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Agriculture Mcqs

A schedule showing the amounts households plan to spend for consumer goods at different levels of disposable income is called…………….?

A. Income schedule
B. Saving schedule
C. Consumption schedule
D. None

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A federal budget deficit caused by a recession and a consequent decline in tax revenues ?

A. Annual deficit
B. Cyclical deficit
C. Anticipated deficit
D. None

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A labour union which limits its membership to workers with a particular skill ?

A. Labour union
B. Craft union
C. Credit union
D. None

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An accounting item which decreases the value of an asset……………….?

A. Debit
B. Credit
C. Depreciation
D. None

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Obtaining the socially optimal amounts of goods and services using minimum necessary resources ?

A. Economic efficiency
B. Productive efficiency
C. Allocative efficiency
D. All

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A course of action indented to correct or avoid a problem……………..?

A. Economic principle
B. Economic policy
C. Economic phenomena
D. Economic rationale

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An industry in which economics profits are negative and which will, therefore, decrease its output as firms leave it ?

A. Increasing cost industry
B. Decreasing cost industry
C. Declining industry
D. None of these

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Building of new factories in particular nation by corporations of other nations ?

A. Discrimination
B. Direct foreign investment
C. Profit maximization rule
D. Economies of scale

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Increase in the price level at a rate greater than expected ?

A. Dearness
B. Deflation
C. Stagflation
D. Unanticipated

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To obtain the greates utility consumer should allocate money income so that last dollar spent on each good or service yields the same marginal utility ?

A. Law of diminishing return
B. Say’ law
C. Law of diminishing marginal utility
D. Say’ law

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