NATIONAL OPEN UNIVERSITY OF NIGERIA AEC403 Agricultural Production Economics and Resource Management
14-16 AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF AGRICULTURAL SCIENCES OCTOBER/NOVEMBER 2014 EXAMINATION
Course Title: Agricultural Production Economics and Resource Management
Credit Unit: 3
Time Allowed: 2 hours 30 min.
INSTRUCTIONS: Answer any five questions. All questions carry equal marks.
- (a) Briefly explain the concept of Agricultural Economics. (3marks)
(b) Itemize ten areas of specialization which agricultural economics is concerned with. (5marks)
(c) Explain the concepts of microeconomics and macroeconomics. (12marks)
- 2. (a) What do you mean by price mechanism? (5marks)
(b) Identify five roles of the price mechanism in a competitive economy. (5marks) (c) Explain farm management (5marks)
(d) Peasant agriculture is associated with some attributes. Mention five major ones in
- (a) What do you understand by factors of production?(3mrks) (b) State four factors of production (2mrks)
(c) Briefly explain three of them. (15mrks)
- (a) Differentiate between the law of diminishing margin returns and principles of maximum profit. (10mrks)
(b) What do you understand by renewable and non-renewable resources? (6mrks) (c) Explain the concept of resources in agricultural production economics (4mrks)
- 5. (a) List five types of farm assets. (2.5mrks)
(b) Identify five major methods for valuing farm capital resources and mention their utilizations. (10mrks)
(c) Explain the concept of production function. (7.5mrks)
- 6. (a) Mention three (3) analytical tools of production economics and explain them. (17mrks)
(b) Mention three significance of linear programming in Agriculture in analyzing farm
- Explain briefly any four of the following terms: (a) Opportunity cost;
(c) Specialization; (d) Monopoly;
(e) Demand. (5marks each x4 = 20marks.