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Agricultural Economics & ABM > Agricultural Economics > Flashcards

Agricultural Economics Flashcards

1
Q

study of how households and firms make decisions and how they interact in markets.

A

Microeconomics

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2
Q

comes from Greek work oikonomos, means one who manages a households

A

Economy

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3
Q

visual model of the economy that shows how dollars flow through markets among households and firms

A

Circular flow diagram

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4
Q

refers to the value of the best forgone opportunity

A

Opportunity Cost

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5
Q

this is reflected by the production possibilities frontier (PPF). It shows, for each output of one good, the max. amount of the other good that can be produced using all available resources. The frontier displays a trade off, more of one commodity imploes less of the other.

A

Production Possibilities

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6
Q

claims that attempts ro describe the wold as it is

A

Positive statements

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7
Q

claims that attempts to prescribe how the world should be

A

Normative statements

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8
Q

ability to produce a good using fewer inputs than another producer

A

Absolute Advantage

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9
Q

whenever must be given up to obtain some item

A

Opportunity cost

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10
Q

ability to produce a good at a lower opportunity cost than another producer

A

Comparative Advantage

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11
Q

amount of a good that buyers are willing and able to purchase

A

law quality demanded

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12
Q

the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

A

law of demand

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13
Q

a table that shoes the relationship between the pricd of a good and the quantity demanded

A

demand schedule

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14
Q

graph of tje relationship between the price of a good and the quantity demanded

A

demand curve

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15
Q

ang cjange that rises tje quality that buyers wish to purchase at any given price shifts tje demand curve to tje right, any change that lowers tje quantity that buyers wosh to purchase at any given price shiftd the demand curve to the left

A

Shift in the demand curve

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16
Q

when a fall in the price of the one good reduces the demand for another good, the two goods.

A

substitute

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17
Q

a good for which, other things beong equal, an increase in income leads to an increasd in demand

A

normal good

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18
Q

a good foe which, other things being equal, an increase in income leads to a decrease in demand

A

Inferior good

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19
Q

two good which an increase in the price of one leads to an increasd in the demand for the other

A

substitutes

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20
Q

two goods for which an increase in the price of one leads to a decrease in the demand for tje other

A

complements

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21
Q

Price increase causes to reduce the value of the consumers income

A

income effect

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22
Q

the amount of a good that sellers are willing and able to sell

A

Quantity supplied

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23
Q

the clain that other things being equal, the quantity supplied of a good risds when the price of the good rises

A

law of supply

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24
Q

The advantage in tje production of a product enjoyed by one country over another when it produces the product at a lower cost

A

comparative Advantage

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25
Q

branch of economics that deals the economy as a whole

A

macroeconomics

26
Q

Calculates the GDP by summing all expenditure on final goods and services

A

Expenditure Approach

27
Q

The market value of all final good and services that country’s resource produce per unit of time regardless where the output is produced

A

GDP ( Gross Domestic Products)

28
Q

if net invome from abroad is positive the GNP is

A

greater than / more than GDP

29
Q

composed of saving plus consumption

A

disposal income

30
Q

a situation in which the market price has reached the levwl at which quantity supplied equals quantity supplied

A

Equilibrium

31
Q

prices balances quantity suppleand quantity demanded

A

Equilibrium price

32
Q

quantity supplied and the quantity demanded at tje equilibrium price

A

Equilibrium Quantity

33
Q

situation in which quantity suppied is greater than quantity demanded

A

Surplus

34
Q

situation in which quantity demanded is greater yhan quantity supplied

A

Shortage

35
Q

The prolonged and deep recession

A

depression

36
Q

Increase in the overall price level

A

inflation

37
Q

Period of continuous risng

A

sustained inflation

38
Q

protect producer

A

floor price

39
Q

protect the consumer

A

ceiling price

40
Q

A curve showing tje relationship of unemployment rate and inflation rate

A

Philips curve

41
Q

Price elasticity of demand is always negative because

A

demand changes with price

42
Q

cost of fee using others money

A

interest

43
Q

when elasticity of demand is zero

A

perfectly in elastic

44
Q

A type of interest where the interest in the preceding periods earn another interest in the succeeding periods

A

compounded interest

45
Q

The meaning of the word “economics” is most closely associated with the word

A

scarce

46
Q

As you add equal units of a variable input to a fixed input, the marginal or additional product diminishes even if total product may increase

A

law of diminishing returns

47
Q

The objective of a national consumer is to
*
Buy as much of each income allows of the cheapest articles
Avoid purchasing the most expensive commodities
Secure the highest level of satisfaction from his money income
Spread his expenditures over as many products as possible

A
48
Q

A change in demand or supply
*
Is caused by a change in price
Is presented by a movement from one point to another on the demand or supply curve
Is caused by a change in any of the determinants of demand or supply other than price and is presented by a shift of the entire demand or supply curve
None of the above

A
49
Q

Given a combination of increase in consumers’ income and a decrease in price factors of production the result will be
*
Such that the direction of changes in price and quantity will be uncertain
Higher price , and a lower quantity level
A lower equilibrium price and a higher equilibrium quantity
A lower price and a higher quantity level

A
50
Q

he cost that firm incurs in purchasing or hiring any factor of production is referred to as

*
explicit cost
implicit cost
variable cost
fixed cost
A
51
Q

An increase in price will lead to a lower quantity demanded because:

*
Suppliers will supply only the smaller amount
Some individuals purchase more of the good
Individuals cut back their purchases of the good
A and B

A
52
Q

One reason that the quantity demanded of a good tends to rise as its price falls is:
*
The decrease in price shifts the demand curve upward
People feel a bit richer and increase their demand for the good
Demand has to increase to restore equilibrium after a price fall
At lower price suppliers are willing to supply more

A
53
Q

The quantity of coffee bought in the market is likely to increase when:
*
The price of tea increases
The price of coffee increases
Coffee is linked to cancer by new research
The general income level of the population drops

A
54
Q

Studies revealed that margarine is an inferior good. Therefore, an increase income will result in:

*
An increase in demand for margarine
A shift to the left of the demand curve tor margarine
A shortage of margarine
An increase in the supply of margarine
A
55
Q

The production function is a technical law which:
*
Relates peso inputs to peso outputs
Indicates the best way to combine factors to produce any given output
Indicates the best output to produce
Relates physical outputs to physical inputs

A
56
Q

iminishing returns is observed as a firm increases production by adding variable inputs to at least one fixed input because:
*
The ability or quality of the variable inputs hired decrease as more are hired
The firm must lower the price of its product when it produces more units of output
The per unit cost it must pay for variable input increases as more inputs are hired
As more variable inputs are hired, the amount of fixed inputs per variable input they have to work with deceases

A
57
Q 
A deflationary gap ran be eliminated by:
*
Decreasing investment
Decreasing government spending
Decreasing taxes
Decreasing autonomous consumption
A
58
Q 
The bulk of Philippine government expenditures is accounted for by:
*
Maintenance and other operating expenses
Debt service
Personal services
Capital outlay
A
59
Q

By open market operations we mean the actions of the government to:

*
Increase or decrease government expenditures
Increase or decrease taxes
Buy and sell government bonds
Buy and sell investment goods and services

A
60
Q 
Which of the following is consistent with a tight monetary policy?
*
Low interest rates
High reserve requirements
An increase in money supply
Subsidized interest rates to borrowers
A

Agricultural Economics & ABM (2 decks)

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