Part – A: I. Choose the Correct Answer: 1 × 5 = 5 1. The scarce resources of Economy have (a) Competing Usages (b) Single Usages (c) Unlimited Usages (d) None of the above
2. Central problems of an economy includes. (a) What to produce (b) How to produce (c) For whom to produce (d) All of the above
3. Utility is (a) Objective (b) Subjective (c) Both a and b (d) None of the above
4. A Vertical Demand Curve is (a) Perfectly elastic (b) Perfectly inelastic (c) Unitary elastic (d) None of the above
5. In the short run, a firm (a) Can change all the input (b) Can not very all the inputs (c) Can keep the input fixed (d) None of the above
II. Fill in the blanks: 1 × 5 = 5 6. In reality, all economies are ________ 7. Two indifference curves never ________ each other 8. In the Long run, all input are ________ 9. Margin product and Average product curves are ________ in shape 10. ________ is defined as the output per unit of variable input
III. Match the following: 1 × 4 = 4 11. A B 1. Market Economy (a) Constant Returns to Scale 2. Service of a teacher (b) Downward Sloping 3. Demand curve (c) Skill 4. CRS (d) Private Ownership
IV. Answer the following questions in a sentence/word. 1 × 4 = 4 12. Give the meaning of Micro economics. 13. What is budget line? 14. Expand MRS. 15. What is Total Fixed cost?
Part – B: V. Answer any three of the following question in four sentences each. 2 × 3 = 6 16. What is production possibility Frontier? 17. Distinguish between Micro and Macro Economics. 18. What si Monotonic preferences? 19. State the Law of Shortrun and Longrun Demand. 20. Give the meaning of the concepts.
Part – C: VI. Answer any two of the following questions in fifteen sentences each. 4 × 2 = 8 21. Write a short note on centrally planned economy. 22. Explain the indifference map with a diagram. 23. Briefly explain the budget set with the help of a diagram. 24. Explain Isoquant with help of the diagram.
Part – D: VII. Answer any one of the following questions in twenty sentences each. 6 × 2 = 12 25. Explain the law of diminishing Marginal Utility with the help of a table and diagram 26. Explain the optimal choice of consumer with help of a diagram. 27. Explain the shapes of TP, MP and AP curves
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