In economics, the Latin phrase ‘ceteris paribus’ means what?
Correct answer A. All other things being equal
Topic / 49 questions
Agricultural economics MCQs
Page 2 of Agricultural economics multiple-choice questions with answers. Tap an option to check yourself.
Page 2 of 3
What is the extra utility consumers gain above the price they pay, arising from the downward-sloping demand curve, called?
Correct answer A. Consumer surplus
What ratio shows the units of capital needed to produce one unit of output over a given period?
Correct answer D. Capital output ratio
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What is it called when a local citizen or business transfers funds to a foreign country?
Correct answer C. Capital flight
Which major financial institution issues currency, manages foreign reserves, carries out monetary policy and provides banking services to the government and commercial banks?
Correct answer C. Central Bank
What is increasing a country’s stock of real capital, through net investment in fixed assets, called?
Correct answer C. Capital accumulation
What is the emigration of highly skilled professionals and technical workers from developing to developed countries called?
Correct answer C. Brain drain
Which term did the ILO use for the basic goods and services needed for a minimum standard of living?
Correct answer C. Basic needs
What is a summary statement of a nation’s financial transactions with the rest of the world called?
Correct answer A. Balance of payments
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What is the gradual repayment of a loan’s principal called?
Correct answer B. Amortization
What is an economic model that describes the growth of an economy using one or, at most, a few sectors and variables called?
Correct answer B. Aggregate growth model
What is the total income needed to raise everyone below the poverty line up to that line called?
Correct answer C. Poverty gap
Which aggregate inequality measure can range from 0 (perfect equality) to 1 (perfect inequality)?
Correct answer C. Gini coefficient
The statement that economic growth and development are simply a matter of raising national saving and investment is the simplest form of which model?
Correct answer D. Harrod-Domar growth model
What is the number of deaths per 1,000 population in a year called?
Correct answer B. Death rate
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What is the number of people and their level of skills called?
Correct answer C. Human resources
A country’s potential for economic growth depends greatly on its endowment of which resources?
Correct answer C. Both A and B
On average, what is the rate of open unemployment in the developing world?
Correct answer B. 8-15%
What term describes people who are willing and able to work but for whom no suitable jobs are available?
Correct answer B. Open unemployment
In developed countries, about what percentage of total exports are manufactured goods?
Correct answer A. 82 %