UNIVERSITY OF AGRICULTURAL SCIENCES, RAICHUR
FINAL EXTERNAL EXAMINATION
II Yr. B.Sc. (Hons.) Agriculture
Sem: 2017–18
AEC 201 (1+1): Farm Management, Production and Resource Economics
Date: 20-01-2018
Time: 2½ Hrs.
Max. Marks: 50
I. A. CHOOSE THE APPROPRIATE ANSWER (10 × 0.5 = 5.0)
In a classical production function, when MPP is zero, TPP
a) Increases at increasing rate
b) Increases at decreasing rate
c) Maximum
d) ZeroElasticity of production at the end of stage I of classical production function is
a) More than one
b) Equal to one
c) Less than one
d) ZeroRidge lines used to separate
a) Supplementary from complementary
b) Competitive to antagonism
c) Supplementary from competitive
d) Complementary from competitiveOne can reduce the cost, by using more of the ‘added resource’, if
a) MRTS < Price ratio of factors
b) MRTS > Price ratio of factors
c) MRTS < Price ratio of products
d) MRTS > Price ratio of productsGreater risk is involved in
a) Diversified farming
b) Specialized farming
c) Mixed farming
d) RanchingWhen is an isoquant ‘L’ shaped
a) When the two factors are complementary
b) When the two factors are perfect substitutes
c) When the two factors are used in varying proportions
d) When the two factors are imperfect substitutesThe costs of self-owned and self-employed resources engaged in the farm are
a) Explicit costs
b) Real costs
c) Implicit costs
d) AllWhich one of the following is an example of non-renewable resources?
a) Wind
b) Water
c) Vegetation
d) Coal and mineralsProduction is a function of
a) Prices
b) Cost
c) Profit
d) FactorsLinear programming was developed by
a) Leon Walras
b) William Stanley Jevons
c) George B. Dantzig
d) Adam Smith
I. B. MATCH THE FOLLOWING (5 × 0.5 = 2.5)
| A | B |
|---|---|
| 11. Fixed resources | a. Land, livestock, machinery |
| 12. Flow resources | b. Returns sacrificed from next best alternative |
| 13. Variable resources | c. Depreciation, taxes and insurance |
| 14. Fixed costs | d. Labour, sunshine |
| 15. Opportunity cost | e. Seed, fertilizers and chemicals |
I. C. FILL IN THE BLANKS WITH APPROPRIATE ANSWERS (5 × 0.5 = 2.5)
The estimation of future value of present income is called __________
The products which are produced from the same production process are called __________
The point on TPP curve which corresponds with maximum MPP is called __________
Simultaneous increase or decrease in all the inputs in the same proportion to study their influence on output is called __________
Isocline representing most appropriate product combination is called __________
II. DEFINE THE FOLLOWING (10 × 1.0 = 10.0)
Isocline
Farm management
Elasticity of production
Agricultural Production Economics
Opportunity cost
Choice indicator
Law of diminishing returns
Mixed farming
Pareto optimality
Poly period resource
III. DIFFERENTIATE ANY FIVE OF THE FOLLOWING QUESTIONS (5 × 2.0 = 10.0)
Continuous and discontinuous production function
Farm planning and farm budgeting
Iso-product and Iso-resource curve
Substitutes and complements
Fixed cost and variable cost
Average Physical Product (APP) and Marginal Physical Product (MPP)
Natural Resource Economics and Agricultural Economics
Flow and stock resources
IV. ANSWER ANY FOUR OF THE FOLLOWING QUESTIONS (4 × 2.5 = 10.0)
Principles of comparative advantage
Objectives of Agricultural production economics
Types of risks
Law of equi-marginal returns
Assumptions of linear programming
Write about features of Pradhan Mantri Fasal Bima Yojana (PMFBY)
V. ANSWER 45th, 46th AND ANY ONE OF 47th OR 48th QUESTION (3 + 3 + 4 = 10.0)
Describe the various steps involved in farm planning and budgeting
Explain different types product (enterprise) relationship with neat labeled diagrams
Explain the three stages of production function with neat labeled diagram and point out the rationality of each stage
OR
What do you mean by externality? Explain about positive and negative externality with examples
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