Test Your Knowledge: Agricultural Economics Licensure Examination Reviewer

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Aspiring agriculturists, are you ready for the licensure examination this year? In this blog post, we'll test your knowledge in agricultural economics with 10 multiple-choice questions. Check your answers at the end of the post and see how well you perform!


  1. What is the economic theory that explains how farmers make production decisions? 

a. Demand theory 

b. Supply theory 

c. Production theory 

d. Market theory


  1. Which of the following is not a factor of production? 

a. Land 

b. Labor 

c. Capital 

d. Profit

  1. What is the law of supply? 

a. As the price of a product increases, the quantity demanded decreases. 

b. As the price of a product decreases, the quantity supplied decreases. 

c. As the price of a product increases, the quantity supplied increases. 

d. As the price of a product decreases, the quantity demanded increases.


  1. Which market structure is characterized by many buyers and sellers, homogenous products, and perfect information? 

a. Monopoly 

b. Monopsony 

c. Oligopoly 

d. Perfect competition


  1. Which of the following is not a type of market failure? 

a. Monopoly 

b. Externalities 

c. Public goods 

d. Perfect competition


  1. What is the difference between gross profit and net profit? 

a. Gross profit is total revenue minus total expenses, while net profit is gross profit minus taxes. 

b. Gross profit is total revenue minus cost of goods sold, while net profit is gross profit minus                                                  operating expenses and taxes. 

c. Gross profit is total revenue minus operating expenses, while net profit is gross profit minus taxes. 

d. Gross profit is total revenue minus taxes, while net profit is gross profit minus operating expenses.


  1. What is the formula for calculating price elasticity of demand? 

a. % change in quantity demanded / % change in price 

b. % change in price / % change in quantity demanded 

c. % change in total revenue / % change in price 

d. % change in quantity supplied / % change in price


  1. What is the main objective of agricultural policies? 

a. To increase food prices 

b. To maximize profits of farmers 

c. To achieve food security and promote rural development 

d. To reduce agricultural productivity


  1. Which of the following is not a source of agricultural finance? 

a. Banks 

b. Cooperatives 

c. Insurance companies 

d. Manufacturers


  1. What is the meaning of GNP? 

a. Gross National Product 

b. Gross Natural Product 

c. Good National Production 

        d. Great Natural Prosperity



Answers:

1. c

2. d. 

3. c.

4. d.

5. d.

6. b.

7. a.

8. c.

9. d.

10. a.




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