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. Marginal product measures:

A. Price ratio variations across economies

B. Revenue changes from technological shifts

C. Elasticity of a single input’s demand

D. Contribution of additional input to total output

2 / 50

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

A. Controlling production entirely

B. Ignoring market dynamics

C. Providing subsidies and policies to improve productivity

D. Eliminating private ownership of farms

3 / 50

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

A. Higher demand

B. Reduced supply

C. Increased supply

D. Constant demand

4 / 50

4. Elasticity of substitution reflects:

A. Market adaptability to input variation

B. Output resistance to supply changes

C. Output sustainability under excess input use

D. Proportional shifts in labor demand

5 / 50

5. 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

6 / 50

6. Economists often emphasize balanced growth to ensure:

A. Stable agricultural supply for various sectors

B. Competitive international markets

C. Dependency on imports

D. Rapid industrial expansion

7 / 50

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

A. Opportunity cost

B. Economies of scale

C. Law of supply

D. Production function

8 / 50

8. Overhead costs in budgets include:

A. Asset-heavy expansion plans

B. Seasonal labor acquisition strategies

C. Fixed and unavoidable expenses across cycles

D. Income variances within different markets

9 / 50

9. Price elasticity of demand in agriculture is often:

A. Highly elastic

B. Farming with modern equipment

C. Unit elastic

D. Inelastic due to necessity of food

10 / 50

10. Opportunity cost signifies:

A. Balancing economic investments

B. Marginal benefits exceeding fixed costs

C. Differences between public policies

D. Value lost due to choices foregone

11 / 50

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

A. Land

B. Seeds

C. Machinery

D. Fertilizers

12 / 50

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

A. Strict trade policies

B. High interest rates

C. Reduced population

D. Improved technology

13 / 50

13. Market equilibrium in agricultural economics occurs when:

A. Prices are unpredictable

B. Supply exceeds demand

C. Demand equals supply

D. Demand exceeds supply

14 / 50

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

A. The cost of fertilizer

B. The value of the next best alternative forgone

C. The monetary expense of production

D. The cost of labor

15 / 50

15. Profit maximization is achieved when:

A. Marginal revenue equals marginal cost

B. Fixed costs equal variable costs

C. Average revenue matches production supply

D. Price elasticity is zero

16 / 50

16. Linear programming in farm planning is used for:

A. Identifying major supply chain disruptions

B. Resource optimization among competing uses

C. Predicting market preferences over time

D. Developing cultural strategies in agriculture

17 / 50

17. Agricultural producers in subsistence economies prioritize

A. Dominating modern manufacturing circuits

B. Combining production for local consumption needs

C. Isolating supply from consumption variables

D. High-margin international trade profits

18 / 50

18. Budgeting assists farm managers by:

A. Tracking expenses for specific enterprises

B. Focusing solely on immediate output expansion

C. Planning for long-term depreciation losses

D. Limiting market adaptability through reserves

19 / 50

19. Diminishing returns arise from

A. Technological inefficiencies across farms

B. Increasing inputs beyond optimum levels

C. Balancing capital with labor output

D. Reducing outputs to increase prices

20 / 50

20. 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

21 / 50

21. The term "subsistence farming" refers to:

A. Farming for commercial purposes

B. Industrial-scale farming

C. Farming with modern equipment

D. Farming for family consumption only

22 / 50

22. An isorevenue curve identifies:

A. Fixed pricing points in dynamic markets

B. Costs across firms for various production units

C. Combinations of products leading to identical revenues

D. Regional supply differentials in trade analysis

23 / 50

23. The primary goal of agricultural economics is:

A. Reducing labor

B. Industrial growth

C. Maximizing profits

D. Sustainable food production

24 / 50

24. The interaction of supply and demand primarily determines:

A. Prices in agricultural markets

B. Workforce engagement

C. Subsidies

D. Inflation rates

25 / 50

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

A. Marginal analysis

B. Inflation rate

C. Comparative advantage

D. Economies of scale

26 / 50

26. Break-even analysis highlights

A. Role of debt in long-term farm sustainability

B. Price differentiation strategies for local sales

C. Minimum levels of production to recover costs

D. Technological advances required for output

27 / 50

27. Farm risk management prioritizes

A. Linking profits to high-cost investments

B. Maximizing returns in unfavorable climates

C. Minimizing exposure to unpredictable conditions

D. Ensuring fixed revenues in international trade

28 / 50

28. A whole farm plan involves

A. Detailed integration of all farm enterprises

B. Eliminating all fixed costs from operations

C. Managing a single enterprise efficiently

D. Assessing market demand exclusively

29 / 50

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

A. Monopoly

B. Oligopoly

C. Monopolistic competition

D. Perfect competition

30 / 50

30. Net farm income measures:

A. Benefits from rotational cropping techniques

B. Profit excluding taxes and labor costs

C. Direct input contributions to final output

D. Total revenue minus all production-related costs

31 / 50

31. 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

32 / 50

32. 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

33 / 50

33. 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

34 / 50

34. 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

35 / 50

35. Economic optimum involves:

A. Aligning prices of multiple outputs equally

B. Maximizing surplus through resource inefficiency

C. Excluding variables affecting price elasticity

D. Allocating inputs to gain maximum profit

36 / 50

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

A. Wages

B. Seeds

C. Machinery depreciation

D. Fertilizers

37 / 50

37. Comparative budgeting assesses

A. Economic forecasts for export commodities

B. Distribution channels in rural economies

C. Loan structures for small-scale farmers

D. Viability of different farming systems or enterprises

38 / 50

38. The goal of agricultural economics often focuses on:

A. Industrial transformation

B. Military modernization

C. Agricultural surplus to support non-farm sectors

D. Urban sector surplus

39 / 50

39. Agricultural economics is primarily concerned with:

A. Urban development

B. Political reforms

C. Efficient allocation of resources in agriculture

D. Industrial production

40 / 50

40. Gross margin analysis measures:

A. Cost allocation in diverse enterprises

B. Subsidy effectiveness for sustainability

C. Profitability excluding variable costs

D. Net revenue after fixed and variable costs

41 / 50

41. Planning in farm management ensures:

A. Avoidance of production risks

B. Increased reliance on subsidies

C. Uniform pricing across markets

D. Efficient allocation of resources

42 / 50

42. Government intervention is vital:

A. For immediate market responses

B. When allocation favors profit-only efficiency

C. Where optimal public policies shape infrastructure

D. During uncontrolled monopoly trends

43 / 50

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

A. Capital

B. Land

C. Labor

D. Weather

44 / 50

44. Isocost lines are helpful for understanding:

A. Combinations of inputs for specific expenditures

B. Equal levels of revenue generation

C. Consumer purchasing behavior

D. Shift patterns in market demand

45 / 50

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

A. Downward

B. Upward

C. Vertically

D. Horizontally

46 / 50

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

A. Financial economics

B. Agricultural economics

C. Microeconomics

D. Behavioral economics

47 / 50

47. Profit maximization often involves

A. Incorporating government loan subsidies

B. Achieving optimal balance of input costs and returns

C. Matching high-input with low-price produce

D. Exceeding labor demand in multiple markets

48 / 50

48. 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

49 / 50

49. 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. Decreased yields with more investment

D. Consistent output regardless of inputs

50 / 50

50. The term "agribusiness" refers to:

A. Importing agricultural goods

B. Rural-based banking

C. Small-scale farming

D. Commercial agriculture and related industries

Your score is

The average score is 59%

ECN 215 CBT PRACTICE

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