Basic Concepts of Agricultural Economics - JSS3 Agricultural Science Past Questions and Answers - page 1
Which branch of economics focuses specifically on the agricultural sector?
Industrial economics
Agricultural economics
Microeconomics
Macroeconomics
What factors influence the supply of agricultural products?
Population growth and consumer preferences
Technological advancements and input costs
Government regulations and policies
Market demand and price fluctuations
Elasticity of supply measures:
How changes in price affect the quantity demanded
The responsiveness of quantity supplied to changes in price
The responsiveness of quantity demanded to changes in price
How changes in demand affect the quantity supplied
Equilibrium price in agriculture is defined as:
The highest price a consumer is willing to pay
The point where supply exceeds demand
The point where supply equals demand
The lowest price a producer is willing to accept
What market structure is characterised by many buyers and sellers, homogeneous products, and price-taking behaviour?
Perfect competition
Monopoly
Oligopoly
Monopsony
Which factor does NOT influence the demand for agricultural products?
Consumer preferences
Technological advancements
Income levels
External factors like health trends
What term refers to the measure of how changes in price affect the quantity demanded?
Equilibrium price
Price fluctuation
Elasticity of demand
Monopsony
In which market structure does only one major buyer influence farmers' bargaining power?
Perfect competition
Monopoly
Oligopoly
Monopsony
What determines the market-clearing price in agriculture?
Technological advancements
Equilibrium price
Supply and demand equilibrium
Government regulations
Which factor does NOT influence the supply of agricultural products?
Weather conditions
Population growth
Income levels
Government policies