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1 Q1. Select the correct answer and Under line it (Total 16 Marks) 01. Economics is a science. Because, (a) Evidences are observable (b) Findings are measurable (c) Findings can be analyzed i a and b correct ii b and c correct iii All are correct iv a and c correct 02. Scarcity means i The amount available is greater than amount want ii Excess of human want over what can actually be produced iii Lack of human want over what can actually be produced iv None of above 03. Select the correct equations in related to Total Utility(TU) and Marginal Utility(MU) i MU and TU/Q ii MU and TU/ Q iii MU and TU/Q iv MU and TU/ Q 04. Immediate demand means i Demand for final goods ii Desired amount of good that is taken by the consumer iii Demand for input iv Sum of the individual demand for a product from each consumer in the market 05. Select the correct supply curve from the following i Quantity Supplied ii Quantity Supplied

2 Price Price iii Price iv Price Quantity Supplied Quantity Supplied 06. One of the market structure has the following characteristics a. A large number of buyers and sellers b. Selling homogenous product c. No government regulations Above market structure may be, i Monopoly ii Oligopoly iii Perfect Competition iv Imperfect competition 07. Price Ceiling means i The highest price at which it is legal to trade a particular good, service or factor of production ii The lowest price at which it is legal to trade a particular good, service or factor of production

3 iii Fixed price at which it is legal to trade a particular good, service or factor of production iv None of above 08. Select the correct formula on price elasticity of demand(e d ) i Price elasticity of demand = % change in quantity demanded % change in price ii Price elasticity of demand = % change in price % change in quantity demanded iii Price elasticity of demand = % change in demand_ % change in income iv Price elasticity of demand = % change in demand_ % change in supply 09. Cob web theorem used to explain i Demand of Agricultural product ii Supply of Agricultural product iii Price fluctuation of the Agricultural product iv Factor Factor relationship in production 10. One of the factor of production has following characteristics a. It is a primary factor of production b. It has diminishing return c. It has perfectly inelastic supply Above factor may be, i land ii Labour iii Capital iv Entrepreneurship 11. From the following which is not type of capital

4 i Fixed capital ii Circulating capital iii Social capital iv Diminishing capital 12. From the following, select the correct statement on factors of production i Interest is the reward for use of land ii Wages are the payments for the productive services of labour iii Rent is the price paid for the capital iv Profit is the reward given for the labour 13. Which is correct on the stage II of the production function i Minimum production efficiency is in this stage ii TPP curve has a negative slope iii Decreasing returns due to slow rate of increase in production iv MP is positive and higher than the AP and MP has + ve slope 14. Marginal Rate of Technical Substitution (MRTS) means, i The slope of the production possibility frontier ii The slope of the isoquant curve iii The slope of the marginal utility curve iv The slope of the production function 15. Cost C B

5 A In the above graph, Variable Cost denoted by i C ii B iii A iv None of above Output 16 Select the correct statement on short run production i Fixed costs become variable costs ii Output changed by varying usage of all inputs iii At least one input is fixed iv All changes in output achieved by changing usage of fixed inputs Q2. (Total 12 marks) Part 11 (i) Define Demand... (04 marks) (ii) The market demand and supply equations for a product are Q d = 60-5P and Q s = 15+4P What are the equilibrium price and quantity for this product

6 ... (iii) (04 marks) Draw the above situation graphically. (04 marks) Q3. (Total 12 marks) (i) Draw the isoquant map.. (ii) Write the two characteristics of isoquant curve (03 marks)

7 (iii) (iv) (03 marks) Draw the production possibility frontier(ppf) curve (03marks) What are the two type of advantages that can be used to increase the production of a firm (03 marks) Part- 111 Q4. (Total 15 marks) (i) Define Utility (03 marks) (ii) Find the marginal utility (MU) in the bellow table No of milk packets TU in utils MU in utils

8 (07 marks) (iii) Draw the relationship between total utility and marginal utility using above Data (ii) (05 marks) Q5. (Total 15 marks) (i) What do you mean by Market Equilibrium (04 marks) (ii) Graphically show the market equilibrium of perfect competitive market(05 mark) (iii) Explain the factors affecting the supply of Agricultural goods (06 marks) Q6. (Total 15 marks) (i) What is Market (03 marks) (ii) Name the four determinants of market structure (04mark) (iii) Explain the characteristics of oligopoly market with giving examples (08 marks) Q7. (T0tal 15 marks) (i) Graphically show the relationship among the TPP, APP and MPP (05 marks) (ii) Explain Law of diminishing marginal return (05 marks) (iii) Discuss the reasons for fluctuating Agricultural product prices (05 marks) Prepared by:- G.A.S.M. Ganepola

9 Senior Lecturer ATI - Naiwala

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