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Agec 111:Introduction To Agricultural Economics Question Paper

Agec 111:Introduction To Agricultural Economics

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2013

KENYA METHODIST UNIVERSITY

END OF 1ST TRIMESTER 2013 (SCHOOLBASED) EXAMINATION
FACULTY : EDUCATION AND SOCIAL SCIENCES
DEPARTMENT : EDUCATION
UNIT CODE : AGEC 111
UNIT TITLE : INTRODUCTION TO AGRICULTURAL ECONOMICS
TIME : 2 HOURS

INSTRUCTIONS

Answer question one and any other two questions

Question One

Explain the concepts of scarcity, choice and opportunity cost as the basis of agricultural economics.

(5 Marks)

Explain the concept of elasticity of supply.

(5 Marks)

Distinguish between isoquants and isocost lines.

(5 Marks)

Explain the law of diminishing returns and its application in agriculture.

(5 Marks)

With the help of a well labeled diagram explain the concepts of equilibrium and disequilibrium.

(5 Marks)

Define and illustrate the three concepts of return to scale.

(5 marks)

Distinguish between economies and diseconomies of scale and illustrate the same graphically.

(5 Marks)

Distinguish between GDP and GNP and state how national income of a country can be measured.

(5 Marks)

Question Two
Define unemployment and explain six types of unemployment. (15 Marks)

Question Three
Examine the characteristics of an open market economy and state how it differs from a control or planned economy. (15 Marks)

Question Four

Examine the role of agriculture in economic growth of developing countries.

(10 Marks)

Explain the role played by non-banking financial institutions. (5 marks)

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