AgEcon 04 UpStep

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Which of the following involves a tradeoff?

all of the above

Microeconomics deals with:

Individual units of the economy

Which of the following is a market economy primarily based on?

capitalism and free enterprise

Which term is used to describe the study of how people make decisions in a world where resources are limited?

economics

Which of the following is a key difference between market economies and command economies?

In a market economy, resources are owned by private individuals, rather than by the government.

Which of the following is a positive statement?

Countries normally experience higher unemployment during recessions

The term “ceteris paribus” means:

Other things being equal.

A normative statement is one which:

Is based upon value judgments

Which idea is most closely associated with laissez faire economics?

free trade

Who is known as the father of capitalism, whose book “The Wealth of Nations” advocated laissez-faire theory?

Adam Smith

The economic problem “what to produce” refers to:

The amount and types of commodities produced in an economy

Basic economic questions that economy must address:

What and how much to produce, how much to produce them, and for whom the benefits of production must go

Which broad social goal is important in a market system but not as important in a centrally-planned (command) one?

efficiency

What does laissez faire mean?

Let the people decide

Adam Smith’s Wealth of Nations stressed the importance of:

supply and demand

You can buy or sell anything you want (within reason) with little government regulation:

Capitalism

Factors of production are:

Inputs

Which of the following can be classified as a macroeconomic problem:

All of the above

Socialism wants __________ ownership of businesses

Public

Tradeoffs are required because wants are unlimited and resources are:

scars

Classical Economics is defined as:

The idea that free markets can regulate themselves.

If your grandparents buy a newly built retirement home, this transaction would affect

investment

Real GDP is measured in ________ prices while nominal GDP is measured in ________ prices.

base year; current year

GDP would include which of the following?

consulting services

Gross Domestic Product is the sum of the market value of the

final goods and services

Gross Domestic Product can be measured as the sum of

consumption, investment, government purchases, and net exports

The value of plant and equipment worn out in the process of manufacturing goods and services is measured by

depreciation

When prices rise at an extraordinarily fast rate, it is called

hyperinflation

Investment is

the purchase of capital equipment and structures

A reasonable measure of the standard of living in a country is

real GDP per person

An intermediate good is a good that is

used as an input

An important indicator of a nation’s well-being is…

gross domestic product (GDP)

A high marginal propensity to consume implies which of the following

a low marginal propensity to save

For an economy consisting of households and businesses only, which of the following is consistent with the circular flow of income and production?

Households are suppliers of resources and consumers of goods and services.

Structural or mismatch unemployment arises in which one of the following situations?

When labour released from declining industries does not have the skills required to fill, or is not living in the location where there are, existing job vacancies

The main objectives of macroeconomic policy are:

All of the above

When outflows to the unemployment pool are greater than inflows, the level of unemployment will:

Fall

People who are unemployed because of job search are best classified as

frictionally unemployed

The natural unemployment rate includes

both frictional and structural unemployment

What is not a function of money?

Means of consumption

Paper money is called fiat money because

It is issued with authority of government

Which of the following refers to an inter-organizational system made up of a set of interdependent institution and agencies involved in the tasks of moving the products from the point of production to the point of consumption?

marketing channel

What are the factors that influence profits?

Market price, volume sold and cost

Which of the following refers to the type of marketing service that influences the buyers or consumers to buy through informing consumers what is available for purchase, especially if the product is new in the market.

Advertising and Promotion

Which of the following refers to physical functions of that transport that creates:

place

Could the exploration of marketing involve an examination of the commodity known as…?

commodity

What is the term used to describe the expenses associated with providing marketing services?

marketing cost

Is it the act of standardizing quality specifications of grades between buyers and sellers that is being referred to here?

standardization

Which of the following refers to the agent that usually not have physical control of the product? He ordinarily follows the instructions of his principal closely and has less discretionary power in price negotiations than the commission agent

broker

By transforming tamarind into wine, what type of utility do you generate?

form

Which of the following refers to management decisions that involve lasting effects?

Strategic decisions

What is the term used to refer to the capital that is utilized by a farm during the production process?

Depreciation cost

Which refers to cost of assets consumed or services used?

Expenses

Which of the following financial statements is concerned with an enterprise or business at a point in time?

Balance Sheet

Why should countries trade?

To help them thrive

Which of the following is a situation in which trade is advantageous?

Two countries produce different goods for different costs

When one producer can create a given amount of output with fewer inputs, what exists?

Absolute advantage

When one producer has a lower opportunity cost of production than another producer for a given item, what exists?

Comparative advantage

When a comparative advantage exists, what should the producer with the comparative advantage do?

Produce the item for which he does have the comparative advantage

When an absolute advantage exists, what should the producer with the absolute advantage do?

Produce the item for which he does have the absolute advantage

What develops when exports exceed imports?

Trade surplus

What is it called when the government places taxes on imported goods?

Tariffs

What is it called when the government places limits on the number of a given good that can be imported?

Quotas

What is the general term for when a government interferes in free trade?

Barrier to trade

Countries usually impose restrictions on free foreign trade to:

Protect domestic producers

If Philippines has a comparative advantage in producing rubber, and trade in rubber is allowed,

Philippines will become an exporter of rubber

A tariff imposed on an import will:

all of the above

Dumping involves

selling at a price in another market which is lower than the price of home arket

A firm that is selling a product at or below cost on foreign markets in order to drive foreign producers out of business is engaging in

predatory dumping

Which of the following is NOT part of the balance of payments?

The treasury account

What develops when imports exceed exports?

Trade deficit

When the demand for exports rises, the price will rise which will lead to

rise in the terms of trade

A decrease in the demand for exports will lead to a fall in the price resulting in

a fall in the terms of trade

When the supply of exports falls, the price will rise which will lead to

a rise in the terms of trade

An act prescribing urgent related measures to modernize the agriculture and fisheries sectors of the country in order to enhance their profitability, and prepare said sectors for the challenges of globalization through an adequate, focused and rational delivery of necessary support services, appropriating funds therefor and for other purposes.

Republic Act No. 8435

An Act to Promote and Develop the Seed Industry in the Philippines and Create a National Seed Industry Council and for Other Purposes

Republic Act No. 7308

An act to ordain the agricultural land reform code and to institute land reforms in the Philippines, including the abolition of tenancy and the channelling of capital into industry, provide for the necessary implementing agencies, appropriate funds therefor and for other purposes.

Republic Act No. 3844

An act declaring large-scale agricultural smuggling as economic sabotage, prescribing penalties therefor and for other purposes

Republic Act No. 10845

This is an attached corporation mandated to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of their palay and corn crops as well as other crops.

Philippine Crop Insurance Corporation (PCIC)

These schemes include block farming, trust farming, contract farming, and corporative farming that will make farming more efficient, where technology is used, where cost of production is reduced, and farm productivity and incomes are increased.

Consolidation of small- and medium-sized farms

Who is the current secretary of Department of Agriculture?

Francisco Tiu Laurel Jr.

Philippine Crop Insurance Corporation (PCIC)

Consolidation of small- and medium-sized farms

The country should have a systematic and long-term strategy in developing and promoting exports of raw and processed agricultural products. This would require achieving economies of scale in on-farm production that would generate sustained quantity and quality of export products.

Promotion of export

This act will remove the previously placed quota on rice imports, permitting traders to import a near-unlimited quantity of rice allowing more competitors to enter the rice market, the law will lower the price of rice by increasing supply

Republic Act No. 11203

An act strengthening the meat inspection system in the country

Republic Act No. 9296

An attached agency helps government develop and implement strategies and policies that increase and sustain the flow of credit to agriculture and fisheries, improve the viability of farmers and fisherfolk, and support agriculture modernization, food security and poverty alleviation.

Agricultural Credit Policy Council (ACPC)

Its major duties include formulating and enforcing standards of quality in the processing, preservation, packaging, labeling, importation, exportation, distribution and advertising of fresh, primary and secondary-processed agricultural and fisheries products

Bureau of Agriculture and Fisheries Standards (BAFS)

This is the extension and training arm of the Philippine Department of Agriculture, mandated to train agricultural extension workers and their beneficiaries and lead in the delivery of e-extension services for agriculture and fisheries

Agricultural Training Institute (ATI)

This is an Act that aims to protect consumers against hazards to health and safety, protect consumers against deceptive, unfair and unconscionable sales acts and practices, provide information and education to facilitate sound choice and the proper exercise of rights by the consumers, provide adequate rights and means of redress, and involve consumer representatives in the formulation of social and economic policies.

Republic Act No. 7394

This is mandated to ensure the accelerated development of the Philippine dairy industry through policy direction and program implementation.

National Dairy Authority

This is mandated to maintain sufficient rice buffer stocks to be sourced solely from local farmers.

National Food Authority

This is mandated to improve the economic and living conditions and raise the quality of life of the tobacco farmers including those who depend upon the industry for their livelihood; and promote the balanced and integrated growth and development of the tobacco industry to help make agriculture a solid base for industrialization.

National Tobacco Administration

This is mandated to promote the growth & development of the sugar industry through greater participation of the private sector and to improve the working conditions of the laborers.

Sugar Regulatory Administration

This is created to promote the development of the fishing industry through the provision of post-harvest infrastructure facilities and essential services that improve efficiency in the handling and distribution of fish and fishery products and enhance their quality.

Philippine Fisheries Development Authority

This is tasked to develop the coconut industry to its full potential in line with the new vision of a united, globally competitive and efficient coconut industry;

Philippine Coconut Authority

Acts as the grease in the marketing machinery

facilitating function

Source of gains from trade

resource endownment

The behavior pattern of a firm in the industry:

market conduct

100

The maximum amount of food and clothing that a nation can produce using all its stock resources is depicted by the nation's

production possibility curve

CropSc 01

CropSc 01

CropSc 02

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AgEcon 01

AgEcon 01

SoilSc01

SoilSc01

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AnSci 01

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AgExt 01

AgExt 01

CropProt 01

CropProt 01

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CropSci 04 UPSTEP

CropSci 04 UPSTEP

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CropSci 06 UPSTEP

SoilSci 02

Anne Ranay · 53問 · 1年前

SoilSci 02

53問 • 1年前

Ansci 04

Ansci 04

Ansci 05

Anne Ranay · 28問 · 1年前

Ansci 05

28問 • 1年前

zenguru + upstep

Anne Ranay · 25問 · 1年前

zenguru + upstep

25問 • 1年前