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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 3RDTRIMESTER 2013 (SB) EXAMINATION
FACULTY : EDUCATION AND SOCIAL SCIENCES
DEPARTMENT : EDUCATION
UNIT CODE : AGEC 111
UNIT TITLE : INTRODUCTION TO AGRICULTURAL ECONOMIC
TIME : 2 HOURS

INSTRUCTIONS

Answer question one and any other two questions

Question One

Define agricultural economics and explain the concepts of choice and opportunity cost

(5 marks)

Outline the characteristics of a free market economy

(5 Marks)

With the help of a well labeled diagram explain the concept of price mechanism

(5 Marks)

Outline the difference between isocost line and isoquants

(5 marks)

Explain the features of a centrally planned economy

(5 Marks)

Briefly explain five types of unemployment

(5 Marks)

With an aid of a well labeled diagram explain the concepts of economies and diseconomies of scale

(5 Marks)

Explain the difference between GDP and GNP and three methods of measuring national income

Question Two
Land Labor Total Product (TP) Average Product of Labor Marginal product
1 0 0
1 1 3
1 2 8
1 3 12
1 4 15
1 5 17
1 6 16
1 7 13
1 8 12
1 9 11

From the above hypothetical production function

Calculate average product of labor (APL) and marginal product (MP)

(4 Marks)

Graphically illustrate the three stages of production

(4 marks)

Identify and state the law that is derived from the hypothetical illustration

(4 marks)

Outline the assumptions of the law stated above

(3 Marks)

Question Three
Explain the causes of unemployment in Kenya and suggest solutions for the same (15 Marks)

Question Four

Explain the three concepts of return to scale

(5 Marks)

Write short concise notes on
Perfect competition

Monopolistic competition

(10 marks)

Agec 111:Introduction To Agricultural Economics Question Paper

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