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Questions of marginal economics

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Shubham Kumar
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11 views6 pages

Set 1 Question

Questions of marginal economics

Uploaded by

Shubham Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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[Question Paper Set 1 Economics (KV 1 bokaro) Time: 3 hrs MM. : £0 General Instructions 1. All questions in both the parts A and B are compulsory. There are internal choices in questions of Imark, 4 marks, 4 marks end 6 marks. 2 Question nos, 1-10and 18-27 are Objective Type Questions carrying 1 mark esch. They are required to be answered in one sentence. 3, Question nos. 11-12 and 28-29 are Short Answer Type I Questions carrying 3 marks each. Answer to them should no: normally exceed 60 words each. 4. Question nos. 13-15 and 30-82 are also Short Answer ‘Type II Questions carrying ¢ marks each, Answer to them shotld not nermally exceed 70 words each, 5. Question nos, 16-17 and 33-34 are Lang Answer Type Questions carrying 6 marks'each. Answer to them should no: exceed 100 words each. 4 Answer should he brief and to the point and the above word limit be adhered to as far as possible. SECTION A Objective Type Questions (1 Mark) Multiple choice questions (Q. no. 1 to 5) There are four options for each question, out of these, only one is correct, You have toidentify ihe correct option. 41, On which axis independent variable is taken while constructing scatter diagram? (a) xaxis (b) yeaxis (c) either xanis or y-axis (d)can'tbe determined 2. Correlation coefficient between price ana quantity demanded for normal goods will be (a) +1 ()-1 \)-=) Normal profit in long-run (©) Both (a) and (b) (@) Neither (a) nor (b) 26. Indian credit card industry also faces the same situation, State true or false. 27. Afall in input prices would cause ...... in equilibrium price and ...... in quantity, Short Answer Type ! Questions (3 Marks) 28. Explain any two causes of increase in demand. 29. Economic problem is majorly three-pronged, Explain. Or Why do problems related to allocation of resources in an economy arise? Explain using example. Short Answer Type Ii Questions (4 Marks) 30. Explain the exceptions to law of supply. Or Explain the impact of the following changes on the supply curve @ Afall inthe price of inputs. (ii) A rise in price of substitutes. 31, Draw the diagram and write the implication in case of change in demand when supply is perfectly elastic and perfectly inelastic. 32, Bikram and Abraham were having a conversation about Marginal Utility (MU). Bikram was of the view that MU cannot be negative, whereas Abraham was saying that MU can be negative. ‘You are supposed to settle the debate, How would you do that? Explain with help of schedule and diagram. Long Answer Type Questions (6 Marks) 33. State whether the following statements are true or false, Give reasons, (i) Marginal revenue curve lies above the average revenue curve. Gi) Average fixed cost can fall to zero. i) Total physical product tends to increase in all stages of the law of variable proportions, Or What are the assumptions which are followed while studying law of variable proportions? Also, write any two ways by which this law can be postponed. 34, State law of demand and show that there is an inverse relation between price of a commodity and its quantity demanded using utility analysis.

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