AEM251

- is only used for diagnostic
purpose where one basic
input is the limiting factor

What breaks bulk
commodity in order to
satisfy many customers?

What function does not
exceed its peak but
increases indefinitely during
production

When is the coefficient of
income elasticity of demand
positive?

All these are factors
influencing the supply of a
commodity except;

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

- is the stage of production
curve where the marginal
product less and average
product increases

In law of demand, the
quantity demanded of a
commodity increases as the
price does what?

The technical relationship
between factor input and
output is referred to what?

- are conditions that are
present in markets where
buyers and sellers interact
to establish prices and
exchange goods and
services

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

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

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

What is concerned with
planning, implementation
and control of the farm
business?

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

Agricultural production
function guides farmers in
decision making. “True” or
“False

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

are major specialized
activity performed in
accomplishing the
marketing process

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

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

Which of these
combinations of goods is
referred to as
complementary

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

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

function is very simple,
easy to work with and
commonly taught for
academic exercise in
agricultural production
function

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

What marketing function
describes what happens or
what can happen to a
product between the time of
production and time of
purchase by the final
consumer

What is the elasticity
measurement if the
changes in both quantity
and the factors of interest at
large?

Non – homogenous
commodity and preferential
treatment is an example of
-

Inputs are classified as
substitutes and
--

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

What is used to ration
goods among prospective
buyer in the market?

What measures the amount
of total output increase as
input increases?

The condition where there
is no substitute of
commodity is called what?

Storage, transportation and
processing are examples of
.. function

Exchange, physical and
facilitating are examples of
function

-- 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

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

are costs that do not vary
with the level of output

What is the ratio of the
percentage change in the
quantity supplied to the
percentage change in its
price referred to?

Activities that make it
possible for the smooth
performance of exchange
and physical function is
known as
. Function

describes the rate at which
inputs are transformed into
outputs

is the process whereby
supply will not increase at
all and however much
prices of a commodity rises

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

The activities involved in
the transfer of title to goods
are known as
.. Function

All these are concept of
economics except;

What is the acronym for
NAFPP?

The common algebraic
forms of production function
are linear, semi log cobb
Douglas, and

are boundaries for the
stages of production
function in the factor –
factor relationship

Agricultural production
function is used to in
determining enterprise
combination. “True” or
“False”

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