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Agec 111:Agricultural Economics Question Paper

Agec 111:Agricultural Economics

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2013

KENYA METHODIST UNIVERSITY

DEPARTMENT OF AGRICULTURE AND NATURAL RESOURCES

END OF SECOND TRIMESTER 2013 (DAY) EXAMINATION
COURSE CODE : AGEC 111
COURSE TITLE : AGRICULTURAL ECONOMICS

TIME:2 HOURS

INSTRUCTIONS: ''''''Answer ALL the Questions in Section A and any TWO in Section B

SECTION A

Question One
a) Define the term economics. (2marks)
b) With a well labeled diagram explain he concept of production possibility
fronter. (4marks)
c) List any FOUR characteristics of a free market system. (4marks)

Question Two
Explain the law of diminishing marginal returns while discussing the stages associated with this law and the assumptions. (10marks)

Question Three

With the aid of a well labeled diagram explain how a firm in perfect competition can make:-

Normal profits
Super normal profits

Losses.

(10marks)

SECTION B

Question Four

Discuss any FIVE reasons why Agricultural process
a) Fluctuate more than the manufactured products. (10marks)
b) List and explain any FOUR types of unemployment. (10marks)

Question Five
Discuss the different methods of measuring the national income and their weaknesses. (20marks)

Question Six
Explain the major types of economic systems explaining their various advantages and disadvantage. (20marks)

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