Important Agricultural Economics Question And Answer

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1. The profit earned by a Monopoly firm is called as? Innovation profit

2. Production in traditional agriculture does not respond to ? Price changes
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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
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5. Indian Army is an example of ? National wealth
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6. When the demand for the product is less elastic inelastic the consumers surplus is ? High
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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
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10. The demand for milk sugar and tea is a case of ? Joint demand
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11. The increase in quantity supplied for a commodity due to rice in price of the commodity it is called ? Extension of supply
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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

16. Capital is an instrument of production I.e. 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
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