Agriculture Economics daily one liner questions 17/05/2018

Questions & Answers

 For All Agricultural Exams
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	Questions	Answers
1	The profit earned by a Monopoly firm is called as?	Innovation profit
2	Production in traditional agriculture does not respond to ? (www.agriexam.com)	Price changes
3	Ratio between nominal GNP and real GNP is called ?	GNP Deflator
4	The distinction between fixed and variable costs exists only in ?	Short run
5	Indian Army is an example of ?	National wealth
6	When the demand for the product is less elastic inelastic the consumers surplus is ?	High
7	In the marginal utility schedule initial utility become ?	First unit
8	When total product is increasing marginal product will be ?	Positive
9	The more we have a think the desire for additional units will be ?	less
10	The demand for milk sugar and tea is a case of ? (www.agriexam.com)	Joint demand
11	The increase in quantity supplied for a commodity due to rice in price of the commodity it is called ?	Extension of supply
12	The supply of land is perfectly ?	Limited
13	When a great  change in price of a commodity leads to no change in  quantity supplied it is called ?	Perfectly inelastic supply
14	The various quantities of goods purchased by the consumer at various levels of income is referred to as ?	Income demand
15	The excess of income over consumption is called ?	Saving

	Questions	Answers
16	Capital is an instrument of production I.e. (www.agriexam.com)	Man made
17	The line indicating all possible combinations of two communities purchased with a given outlay of funds is called ?	Price line
18	The level of indifference curve from the origin depends upon the level of ?	Satisfaction
19	Quantity demand of a good which will be changed with reference to change in price of related goods are ?	Cross demand
20	The point of maximum satisfaction in consuming two communities is when the slope of indifference curve is tangent to the slope of ?	Price line
21	The term value in Economics used in the sense of value in ?	Exchange
22	Quasi rent arises in ?	Capital
23	The more we have of a commodity the less we want to have more of it is explained by ?	Law of diminishing marginal utility
24	Under perfect competition market products sold our ?	Homogenous
25	The demand for a commodity that can be put to  several uses is ?	Composite demand
26	The demand for various kinds of labour and materials to make the final product is called ?	Derived demand
27	When several goods are demanded together for a common purpose it is called ?	Joint demand
28	Economics is the wealth of nation definition is given by ? (www.agriexam.com)	Adam Smith
29	The services of doctor for his patient are the example of ?	Non material goods
30	Elasticity cannot be explained by ?	Correlation