Agriculture - Mock Test 85

Question 841

Which of the following definitions of economics includes the economic concept of 'Scales of Preferences'?

A) Wealth' Definition B) Welfare' Definition C) Scarcity' Definition D) Isolation' Definition

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Question 842

The meanings of the word 'Economics' is most closely associated with the word?

A) Scarce B) Free C) Unlimited D) Expenditure

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Question 843

The main objective of land reform measures undertaken after independence was removal of institutional and _____ obstacles?

A) Emotional B) Motivational C) Conventional D) National

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Question 844

The term oligopoly means?

A) There is two or more buyer B) There is two or more seller of a commodity C) There is single seller of a commodity D) None of the above

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Question 845

The law, which is very useful in determining the best use of limited resources, is?

A) Law of opportunity cost B) Law of diminishing return C) Law of substitution D) None of the above

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Question 846

The process of transformation of certain resources of inputs is known as?

A) Product B) Production function C) Production D) Consumption

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Question 847

The process of determination of wages, rent, interest and profit is called?

A) Consumption B) Production C) Distribution D) None of the above

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Question 848

The principles of taxation were given by?

A) Marshall B) Adam Smith C) Hicks D) None of the above

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Question 849

The principle of equi-marginal return states that the profits will be the greatest if unit resources are used where?

A) Marginal returns are the highest B) Average returns are the highest C) Total returns are the highest D) Net returns are the highest

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Question 850

Who was the first economist to have propounded the theory of rent?

A) Joan Robinson B) R G D Allen C) Edward Chamberlain D) Alfred Marshall

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