Agricultural Economics
GCE Agricultural Science

Agricultural Economics is a branch of economics that deals with the application of economic principles to agriculture. (a) Define Agricultural Economics. (2 marks) (b) State FIVE importance of Agricul…

A farmer in Ogun State cultivates 10 hectares of maize. He incurs the following costs in one farming season: cost of seeds = N25,000; fertilizers = N40,000; labour = N60,000; pesticides = N15,000; lan…

In agricultural economics, the term 'elasticity of demand' measures the

Which of the following is an example of a fixed cost on a crop farm?

A poultry farmer incurred the following costs: feed = ₦450,000; drugs = ₦50,000; labour = ₦100,000; depreciation on equipment = ₦80,000; and land rent = ₦70,000. What is the total variable cost?

The law of diminishing returns in agriculture states that as more units of a variable input are added to fixed inputs,

Which of the following best describes the concept of opportunity cost in agricultural economics?

If the price of a bag of maize rises from ₦10,000 to ₦12,000 and the quantity supplied increases from 500 bags to 600 bags, what is the price elasticity of supply?

Agricultural marketing is best described as

A farmer produced 800 kg of tomatoes at a total cost of ₦240,000. He sold 600 kg at ₦400 per kg but 200 kg perished due to poor storage. What was the farmer's net loss or profit?

Which of the following organisations is primarily responsible for providing agricultural credit to small-scale farmers in Nigeria?

A farmer harvested 200 bags of rice and sold each bag at ₦15,000. If the total cost of production was ₦1,800,000, what was the farmer's profit?