Home CBT TEST ECN 215 CBT PRACTICE

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. Efficient allocation of resources in agriculture

B. Political reforms

C. Urban development

D. Industrial production

2 / 50

2. The goal of agricultural economics often focuses on:

A. Industrial transformation

B. Agricultural surplus to support non-farm sectors

C. Military modernization

D. Urban sector surplus

3 / 50

3. Gross margin analysis measures:

A. Cost allocation in diverse enterprises

B. Subsidy effectiveness for sustainability

C. Net revenue after fixed and variable costs

D. Profitability excluding variable costs

4 / 50

4. The term "agribusiness" refers to:

A. Commercial agriculture and related industries

B. Importing agricultural goods

C. Small-scale farming

D. Rural-based banking

5 / 50

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

A. Strict trade policies

B. Reduced population

C. High interest rates

D. Improved technology

6 / 50

6. Opportunity cost signifies:

A. Balancing economic investments

B. Differences between public policies

C. Marginal benefits exceeding fixed costs

D. Value lost due to choices foregone

7 / 50

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

A. Consistent output regardless of inputs

B. Decreased additional output as more inputs are used

C. Consistent output regardless of inputs

D. Decreased yields with more investment

8 / 50

8. Comparative budgeting assesses

A. Distribution channels in rural economies

B. Loan structures for small-scale farmers

C. Economic forecasts for export commodities

D. Viability of different farming systems or enterprises

9 / 50

9. Budgeting assists farm managers by:

A. Focusing solely on immediate output expansion

B. Planning for long-term depreciation losses

C. Tracking expenses for specific enterprises

D. Limiting market adaptability through reserves

10 / 50

10. Farm enterprises focused on diversification aim at:

A. Relying heavily on government protection policies

B. Minimizing risks and expanding income avenues

C. Prioritizing single-output profits exclusively

D. Reducing costs below competitive benchmarks

11 / 50

11. Government intervention is vital:

A. Where optimal public policies shape infrastructure

B. During uncontrolled monopoly trends

C. For immediate market responses

D. When allocation favors profit-only efficiency

12 / 50

12. Net farm income measures:

A. Total revenue minus all production-related costs

B. Direct input contributions to final output

C. Profit excluding taxes and labor costs

D. Benefits from rotational cropping techniques

13 / 50

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

A. Comparative advantage

B. Economies of scale

C. Inflation rate

D. Marginal analysis

14 / 50

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

A. Vertically

B. Downward

C. Upward

D. Horizontally

15 / 50

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

A. High interest rates

B. Export tariffs

C. Import duties

D. Tax reductions for farmers

16 / 50

16. Linear programming in farm planning is used for:

A. Developing cultural strategies in agriculture

B. Resource optimization among competing uses

C. Identifying major supply chain disruptions

D. Predicting market preferences over time

17 / 50

17. Economists often emphasize balanced growth to ensure:

A. Dependency on imports

B. Stable agricultural supply for various sectors

C. Competitive international markets

D. Rapid industrial expansion

18 / 50

18. An isorevenue curve identifies:

A. Regional supply differentials in trade analysis

B. Costs across firms for various production units

C. Combinations of products leading to identical revenues

D. Fixed pricing points in dynamic markets

19 / 50

19. Shadow prices represent:

A. Costs arising from underutilized technology

B. Potential profit from banned imports

C. Economic value of resources in constraints

D. Differences between market and fixed costs

20 / 50

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

A. Fertilizers

B. Land

C. Machinery

D. Seeds

21 / 50

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

A. Production function

B. Opportunity cost

C. Law of supply

D. Economies of scale

22 / 50

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

A. Providing subsidies and policies to improve productivity

B. Eliminating private ownership of farms

C. Ignoring market dynamics

D. Controlling production entirely

23 / 50

23. Break-even analysis highlights

A. Price differentiation strategies for local sales

B. Minimum levels of production to recover costs

C. Technological advances required for output

D. Role of debt in long-term farm sustainability

24 / 50

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

A. Monopoly

B. Monopolistic competition

C. Oligopoly

D. Perfect competition

25 / 50

25. Market equilibrium in agricultural economics occurs when:

A. Supply exceeds demand

B. Demand equals supply

C. Prices are unpredictable

D. Demand exceeds supply

26 / 50

26. 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

27 / 50

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

A. Decreased yields with more investment

B. Decreased additional output as more inputs are used

C. Consistent output regardless of inputs

D. Consistent output regardless of inputs

28 / 50

28. Farm risk management prioritizes

A. Linking profits to high-cost investments

B. Ensuring fixed revenues in international trade

C. Minimizing exposure to unpredictable conditions

D. Maximizing returns in unfavorable climates

29 / 50

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

A. Weather

B. Labor

C. Capital

D. Land

30 / 50

30. The term "subsistence farming" refers to:

A. Farming with modern equipment

B. Industrial-scale farming

C. Farming for family consumption only

D. Farming for commercial purposes

31 / 50

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

A. Wages

B. Machinery depreciation

C. Seeds

D. Fertilizers

32 / 50

32. Isocost lines are helpful for understanding:

A. Shift patterns in market demand

B. Consumer purchasing behavior

C. Equal levels of revenue generation

D. Combinations of inputs for specific expenditures

33 / 50

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

A. Reduced supply

B. Higher demand

C. Increased supply

D. Constant demand

34 / 50

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

A. Agricultural economics

B. Financial economics

C. Behavioral economics

D. Microeconomics

35 / 50

35. Efficiency in resource use improves through:

A. Allocating only labor-intensive processes

B. Integrating marginal utility and output value

C. Following seasonal price changes rigidly

D. Adding market-based fixed rates

36 / 50

36. Planning in farm management ensures:

A. Increased reliance on subsidies

B. Uniform pricing across markets

C. Avoidance of production risks

D. Efficient allocation of resources

37 / 50

37. Profit maximization is achieved when:

A. Marginal revenue equals marginal cost

B. Price elasticity is zero

C. Average revenue matches production supply

D. Fixed costs equal variable costs

38 / 50

38. Overhead costs in budgets include:

A. Seasonal labor acquisition strategies

B. Fixed and unavoidable expenses across cycles

C. Income variances within different markets

D. Asset-heavy expansion plans

39 / 50

39. Elasticity of substitution reflects:

A. Market adaptability to input variation

B. Output sustainability under excess input use

C. Output resistance to supply changes

D. Proportional shifts in labor demand

40 / 50

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

A. The monetary expense of production

B. The cost of labor

C. The value of the next best alternative forgone

D. The cost of fertilizer

41 / 50

41. The primary goal of agricultural economics is:

A. Sustainable food production

B. Maximizing profits

C. Reducing labor

D. Industrial growth

42 / 50

42. A whole farm plan involves

A. Detailed integration of all farm enterprises

B. Assessing market demand exclusively

C. Managing a single enterprise efficiently

D. Eliminating all fixed costs from operations

43 / 50

43. 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

44 / 50

44. Predicting market preferences over time

A. Predicting market preferences over time

B. Social and cultural aspects influencing production

C. Comprehensive financial details of a specific farm activity:

D. Distribution mechanisms for farm outputs

45 / 50

45. Profit maximization often involves

A. Exceeding labor demand in multiple markets

B. Achieving optimal balance of input costs and returns

C. Incorporating government loan subsidies

D. Matching high-input with low-price produce

46 / 50

46. Agricultural producers in subsistence economies prioritize

A. Isolating supply from consumption variables

B. Dominating modern manufacturing circuits

C. Combining production for local consumption needs

D. High-margin international trade profits

47 / 50

47. The interaction of supply and demand primarily determines:

A. Subsidies

B. Prices in agricultural markets

C. Workforce engagement

D. Inflation rates

48 / 50

48. Sustainability in production primarily depends on:

A. Market flexibility for luxury goods

B. Long-term external subsidies

C. Maintaining resource-efficient input balances

D. Decreasing reliance on fixed costs

49 / 50

49. 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

50 / 50

50. Price elasticity of demand in agriculture is often:

A. Farming with modern equipment

B. Highly elastic

C. Inelastic due to necessity of food

D. Unit elastic

Your score is

The average score is 59%

ECN 215 CBT PRACTICE

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