56. Demand is said to be elastic when a percentage change in price
A. results in an infinite change in demand
B. results in an increase in quantity demanded
C. results in an exact change in demand
D. is less than one
57. The law of diminishing returns helps in
A. determining the proportion of production factors to combine
B. determining the qualities of fixed resources to use in production
C. indicating economic wages to pay farm workers
D. indicating the quantity of fixed factors to employ
58. How would an individual proposing to start a farm obtain estimates of yield, prices and cost needed in preparing a budget?
A. From his past experience
B. By trial and error
C. From agricultural officers or local farmers
D. From books written about overseas farms
59. Farm gate price is the price at which
A. produce are sold to the government
B. produce are sold in the market
C. producers sell to the middlemen
D. marketing boards sell to the consumers
60. The methods of disseminating new farming techniques to farmers include the following except
A. result demonstration
B. use of radio
C. use of television
D. organizing symposia.