I. Answer any Five of the following questions by choosing the correct answer. (Each question carries 1 mark) (5 x 1 = 5) 1) Which of the following is an example of micro economic study [a] National income [b] Consumer behavior [c] Unemployment [d] Foreign Trade
2) The shape of an indifference curve is normally [a] Convex to origin [b] Concave to origin [c] Horizontal [d] Vertical
3) The market structure which produces heterogeneous products is called [a] Monopoly [b] Monopolistic Competition [c] Perfect Competition [d] None of the above
4) The year of great depression [a] 1920 [b] 1889 [c] 1929 [c] 2022
5) In this standard all currencies were defined in terms of gold. [a] metal [b] silver [c] gold standard [d] none of the above
II. Answer any Five of the following questions by fill in the blanks. (Each question carries 1 mark) (5 x 1 = 5) 6) As income increases the demand curve for normal goods shifts towards _ _ _ . 7) SMC Curve cuts the AVC curve at the _ _ _ _ _ _ _ _ point of the AVC curve from below. 8) _ _ _ _ _ _ _ _ _ _ is determined at the point where the demand for labour and supply of labour curves intersect. 9) In monopoly market goods which are sold have no _ _ _ _ _ _ _ _ _ _ _. 10)A part of the revenue is paid out as _ _ _ _ _ _ _ _ _ _ for the service rendered by land. 11)Savings is that part of income that is _ _ _ _ _ _ _ _ _ _. 12)The government may spend an amount equal to the revenue it collects. This is known as _ _ _ _ _ _ _ _ _ _ _ _ _. 13)The Bretton woods conference held in the year _ _ _ _ _ _ _ _ .
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