AEM251

What type of demand
occurs if a change in
demand of a commodity is
20% when the price change
is 10%?

s used to determine the
stage of overall production
process

The process whereby the
self – interest of buyers and
sellers stimulate the needs
of people is known as
what?

The stage where marginal
product is less than zero
and negative is

are referred to as producer
goods or intermediate
products

What are the conditions
that must be present in
markets where buyers and
sellers meet to fix prices
and exchange goods and
services?

Returns to scale and
marginal returns are
parameters of

What is the desire backed
up with the ability to pay for
goods and services in
question thus, it is not a
wish?

All these are types of
income elasticity of supply
except;

What occurs in cross
elasticity of demand if two
commodities are
substitute?

Which of these
combinations of goods is
referred to as
complementary

A technical relationship
between inputs and output
is known as

Isocline, ridgeline and
- are the basic terms in the
three stages of production
function under the factorfactor relationship

What type of function
facilitates the smooth
performance of exchange
and physical function?

Stages I and II of the
production function are
uneconomical for
production. “True” or
“False”

Power failure and
insufficient storage facilities
are factors that affect
-- of agricultural products

Fertilizers, agrochemicals,
and seeds used in farming
activities is referred to as

are inputs that increases
outputs when consumed in
fixed proportions or
otherwise no output
production

Seasonality and
perishability are examples
of
--

What type of elasticity of
demand is used as a
planning tool to classify
goods as superior and
inferior goods?

Which of these shows the
different combinations of
input which can be used to
produce a specific quantity
of output?

serves as a lubricant in
enabling distribution to work
smoothly and preventing
the development of
bottlenecks

All these are concept of
economics except;

Through what process does
the stage of overall
production process is
achieved?

What breaks bulk
commodity in order to
satisfy many customers?

What type of demand
occurs if the change in
demand of a commodity is
10% when the price change
is 10%?

Inputs that are substituted
at constant rate are called

What is the major panacea
for the management of
economic problem?

What type of function that
accomplishes marketing
process?

- are either convex to the
origin of slopes from left to
right of a production stage

is the function that organize
and directs all business
activities involved in
assessing and committing
consumer purchasing
power into effective
demand for a specific
product from final
consumers in order to make
profit

The activities involved in
the transfer of goods are
referred to as
Function

What do you arrange in
order of priority and
importance to satisfy
wants?

What is one of the major
negative factors that affect
the marketing of any
agricultural commodity?

is the type of demand that
is used to classify goods
into luxurious necessities
and inferior goods

What is a signal to
producers to expand or
contract their rate of
product?

A situation where there are
just two sellers in an
oligopoly market is referred
to as

The transformation of
inputs into marketable
output is referred to what?

Which of these describe the
technologically efficient
methods of combining
inputs to produce output?

What is the process of
bargaining on the price of
the commodity between a
few sellers and a few
buyers?

The concept of supply that
is very important in
economic analysis is
referred to as

Which of the following is not
a reason for the negative
slope of the demand curve?

The line showing all the
different combinations of
factor inputs that a firm can
purchase, given the total
cost outlay of the firm and
input price is known as
what?

What is the measure of
responsiveness of quantity
demanded of a product
relative to its own price?

are major specialized
activity performed in
accomplishing the
marketing process

All these are basic
determinants of income
elasticity of demand except;

-- is the process of
satisfying human needs by
bringing precuts to people
in the proper form at the
appropriate time and place
they need the products

The final products derived
from consumer goods are
referred to as what?

What is the derivative of the
demand and supply
function?

Cost of raw materials and
wages of labour are
examples of