ExamsSchool of Agricultural Sciences

National Open University Exam Past Question – AEC403 OCTOBER/NOVEMBER 2014 EXAMINATION

NATIONAL OPEN UNIVERSITY OF NIGERIA AEC403 Agricultural Production Economics and Resource Management



Course CodeAEC403


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.


  1. (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)



  1. 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

Nigeria. (5marks)


  1. (a) What do you understand by factors of production?(3mrks) (b) State four factors of production (2mrks)

(c) Briefly explain three of them. (15mrks)


  1. (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)


  1. 5. (a) List five types of farm assets. (2.5mrks)
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(b) Identify five major methods for valuing farm capital resources and mention their utilizations. (10mrks)

(c) Explain the concept of production function. (7.5mrks)


  1. 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

problems. (3mrks)


  1. Explain briefly any four of the following terms: (a) Opportunity cost;

(b) Choice;

(c) Specialization; (d) Monopoly;

(e) Demand. (5marks each x4 = 20marks.

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