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CBT TEST

ECN 215 CBT PRACTICE

Phil

January 12, 2025

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. Agricultural economics is primarily concerned with:

A. Urban development

B. Political reforms

C. Industrial production

D. Efficient allocation of resources in agriculture

2 / 50

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

A. Strict trade policies

B. Improved technology

C. Reduced population

D. High interest rates

3 / 50

3. Comparative budgeting assesses

A. Economic forecasts for export commodities

B. Viability of different farming systems or enterprises

C. Loan structures for small-scale farmers

D. Distribution channels in rural economies

4 / 50

4. Marginal product measures:

A. Revenue changes from technological shifts

B. Elasticity of a single input’s demand

C. Contribution of additional input to total output

D. Price ratio variations across economies

5 / 50

5. Predicting market preferences over time

A. Social and cultural aspects influencing production

B. Predicting market preferences over time

C. Comprehensive financial details of a specific farm activity:

D. Distribution mechanisms for farm outputs

6 / 50

6. Profit maximization is achieved when:

A. Fixed costs equal variable costs

B. Marginal revenue equals marginal cost

C. Average revenue matches production supply

D. Price elasticity is zero

7 / 50

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

A. Vertically

B. Horizontally

C. Downward

D. Upward

8 / 50

8. Gross margin analysis measures:

A. Subsidy effectiveness for sustainability

B. Cost allocation in diverse enterprises

C. Net revenue after fixed and variable costs

D. Profitability excluding variable costs

9 / 50

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

A. Consistent output regardless of inputs

B. Consistent output regardless of inputs

C. Decreased additional output as more inputs are used

D. Decreased yields with more investment

10 / 50

10. Planning in farm management ensures:

A. Efficient allocation of resources

B. Avoidance of production risks

C. Increased reliance on subsidies

D. Uniform pricing across markets

11 / 50

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

A. Perfect competition

B. Oligopoly

C. Monopoly

D. Monopolistic competition

12 / 50

12. An isorevenue curve identifies:

A. Costs across firms for various production units

B. Regional supply differentials in trade analysis

C. Combinations of products leading to identical revenues

D. Fixed pricing points in dynamic markets

13 / 50

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

A. Machinery depreciation

B. Seeds

C. Fertilizers

D. Wages

14 / 50

14. Sustainability in production primarily depends on:

A. Maintaining resource-efficient input balances

B. Decreasing reliance on fixed costs

C. Market flexibility for luxury goods

D. Long-term external subsidies

15 / 50

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

A. Reduced supply

B. Higher demand

C. Increased supply

D. Constant demand

16 / 50

16. The term "agribusiness" refers to:

A. Rural-based banking

B. Small-scale farming

C. Importing agricultural goods

D. Commercial agriculture and related industries

17 / 50

17. Agricultural producers in subsistence economies prioritize

A. High-margin international trade profits

B. Isolating supply from consumption variables

C. Combining production for local consumption needs

D. Dominating modern manufacturing circuits

18 / 50

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

A. Microeconomics

B. Behavioral economics

C. Financial economics

D. Agricultural economics

19 / 50

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

A. Machinery

B. Fertilizers

C. Land

D. Seeds

20 / 50

20. The goal of agricultural economics often focuses on:

A. Industrial transformation

B. Urban sector surplus

C. Military modernization

D. Agricultural surplus to support non-farm sectors

21 / 50

21. Linear programming in farm planning is used for:

A. Predicting market preferences over time

B. Developing cultural strategies in agriculture

C. Resource optimization among competing uses

D. Identifying major supply chain disruptions

22 / 50

22. Government intervention is vital:

A. Where optimal public policies shape infrastructure

B. For immediate market responses

C. When allocation favors profit-only efficiency

D. During uncontrolled monopoly trends

23 / 50

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

A. The cost of fertilizer

B. The value of the next best alternative forgone

C. The cost of labor

D. The monetary expense of production

24 / 50

24. Budgeting assists farm managers by:

A. Planning for long-term depreciation losses

B. Tracking expenses for specific enterprises

C. Focusing solely on immediate output expansion

D. Limiting market adaptability through reserves

25 / 50

25. The term "subsistence farming" refers to:

A. Farming for family consumption only

B. Farming with modern equipment

C. Farming for commercial purposes

D. Industrial-scale farming

26 / 50

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

A. Decreased additional output as more inputs are used

B. Consistent output regardless of inputs

C. Consistent output regardless of inputs

D. Decreased yields with more investment

27 / 50

27. Opportunity cost signifies:

A. Marginal benefits exceeding fixed costs

B. Value lost due to choices foregone

C. Differences between public policies

D. Balancing economic investments

28 / 50

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

A. Tax reductions for farmers

B. High interest rates

C. Export tariffs

D. Import duties

29 / 50

29. Shadow prices represent:

A. Economic value of resources in constraints

B. Potential profit from banned imports

C. Differences between market and fixed costs

D. Costs arising from underutilized technology

30 / 50

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

A. Eliminating private ownership of farms

B. Ignoring market dynamics

C. Controlling production entirely

D. Providing subsidies and policies to improve productivity

31 / 50

31. Market equilibrium in agricultural economics occurs when:

A. Demand equals supply

B. Supply exceeds demand

C. Prices are unpredictable

D. Demand exceeds supply

32 / 50

32. Elasticity of substitution reflects:

A. Output resistance to supply changes

B. Proportional shifts in labor demand

C. Output sustainability under excess input use

D. Market adaptability to input variation

33 / 50

33. Break-even analysis highlights

A. Price differentiation strategies for local sales

B. Role of debt in long-term farm sustainability

C. Minimum levels of production to recover costs

D. Technological advances required for output

34 / 50

34. Farm enterprises focused on diversification aim at:

A. Minimizing risks and expanding income avenues

B. Reducing costs below competitive benchmarks

C. Prioritizing single-output profits exclusively

D. Relying heavily on government protection policies

35 / 50

35. Net farm income measures:

A. Profit excluding taxes and labor costs

B. Benefits from rotational cropping techniques

C. Direct input contributions to final output

D. Total revenue minus all production-related costs

36 / 50

36. Isocost lines are helpful for understanding:

A. Consumer purchasing behavior

B. Equal levels of revenue generation

C. Combinations of inputs for specific expenditures

D. Shift patterns in market demand

37 / 50

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

A. Labor

B. Weather

C. Land

D. Capital

38 / 50

38. Price elasticity of demand in agriculture is often:

A. Farming with modern equipment

B. Highly elastic

C. Unit elastic

D. Inelastic due to necessity of food

39 / 50

39. Farm risk management prioritizes

A. Minimizing exposure to unpredictable conditions

B. Linking profits to high-cost investments

C. Maximizing returns in unfavorable climates

D. Ensuring fixed revenues in international trade

40 / 50

40. Overhead costs in budgets include:

A. Income variances within different markets

B. Asset-heavy expansion plans

C. Seasonal labor acquisition strategies

D. Fixed and unavoidable expenses across cycles

41 / 50

41. Economic optimum involves:

A. Excluding variables affecting price elasticity

B. Allocating inputs to gain maximum profit

C. Maximizing surplus through resource inefficiency

D. Aligning prices of multiple outputs equally

42 / 50

42. The primary goal of agricultural economics is:

A. Industrial growth

B. Sustainable food production

C. Maximizing profits

D. Reducing labor

43 / 50

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

A. Economies of scale

B. Marginal analysis

C. Comparative advantage

D. Inflation rate

44 / 50

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

A. Law of supply

B. Economies of scale

C. Opportunity cost

D. Production function

45 / 50

45. A whole farm plan involves

A. Assessing market demand exclusively

B. Detailed integration of all farm enterprises

C. Eliminating all fixed costs from operations

D. Managing a single enterprise efficiently

46 / 50

46. Profit maximization often involves

A. Exceeding labor demand in multiple markets

B. Achieving optimal balance of input costs and returns

C. Matching high-input with low-price produce

D. Incorporating government loan subsidies

47 / 50

47. Economists often emphasize balanced growth to ensure:

A. Stable agricultural supply for various sectors

B. Rapid industrial expansion

C. Competitive international markets

D. Dependency on imports

48 / 50

48. The interaction of supply and demand primarily determines:

A. Prices in agricultural markets

B. Subsidies

C. Inflation rates

D. Workforce engagement

49 / 50

49. Diminishing returns arise from

A. Technological inefficiencies across farms

B. Reducing outputs to increase prices

C. Increasing inputs beyond optimum levels

D. Balancing capital with labor output

50 / 50

50. Efficiency in resource use improves through:

A. Allocating only labor-intensive processes

B. Adding market-based fixed rates

C. Following seasonal price changes rigidly

D. Integrating marginal utility and output value

Your score is

The average score is 59%

ECN 215 CBT PRACTICE

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