Farm Management Economics Objective MCQ

Farm Management Economics Objective MCQ

Quiz name: Farm Management Economics Objective MCQ or Farm Management Multiple Choice Questions
Type: Objective Questions
No. of Questions: 50
Update: Date of publication 04-09-2021

Author: Raipur Krishi Coaching

Also read:

ParagraphQuestionsContents
A01 -10OQ
B11 – 20OQ
C20 – 30OQ
D30 – 40OQ
E40 – 50OQ

(A). Farm Management MCQ

Answer Key Links After Each 5th MCQ

Question 01. Who defines  farm as “a piece or pieces of land operated as single unit of agriculture enterprise under one management”?

(a). D. S. Chauhan.
(b). Amartya Sen.
(c). Rajiv Kumar.
(d). Baidyanath Mishra.

Question 02. The farm factors such as land, labour and capital are..

(a). Limited factors.
(b). Unlimited factors.
(c). Both a and b.
(d). None of the above.

Question 03. Which one of the following is not an object of farm management?

(a). Minimisation of losses and damages.
(b). Minimisation of inefficiency.
(c). Maximisation of profit.
(d). Maximisation of cots.

Question 04. What is the relation of minimisation of losses of and damages in farm management with maximisation?

(a). Maximisation of profit.
(b). Maximisation of productivity.
(c). Maximisation of production.
(d). Maximisation of product.

Question 05. What is the most profitable amount of resource to use in the production?

Such type of decision falls in..

(a). Factor – product relationship.
(b). Resource –  resource relationship.
(c). Both a and b.
(d). Factor – factor relationship.

See answer

Quiz

Question 06. How to produce is the study of..

(a). Factor – factor relationship.
(b). Resource – resource relationship.
(c). Either a or b.
(d). Factor – product relationship.

Question 07. What to produce or which enterprise to select is the subject of …. relationship

(a). Factor – product relationship.
(b). Product – product relationship.
(c). Product – resource relationship.
(d). None of the above.

Question 08. Which principle applies on factor – product relationship?

(a). Principle of diminishing return.
(b). Principle of substitution.
(c). Principle of opportunity cost.
(d). All of the above.

Question 09. Which principle applies on factor – factor relationship?

(a). Principle of increasing cost.
(b). Principle of substitution.
(c). Principle of opportunity cost.
(d). All of the above.

Question 10. Which principle applies on factor – factor relationship?

(a). Principle of increasing cost.
(b). Principle of least cost combination.
(c). Principle of equi – marginal.
(d). All of the above.

See answer

(B). Economics Farm Management

Question 11. The production decision how much produce is..

(a). Enterprise selection.
(b). Optimum level of resource use.
(c). Both a and b.
(d). None of the above.

Question 12. The production decision how to produce is..

(a). Enterprise selection.
(b). Optimum level of resource use.
(c). Least cost method.
(d). None of the above.

Question 13. The production decision what to produce is..

(a). Enterprise selection.
(b). Last cost method.
(c). Both a and b.
(d). None of the above.

Question 14. Who defines production function as mathematical relationship?

(a). Milton Friedman.
(b). L. E. Bishop.
(c). Joseph E. Stiglitz.
(d). Paul Krugman.

Question 15. The another name of production function is..

(a). Factor and factor relationship.
(b). Factor and resource relationship.
(c). Factor and product relationship.
(d). None of the above.

See answer

Question 16. Production function is of..

(a). Two types.
(b). Three types.
(c). Four types.
(d). Five types.

Question 17. In law of variable propitiation..

(a). Quantities of some inputs are constant.
(b). Quntities of one inputs are varying.
(c). Both a and b.
(d). Reversal of the option a and b.

Question 18. In law of returns to scale..

(a). Quantities of all inputs are constant.
(b). Quntities of all inputs are varying.
(c). Both a and b.
(d). Quntities of some inputs are varying.

Question 19. Cobb – Douglas function has..

(a). Constant elasticity of substitution.
(b). Varying elasticity of substitution.
(c). Both a and b.
(d). All of the above.

IBPS AFO Multiple Choice Questions

Questions 20. If….

y = production
a↓0 = constant
a↓1, a↓2…………..a↓n = coefficient
x↓1, x↓2…………..c = factors of production

Then, which is combination shows linear production function?

(a). y = a↓0 + a↓1.x↓1 + a↓0 + a↓2.x↓2 .+……….+ a↓n.x↓n
(b). y = a↓0 . a↓1.x↓1 + a↓0 + a↓2.x↓2
(c). y = a↓0 + a↓1.x↓1 + a↓0 + a↓2 + x↓2 .+……….+ a↓n
(d). y = a↓0 + a↓0 + a↓2.x↓2 .+……….+ a↓n + x↓n

See answer

(C). Economics Questions

Question 21. If….

a, b, c = constant
x = production function

Then, which is the for quadratic production function?

(a). y = ax + b + cx↑2.
(b). y = a + bx + cx↑2.
(c). y = a + bx + c↑2x.
(d). y = ax + bx + cx↑2.

Question 22. Consider factors from questions 20 and 21

Now decide which is root production function?

(a). y = b + a √x↓1. + cx↓1.
(b). y = c + b √x↓1. + ax↓2.
(c). y = a + b √x↓1. + cx↓2.
(d). y = c + a √x↓1. + bx↓2.

Question 23. Consider factors from questions 20 – 23

Which is cubic production function?

(a). y = a↓2 + a↓3x + a↓x↓1 + a↓3x↑3.
(b). y = a↓1 + a↓0x + a↓x↑2 + a↓3x↑3.
(c). y = a↓0 + a↓2x + a↓x↑2 + a↓3x↑3.
(d). y = a↓0 + a↓1x + a↓x↑2 + a↓3x↑3.

Question 24. Which is the formula of average physical product for measuring input – output relationship?

(a). Y/X.
(b). X/Y.
(c). ∆Y/X.
(d). ∆X/Y.

Question 25. Which is the formula of marginal physical product for measuring input – output relationship?

(a). ∆Y/∆X.
(b). ∆X/∆Y.
(c). ∆Y/X.
(d). ∆X/Y.

See answer

Mock Test

Question 26. In constant marginal productivity production function is..

(a). Linear.
(b). Curve.
(c). Both a and b.
(d). None of the above.

Question 27. CMR is also known as..

(a). CMP.
(b). Equal Marginal Return.
(c). Both a and b.
(d). None of the above.

Question 28. Diminishing marginal return is applicable in..

(a). All practical situations of agricultural production.
(b). Some situations.
(c). Not applicable in any situation.
(d). None of the above.

Question 29. What is elasticity?

Interfere to output.

(a). Percent change in output.
(b). Constant output.
(c). Quantity change in output.
(d). None of the above.

Question 30. In first stage of farming..

(a). Profitability increases.
(b). It decreases.
(c). It remains constant.
(d). None of the above.

See answer

(D). Farm Management Quiz

Question 31. Most of the Indian farmers are under..

(a). Stage II.
(b). Stage I.
(c). Stage III.
(d). None of the above.

Question 32. Farmers of Punjab, Haryana and Uttar Pradesh under..

(a). Rational zone.
(b). Irrational zone.
(c). Both a and b.
(d). None of the above.

Question 33. Under the rational zone …., the farmers has to calculate proper and optimum level to get maximum profitability?

(a). I stage.
(b). III stage.
(c). II stage.
(d). None of the above.

Question 34. Which is not a type of factor – substitution?

(a). Increasing rate of factor substitution.
(b). Decreasing rate of factor substitution.
(c). Constant rate of factor substitution.
(d). None of the above.

Question 35. If, for example….

A = Unit cost of added resource
B = Unit cost of replaced resource

Then, what is the formula of price ratio?

(a). A/B.
(b). B/A.
(c). A/B × 100.
(d). B/A × 100.

See answer

Question 36. …. is the line which passes through the equal slopes of the different isoquant curves?

(a). Price line.
(b). Iso expenditure line.
(c). Iso cost line.
(d). Ridge line.

Question 37. Ridge line is also known as..

(a). Expansion path.
(b). Isoline.
(c). Ratio line.
(d). None of the above.

Question 38. Cow dung with milk is an example of..

(a). Complimentary relationship.
(b). Joint products.
(c). Supplementary relationship.
(d). All of the above.

Question 39. Wheat + gram cropping system is an example of..

(a). Competitive relationship.
(b). Supplementary relationship.
(c). Complementary relationship.
(d). None of the above.

Question 40. Contribution of supplementary relationship is …. to total farm income

(a). 5%.
(b). 15%.
(c). 10%.
(d). 20%.

See answer

(E). Agricultural Economics Questions

Question 41. …. is an example of dairy and crop in short duration

(a). Decreasing rate of product substitution.
(b). Production possiblity curve.
(c). Both a and b.
(d). None of the above.

Question 42. Rice and maize substitution is an example of..

(a). IRPS.
(b). DRPS.
(c). PPC.
(d). All of the above.

Question 43. “Each area tends to produce those products for which its ratio of advantage is greatest compared with the other area or its ratio of disadvantage is least” is the saying of..

(a). Milton.
(b). Smith.
(c). Jordan.
(d). Black.

Question 44. Which affects the types of farming?

(a). Business skill.
(b). Transport facility.
(c). Long investment and size economy.
(d). All of the above.

Question 45. In diversified farming the income from a single product is..

(a). Less than 50%.
(b). Not equal to 50%.
(c). Both a and b.
(d). Equal to 50%.

See answer

Question 46. What are the examples of diverse scale farming?

(a). Suitable crop production.
(b). More employment.
(c). Profitable use of equipment.
(d). All of the above.

Question 47. Which is not a characteristic of marginal farming?

(a). Price elasticity of production is small.
(b). Farm holdings are big.
(c). Resource structure is helplessly.
(d). None of the above.

Question 48. In case of mixed farming, the subsidiary enterprise does not exceed..

(a). 10%.
(b). 15%.
(c). 20%.
(d). 25%.

Question 49. Ranch farming is famous in..

(a). India.
(b). Australia.
(c). United States of America.
(d). Iraq.

Question 50. About …. percent Indian farmers have been practicing Individual farming

(a). 50.
(b). 65.
(c). 70.
(d). 75.

See answer

For: Farm Management Economics Objective MCQ

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