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Home » GAT Subject » Agriculture » Aptitude Test - 17
1.The body of knowledge and techniques which can be used to produce goods and service from economic resources is____?
A. Technology
B. Advanced knowledge
C. Both A & B
D. Technology
2.The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is____?
A. Trade surplus
B. Trade deficit
C. Trade bloc
D. Trade surplus
3.An economic system in which traditions and customs determine how the economy would use its scare resources ?
A. Traditional economy
B. Mixed economy
C. capitalistic economy
D. Traditional economy
4.Failure to use all available economic resources to produce goods and services is called_____?
A. Unemployment
B. Underemployment
C. Inflation
D. Unemployment
5.The price paid for the use of services of labour per unit of time is called____?
A. Salary
B. Income
C. Wage
D. Salary
6.A market in which products households sell and firms buy resources or the services of resources is____?
A. Resource market
B. Product market
C. Consumer market
D. Resource market
7.A measure of average output or real output per unit of input is called____?
A. Efficiency
B. Production
C. Productivity
D. Efficiency
8.The households and the business firms of the economy are called____?
A. Public sector
B. Ptivate sector
C. Govt sector
D. Public sector
9.The process of deriving principles is called_____?
A. theoretical economics
B. Economics analysis
C. Both A. and B.
D. theoretical economics
10.An analytic approach in which we move from general to particular from theory to facts is_____?
A. Induction
B. Deduction
C. Specification
D. Induction
11.“Wealth of nations” was written by____?
A. Lewis
B. Rostow
C. Keynes
D. Lewis
12.All goods and services produced in a country in one year are called its_____?
A. GNP
B. GDP
C. NDP
D. GNP
13.Using part of income/saving for more income is called_____?
A. Investment
B. Busyness
C. Consumption
D. Investment
14.Total consumption deducted from total income is called_____?
A. Net income
B. Gross income
C. Saving
D. Net income
15.An economic system in which property resources are publicly owned and govt uses central economic planning to direct & coordinate economic activities ?
A. Command economy
B. Closed economy
C. Open economy
D. Command economy
16.The total revenue of a film less all its economic costs is called____?
A. Economy Profit
B. Pure Profit
C. Above normal Profit
D. Economy Profit
17.To charge different prices for the goods of the same standard is called____?
A. Prices discrimination
B. Prices differentiation
C. Oligopoly
D. Prices discrimination
18.The monetary payment a firm must make to an outsider to obtain a resource____?
A. Implicit cost
B. Explicit cost
C. Net cost
D. Implicit cost
19.An organization which employs resources to produce a good or service for profit and own and operates one or more plants is called____?
A. Company
B. Factory
C. Firm
D. Company
20.Legally established maximum price of a good or service____?
A. Ceiling price
B. Floor price
C. Max price
D. Ceiling price
21.A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ?
A. Plant
B. Firm
C. Factory
D. Plant
22.An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities____?
A. Pure capitalism
B. Command Economy
C. Closed economy
D. Pure capitalism
23.An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?
A. Tariff
B. Tax
C. Tacit collusion
D. Tariff
24.The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)_____?
A. Trade Balance
B. Trade deficit
C. Trade surplus
D. Trade Balance
25.A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return___?
A. Tax
B. Tariff
C. Transfer payment
D. Tax
26.The branch of Science which deals cultivation of land is called_____?
A. Geology
B. Agriculture
C. Horticulture
D. Geology
27.Botanical name of American cotton is____?
A. G. arborium
B. G. hirsutum
C. G. barb dense
D. G. arborium
28.Gassypium arborium is_____?
A. Tetraploid
B. Diploid
C. Triploid
D. Tetraploid
29.Gassypium herbaceum was originated in____?
A. Ethipia and South Africa
B. Kenya and South Africa
C. Indonesia and Central America
D. Ethipia and South Africa
30.Gassypium hirsutum was developed from a cross between____?
A. G.arbarieum and G. rainmundii
B. G.arbarieum and G.thurberii
C. G.arbarieum and G.barbadense
D. G.arbarieum and G. rainmundii
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