AEM251

A condition where there is
no substitute of commodity
is known as
--

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

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

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

Which of the following may
not be a factor that
determines the elasticity of
demand?

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

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

The type of agricultural
production function that are
derived from experiments in
crop and livestock is known
as

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

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

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

Which of these refer to the
degree of responsiveness
of a proportionate change
in the quantity demanded of
a commodity to a
proportional change in the
price of a related
commodity?

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

Seasonality and
perishability are examples
of
--

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

When at a given time an
unlimited quantity of
product is demanded?

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

- was established by
government to construct
dams and bore holes in
rural communities of the
country

-- 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

are costs that do not vary
with the level of output

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

are referred to as producer
goods or intermediate
products

What concept in supply that
is very important in
economic analysis?

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

s used to determine the
stage of overall production
process

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

Which of the following may
not be a factor that
determines the elasticity of
demand?

The process of creating
goods and services for the
satisfaction of human wants
is known as what?

describes the rate at which
inputs are transformed into
outputs

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

The plotting of the price of a
commodity on the vertical
axis against the quantities
supplied on the horizontal
axis is known as what?

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

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

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

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

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

A technical relationship
between inputs and output
is known as

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

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

What agency was
established by Nigerian
government to ensure that
more land and smallholder
hectares are intensified?

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

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

Inputs that are substituted
at constant rate are called

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

are major specialized
activity performed in
accomplishing the
marketing process

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

What type of function that
accomplishes marketing
process?

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

s when a commodity in a
perfect market should be
capable of being easily
transported from one part of
the market to another.

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