What is the ability of market forces to match buying and selling decisions so that surpluses and shortages disappear called?
Correct answer B. Rationing function of the price
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Agriculture MCQs
Page 8 of Agriculture multiple-choice questions with answers. Tap an option to check yourself.
Page 8 of 135
A change in which of these causes the supply curve to shift?
Correct answer C. Both A and B
What is a change in quantity demanded?
Correct answer A. Movement from one point to the other on the same demand curve
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If the price of one good and the demand for another move in the same direction, how are the two goods related?
Correct answer D. Substitutes
What causes the demand curve to shift upwards?
Correct answer C. Increase in demand
What is allocative efficiency?
Correct answer A. Producing the specific output mix most desired by society
What are goods whose demand rises and falls directly with money income called?
Correct answer C. Superior or normal goods
Why does an individual’s demand curve slope downwards?
Correct answer D. Price and quantity demanded are inversely related
What does productive efficiency mean?
Correct answer D. Producing all output combinations in the least costly way
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What is a good that is used together with another good called?
Correct answer A. Complementary good
By what other name are the determinants of demand sometimes known?
Correct answer C. Demand shifters
Which model gives an overview of how the capitalist system operates?
Correct answer D. Circular flow model
What type of economy did Hitler introduce?
Correct answer D. Authoritarian economy
What term describes private ownership of resources combined with markets and prices to coordinate and direct economic activity?
Correct answer D. Both
What is a particular set of institutional arrangements together with a coordinating mechanism called?
Correct answer C. Economic system
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What does any point inside the production possibility curve represent?
Correct answer C. Both A and B
What is it called when a nation directs its domestic resources towards output it produces most efficiently?
Correct answer D. International specialisation
How is opportunity cost illustrated on a production possibility curve?
Correct answer C. Downward slope
What is the amount by which a country’s exports of goods (or goods and services) exceed its imports called?
Correct answer B. Trade surplus
What is buying or selling with the aim of later reselling or rebuying at a profit called?
Correct answer D. Speculation