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Latest RSSB Teaching Associate Agricultural Economics Exam Question (Objective Questions), MCQ in English

Subjects : Subject Concerned (Agricultural Economics)

Question Bank RSSB Teaching Associate (Agricultural Economics) Exam Paper 2 - English
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Subject Concerned (Agricultural Economics)

Question 1Single Answer
Under the ordinal utility approach, which condition must hold at consumer equilibrium when two goods are purchased under a budget constraint?
  1. A
    Marginal utilities of both goods must be equal
  2. B
    Average utility equals marginal utility
  3. C
    Marginal rate of substitution equals the price ratio
  4. D
    Total utility is maximized at zero expenditure
Question 2Single Answer
Which assumption of indifference curve analysis ensures that two indifference curves never intersect?
  1. A
    Convex preferences
  2. B
    Perfect divisibility of goods
  3. C
    Constant marginal utility
  4. D
    Non-satiation and transitivity of preferences
Question 3Single Answer
A Giffen good differs from an ordinary inferior good because?
  1. A
    Income effect is weaker than substitution effect
  2. B
    Income effect exactly equals substitution effect
  3. C
    Substitution effect is zero
  4. D
    Negative income effect outweighs substitution effect
Question 4Single Answer
In the Slutsky decomposition, the substitution effect is measured by?
  1. A
    Holding utility constant
  2. B
    Holding nominal income constant
  3. C
    Holding real purchasing power constant
  4. D
    Holding price constant
Question 5Single Answer
Which production function exhibits constant elasticity of substitution different from unity?
  1. A
    Cobb-Douglas production function
  2. B
    CES production function
  3. C
    Leontief production function
  4. D
    Linear production function
Question 6Single Answer
At the point where the average product of a variable factor is maximum, the marginal product is?
  1. A
    Equal to average product
  2. B
    Zero
  3. C
    Less than average product
  4. D
    Negative
Question 7Single Answer
In the short run, diminishing marginal returns begin when?
  1. A
    Total product becomes zero
  2. B
    Average product becomes negative
  3. C
    Marginal product starts declining while remaining positive
  4. D
    Fixed cost becomes variable
Question 8Single Answer
Which cost curve always passes through the minimum points of both the average variable cost curve and the average total cost curve?
  1. A
    Average fixed cost curve
  2. B
    Total cost curve
  3. C
    Marginal cost curve
  4. D
    Total variable cost curve
Question 9Single Answer
Which long-run cost curve is formed by the tangency points of short-run average cost curves?
  1. A
    Long-run average cost curve
  2. B
    Long-run marginal cost curve
  3. C
    Average variable cost curve
  4. D
    Total fixed cost curve
Question 10Single Answer
Economies of scale arise primarily because?
  1. A
    Fixed factors become variable in the long run
  2. B
    Average cost declines with expansion of production
  3. C
    Output expands beyond market demand
  4. D
    Marginal cost exceeds average cost
Question 11Single Answer
Under perfect competition, the firm's demand curve is?
  1. A
    Downward sloping
  2. B
    Perfectly elastic
  3. C
    Perfectly inelastic
  4. D
    Unit elastic
Question 12Single Answer
A perfectly competitive firm maximizes profit when?
  1. A
    Price equals average cost
  2. B
    Marginal revenue equals marginal cost and marginal cost is rising
  3. C
    Average revenue equals total revenue
  4. D
    Marginal cost equals average variable cost
Question 13Single Answer
In the long-run equilibrium of a perfectly competitive industry, firms earn?
  1. A
    Monopoly profits
  2. B
    Normal profits only
  3. C
    Negative profits
  4. D
    Increasing abnormal profits indefinitely
Question 14Single Answer
Which feature distinguishes monopoly from monopolistic competition?
  1. A
    Product differentiation
  2. B
    Presence of many buyers
  3. C
    Freedom of entry
  4. D
    Absence of close substitutes
Question 15Single Answer
Under a simple monopoly, marginal revenue is?
  1. A
    Greater than price
  2. B
    Equal to price
  3. C
    Less than price
  4. D
    Independent of demand elasticity
Question 16Single Answer
Third-degree price discrimination is based on?
  1. A
    Charging different prices for different quantities only
  2. B
    Charging different prices across identifiable consumer groups
  3. C
    Charging identical prices in all markets
  4. D
    Charging according to production cost differences only
Question 17Single Answer
Which condition is essential for successful price discrimination?
  1. A
    Perfect competition
  2. B
    Market segmentation and prevention of resale
  3. C
    Free resale among buyers
  4. D
    Constant returns to scale
Question 18Single Answer
Deadweight loss due to monopoly arises because?
  1. A
    Price equals marginal cost
  2. B
    Output is lower than the socially efficient level
  3. C
    Average cost exceeds price
  4. D
    Marginal revenue exceeds demand
Question 19Single Answer
In the Cournot duopoly model, firms compete by choosing?
  1. A
    Output quantities simultaneously
  2. B
    Advertising expenditure
  3. C
    Prices simultaneously
  4. D
    Product quality only
Question 20Single Answer
The Cournot equilibrium is reached when?
  1. A
    Marginal revenue becomes zero for both firms
  2. B
    Both firms charge identical prices regardless of costs
  3. C
    Each firm's output is the best response to the rival's output
  4. D
    Total industry output equals monopoly output
Question 21Single Answer
Which characteristic is most closely associated with oligopoly?
  1. A
    Complete absence of strategic interaction
  2. B
    Homogeneous buyers only
  3. C
    Infinite number of sellers
  4. D
    Mutual interdependence among firms
Question 22Single Answer
The kinked demand curve model primarily explains?
  1. A
    Entry barriers under monopoly
  2. B
    Long-run competitive equilibrium
  3. C
    Price rigidity in oligopolistic markets
  4. D
    Consumer equilibrium under uncertainty
Question 23Single Answer
Under first-degree price discrimination, the monopolist captures?
  1. A
    Only producer surplus available at competitive equilibrium
  2. B
    Only fixed costs
  3. C
    Only average revenue
  4. D
    Entire consumer surplus
Question 24Single Answer
A binding price ceiling imposed below equilibrium price generally leads to?
  1. A
    Market shortage
  2. B
    Surplus of the commodity
  3. C
    Increase in producer surplus
  4. D
    Elimination of black markets automatically
Question 25Single Answer
When a specific tax is imposed on a perfectly competitive market, tax incidence depends mainly upon?
  1. A
    Number of producers only
  2. B
    Government expenditure
  3. C
    Elasticities of demand and supply
  4. D
    Average fixed cost
Question 26Single Answer
A production subsidy under perfect competition generally causes?
  1. A
    Supply curve to shift rightward
  2. B
    Demand curve to shift leftward
  3. C
    Consumer income to fall automatically
  4. D
    Market demand to become perfectly elastic
Question 27Single Answer
Pareto efficiency is achieved when?
  1. A
    National income is equally distributed
  2. B
    No individual can be made better off without making someone else worse off
  3. C
    Government expenditure equals tax revenue
  4. D
    Consumer surplus equals producer surplus
Question 28Single Answer
In general equilibrium analysis, Walras' Law states that?
  1. A
    Excess demand can exist in every market simultaneously
  2. B
    Price is always equal to marginal cost
  3. C
    Every market clears independently without interaction
  4. D
    The sum of excess demands across all markets equals zero when budget constraints hold
Question 29Single Answer
Which welfare criterion allows compensation in principle even if it is not actually paid?
  1. A
    Pareto criterion
  2. B
    Kaldor-Hicks compensation criterion
  3. C
    Rawlsian criterion
  4. D
    Equal sacrifice principle
Question 30Single Answer
If the demand for an agricultural commodity is highly inelastic, imposing an indirect tax will most likely result in?
  1. A
    Producers bearing nearly the entire tax burden
  2. B
    No change in equilibrium price
  3. C
    Consumers bearing most of the tax burden through higher prices
  4. D
    Elimination of deadweight loss
Question 31Single Answer
Which statement correctly describes a homothetic production function?
  1. A
    Expansion path is a straight line through the origin
  2. B
    Marginal products are constant at every output level
  3. C
    Average product always increases with output
  4. D
    Returns to scale are always decreasing
Question 32Single Answer
The elasticity of substitution between two inputs measures?
  1. A
    Percentage change in output due to technology
  2. B
    Degree of monopoly power
  3. C
    Percentage change in total cost due to output change
  4. D
    Responsiveness of the input ratio to changes in the marginal rate of technical substitution
Question 33Single Answer
A Cobb-Douglas production function exhibits constant returns to scale when?
  1. A
    The marginal product of every factor is constant
  2. B
    The sum of output elasticities equals one
  3. C
    Fixed costs are zero
  4. D
    Average cost remains unchanged in the short run
Question 34Single Answer
In a Leontief production function, isoquants are?
  1. A
    Straight lines
  2. B
    Smooth convex curves
  3. C
    Concave curves
  4. D
    Right-angled curves
Question 35Single Answer
Technical rate of substitution between labour and capital is equal to?
  1. A
    Ratio of output to labour
  2. B
    Slope of the isoquant at a given point
  3. C
    Ratio of input prices
  4. D
    Average product of labour
Question 36Single Answer
A firm minimizes production cost when?
  1. A
    Isoquant is tangent to the isocost line
  2. B
    Marginal product of labour is maximum
  3. C
    Total fixed cost equals total variable cost
  4. D
    Marginal cost equals average cost
Question 37Single Answer
Which cost remains unchanged regardless of output in the short run?
  1. A
    Marginal cost
  2. B
    Total fixed cost
  3. C
    Average variable cost
  4. D
    Total cost
Question 38Single Answer
The relationship between marginal cost and average cost is such that?
  1. A
    Marginal cost never intersects average cost
  2. B
    Marginal cost cuts average cost at its minimum point
  3. C
    Average cost always lies below marginal cost
  4. D
    Marginal cost equals fixed cost
Question 39Single Answer
Which situation indicates diseconomies of scale?
  1. A
    Long-run average cost rises as output expands
  2. B
    Long-run average cost falls continuously
  3. C
    Marginal cost becomes zero
  4. D
    Fixed cost disappears
Question 40Single Answer
Opportunity cost is best defined as?
  1. A
    Value of the next best alternative forgone
  2. B
    Historical expenditure on a resource
  3. C
    Explicit monetary payment only
  4. D
    Total accounting cost incurred
Question 41Single Answer
Under perfect competition, economic profit in the long run tends toward zero because of?
  1. A
    Government intervention
  2. B
    Increasing fixed costs
  3. C
    Price discrimination
  4. D
    Free entry and exit of firms
Question 42Single Answer
A shutdown point for a perfectly competitive firm occurs when price equals?
  1. A
    Average total cost
  2. B
    Minimum average variable cost
  3. C
    Average fixed cost
  4. D
    Marginal revenue only
Question 43Single Answer
Which market structure generally produces the greatest deadweight loss?
  1. A
    Perfect competition
  2. B
    Bilateral competition
  3. C
    Perfect contestable market
  4. D
    Monopoly
Question 44Single Answer
The Lerner Index measures?
  1. A
    Income inequality
  2. B
    Scale elasticity
  3. C
    Consumer surplus
  4. D
    Degree of monopoly power
Question 45Single Answer
According to the Lerner Index, monopoly power increases as?
  1. A
    Demand becomes more elastic
  2. B
    Marginal cost exceeds price
  3. C
    Demand becomes less elastic
  4. D
    Average revenue becomes zero
Question 46Single Answer
Which pricing strategy is an example of second-degree price discrimination?
  1. A
    Student discount
  2. B
    Block pricing based on quantity purchased
  3. C
    Regional pricing
  4. D
    Different prices for domestic and foreign consumers
Question 47Single Answer
In monopoly equilibrium, allocative inefficiency exists because?
  1. A
    Price equals marginal cost
  2. B
    Price exceeds marginal cost
  3. C
    Marginal revenue exceeds price
  4. D
    Average revenue equals marginal revenue
Question 48Single Answer
Which condition is necessary for a natural monopoly?
  1. A
    Constant average cost over all output levels
  2. B
    Continuously declining average cost over the relevant range of output
  3. C
    Rising marginal revenue
  4. D
    Constant marginal cost only
Question 49Single Answer
In the Cournot model with identical firms, equilibrium output of each firm depends primarily on?
  1. A
    Consumer income only
  2. B
    Government taxation only
  3. C
    Rival firm's output decision
  4. D
    Labour productivity only
Question 50Single Answer
A Nash equilibrium in oligopoly refers to a situation where?
  1. A
    Every firm maximizes industry profit jointly
  2. B
    Prices equal average costs
  3. C
    No firm has an incentive to change its strategy unilaterally
  4. D
    Market demand becomes perfectly elastic
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