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Page 1 of 5 REVISION PAPER OF ECONOMICS Micro economics unit 1, 2 , 3 Macro economics Unit 1, 2, 3 SET -2 Instructions for the candidates: a) All questions in both the sections are compulsory. b) Marks for questions are indicated against each. c) Question No 1-5 and 16-20 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. d) Question No 6-8 and 21-23 are short-answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each. e) Questions No 9-11 and 24-26 are also short-answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each. f) Questions No 12-15 and 27-30 are long-answer questions carrying 6 marks each. Answer to them should not normally exceed 100 words each. g) Question marked star (*) are value based questions. h) Answer should be brief and to the point and the above word limit should be adhered to as far as possible. Part A (MICRO ECONOMICS) 1. A teacher is getting Rs. 1000 per month as salary. If he leaves the jobs and starts tuition work, he is expected to earn Rs 9000 per month. What would be his opportunity cost? 1 2. Point A below PP curve indicates: 1 (a) Underutilization of resources (c) Full employment of resources (b) Growth of resources (d) None of these 3. When APP falls, what is the relation between MPP and APP? 1 4. Why does the difference between ATC and AVC decrease with increase in the level of output? 1 5. In a situation of disguised unemployment, MP can be negative. 1 6. State the total expenditure method of measuring price elasticity of demand. 3 7. The price elasticity of demand of a commodity is (-) 1.5. When its price falls by Rs 1 per unit its quantity demanded rises by 3 Units. If the quantity demanded before the price change was 30 Units, What was the price at this demand? Calculate. 3 8. Explain the relationship between marginal cost and revenue cost. 3 Or Deveshprajapatisps@gmail.com Economics Teacher
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