Principles of agricultural economics：練習題

In the context of agricultural economics, what does the term demand refer to?

Which of the following is an argument in favour of using genetically modified (GM) crops?

According to the principle of supply in agricultural economics, if the market price for a specific crop increases significantly, how is a rational farmer expected to react for the next season?

Which agricultural practice involves growing plants without soil, using a mineral nutrient solution?

A farmer has a limited amount of land and must choose between growing maize or beans. If the farmer decides to grow maize, the potential profit given up by not growing beans is described as the:

State the principle of diminishing returns in the context of applying fertilizer to a crop.

State the relationship between the price of a crop and the quantity demanded by consumers, according to the principles of demand.

Define the term hydroponics as a modern agricultural practice.

A farmer’s decisions are often influenced by basic economic principles.
(a) Define the terms supply and demand in the context of agricultural produce.
(b) Farmers often face choices when using limited resources. Explain what is meant by opportunity cost when a farmer decides to use a specific field for cattle grazing instead of growing a vegetable crop.