CHAPTER 1: INTRODUCTION TO FARM MANAGEMENT

What is the primary objective of farm management?

• Maximizing labor

• Minimizing land usage

• Maximizing profit and family welfare

• Increasing government subsidies

Farm management primarily involves?

• Production of high-yield crops only

• Efficient allocation of scarce resources

• Use of outdated farming techniques

• Primary focus on livestock production

Which of the following is NOT a factor influencing farm profits?

• Biological factors

• Technological factors

• Astronomical factors

• Economic factors

The need for farm management arises because?

• Farmers aim to maximize profit and improve living standards

• Farmers have unlimited resources

• Political factors are irrelevant

• Farming decisions are unimportant

Factors of production are?

• Abundant and easily accessible

• Limited and require efficient use

• Not required in modern farming

• Determined by cultural preferences

What is an example of a decision based on imminence?

• Deciding to buy land for future use

• Harvesting paddy immediately before a storm

• Choosing a crop for the next season

• Buying a tractor for the next year

Which of the following is NOT the criteria used to classify farm management decisions?

• Importance

• Frequency

• Innovation

• Imminence

• Revocability

What does the criteria of importance measure in farm management decisions?

• The impact on farm profit or loss

• The number of alternatives available

• The frequency of the decision

• The cost of altering the decision

What does revocability in farm management decisions refer to?

• The urgency of making the decision

• The frequency of the decision

• The potential profit from the decision

• The ease of altering or reversing the decision

A farmer deciding to switch from paddy to groundnut is an example of?

• A decision with high revocability

• A decision with low revocability

• A frequent decision

• An imminent decision