Ag Econ and Marketing

Question 1

Period of time during which all of the inputs available to a producer are fixed and cannot be changed

Answer 1

Immediate Run

Question 2

As the use of input increases (with other input fixed), a point will eventually be reached at which the result in addition to output decreases

Answer 2

Law of diminishing returns

Question 3

A country which is self-sufficient, and is a closed economy

Answer 3

Autarky

Question 4

He presented the theory of rent

Answer 4

Ricardo

Question 5

Philippine Deposit Insurance Corporation

Answer 5

RA 3591

Question 6

Protect our farmers by making smuggling a non-bailable offense and an act of economic sabotage

Answer 6

RA 10845

Question 7

Common Effective Preferential Tariff

Answer 7

CEPT

Question 8

Single seller and single buyer

Answer 8

Bilateral Monopoly

Question 9

Autos: self
Arkein: to be strong enough, to suffice

Answer 9

Autarky

Question 10

Infant industry argument is often cited for protectionism and was developed by

Answer 10

Alexander Hamilton and Friedrich List