Procedure to Answer 2 Marks Questions. Note

Size: px
Start display at page:

Download "Procedure to Answer 2 Marks Questions. Note"

Transcription

1 Procedure to Answer 2 Marks Questions 1. Give example wherever possible. 2. If a simple abbreviation is asked, like what is MC? expand and write a short paragraph about it. 3. Don t spend too much time on this section. 4. Getting full 2 marks on each question means a whopping TWENTY marks in total. Note 1. According to PU board, the answer must have at least 4 sentences. 2. In 2 marks questions, your concept awareness is tested. 3. The following questions (next page) are the only ones according to the blue print which can be asked for 2 marks.

2 Introduction to Micro-Economics Micro-Economics 1. What is an economic problem and why does it arise? 2. What are the basic functions of an economy? 3. Name the basic problems of an economy. 4. Name the types of economies. 5. Give the meaning of economy. 6. Give two examples of a capitalistic economy. 7. Mention any two differences between positive and normative economics. 8. Write any four practical importance of micro-economics. Theory of Consumer Behavior 1. Differentiate total utility and marginal utility. 2. What is the difference between utility and satisfaction 3. What is cardinal method of utility analysis? 4. Mention any two features of utility. 5. What are the properties of a budget line? 6. Write any two limitations of the law of diminishing marginal utility. 7. Can an indifference curve be concave to the origin? Why? 8. Find two differences between budget line and budget set. 9. Why is an indifference curve sloping from left to right? 10. What does it mean if an indifference curve has a bulge? Demand Analysis 1. What are the determinants of demand? 2. Q d =20-p is a demand equation. Identify independent variable, dependent variable, constant and co-efficient in it. 3. Q d =30-2p is a demand function of onion. Suppose the price of onion in the market is Rs. 10 per kg, find the quantity demanded. 4. Why does the demand curve slope downwards? 5. Give the meaning of cross elasticity of demand. Write its formula. 6. What do you mean by complimentary goods? Give examples. 7. Consider the demand for onion. At Rs. 10 per kg, demand for onion is 15kg. Suppose the price increases to Rs. 20 per kg, the demand decreases to 10kg, calculate the price elasticity of demand.

3 8. Imagine X and Y are the only two consumers in a market. Their demand for a good is given as follows. Calculate the market demand for the good and draw the market demand curve. Price X Demand Y Demand Market Demand Suppose there are two consumers in a market and their individual demand functions are Qd 1 =15-2p and Qd 2 =25-3p. Find out the market demand function. 10. How do the movements along the demand curve occur? Production and Cost 1. Write production function in the form of equation. 2. If 4 units of labor produce 70 units of x and 5 units of labor produce 75 units of x, calculate marginal product and average product. 3. Why are average and marginal cost curves U shaped? 4. Mention 3 laws of variable proportion. 5. What are the types of returns to scale?] 6. Mention any four short run costs. 7. Mention the costs involved in the long run. 8. Why does the SMC cut SAVC at its minimum point? 9. Write the meaning of opportunity cost. Perfect Competition 1. Distinguish between firm and industry. 2. Write the 3 essentials of a market. 3. A firm ina perfect competitive market is a price-taker. Why? 4. What is meant by shut down point? 5. Write the meaning of normal profit. 6. When does a firm reach the breakeven point? 7. Name any four determinants of supply. 8. State the law of supply. 9. If the price of potato increases from Rs. 20 per kg to Rs. 25 per kg, the quantity offered for sale in the market increases from 100kg to 120kg. Find the price elasticity of supply. 10. What is invisible hand according to Adam Smith?

4 Imperfect Competition 1. Mention the 3 forms of imperfect competitive market. 2. How does a monopoly differ from a competitive market? 3. What is selling cost? What is its main objective? 4. Give two examples of monopolistic competitive industry. 5. Why is the demand curve of monopolistic competitive firm more elastic than that of a monopoly?

5 Macro-Economics Introduction to Macro-Economics 1. What do you mean by nature of macro-economics? 2. Name any two areas of stud under macro-economics. 3. Who are the pioneers of micro and macro-economics? 4. How does macro-economics depend on micro-economics? National Income Accounting 1. Distinguish between final goods and intermediate goods with suitable examples. 2. Distinguish between consumer goods and capital goods with examples. 3. Distinguish between nominal national income and real national income. 4. Name the methods of measuring national income. 5. What is the opinion of IMF with regard to income from foreign firms? 6. Nishanth is a lecturer in a college. He teaches his children at home. Are both teachings included in national income measurement? If not, why? 7. What are externalities? Give an example. Money and Banking 1. Name any four difficulties of Barter system. 2. Distinguish narrow money and broad money. 3. Distinguish primary deposits and derivative deposits. 4. Name the motives of demand for money according to Keynes. 5. What are the various types of deposits? 6. Give four objectives of monetary policy. 7. What do you mean by open market operations? Consumption and Investment 1. What is income, according to Keynes? 2. How is saving equal to investment? 3. Explain the relationship between multiplier and marginal propensity to consume. 4. Distinguish between autonomous and induced investment. Government Budget and The Economy 1. Mention any four objectives of the government budget. 2. Distinguish between surplus budget and deficit budget. 3. Differentiate between direct and indirect tax. 4. What are the major components of non-plan revenue expenditure of the government in developing countries? 5. What are the uses of the tax system as an instrument of fiscal policy in India? 6. Name any four objectives of fiscal policy.

6 Open Economy 1. Distinguish between closed economy and open economy 2. What do you mean by multi-lateral trade? 3. What are the differences between balance of trade and balance of payments? 4. Distinguish between nominal and real exchange rates. 5. What is fixed exchange rates?

New syllabus of B.Com Part-1 effective from 2006

New syllabus of B.Com Part-1 effective from 2006 New syllabus of B.Com Part-1 effective from 2006 ECONOMIC ANALYSIS AND POLICY MICRO ECONOMICS 2 questions, 40 Marks CHAPTER 1 1NTRODUCTION 1 Basic concepts 2 Definition 3 Micro and macro approach to economic

More information

SUBJECT : ECONOMICS MICRO ECONOMICS

SUBJECT : ECONOMICS MICRO ECONOMICS SUBJECT : ECONOMICS MICRO ECONOMICS CHAPTER-1 1. What is economic problem? Explain causes of economic problem. 2. Distinguish between Micro and Macro Economics. 3. Distinguish between Normative and Positive

More information

Micro Economics Review

Micro Economics Review Micro Economics Review 1. Intro to Economics a. What is Economics? i. Scarcity and the factors of production 1. Explain why scarcity and choice are basic problems of economics 2. Identify the factors of

More information

ECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2

ECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2 INTRODUCTION TO ECONOMICS Quiz 1 Answer the entire question You are required to give brief explanation for each of the questions. 1. Explain the basic economic concepts with the help of Production Possibility

More information

GOVERNMENT OF KARNATAKA SCHEME OF VALUATION. Subject Code : 22 ENGLISH VERSION Subject : ECONOMICS

GOVERNMENT OF KARNATAKA SCHEME OF VALUATION. Subject Code : 22 ENGLISH VERSION Subject : ECONOMICS GOVERNMENT OF KARNATAKA KARNATAKA STATE PRE-UNIVERSITY EUDCATION EXAMINATION BOARD II YEAR PUC EXAMINATION MARCH 27 SCHEME OF VALUATION Subject Code : 22 ENGLISH VERSION Subject : ECONOMICS Qn.No PART

More information

ECONOMICS CLASS - XII ( )

ECONOMICS CLASS - XII ( ) ECONOMICS CLASS - XII (2017-18) Theory: 80 Marks Project: 20 Marks Units Marks Periods Part A Introductory Microeconomics Introduction 4 8 Consumer's Equilibrium and Demand 13 32 Producer Behaviour and

More information

Specific Learning Goals/Benchmarks and Student Assessment. AP Macroeconomics

Specific Learning Goals/Benchmarks and Student Assessment. AP Macroeconomics Unit Bartram Trail HS Specific Learning Goals/Benchmarks and Student Assessment AP Macroeconomics # Benchmark Assessment 1 1 1 2 1 3 1 4 2 5 2 6 3 7 3 8 3 9 3 10 3 11 4 12 4 13 4 14 4 15 4 16 4 17 Define

More information

12 ECONOMICS 3 MARKS MATERIAL LESSON 1 1. State Alfred Marshall s definition of Economics? Alfred Marshall defines; economics as a study of mankind in the ordinary business of Life 2. What is the main

More information

Economics. In an economy, the production units are called (a) Firm (b) Household (c) Government (d) External Sector

Economics. In an economy, the production units are called (a) Firm (b) Household (c) Government (d) External Sector Economics The author of the book "The General Theory of Employment Interest and Money" is (a) Adam Smith (b) John Maynard Keynes (c) Alfred Marshall (d) Amartya Sen In an economy, the production units

More information

Practice Exam 3: S201 Walker Fall with answers to MC

Practice Exam 3: S201 Walker Fall with answers to MC Practice Exam 3: S201 Walker Fall 2007 - with answers to MC Print Your Name: I. Multiple Choice (3 points each) 1. If marginal utility is falling then A. total utility must be falling. B. marginal utility

More information

Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics

Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Annual Examination 1997 Time allowed: 3 hours Marks: 100 Maximum 1) Attempt any five questions. 2) All questions

More information

Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam

Ecn Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman. Final Exam Ecn 100 - Intermediate Microeconomic Theory University of California - Davis December 10, 2009 Instructor: John Parman Final Exam You have until 12:30pm to complete this exam. Be certain to put your name,

More information

FINALTERM EXAMINATION FALL 2006

FINALTERM EXAMINATION FALL 2006 FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.

More information

Fundamentals of Economics. 3 June Examination Paper. Time: 2.5 hours

Fundamentals of Economics. 3 June Examination Paper. Time: 2.5 hours Fundamentals of Economics 3 June 2015 Examination Paper Section A Section B Answer ALL questions from this section. Answer any TWO (2) questions from this section. Clearly cross out surplus answers. Failure

More information

SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM

SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM CONTENT AREA(S): Social Studies COURSE/GRADE LEVEL(S): AP Economics/ 10th - 12th Grade I. Course Overview Advanced Placement Economics provides students with a thorough understanding of the principles

More information

MODEL QUESTION PAPER SECTION A-(1X40)

MODEL QUESTION PAPER SECTION A-(1X40) MODEL QUESTION PAPER SUBJECT CODE : MB0042 SUBJECT : Managerial Economics SECTION A-(1X40) 1. Production cost is concerned with to produce a given quantity of output. a. Demand Forecast b. Estimation of

More information

ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions

ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions www.liontutors.com ECON 102 Kagundu Final Exam (New Material) Practice Exam Solutions 1. A A large number of firms will be able to operate in the industry because you only need to produce a small amount

More information

Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE

Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1

More information

1.3. Levels and Rates of Change Levels: example, wages and income versus Rates: example, inflation and growth Example: Box 1.3

1.3. Levels and Rates of Change Levels: example, wages and income versus Rates: example, inflation and growth Example: Box 1.3 1 Chapter 1 1.1. Scarcity, Choice, Opportunity Cost Definition of Economics: Resources versus Wants Wants: more and better unlimited Versus Needs: essential limited Versus Demand: ability to pay + want

More information

Fundamentals of Economics. 2 September Exam Paper. Time: 2.5 hours

Fundamentals of Economics. 2 September Exam Paper. Time: 2.5 hours Fundamentals of Economics September 01 Exam Paper Section A Section B Answer ALL questions from this section. Answer any TWO () questions from this section. Clearly cross out surplus answers. Failure to

More information

ECONOMICS (856) CLASS XI

ECONOMICS (856) CLASS XI ECONOMICS (856) Aims: 1. To enable candidates to acquire knowledge (information) and develop an understanding of facts, terms, concepts, conventions, trends, principles, generalisations, assumptions, hypotheses,

More information

Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1

Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1 Econ 300: Intermediate Microeconomics, Spring 2014 Final Exam Study Guide 1 Chronological order of topics covered in class (to the best of my memory). Introduction to Microeconomics (Chapter 1) What is

More information

ECONOMICS (Code No. 030) ( )

ECONOMICS (Code No. 030) ( ) ECONOMICS (Code No. 030) (2018-19) Rationale Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to ground

More information

Econ 121b: Intermediate Microeconomics

Econ 121b: Intermediate Microeconomics Econ 11b: Intermediate Microeconomics Dirk Bergemann, Spring 01 Week of 3/18-3/4 1 Lecture 14: Theory of Production We can use tools similar to those we used in the consumer theory section of the class

More information

PRINCIPLES OF ECONOMICS IN CONTEXT CONTENTS

PRINCIPLES OF ECONOMICS IN CONTEXT CONTENTS PRINCIPLES OF ECONOMICS IN CONTEXT By Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, and Mariano Torras CONTENTS PART ONE The Context for Economic Analysis Chapter 0: Economics and Well-Being

More information

ECONOMIC ANALYSIS PART-A

ECONOMIC ANALYSIS PART-A ECONOMIC ANALYSIS TWO MARK QUESTIONS: PART-A 1. State Alfred Marshall s definition of economics? Alfred Marshall defines economics as, A study of mankind in the ordinary business of life. An altered form

More information

ECON 115. Industrial Organization

ECON 115. Industrial Organization ECON 115 Industrial Organization 1. Linear (3rd Degree) Price Discrimination First Hour QUIZ Second Hour Introduction to Price Discrimination Third-degree price discrimination Two Rules Examples of price

More information

Downloaded from

Downloaded from 17. ECONOMICS (Code No. 030) (2017-18) Rationale Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to

More information

LAHORE UNIVERSITY OF MANAGEMENT SCIENCES SULEMAN DAWOOD SCHOOL OF BUSINESS. MECO 111 Principles of Microeconomics. Dr. Bushra Naqvi COURSE OUTLINE

LAHORE UNIVERSITY OF MANAGEMENT SCIENCES SULEMAN DAWOOD SCHOOL OF BUSINESS. MECO 111 Principles of Microeconomics. Dr. Bushra Naqvi COURSE OUTLINE LAHORE UNIVERSITY OF MANAGEMENT SCIENCES SULEMAN DAWOOD SCHOOL OF BUSINESS MECO 111 Principles of Microeconomics Dr. Bushra Naqvi COURSE OUTLINE ACF Fall 2011/12 Instructor: Dr. Bushra Naqvi Email: Bushra.Naqvi@lums.edu.pk

More information

Chapter 28 The Labor Market: Demand, Supply, and Outsourcing

Chapter 28 The Labor Market: Demand, Supply, and Outsourcing Chapter 28 The Labor Market: Demand, Supply, and Outsourcing Learning Objectives After you have studied this chapter, you should be able to 1. define marginal factor cost, marginal physical product of

More information

Marking Period 1. Marking Period 3. Exam. Marking Period 4. Marking Period 2. COURSE: Advance Placement Microeconomics/Macroeconomics

Marking Period 1. Marking Period 3. Exam. Marking Period 4. Marking Period 2. COURSE: Advance Placement Microeconomics/Macroeconomics Week Marking Period 1 Week Marking Period 3 1 Microeconomics - Unit 1 21 Microeconomics - Unit 3 2 Microeconomics - Unit 1 22 Microeconomics - Unit 3 3 Microeconomics - Unit 1 23 Microeconomics - Unit

More information

2010 Pearson Education Canada

2010 Pearson Education Canada What Is Perfect Competition? Perfect competition is an industry in which Many firms sell identical products to many buyers. There are no restrictions to entry into the industry. Established firms have

More information

GACE Economics Assessment Test at a Glance

GACE Economics Assessment Test at a Glance GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6

More information

ECO-401 Economics Online Quiz 5

ECO-401 Economics Online Quiz 5 ECO-401 Economics Online Quiz 5 Question # 1 of 15 ( Start time: 04:23:56 PM ) Total Marks: 1 In the kinked demand curve model, if one firm reduces its price: Other firms will also reduce their price Other

More information

Market Structure & Imperfect Competition

Market Structure & Imperfect Competition In the Name of God Sharif University of Technology Graduate School of Management and Economics Microeconomics (for MBA students) 44111 (1393-94 1 st term) - Group 2 Dr. S. Farshad Fatemi Market Structure

More information

INSTITUTE OF ACTUARIES OF INDIA

INSTITUTE OF ACTUARIES OF INDIA INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 2 nd November 2015 Subject CT7 Business Economics Time allowed: Three Hours (10.30 to 13.30 Hrs.) Total Marks: 100 INSTRUCTIONS TO THE CANDIDATES 1. Please

More information

Introduction Question Bank

Introduction Question Bank Introduction Question Bank 1. Science of wealth is the definition given by 2. Economics is the study of mankind of the ordinary business of life given by 3. Science which tells about what it is & what

More information

AP Microeconomics Review With Answers

AP Microeconomics Review With Answers AP Microeconomics Review With Answers 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry (which means show

More information

1. If the per unit cost of production falls, then... A.) the supply curve shifts right (or down)

1. If the per unit cost of production falls, then... A.) the supply curve shifts right (or down) 1. If the per unit cost of production falls, then... A.) the supply curve shifts right (or down) B.) there is a downward movement along the existing supply curve which does not shift C.) the supply curve

More information

Total Test Questions: 80 Levels: Grades Units of Credit:.50

Total Test Questions: 80 Levels: Grades Units of Credit:.50 DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world

More information

Answers to RSPL/2. Section - A

Answers to RSPL/2. Section - A Answers to RSL/2 1. (a) Section - A 2. Returns to a factor refers to a change in total output when only one input is changed, keeping other inputs unchanged. 3. (c) 4. Negative 5. While analysing the impact

More information

Economics 101 Midterm Exam #2. April 9, Instructions

Economics 101 Midterm Exam #2. April 9, Instructions Economics 101 Spring 2009 Professor Wallace Economics 101 Midterm Exam #2 April 9, 2009 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do not

More information

Institute of Actuaries of India

Institute of Actuaries of India Institute of Actuaries of India Subject CT7 Business Economics For 2018 Examinations Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these

More information

UNIT 4 PRACTICE EXAM

UNIT 4 PRACTICE EXAM UNIT 4 PRACTICE EXAM 1. The prices paid for resources affect A. the money incomes of households in the economy B. the allocation of resources among different firms and industries in the economy C. the

More information

Pearson Edexcel Level 3 Advanced Subsidiary GCE in Economics (8EC01) First examination 2014

Pearson Edexcel Level 3 Advanced Subsidiary GCE in Economics (8EC01) First examination 2014 Specification GCE Economics Pearson Edexcel Level 3 Advanced Subsidiary GCE in Economics (8EC01) First examination 2014 Pearson Edexcel Level 3 Advanced GCE in Economics (9EC01) First examination 2014

More information

ECON 251 Exam 2 Pink. Fall 2012

ECON 251 Exam 2 Pink. Fall 2012 ECON 251 Exam 2 Pink Use the table below to answer the following four questions The table below shows Harry s total utility from consuming beer and wine. The price of beer is $2 per bottle. The price of

More information

Economics. Synopsis. 1. Economic Concepts, Issues and Tools. 2. An Overview of Economics. Sections. Learning Summary. Sections

Economics. Synopsis. 1. Economic Concepts, Issues and Tools. 2. An Overview of Economics. Sections. Learning Summary. Sections Synopsis Economics 1. Economic Concepts, Issues and Tools 1.1 Introduction 1.2 Scarcity and Choice 1.3 Preferences, Resources and Economic Efficiency 1.4 Marginal Analysis and Opportunity Cost 1.5 Different

More information

Level 4 Certificate in Applied Business Economics

Level 4 Certificate in Applied Business Economics LCCI International Qualifications Level 4 Certificate in Applied Business Economics Syllabus Effective from 1 January 2012 For further information contact us: T: +44 (0) 24 76518951 E: internationalenquiries@ediplc.com

More information

23 Perfect Competition

23 Perfect Competition 23 Perfect Competition Learning Objectives After you have studied this chapter, you should be able to 1. define price taker, total revenues, marginal revenue, short-run shutdown price, short-run breakeven

More information

AP ECONOMICS. Student Eligibility: Grades Date Approved: August 24, 2015

AP ECONOMICS. Student Eligibility: Grades Date Approved: August 24, 2015 PUBLIC SCHOOLS OF EDISON TOWNSHIP DIVISION OF CURRICULUM AND INSTRUCTION AP ECONOMICS Length of Course: Elective/Required: School: Full Year Elective High School Student Eligibility: Grades 11-12 Credit

More information

ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION. 4. Is free medicine given to patients in Govt. Hospital a scarce commodity?

ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION. 4. Is free medicine given to patients in Govt. Hospital a scarce commodity? ECONOMICS ASSIGNMENT CLASS XII MICRO ECONOMICS UNIT I INTRODUCTION 1. What is the Slope of PPC? What does it show? 2. When can PPC be a straight line? 3. Do all attainable combination of two goods that

More information

MICRO EXAM REVIEW SHEET

MICRO EXAM REVIEW SHEET MICRO EXAM REVIEW SHEET 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry 3. Natural Monopoly with Fair-Return

More information

foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS

foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS Detailed contents Preface How to use this book About the Online Resource Centre Guided tour of Dashboard Acknowledgements

More information

REDEEMER S UNIVERSITY

REDEEMER S UNIVERSITY REDEEMER S UNIVERSITY Km 46/48 Lagos Ibadan Expressway, Redemption City, Ogun State COLLEGE OF MANAGEMENT SCIENCE DEPARTMENT OF ECONOMICS AND BUSINESS STUDIES COURSE CODE /TITLE ECO 202/Microeconomics

More information

CBSE-XII (2018) CBSE BOARD PAPER WITH SOLUTION ECONOMICS. Candidate must write the Code on the titile page of the answer-book.

CBSE-XII (2018) CBSE BOARD PAPER WITH SOLUTION ECONOMICS. Candidate must write the Code on the titile page of the answer-book. CBSE-II (2018) CBSE BOAR PAPER WITH SOLUTION ECONOMICS Code No. 58/3 Roll.No. Candidate must write the Code on the titile page of the answer-book. Time allowed : 3 hours Maximum Marks : 80 Code number

More information

Perfectly Competitive Supply. Chapter 6. Learning Objectives

Perfectly Competitive Supply. Chapter 6. Learning Objectives Perfectly Competitive Supply Chapter 6 McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives 1.Explain how opportunity cost is related to the supply

More information

Monopolistic Markets. Regulation

Monopolistic Markets. Regulation Monopolistic Markets Regulation Comparison of monopolistic and competitive equilibrium output The profits of a monopolist are maximized when MC(Q M ) = P(Q M ) + Q P (Q M ) negative In a competitive market:

More information

NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Final Exam December 8, 2006

NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Final Exam December 8, 2006 NAME: INTERMEDIATE MICROECONOMIC THEORY FALL 2006 ECONOMICS 300/012 Section I: Multiple Choice (4 points each) Identify the choice that best completes the statement or answers the question. 1. The slope

More information

Eco 300 Intermediate Micro

Eco 300 Intermediate Micro Eco 300 Intermediate Micro Instructor: Amalia Jerison Office Hours: T 12:00-1:00, Th 12:00-1:00, and by appointment BA 127A, aj4575@albany.edu A. Jerison (BA 127A) Eco 300 Spring 2010 1 / 61 Monopoly Market

More information

2007 NATIONAL ECONOMICS CHALLENGE NCEE/Goldman Sachs Foundation

2007 NATIONAL ECONOMICS CHALLENGE NCEE/Goldman Sachs Foundation 2007 NATIONAL ECONOMICS CHALLENGE NCEE/Goldman Sachs Foundation National Round I: Microeconomics David Ricardo Division 1. If your income tax liability is $15,000 and your income is $60,000, your A. average

More information

I enjoy teaching this class. Good luck and have a nice Holiday!!

I enjoy teaching this class. Good luck and have a nice Holiday!! ECON 202-501 Fall 2008 Xiaoyong Cao Final Exam Form A Instructions: The exam consists of 2 parts. Part I has 35 multiple choice problems. You need to fill the answers in the table given in Part II of the

More information

(AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING

(AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JULY 2017 (AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING Instructions to candidates (Please Read Carefully): (1) Time

More information

EDINBURGH BUSINESS SCHOOL PROGRAMME COURSE OUTLINE A Great Place to Learn.

EDINBURGH BUSINESS SCHOOL PROGRAMME COURSE OUTLINE A Great Place to Learn. EDINBURGH BUSINESS SCHOOL PROGRAMME COURSE OUTLINE A Great Place to Learn. PROGRAMME: HERIOT WATT MBA DURATION: 5:30pm to Contract Hours: 70 60 DAY(S): Monday Actual Hours: 70 60 MODE: COMPONENT: Part-Time

More information

Thursday, October 13: Short and Long Run Equilibria

Thursday, October 13: Short and Long Run Equilibria Amherst College epartment of Economics Economics 54 Fall 2005 Thursday, October 13: Short and Long Run Equilibria Equilibrium in the Short Run The equilibrium price and quantity are determined by the market

More information

Fundamentals of Microeconomics Johns Hopkins University Center for Talented Youth

Fundamentals of Microeconomics Johns Hopkins University Center for Talented Youth Fundamentals of Johns Hopkins University Center for Talented Youth Day Time Topic/Concepts Activity AM Introduction to Introductions, Honor Code, Class Rules and Expectations. Principles of Pre-assessment

More information

INTI COLLEGE MALAYSIA BUSINESS FOUNDATION PROGRAMME ECO 181: INTRODUCTORY ECONOMICS FINAL EXAMINATION: AUGUST 2003 SESSION

INTI COLLEGE MALAYSIA BUSINESS FOUNDATION PROGRAMME ECO 181: INTRODUCTORY ECONOMICS FINAL EXAMINATION: AUGUST 2003 SESSION ECO 181 (F) / Page 1 of 15 INTI COLLEGE MALAYSIA BUSINESS FOUNDATION PROGRAMME ECO 181: INTRODUCTORY ECONOMICS FINAL EXAMINATION: AUGUST 2003 SESSION SECTION A There are SIXTY questions on this paper.

More information

Monopolistic Competition

Monopolistic Competition Monopolistic Competition CHAPTER16 C H A P T E R C H E C K L I S T When you have completed your study of this chapter, you will be able to 1 Describe and identify monopolistic competition. 2 Explain how

More information

Contents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11

Contents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue

More information

CHAPTER 8 Competitive Firms and Markets

CHAPTER 8 Competitive Firms and Markets CHAPTER 8 Competitive Firms and Markets CHAPTER OUTLINE 8.1 Competition Price Taking Why the Firm s Demand Curve Is Horizontal Why We Study Competition 8.2 Profit Maximization Profit Two Steps to Maximizing

More information

ECON MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University. J.Jung Chapter Introduction Towson University 1 / 69

ECON MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University. J.Jung Chapter Introduction Towson University 1 / 69 ECON 202 - MACROECONOMIC PRINCIPLES Instructor: Dr. Juergen Jung Towson University J.Jung Chapter 2-4 - Introduction Towson University 1 / 69 Disclaimer These lecture notes are customized for the Macroeconomics

More information

Refer To The Above Data. The Average Fixed Cost Of Producing 3 Units Of Output Is

Refer To The Above Data. The Average Fixed Cost Of Producing 3 Units Of Output Is Refer To The Above Data. The Average Fixed Cost Of Producing 3 Units Of Output Is Its average variable costs were 2.00$ and its average fixed costs.50 cents the firms total Refer to the above data, the

More information

Adopted from IB Economics Guide brought to you by 1

Adopted from IB Economics Guide brought to you by  1 UNIT 1 INTRODUCTION TO ECONOMICS Definitions of social science and economics s of microeconomics and macroeconomics s of growth, development, and sustainable development Positive and normative concepts

More information

Short run and long run price and output decisions of a monopoly firm,

Short run and long run price and output decisions of a monopoly firm, 1 Chapter 1-Theory of Monopoly Syllabus-Concept of imperfect competition, Short run and long run price and output decisions of a monopoly firm, Concept of a supply curve under monopoly, comparison of perfect

More information

Econ 2113: Principles of Microeconomics. Spring 2009 ECU

Econ 2113: Principles of Microeconomics. Spring 2009 ECU Econ 2113: Principles of Microeconomics Spring 2009 ECU Chapter 12 Monopoly Market Power Market power is the ability to influence the market, and in particular the market price, by influencing the total

More information

PART: A Introductory Micro Economics Capsules UNIT: I TOPIC: INTRODUCTION

PART: A Introductory Micro Economics Capsules UNIT: I TOPIC: INTRODUCTION CLASS- XII ECONOMICS PART: A Introductory Micro Economics Capsules UNIT: I TOPIC: INTRODUCTION A: Basic concepts 1. Definition of Economics 2. Central problems of an economy 3. Production possibility curve

More information

EOCT Test Semester 2 final

EOCT Test Semester 2 final EOCT Test Semester 2 final 1. The best definition of Economics is a. The study of how individuals spend their money b. The study of resources and government c. The study of the allocation of scarce resources

More information

Education & Training Plan. Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship

Education & Training Plan. Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship Clemson University - Center for Corporate Learning 1 North Main Street, 7th Floor, Greenville, SC 29601 http://www.clemson.edu/online/ Contact: Juanita Durham 864.656.3984 jdrhm@clemson.edu Education &

More information

12 ECONOMICS MATERIAL LESSON - 1

12 ECONOMICS MATERIAL LESSON - 1 12 ECONOMICS MATERIAL LESSON - 1 1. State Alfred Marshall s definition of Economics? Alfred Marshall defines economics as a study of mankind in the ordinary business of Life. An altered form of this definition

More information

Marginal willingness to pay (WTP). The maximum amount a consumer will spend for an extra unit of the good.

Marginal willingness to pay (WTP). The maximum amount a consumer will spend for an extra unit of the good. McPeak Lecture 10 PAI 723 The competitive model. Marginal willingness to pay (WTP). The maximum amount a consumer will spend for an extra unit of the good. As we derived a demand curve for an individual

More information

6) The mailing must be postmarked by June 15. 7) If you have any questions please me at

6) The mailing must be postmarked by June 15. 7) If you have any questions please  me at Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found

More information

Practice Exam 3: S201 Walker Fall 2004

Practice Exam 3: S201 Walker Fall 2004 Practice Exam 3: S201 Walker Fall 2004 I. Multiple Choice (3 points each) 1. Which of the following statements about the short-run is false? A. The marginal product of labor may increase or decrease. B.

More information

GACE. Study Companion Economics Assessment. For the most up-to-date information, visit the ETS GACE website at gace.ets.org.

GACE. Study Companion Economics Assessment. For the most up-to-date information, visit the ETS GACE website at gace.ets.org. GACE Study Companion Economics Assessment For the most up-to-date information, visit the ETS GACE website at gace.ets.org. Last Updated: January 2016 Copyright 2016 by Educational Testing Service. All

More information

Monopoly. 3 Microeconomics LESSON 5. Introduction and Description. Time Required. Materials

Monopoly. 3 Microeconomics LESSON 5. Introduction and Description. Time Required. Materials LESSON 5 Monopoly Introduction and Description Lesson 5 extends the theory of the firm to the model of a Students will see that the profit-maximization rules for the monopoly are the same as they were

More information

Economics B.A./B.Sc.: Elective and Optional Outlines of Tests

Economics B.A./B.Sc.: Elective and Optional Outlines of Tests Outlines of Tests and Courses of Reading BA/B Sc Pass Course 1 Economics B.A./B.Sc.: Elective and Optional Outlines of Tests Part- I Paper Title of Course Marks A : Basic Mathematics and Microeconomics

More information

Unit V: Factor Markets. Problem Set #5 Points Distribution

Unit V: Factor Markets. Problem Set #5 Points Distribution Unit V: Factor Markets Problem Set #5 Points Distribution Question #1 Real World Application of Key Concepts 5 Points EACH 2 Points Definition 3 Points Clear Example 1. Derived Demand Definition (2 points):

More information

AP Microeconomics Review Session #3 Key Terms & Concepts

AP Microeconomics Review Session #3 Key Terms & Concepts The Firm, Profit, and the Costs of Production 1. Explicit vs. implicit costs 2. Short-run vs. long-run decisions 3. Fixed inputs vs. variable inputs 4. Short-run production measures: be able to calculate/graph

More information

ECONOMICS. 3. understanding of the basis for rational economic decisions;

ECONOMICS. 3. understanding of the basis for rational economic decisions; PREAMBLE ECONOMICS This syllabus is designed to assess candidates knowledge of basic economic principles needed for rational decision making relating to individuals, businesses, government and society.

More information

NB: STUDENTS ARE REQUESTED IN THEIR OWN INTEREST TO WRITE LEGIBLY AND IN INK.

NB: STUDENTS ARE REQUESTED IN THEIR OWN INTEREST TO WRITE LEGIBLY AND IN INK. 1 INFORMATION & INSTRUCTIONS: DURATION: THREE (3) HOURS TOTAL MARKS: 300 INTERNAL EXAMINER : PROFESSOR D. MAHADEA EXTERNAL EXAMINER: MR R. SIMSON NB: STUDENTS ARE REQUESTED IN THEIR OWN INTEREST TO WRITE

More information

Total Test Questions: 80 Levels: Grades Units of Credit:.50

Total Test Questions: 80 Levels: Grades Units of Credit:.50 DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world

More information

** REVIEW SHEET ** Test - 3

** REVIEW SHEET ** Test - 3 ** REVIEW SHEET ** Test - 3 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In the long run, 1) ) there are no fixed factors of production. ) all

More information

Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning.

Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning. Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning. *1. The students will examine the causal relationship between scarcity and the need for

More information

Uploaded online by

Uploaded online by '%101/+%5 )'0'4#. The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in is to prepare the candidates for the Board s examination. It is designed to test their achievement of the

More information

OCR Economics A-level

OCR Economics A-level OCR Economics A-level Microeconomics Topic 4: Labour Market 4.1 Wage determination Notes The main influences on demand and supply in labour markets The labour market is a factor market. The supply of labour

More information

Practice Test for Midterm 2 Econ Fall 2009 Instructor: Soojae Moon

Practice Test for Midterm 2 Econ Fall 2009 Instructor: Soojae Moon Practice Test for Midterm 2 Econ 2010-200 Fall 2009 Instructor: Soojae Moon Please read carefully and choose the choice that best completes the statement or answers the question. Table 7-2 This table refers

More information

Benefits, Costs, and Maximization

Benefits, Costs, and Maximization 11 Benefits, Costs, and Maximization CHAPTER OBJECTIVES To explain the basic process of balancing costs and benefits in economic decision making. To introduce marginal analysis, and to define marginal

More information

EXAMINATION 4 VERSION A "Perfect and Imperfect Competition" November 30, 2015

EXAMINATION 4 VERSION A Perfect and Imperfect Competition November 30, 2015 Signature: William M. Boal Printed name: EXAMINATION 4 VERSION A "Perfect and Imperfect Competition" November 30, 2015 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,

More information

+ What is Economics? societies use scarce resources to produce valuable commodities and distribute them among different people

+ What is Economics? societies use scarce resources to produce valuable commodities and distribute them among different people ECONOMICS The word economy comes from a Greek word oikonomia for one who manages a household. is the study of how society manages its scarce resources. Traditionally land, labor, and capital resources

More information

S11Microeconomics, Exam 3 Answer Key. Instruction:

S11Microeconomics, Exam 3 Answer Key. Instruction: S11Microeconomics, Exam 3 Answer Key Instruction: Exam 3 Student Name: Microeconomics, several versions Early May, 2011 Instructions: I) On your Scantron card you must print three things: 1) Full name

More information

Application: the effect of immigration on domestic wages

Application: the effect of immigration on domestic wages LABOUR DEMAND Application: the effect of igration on domestic wages Case 1. Immigrants and nonigrants are perfect substitutes in production W S 0 S 1 Law of one price: all workers earn the same wage W

More information

ECONOMICS CURRICULUM - STANDARD XII ECONOMIC THEORY

ECONOMICS CURRICULUM - STANDARD XII ECONOMIC THEORY ECONOMICS CURRICULUM - STANDARD XII ECONOMIC THEORY Evaluation. Project Valuation - 50 Marks. Common Examination 50 marks Total - 00 marks * There will be double valuation for the project work () By the

More information