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. Economic optimum involves:

A. Aligning prices of multiple outputs equally

B. Maximizing surplus through resource inefficiency

C. Allocating inputs to gain maximum profit

D. Excluding variables affecting price elasticity

2 / 50

2. The primary goal of agricultural economics is:

A. Maximizing profits

B. Industrial growth

C. Reducing labor

D. Sustainable food production

3 / 50

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

A. Behavioral economics

B. Agricultural economics

C. Microeconomics

D. Financial economics

4 / 50

4. Diminishing returns arise from

A. Technological inefficiencies across farms

B. Reducing outputs to increase prices

C. Balancing capital with labor output

D. Increasing inputs beyond optimum levels

5 / 50

5. 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

6 / 50

6. Economists often emphasize balanced growth to ensure:

A. Competitive international markets

B. Rapid industrial expansion

C. Stable agricultural supply for various sectors

D. Dependency on imports

7 / 50

7. Agricultural economics is primarily concerned with:

A. Efficient allocation of resources in agriculture

B. Political reforms

C. Urban development

D. Industrial production

8 / 50

8. Price elasticity of demand in agriculture is often:

A. Farming with modern equipment

B. Inelastic due to necessity of food

C. Unit elastic

D. Highly elastic

9 / 50

9. 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

10 / 50

10. Linear programming in farm planning is used for:

A. Predicting market preferences over time

B. Resource optimization among competing uses

C. Identifying major supply chain disruptions

D. Developing cultural strategies in agriculture

11 / 50

11. Market equilibrium in agricultural economics occurs when:

A. Demand equals supply

B. Prices are unpredictable

C. Supply exceeds demand

D. Demand exceeds supply

12 / 50

12. Net farm income measures:

A. Direct input contributions to final output

B. Total revenue minus all production-related costs

C. Benefits from rotational cropping techniques

D. Profit excluding taxes and labor costs

13 / 50

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

A. The cost of labor

B. The monetary expense of production

C. The cost of fertilizer

D. The value of the next best alternative forgone

14 / 50

14. Sustainability in production primarily depends on:

A. Maintaining resource-efficient input balances

B. Market flexibility for luxury goods

C. Decreasing reliance on fixed costs

D. Long-term external subsidies

15 / 50

15. Profit maximization often involves

A. Exceeding labor demand in multiple markets

B. Incorporating government loan subsidies

C. Achieving optimal balance of input costs and returns

D. Matching high-input with low-price produce

16 / 50

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

A. Consistent output regardless of inputs

B. Consistent output regardless of inputs

C. Decreased yields with more investment

D. Decreased additional output as more inputs are used

17 / 50

17. Shadow prices represent:

A. Economic value of resources in constraints

B. Potential profit from banned imports

C. Costs arising from underutilized technology

D. Differences between market and fixed costs

18 / 50

18. 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

19 / 50

19. Planning in farm management ensures:

A. Uniform pricing across markets

B. Avoidance of production risks

C. Efficient allocation of resources

D. Increased reliance on subsidies

20 / 50

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

A. Machinery depreciation

B. Seeds

C. Wages

D. Fertilizers

21 / 50

21. The goal of agricultural economics often focuses on:

A. Industrial transformation

B. Agricultural surplus to support non-farm sectors

C. Urban sector surplus

D. Military modernization

22 / 50

22. 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

23 / 50

23. The interaction of supply and demand primarily determines:

A. Subsidies

B. Workforce engagement

C. Inflation rates

D. Prices in agricultural markets

24 / 50

24. An isorevenue curve identifies:

A. Fixed pricing points in dynamic markets

B. Costs across firms for various production units

C. Regional supply differentials in trade analysis

D. Combinations of products leading to identical revenues

25 / 50

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

A. Seeds

B. Land

C. Machinery

D. Fertilizers

26 / 50

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

A. High interest rates

B. Reduced population

C. Strict trade policies

D. Improved technology

27 / 50

27. Predicting market preferences over time

A. Distribution mechanisms for farm outputs

B. Comprehensive financial details of a specific farm activity:

C. Social and cultural aspects influencing production

D. Predicting market preferences over time

28 / 50

28. 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

29 / 50

29. A whole farm plan involves

A. Eliminating all fixed costs from operations

B. Detailed integration of all farm enterprises

C. Assessing market demand exclusively

D. Managing a single enterprise efficiently

30 / 50

30. Farm enterprises focused on diversification aim at:

A. Minimizing risks and expanding income avenues

B. Prioritizing single-output profits exclusively

C. Reducing costs below competitive benchmarks

D. Relying heavily on government protection policies

31 / 50

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

A. Consistent output regardless of inputs

B. Consistent output regardless of inputs

C. Decreased yields with more investment

D. Decreased additional output as more inputs are used

32 / 50

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

A. Horizontally

B. Downward

C. Upward

D. Vertically

33 / 50

33. Efficiency in resource use improves through:

A. Integrating marginal utility and output value

B. Adding market-based fixed rates

C. Following seasonal price changes rigidly

D. Allocating only labor-intensive processes

34 / 50

34. 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

35 / 50

35. Profit maximization is achieved when:

A. Price elasticity is zero

B. Fixed costs equal variable costs

C. Average revenue matches production supply

D. Marginal revenue equals marginal cost

36 / 50

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

A. Monopolistic competition

B. Oligopoly

C. Monopoly

D. Perfect competition

37 / 50

37. Farm risk management prioritizes

A. Maximizing returns in unfavorable climates

B. Ensuring fixed revenues in international trade

C. Minimizing exposure to unpredictable conditions

D. Linking profits to high-cost investments

38 / 50

38. Isocost lines are helpful for understanding:

A. Equal levels of revenue generation

B. Combinations of inputs for specific expenditures

C. Shift patterns in market demand

D. Consumer purchasing behavior

39 / 50

39. Government intervention is vital:

A. During uncontrolled monopoly trends

B. Where optimal public policies shape infrastructure

C. For immediate market responses

D. When allocation favors profit-only efficiency

40 / 50

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

A. Labor

B. Weather

C. Capital

D. Land

41 / 50

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

A. Economies of scale

B. Comparative advantage

C. Inflation rate

D. Marginal analysis

42 / 50

42. The term "subsistence farming" refers to:

A. Farming for family consumption only

B. Farming for commercial purposes

C. Industrial-scale farming

D. Farming with modern equipment

43 / 50

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

A. Eliminating private ownership of farms

B. Providing subsidies and policies to improve productivity

C. Controlling production entirely

D. Ignoring market dynamics

44 / 50

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

A. Import duties

B. Export tariffs

C. Tax reductions for farmers

D. High interest rates

45 / 50

45. Opportunity cost signifies:

A. Value lost due to choices foregone

B. Differences between public policies

C. Balancing economic investments

D. Marginal benefits exceeding fixed costs

46 / 50

46. Agricultural producers in subsistence economies prioritize

A. High-margin international trade profits

B. Dominating modern manufacturing circuits

C. Combining production for local consumption needs

D. Isolating supply from consumption variables

47 / 50

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

A. Constant demand

B. Higher demand

C. Reduced supply

D. Increased supply

48 / 50

48. The term "agribusiness" refers to:

A. Small-scale farming

B. Rural-based banking

C. Commercial agriculture and related industries

D. Importing agricultural goods

49 / 50

49. Marginal product measures:

A. Contribution of additional input to total output

B. Elasticity of a single input’s demand

C. Revenue changes from technological shifts

D. Price ratio variations across economies

50 / 50

50. Elasticity of substitution reflects:

A. Market adaptability to input variation

B. Output resistance to supply changes

C. Proportional shifts in labor demand

D. Output sustainability under excess input use

Your score is

The average score is 59%

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