Agricultural Economics Quiz

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Questions and Answers

What do Physiocrats believe regulates the economy?

  • Technological advancements in manufacturing
  • Global trade relations
  • Productivity in agriculture and its surplus (correct)
  • Financial markets and capital investment

What characterizes the traditional agricultural sector according to the Lewis theory of development?

  • Advanced technological practices
  • Zero marginal labor productivity (correct)
  • High marginal labor productivity
  • High industrial output

What percentage of the labor force in developing countries is employed in agriculture?

  • Over 90%
  • Over 75% (correct)
  • Over 50%
  • Less than 25%

What is the first stage of Rostow's model of economic development?

<p>Traditional stage (C)</p> Signup and view all the answers

What role does agriculture play in the overall economy according to Tombofa?

<p>It is the only genuinely productive sector generating surplus (D)</p> Signup and view all the answers

Which of the following sectors does agriculture provide raw material for?

<p>Agro-based industries (D)</p> Signup and view all the answers

What was the percentage contribution of agriculture to Nigeria's GDP in 1980?

<p>20% (B)</p> Signup and view all the answers

According to the information, what was the main factor driving agricultural development in Nigeria during the 1980s?

<p>Government policies promoting agriculture (D)</p> Signup and view all the answers

Which of the following reflects the view of the physiocrats on economic development?

<p>Economic growth is dependent on agricultural development. (A)</p> Signup and view all the answers

What is the main contribution of agriculture to the Nigerian population?

<p>Economic growth, employment, and poverty reduction. (B)</p> Signup and view all the answers

Flashcards

Role of Agriculture

Agriculture provides food, animal feed, and raw materials for industry, boosting the economy.

GDP Contribution by Agriculture

Agriculture contributed 64% to Nigeria's GDP before independence, declining to 19% by 1985.

Impact of Oil Glut

The oil glut of the 1980s led to economic uncertainty, increasing focus on agriculture.

Physiocrats' Theory

Physiocrats believed that economic growth is fundamentally tied to agricultural development.

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Agricultural Development in 1990s

Increased emphasis on agriculture in the 1990s led to improved GDP contributions from the sector.

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Physiocrats

Economists who believe agriculture is the source of national wealth.

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Lewis Theory of Development

Theory describing two sectors in underdeveloped economies: traditional agriculture and modern industry.

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Importance of Agriculture in Development

Agriculture supports civilization and is crucial for economic growth and job creation.

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Rostow's Stages of Economic Development

A model outlining five stages from traditional economy to high mass consumption.

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Agriculture's Labor Force Role

Agriculture employs over 75% of labor in developing countries, driving purchasing power.

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