Agricultural Economics One Liner Questions for Agriculture Jobs ( PPSC, NTS, FPSC, PTS, OTS, Banks Jobs, Research Jobs, Agriculture/cotton Officer, Economist jobs etc)
| A market in which products are sold by firms and bought by households is_? | Product market |
| The responsiveness of the quantity demand of a commodity to change in the consumer’s income, measured by the proportionate change in quantity divided by the proportionate change in income? | Elasticity of demand |
| A deliberate effort to replace major consumer imports by promoting the emergence and expansion of domestic industries such as textile, shoes etc? | Import substitution |
| The total amount by the federal govt. of the owner of the govt. securities are called? | Public debt |
| “Wealth of Nations” was written by_? | Adam Smith |
| A decrease in the governmentally defined value of currency _? | Devaluation |
| The portion of economy consisting of Agriculture, Forestry, Hunting and Fishing? | Agricultural sector |
| The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses? | Centralized planning |
| A supply curve shifts because of a change in__? | The price of the related products |
| All goods and services produced in a country in one year are called its__? | GDP |
| A physical establishment that performs one or more functions in the production, fabrication and distribution of goods and services? | Plant |
| Recurring increase and decrease in the level of economic activity over periods of years? | Business cycle |
| Year number of deaths per 1,000 population is called? | Death rates |
| Allocative efficiency is__? | Producing all output combinations in the least costly way |
| Change in quantity demanded is? | Movement from one point to the other on the same demand curve |
| The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is? | Trade deficit |
| Productive investments embodied in human persons? | Human capital |
| The payment for the use of borrowed funds __? | Loan |
| An increase either in real output (GDP) or in real output per capita is called? | Economic growth |
| Cooperation among the unification of the economies of different nations is termed as__? | Economic integration |
| The study of how economies are transformed from stagnation to growth and from low income to higher-income status? | Development economics |
| An accounting item that increases the value of an asset? | Credit |
| An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and therefore decreases their production costs? | Decreasing cost industry |
| A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return? | Transfer payment |
| In we avoid value judgments and focus on facts? | Positive economics |
| Loans not passed through formal banking system e.g. family loans? | Med term loans |
| A type of unemployment caused by insufficient total spending? | Cyclical unemployment |
| An institution or mechanism which brings together buyers and sellers is called_? | Market |
| The emigration of highly skilled and educated professionals and technical manpower from developing to developed countries? | Brain Drain |
| The gradual decline over time in the value or price of one currency in terms of another as a result of market forces of supply and demand? | Rightsizing |
| An individual’s demand curve is downsloping because__? | Price and quantity demanded are inversely related |
| To charge different prices for the goods of the same standard is called? | Prices discrimination |
| A particular set of institutional arrangements and a coordinating mechanism is? | Economic system |
| A ratio that shows the unit of capital required to produce a unit of output over a given period of time? | Capital input ratio |
| A rise in the general level of prices in an economy? | Inflation |
| The process of improving the quality of all human lives including sustenance, self-esteem and freedom? | Economic growth |
| Increasing a country’s stock of real capital (net investment in fixed assets)__? | Capital accumulation |
| A term used by ILO to describe the basic goods and services necessary for a minimum standard of living? | Basic needs |
| An organization that employs resources to produce a good or service for-profit and own and operates one or more plants is called_? | Firm |
| A market in which money of one nation can be used to purchase the money of another nation is called_? | Foreign exchange market |
| Nominal income adjusted for inflation__? | Real income |
| A legal entry chartered by a state or the federal govt. which is a district and separate from the individuals who own it? | Corporation |
| Employment available resources so that the maximum amount of goods and services is produced? | Full production |
| The ability of Market forces to synchronize selling and buying decisions to eliminate potential surpluses and shortages is known as_? | Rationing function of the price |
| Other things remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is? | Law of supply |
| Total consumption deducted from total income is called__? | Saving |
| The price paid for the use of services of labor per unit of time is called__? | Wage |
| Increase in the price level at a rate greater than expected? | Unanticipated |
| The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_? | Trade surplus |
| Any system that features one price for sellers and another for buyers? | Dual price system |
| Rural-based population in developed countries? | 27 % |
| __provides an overview of the operation of the capitalist system? | Circular flow model |
| The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__? | Trade surplus |
| The intersection of the supply curve and demand curve indicates? | Market equilibrium |
| All international changes in ownership of merchandise passing across the customs borders of trading countries? | International trade laws |
| Group of LDC debtors who join together to bargain as a group with creditors? | Economic union |
| The percentage of labour force unemployment at any time__? | Unemployment rate |
| The annual amount that a borrower must pay a lender over and above the total borrowed? | Interest |
| determinants of demand are sometimes referred to as__? | Demand shifters |
| Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand? | Demand pull inflation |
| An economic system in which traditions and customs determine how the economy would use its scarce resources? | Traditional economy |
| In developed countries, manufactured goods are about % of total export? | 82 % |
| The role of power in economic decision-making is studied in? | Political economics |
| Changes in govt. spending and tax collection designed to achieve full employment and non-inflationary domestic output is called? | Fiscal policy |
| Rural-based population in less developed countries (LDC’s)? | 65 % |
| The principle that if one factor of production is fixed and the constant addition of other factors are combined with it, the marginal productivity of variable factors will eventually decline? | Diminishing returns |
| When the price for one and demand for another move in the same direction we say them? | Supplementary |
| An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return? | Tax |
| Payment of funds by a govt. firm or household for which it receives no goods or services in return? | Subsidy |
| Urban population in LDC’s_? | 36 % |
| Aggregate inequality measures that can vary anywhere from O (perfect equality) to 1 (perfect inequality) are given by? | Gini coefficient |
| Hitler introduced? | Authoritarian economy |
| Gradual pay off a loan principle? | Amortization |
| A legally determined price above the equilibrium price is__? | Floor price |
| Directing domestic resources to output which a nation is highly efficient at producing is called_? | International specialization |
| Technologies that by design produce less waste and use resources more efficiently? | Efficient technology |
| A summary statement of a nation’s financial transactions with the outside world? | Balance of payments |
| The use of foreign currency as a medium of exchange in place of or along with the local currency e.g. (Mexican Pesos)? | Partial substitution |
| The monitory income firm sacrifices when it uses a resource it rosins rather than supplying the resource in the market? | Implicit cost |
| assumes economic rationality and purely materialistic, individualistic, self-interested orientation towards economic decision making? | Traditional economy |
| A type of unemployment used by workers voluntarily changing jobs and by temporary layoffs; unemployment workers between jobs? | Frictional employment |
| The attainment of literacy, arithmetic competence and elementary vocational skills? | Basic education |
| A group of firms that produces identical or similar products__? | Industry |
| Stocks of commodities held by the countries or international organizations to moderate the commodities price fluctuations? | Buffer stocks |
| The extreme case of physical resource endowment is? | Gulf oil states |
| Labour force engage in Agriculture in economically developed nations? | 5% |
| Failure to use all available economic resources to produce goods and services is called__? | Unemployment |
| Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its? | Opportunity cost |
| An organization of producers agreeing to limit the output of their product in an effort to raise prices and profit? | Cartel |
| All seem fully employed but in reality much of their time is spent in unproductive activities? | Underemployment |
| A yearly number of live births per 1000 population is termed as_? | Crude birth rate |
| The study process by which a productive capacity of the economy is increased over time to bring about rising levels of national output and income? | Economic integration |
| A compensation device through which workers receive part of their pay in the form of a share of their employer’s profit? | Profit-sharing plan |
| A section in a nation’s international balance of payments that records its export and import of goods and services, its net investment income, and its net transfers? | Current account |
| An economic model describing the growth of the economy on one or at most a few sectors and variables? | Aggregate growth model |
| Selling public assets to individuals or private business interests? | Privatization |
| The households and the business firms of the economy are called__? | Private sector |
| The use of the resources of an individual or firm, a region, or a nation to produce one or a few goods and services? | Specialization |
| The production possibility curve is always concave because? | It reflects the law of increasing opportunity cost |
| A barrier to the attainment of a set target in a particular period of time? | Economic inefficient |
| In less-developed nations, the economic dependency burden is__? | 45 % of the population |
| “Economics is the study of causes of material welfare” was defined by? | Marshall |
| The transfer of savings from developing countries to industrially advanced countries to avoid govt. expropriation, taxation and high rates of inflation are_? | capital flight |
| Agriculture contribution in GNP of developing nations? | 14 % |
| Commodities whose demand varies directly with money income are called? | Superior or normal goods |
| A curve showing the distribution of income in an economy? | Lorenz curve |
| The number of people and their level of skills is called as? | Human resources |
| Rates of open unemployment in the developing world average? | 8-15% |
| The part of the urban economy of LDC’s characterized by small competitive individual or family firms, labor-intensive methods, free entry and market-determined factor and product prices? | Informal sector |
| An essentially risk-free, long-term interest rate that is free of the influence of market imperfections? | Pure rate of interest |
| The absence of artificial barriers to trade among individuals and firms in different nations? | Free trade |
| International resources shared by all countries e.g ocean, air, etc? | Global environment facility |
| The part of the economy which contains all govt. entities are called__? | Public sector |
| An agreement among sellers of a commodity to set a common price or share their commodity market? | Oligopoly |
| The number of children who die before their first birthday out of every 1,000 live births? | Infant mortality rate |
| An economic plan that sets targets to cover all the major sectors of the national economy? | Comprehensive plan |
| “The tricks of economic growth and development are simply a matter of increasing national savings and investment.” Is the simplest form of? | Harod-Domar growth model |
| A good used together with another good is? | Complementary good |
| An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities? | Pure capitalism |
| A commercial bank authorized by the state govt. to engage in the business of banking? | State Bank |
| The total number of monetary units received by a firm from the sale of a product is called? | Total revenue |
| The total amount of income necessary to raise everyone who is below the poverty line up to that line? | Poverty gap |
| An interest-bearing deposit that normally can be withdrawn by the depositor at any time? | Saving deposit |
| Income that is available to households for spending and saving after personal, income taxes have been deducted? | Disposable income |
| Private or public debt owed to foreign citizens firms and institutions? | External debt |
| An analytic approach in which we move from general to particular from theory to facts is_? | Deduction |
| Tax levied on production of a specific product on the quantity of the product purchased? | Excise tax |
| Urban population is developed nations? | 74 % |
| Monopoly and oligopoly are examples of? | Imperfect competition |
| A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__? | Microeconomic |
| In richer nations children are% of the dependents? | 66 % |
| the yearly number of children born alive per 1,000 women within a child-bearing age bracket? | Crude birth rate |
| A large govt. role and some degree of coordinated economic decision-making directed towards transforming the economy are usually viewed as essential components of__? | Development economics |
| The branch of economics analyzes govt. revenues and expenditures are__? | Public finance |
| The increasing integration of national economies into expanding international market? | Globalization |
| A debit which monitory value, an amount owed by a firm or an individual? | Liability |
| Failure to achieve full production is called? | Underemployment |
| The investment of private foreign funds in the economy of a developing nation? | Private foreign investment |
| The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called__? | Tradeoffs |
| The currency of a major industrial country, such as the U.S dollar? | Hard currency |
| “All LDC’s require to take off into a period of self-sustaining economic growth is a massive investment program designed to promote rapid industrialization and the building up of economic infrastructure.”? | Big Push theory of development |
| Agriculture contribution in GNP of developing nations? | 3 % |
| People both rural and urban who are working less than they could? | Underemployment |
| All points on the production possibility curve explain__? | Productive efficiency |
| Excess utility over price derived by the consumers because of the negative sloping demand curve? | Producer surplus |
| From of central bank that issues domestic currency for foreign exchange at fixed rates? | Stock exchange |
| The coordinating mechanism of capitalism is a system of? | Market and prices |
| The proportion of school-aged children who don’t complete a particular school cycle? | Dropout rate |
| A good and service is indivisible and to which the exclusion principle does apply is called_? | Public good |
| “structural transformation of primary subsistence economy for economic development” war proposed by? | Arthur Lewis |
| The advantage that occurs to individuals or society as a whole as a result of an increase in the consumption of certain types of goods or services by other individuals? | Consumption surplus |
| Using part of income/saving for more income is called_? | Investment |
| Transfer of funds to a foreign country by a local citizen by business? | Capital flight |
| A cooperative farm or another collectively organized unit? | Corporation |
| The implicit change in real income resulting from the effects of a change in a commodity’s price on quantity demand? | Labour effect |
| A technological innovation that increases production while using the same capital input? | Production intensive technique |
| A minimum price which govt. allows the seller to receive for a good or service_? | Support Price |
| Any resource whose quantity can not be changed by a firm in the short run_? | Fixed resource |
| Legally established maximum price of a good or service__? | Ceiling price |
| Total money income received by the individual or recipients of income is called_? | Gross income |
| The upward shift of the demand curve is due to_? | Increase in demand |
| The sale of products below sale of products in a foreign country or below the prices charged at home is called? | Dumping |
| In economics, we look at the desirability of certain aspects of the economy? | Normative |
| The body of knowledge and techniques which can be used to produce goods and services from economic resources is? | Technology |
| Sum total of currency in circulation plus commercial bank demand deposits and sometimes savings bank time deposits? | National income |
| The total number of people living below a specified minimum level of real income, an international poverty line, is called? | Absolute poor |
| A benefit or cost from production or consumption accruing without compensation to nonbuyers and non/sellers of the product is called_? | Spillover |
| A tax levied on the cost of a broad group of products? | Sales tax |
| Major financial institution responsible for issuing currency, managing foreign reserves implementing monetary policy and providing banking service to the govt. and commercial banks? | State Bank |
| The discount rate that causes a project to have a net present value of zero used to rank projects in comparison with market rates of interest? | Internal rate or returns |
| An analytic approach in which we move from facts to theory, from a particular to general is called_? | Induction |
| A market in which products households sell and firms buy resources or the services of resources is__? | Resource market |
| The activity of buying or selling with the motive of later reselling or re-buying for profit is called? | Speculation |
| People, who are eager and able to work but for whom no suitable jobs are available? | Open unemployment |
| An index measuring national socioeconomic development based on measures of life expectancy at birth, educational attainment and adjusted per capita income? | Human poverty index |
| In the least, developed nations dependent children are__? | 90 % |
| A household’s or firm’s income in the form of goods or services? | Fixed income |
| The monetary payment a firm must make to an outsider to obtain a resource_? | Explicit cost |
| Index measuring deprivation in basic human development in a country? | Human deprivation index |
| Urban migration is causing the labor force to grow at annual rates of __in LDC? | 5-7% |
| Productive efficiency means? | Producing all output combinations in the least costly way |
| A condition when there is excessive production in the market which lowers down the price is called__? | Market glut |
| An asset set aside for future use is termed as_? | Store of value |
| In LDC children under the age of 15 years are % of the total population? | 40 % |
| Problems that occur to the individuals or society as a whole as a result of the unpopular consumption habits. Of another individual e.g drug addiction? | Commune |
| All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called? | GNP |
| Changing the term of the existing loan? | Debt repudiation |
| Opportunity cost is illustrated by the? | Downward slope |
| The sum of interest payments and repayment of principal on external public and publically guarantee debt? | Debt repudiation |
| The value of a product sold by a firm less the value of the products purchased and used by the firm to produce the product_? | Value-added |
| A market situation in which a product that does not have close substitutes is being produced and sold by a single seller? | Perfect competition |
| An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities? | Command economy |
| To obtain the greatest utility consumer should allocate money income so that the last dollar spent on each good or service yields the same marginal utility? | Law of diminishing return |
| A simplified picture of economic reality, an abstract generalization? | Economic model |
| Stage of growth model development was proposed by_? | Rostow |
| Nonproductive members of society are referred to as? | Economic dependency burden |
| A measure of average output or real output per unit of input is called_? | Productivity |
| A line that shows different combinations of two products a consumer can purchase with a specific money income, given the product’s price? | Budget line |
| A closed economy that attempts to be completely self-reliant? | Autarchy |
| A tax imposed by a nation on an imported good is called_? | Tariff |
| The power of a good/ service to satisfy human desire/want is called_? | Utility |
| In developed countries, children are….% of the total population? | 21 % |
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