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Page 1 of 4 REVISION PAPER OF ECONOMICS Micro economics unit 1, 2 , 3 Macro economics Unit 1, 2, 3 SET - 1 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. Can PP curve be a straight line? 2. *A doctor has a private clinic in Surat and his annual earnings are Rs 15 lakhs. If he works in a government hospital in Surat, his annual earnings are Rs 10 lakhs. What is the opportunity cost of having a clinic in Surat? 3. When the input of labour is increased from 2 to 6 units, output increases from 50 to 90, then marginal product is : (a) 10 (c) 130 (b) 30 (d) 1.6 4. If TR = TC = Rs 10, it is a situation of : (a) Abnormal profit (c) Breakeven point (b) Normal profit (d) Both (b) and (c) 5. Price elasticity of supply of a good is 0.6. Is the supply elastic or inelastic , and why? 6. The market demand for a good at Rs 4 is 100 units. The price rises and as a result its market demand falls to 75 units. Find out the new price if the price elasticity of demand for those goods is (-) 1. Deveshprajapatisps@gmail.com Economics Teacher
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