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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:2012

KENYA METHODIST UNIVERSITY

END OF 3''RD ''TRIMESTER 2012 (DAY) EXAMINATIONS
FACULTY : SCIENCE & TECHNOLOGY
DEPARTMENT : AGRICULTURE AND NATURAL RESOURCES
UNIT CODE : AGEC 111/011
UNIT TITLE : INTRODUCTION TO AGRICULTURAL ECONOMICS
TIME : 2 HOURS

Instructions:

Answer question One and any other two questions.

Question One

Define demand and state its determinants.

(5 marks)

Using a well labeled diagram explain the concept of equilibrium.

(5 marks)

Outline the characteristics of a free market economy.

(5 marks)

State the equi-marginal returns.

(5 marks)

Explain the difference between an Isocost line and an Isoquant.

(5 marks)

With the aid of a diagram explain the concept of economies of scale.

(5 marks)

Outline the functions of money in an economy.

(5 marks)

State five types of unemployment in Kenya.

(5 marks)

Question Two
Land LabouR Total
Product (TP) Average product of labour (AP) Marginal Product of labour (MP)
1 0 0
1 1 3
1 2 8
1 3 12
1 4 15
1 5 17
1 6 17
1 7 16
1 8 13

From the hypothetical illustration above

Calculate the average and marginal product of labour.

(2 marks)
(ii) Map out the total, average and marginal products. (3 marks)

(iii) Identify the three stages of production and state the most rational stage
Production. (5 marks)

(iv) State the economic law derived from this hypothetical illustrations and its
Assumptions. (5 marks)

Question Three
Explain various methods used in measuring national income and examine limitations of using national income statistics to compare the standards of living of different countries. (15 marks)

Question Four

Explain the functions of commercial banks.

(8 marks)

Examine the role of non bank financial intermediaries in development of agriculture in Kenya.

(7 marks)

Agec 111:Introduction To Agricultural Economics Question Paper

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