ECN 215 CBT PRACTICE

Phil 2 days agoLast Updated: January 12, 2025

0 543 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. What does "opportunity cost" mean in agricultural economics?

A. The cost of labor

B. The monetary expense of production

C. The value of the next best alternative forgone

D. The cost of fertilizer

2 / 50

2. The interaction of supply and demand primarily determines:

A. Workforce engagement

B. Prices in agricultural markets

C. Subsidies

D. Inflation rates

3 / 50

3. Agricultural producers in subsistence economies prioritize

A. Isolating supply from consumption variables

B. High-margin international trade profits

C. Combining production for local consumption needs

D. Dominating modern manufacturing circuits

4 / 50

4. Predicting market preferences over time

A. Comprehensive financial details of a specific farm activity:

B. Social and cultural aspects influencing production

C. Distribution mechanisms for farm outputs

D. Predicting market preferences over time

5 / 50

5. An isorevenue curve identifies:

A. Costs across firms for various production units

B. Combinations of products leading to identical revenues

C. Fixed pricing points in dynamic markets

D. Regional supply differentials in trade analysis

6 / 50

6. Overhead costs in budgets include:

A. Income variances within different markets

B. Seasonal labor acquisition strategies

C. Fixed and unavoidable expenses across cycles

D. Asset-heavy expansion plans

7 / 50

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

A. Monopoly

B. Monopolistic competition

C. Oligopoly

D. Perfect competition

8 / 50

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

A. Fertilizers

B. Machinery

C. Land

D. Seeds

9 / 50

9. Sustainability in production primarily depends on:

A. Market flexibility for luxury goods

B. Decreasing reliance on fixed costs

C. Maintaining resource-efficient input balances

D. Long-term external subsidies

10 / 50

10. Farm enterprises focused on diversification aim at:

A. Reducing costs below competitive benchmarks

B. Relying heavily on government protection policies

C. Prioritizing single-output profits exclusively

D. Minimizing risks and expanding income avenues

11 / 50

11. Elasticity of substitution reflects:

A. Output sustainability under excess input use

B. Proportional shifts in labor demand

C. Market adaptability to input variation

D. Output resistance to supply changes

12 / 50

12. The term "agribusiness" refers to:

A. Commercial agriculture and related industries

B. Rural-based banking

C. Small-scale farming

D. Importing agricultural goods

13 / 50

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

A. Reduced population

B. Strict trade policies

C. Improved technology

D. High interest rates

14 / 50

14. 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

15 / 50

15. 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. Decreased yields with more investment

D. Consistent output regardless of inputs

16 / 50

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

A. Labor

B. Capital

C. Land

D. Weather

17 / 50

17. Gross margin analysis measures:

A. Net revenue after fixed and variable costs

B. Profitability excluding variable costs

C. Cost allocation in diverse enterprises

D. Subsidy effectiveness for sustainability

18 / 50

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

A. Ignoring market dynamics

B. Controlling production entirely

C. Providing subsidies and policies to improve productivity

D. Eliminating private ownership of farms

19 / 50

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

A. Reduced supply

B. Increased supply

C. Constant demand

D. Higher demand

20 / 50

20. Agricultural economics is primarily concerned with:

A. Urban development

B. Industrial production

C. Efficient allocation of resources in agriculture

D. Political reforms

21 / 50

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

A. Production function

B. Opportunity cost

C. Economies of scale

D. Law of supply

22 / 50

22. Linear programming in farm planning is used for:

A. Identifying major supply chain disruptions

B. Resource optimization among competing uses

C. Developing cultural strategies in agriculture

D. Predicting market preferences over time

23 / 50

23. 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

24 / 50

24. The goal of agricultural economics often focuses on:

A. Urban sector surplus

B. Agricultural surplus to support non-farm sectors

C. Military modernization

D. Industrial transformation

25 / 50

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

A. Economies of scale

B. Inflation rate

C. Comparative advantage

D. Marginal analysis

26 / 50

26. The primary goal of agricultural economics is:

A. Reducing labor

B. Maximizing profits

C. Sustainable food production

D. Industrial growth

27 / 50

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

A. Wages

B. Seeds

C. Machinery depreciation

D. Fertilizers

28 / 50

28. Economists often emphasize balanced growth to ensure:

A. Competitive international markets

B. Stable agricultural supply for various sectors

C. Dependency on imports

D. Rapid industrial expansion

29 / 50

29. 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

30 / 50

30. 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

31 / 50

31. 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

32 / 50

32. Diminishing returns arise from

A. Reducing outputs to increase prices

B. Increasing inputs beyond optimum levels

C. Balancing capital with labor output

D. Technological inefficiencies across farms

33 / 50

33. Market equilibrium in agricultural economics occurs when:

A. Demand equals supply

B. Demand exceeds supply

C. Supply exceeds demand

D. Prices are unpredictable

34 / 50

34. Marginal product measures:

A. Contribution of additional input to total output

B. Price ratio variations across economies

C. Elasticity of a single input’s demand

D. Revenue changes from technological shifts

35 / 50

35. Government intervention is vital:

A. When allocation favors profit-only efficiency

B. For immediate market responses

C. Where optimal public policies shape infrastructure

D. During uncontrolled monopoly trends

36 / 50

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

A. Downward

B. Horizontally

C. Vertically

D. Upward

37 / 50

37. Isocost lines are helpful for understanding:

A. Combinations of inputs for specific expenditures

B. Shift patterns in market demand

C. Consumer purchasing behavior

D. Equal levels of revenue generation

38 / 50

38. The term "subsistence farming" refers to:

A. Farming for commercial purposes

B. Farming for family consumption only

C. Farming with modern equipment

D. Industrial-scale farming

39 / 50

39. Break-even analysis highlights

A. Price differentiation strategies for local sales

B. Role of debt in long-term farm sustainability

C. Technological advances required for output

D. Minimum levels of production to recover costs

40 / 50

40. Economic optimum involves:

A. Allocating inputs to gain maximum profit

B. Aligning prices of multiple outputs equally

C. Excluding variables affecting price elasticity

D. Maximizing surplus through resource inefficiency

41 / 50

41. Farm risk management prioritizes

A. Maximizing returns in unfavorable climates

B. Minimizing exposure to unpredictable conditions

C. Linking profits to high-cost investments

D. Ensuring fixed revenues in international trade

42 / 50

42. Price elasticity of demand in agriculture is often:

A. Highly elastic

B. Farming with modern equipment

C. Inelastic due to necessity of food

D. Unit elastic

43 / 50

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

A. Microeconomics

B. Agricultural economics

C. Behavioral economics

D. Financial economics

44 / 50

44. A whole farm plan involves

A. Assessing market demand exclusively

B. Eliminating all fixed costs from operations

C. Detailed integration of all farm enterprises

D. Managing a single enterprise efficiently

45 / 50

45. Profit maximization often involves

A. Exceeding labor demand in multiple markets

B. Incorporating government loan subsidies

C. Matching high-input with low-price produce

D. Achieving optimal balance of input costs and returns

46 / 50

46. Efficiency in resource use improves through:

A. Integrating marginal utility and output value

B. Allocating only labor-intensive processes

C. Following seasonal price changes rigidly

D. Adding market-based fixed rates

47 / 50

47. Opportunity cost signifies:

A. Value lost due to choices foregone

B. Differences between public policies

C. Marginal benefits exceeding fixed costs

D. Balancing economic investments

48 / 50

48. 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

49 / 50

49. Profit maximization is achieved when:

A. Average revenue matches production supply

B. Marginal revenue equals marginal cost

C. Price elasticity is zero

D. Fixed costs equal variable costs

50 / 50

50. Shadow prices represent:

A. Costs arising from underutilized technology

B. Economic value of resources in constraints

C. Potential profit from banned imports

D. Differences between market and fixed costs

Your score is

The average score is 59%

Phil 2 days agoLast Updated: January 12, 2025

0 543 1 minute read

ECN 215 CBT PRACTICE

Phil

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