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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