QUIZ 1- Intro to Ag Econ 1

Agricultural Economics define as:

• Dismal Science

• Applied to social condition in Agriculture

• Scarcity

• Social Science

The term Ceteris paribus define as:

• All other things held constant

• Limited

• Scarcity

• Social behavior

Economics may defines as:

• How to allocate family income

• Social Interactions

• Maximize profit

• How resources used to produce goods and services

Two Greek words for economics

• Oiko Nomu

• Oiko Nomus

• Oikos Nomu

• Oikos Nomus

He define Economics is a dismal science

• Alfred Marshall

• Lionell Roubins

• Thomas Carlyle

• W. Stantey Jevons

In Economics, Scarcity basically refers to:

• Monopolization of existing supplies of goods

• Monopolization of resources to produce goods

• Monopolization of outlets to sell goods

• None of the above

Economics differs from others sciences because it focus on

• Scarcity

• Social choices

• Social Interaction

• Social behavior

Which of the following best describe the term Opportunity cost

• Benefits derived from goods or service

• Price paid for goods and service

• Relationship between 2 variables

• The value of best forgone alternatives

Which of the following is the most basic of the subjects with which the study of economics must seek to deal with?

• Markets

• Money

• Profit

• Scarcity

Which of the following is under a normative statement

• If price controls are removed the energy shortage

• Minimum wages causes unemployment

• Price controls on oil & gasoline are only fair

• None of the above