identifies:

A. Combinations of products leading to identical revenues

B. Costs across firms for various production units

C. Fixed pricing points in dynamic markets

D. Regional supply differentials in trade analysis

8 / 50

8. Which of the following is an example of an agricultural subsidy

A. Export tariffs

B. High interest rates

C. Import duties

D. Tax reductions for farmers

9 / 50

9. Economic optimum involves:

A. Excluding variables affecting price elasticity

B. Maximizing surplus through resource inefficiency

C. Aligning prices of multiple outputs equally

D. Allocating inputs to gain maximum profit

10 / 50

10. Comparative budgeting assesses

A. Viability of different farming systems or enterprises

B. Loan structures for small-scale farmers

C. Distribution channels in rural economies

D. Economic forecasts for export commodities

11 / 50

11. Diminishing returns arise from

A. Balancing capital with labor output

B. Technological inefficiencies across farms

C. Increasing inputs beyond optimum levels

D. Reducing outputs to increase prices

12 / 50

12. The goal of agricultural economics often focuses on:

A. Military modernization

B. Urban sector surplus

C. Industrial transformation

D. Agricultural surplus to support non-farm sectors

13 / 50

13. Agricultural producers in subsistence economies prioritize

A. Combining production for local consumption needs

B. High-margin international trade profits

C. Dominating modern manufacturing circuits

D. Isolating supply from consumption variables

14 / 50

14. Market equilibrium in agricultural economics occurs when:

A. Demand exceeds supply

B. Supply exceeds demand

C. Prices are unpredictable

D. Demand equals supply

15 / 50

15. Which type of market structure is most common in agriculture?

A. Oligopoly

B. Monopoly

C. Perfect competition

D. Monopolistic competition

16 / 50

16. The term "agribusiness" refers to:

A. Commercial agriculture and related industries

B. Small-scale farming

C. Rural-based banking

D. Importing agricultural goods

17 / 50

17. Predicting market preferences over time

A. Distribution mechanisms for farm outputs

B. Predicting market preferences over time

C. Comprehensive financial details of a specific farm activity:

D. Social and cultural aspects influencing production

18 / 50

18. Which economic concept helps determine the best use of limited land resources?

A. Marginal analysis

B. Comparative advantage

C. Inflation rate

D. Economies of scale

19 / 50

19. Isocost lines are helpful for understanding:

A. Equal levels of revenue generation

B. Shift patterns in market demand

C. Combinations of inputs for specific expenditures

D. Consumer purchasing behavior

20 / 50

20. Profit maximization is achieved when:

A. Average revenue matches production supply

B. Marginal revenue equals marginal cost

C. Fixed costs equal variable costs

D. Price elasticity is zero

21 / 50

21. A whole farm plan involves

A. Detailed integration of all farm enterprises

B. Managing a single enterprise efficiently

C. Eliminating all fixed costs from operations

D. Assessing market demand exclusively

22 / 50

22. Gross margin analysis measures:

A. Profitability excluding variable costs

B. Net revenue after fixed and variable costs

C. Cost allocation in diverse enterprises

D. Subsidy effectiveness for sustainability

23 / 50

23. Efficiency in resource use improves through:

A. Following seasonal price changes rigidly

B. Allocating only labor-intensive processes

C. Adding market-based fixed rates

D. Integrating marginal utility and output value

24 / 50

24. Linear programming in farm planning is used for:

A. Resource optimization among competing uses

B. Predicting market preferences over time

C. Identifying major supply chain disruptions

D. Developing cultural strategies in agriculture

25 / 50

25. Copy - The law of diminishing returns in agriculture refers to:

A. Consistent output regardless of inputs

B. Decreased yields with more investment

C. Consistent output regardless of inputs

D. Decreased additional output as more inputs are used

26 / 50

26. Price elasticity of demand in agriculture is often:

A. Unit elastic

B. Highly elastic

C. Farming with modern equipment

D. Inelastic due to necessity of food

27 / 50

27. The relationship between input and output in agricultural production is known as:

A. Economies of scale

B. Law of supply

C. Production function

D. Opportunity cost

28 / 50

28. Which branch of economics deals with the production, distribution, and consumption of agricultural goods?

A. Behavioral economics

B. Microeconomics

C. Financial economics

D. Agricultural economics

29 / 50

29. Marginal product measures:

A. Contribution of additional input to total output

B. Price ratio variations across economies

C. Revenue changes from technological shifts

D. Elasticity of a single input’s demand

30 / 50

30. Profit maximization often involves

A. Exceeding labor demand in multiple markets

B. Matching high-input with low-price produce

C. Achieving optimal balance of input costs and returns

D. Incorporating government loan subsidies

31 / 50

31. Overhead costs in budgets include:

A. Fixed and unavoidable expenses across cycles

B. Income variances within different markets

C. Asset-heavy expansion plans

D. Seasonal labor acquisition strategies

32 / 50

32. Opportunity cost signifies:

A. Marginal benefits exceeding fixed costs

B. Differences between public policies

C. Balancing economic investments

D. Value lost due to choices foregone

33 / 50

33. Economists often emphasize balanced growth to ensure:

A. Rapid industrial expansion

B. Dependency on imports

C. Competitive international markets

D. Stable agricultural supply for various sectors

34 / 50

34. Elasticity of substitution reflects:

A. Proportional shifts in labor demand

B. Output sustainability under excess input use

C. Market adaptability to input variation

D. Output resistance to supply changes

35 / 50

35. The primary goal of agricultural economics is:

A. Reducing labor

B. Maximizing profits

C. Industrial growth

D. Sustainable food production

36 / 50

36. The role of government in agricultural economics often includes:

A. Providing subsidies and policies to improve productivity

B. Ignoring market dynamics

C. Controlling production entirely

D. Eliminating private ownership of farms

37 / 50

37. Farm enterprises focused on diversification aim at:

A. Reducing costs below competitive benchmarks

B. Relying heavily on government protection policies

C. Minimizing risks and expanding income avenues

D. Prioritizing single-output profits exclusively

38 / 50

38. Farm risk management prioritizes

A. Minimizing exposure to unpredictable conditions

B. Maximizing returns in unfavorable climates

C. Ensuring fixed revenues in international trade

D. Linking profits to high-cost investments

39 / 50

39. Which of the following is NOT a factor of production in agricultural economics

A. Capital

B. Land

C. Labor

D. Weather

40 / 50

40. Break-even analysis highlights

A. Price differentiation strategies for local sales

B. Minimum levels of production to recover costs

C. Role of debt in long-term farm sustainability

D. Technological advances required for output

41 / 50

41. Which of the following is a natural resource in agriculture?

A. Land

B. Machinery

C. Fertilizers

D. Seeds

42 / 50

42. What does "opportunity cost" mean in agricultural economics?

A. The monetary expense of production

B. The value of the next best alternative forgone

C. The cost of fertilizer

D. The cost of labor

43 / 50

43. An increase in the price of agricultural goods typically results in:

A. Constant demand

B. Reduced supply

C. Higher demand

D. Increased supply

44 / 50

44. Which of the following is an example of a fixed cost in agriculture?

A. Fertilizers

B. Wages

C. Machinery depreciation

D. Seeds

45 / 50

45. Government intervention is vital:

A. Where optimal public policies shape infrastructure

B. When allocation favors profit-only efficiency

C. During uncontrolled monopoly trends

D. For immediate market responses

46 / 50

46. The interaction of supply and demand primarily determines:

A. Workforce engagement

B. Subsidies

C. Inflation rates

D. Prices in agricultural markets

47 / 50

47. Agricultural economics is primarily concerned with:

A. Efficient allocation of resources in agriculture

B. Urban development

C. Political reforms

D. Industrial production

48 / 50

48. The "supply curve" in agricultural economics typically slopes:

A. Downward

B. Horizontally

C. Upward

D. Vertically

49 / 50

49. The law of diminishing returns in agriculture refers to:

A. Consistent output regardless of inputs

B. Decreased yields with more investment

C. Consistent output regardless of inputs

D. Decreased additional output as more inputs are used

50 / 50

50. The term "subsistence farming" refers to:

A. Farming with modern equipment

B. Farming for family consumption only

C. Farming for commercial purposes

D. Industrial-scale farming

Your score is

The average score is 59%

Phil 2 days agoLast Updated: January 12, 2025

0 548 1 minute read

ECN 215 CBT PRACTICE

Phil

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