INSTRUCTION: Answer question one (1) Compulsory (25marks) and any other 3 questions (15marks each).
ai. What is Capital? (2marks) ii. List six (6) sources of capital (3marks)
b. Discuss how agricultural economics and Farm Management are related. (4marks)
c. Outline five factors affecting the productivity of land in Nigeria. (5marks)
d. Give five advantages of keeping farm records and accounts (5marks).
e. Give three reasons why sole proprietorship is a popular form of business ownership among Nigerian farmers? (3marks).
f. State three (3) ways on how agriculture in Nigeria can be improved (3 marks)
Question 2 a. Explain why farm management is regarded as science and why it is not regarded as science. (5marks) b. Discuss five main features of sole proprietorship. (10marks) Question
3 a. Explain: (i) risk and (ii) uncertainty (5marks) b. Mention and discuss four (4) major characteristics of Nigerian agriculture. (10 marks) Question
4 a. Mention and discuss five basic principle of farm management (10marks). b. Explain the term Land Cost (5marks)
a. Explain the following concepts: i. The law of diminishing returns (2marks) ii. Principle of substitution (2marks) iii. opportunity Cost (2marks) iv. diversification (2marks) and v. specialization (2marks).
b. Differentiate between a Business and an Enterprise (5 marks) Question
6 a. Discuss five (5) factors affecting labour efficiency (10marks)
b. Briefly discuss overhead cost (5marks)