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NATIONAL OPEN UNIVERSITY OF NIGERIA
University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences, Dept. of Agricultural Economics and Extension
PoP Exam Question November/December, 2019
Course Code: —- AEM 753
Course Title: — Farm Management
Credit Unit: —- 2 Units
Total Score: —-70 Marks
Time Allowed: –
Instruction: Answer compulsory question 1 (25 mks) and any three (3) questions (15 mks each)
Question One
a. What is Agricultural Economics? (3 marks)
b. Define the term “resources” and the basic types of resources used in the farm (5 marks)
c. i. Define is supply and Demand? (4 marks)
ii. Explain equilibrium price (3 marks)
d. What is farm budget? (4 marks)
e. State four (4) advantages of raising a farm budget (6 marks)
Question Two
a. Outline six (6) characteristics of a good farm manager (6 marks)
b. Explain what is understood as “Rational Behaviour” (4 marks)
c. Mention Five (5) different ways through which a farmer can take precautions against uncertainty (5
marks)
Question Three
a. What is risk (3 marks)
b. Mention and explain four (4) major functions of management in a farm enterprise (6 marks)
c. Expatiate four (4) major factors that affect crop production in our farms (6 marks)
Question Four
a. What is farm inventory? (4 marks)
b. Write short notes on Depreciation (3 marks)
c. Succinctly explain four (4) ways land can be acquired in your locality (8 marks)
Question Five
a. State four (4) advantages of keeping records in the farm (6 marks)
b. Outline six (6) types of farm records that can be kept in the farm (3 marks)
c. Suggest six (6) different criteria or yardsticks for measuring the size of a farm (6 marks)
Question Six
a. List and briefly discuss the two (2) basic sources of data collection (6 marks)
b. As an animal farmer, establish five (5) factors that could make you replace your farm animals (5 marks)
c. State what efficiency is and how it is measured (4 marks)
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