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Economics Set 1


Welcome to your Economics Set 1

1. Economic problem arises due to

2. For whom to produce ? relates with

3. Forgone cost by choosing one alternative rather than the other is

4. The ratio of number of units of a good sacrificed to produce one more unit of the other good, in a two-goods economy is known as

5. A rational consumer seeks

6. Utility is the

7. The indifference curve analysis assumed

8. The rate at which the consumer is willing to sacrifice one good to obtain one more unit of the other good is known as

9. Indifference curve is sloping downwards from

10. Slope of Indifference Curve between any two points is simply the ........ between those two points.

11. Slope of budget line =

12. A good whose demand by a consumer rises with the rise in the income of that consumer is called a

13. A good whose demand by a consumer falls with the rise in income of that consumer is called an

14. ................ are exceptions of of demand.

15. When demand of a good rises due to price only, it is called

16. When price of good falls and total expenditure on the good rises, the demand for that good rises, the demand for that good is said to be

17. When the demand curve is parallel to the Y-axis

18. Price of a good falls from Rs. 10 to Rs. 8. As a result its demand rises from 80 units to 100 units. What can you say about price elasticity of demand by considering total expenditures?

19. The of variable proportions is an extension of

20. Match the following

i. When MP > AP        (a) AP rises
ii. When MP = AP       (b) AP is constant
iii. When MP< AP       (c) AP falls

21. Relation between input and output of a good is known as

22. When MP is less than AP

23. The indirect expenditures, which does not find place in the account books is

24. AVC = TVC/ ?

25. AVC and ATC curves are

26. A period in which some costs are fixed, while some are variable is known as

27. TVC is the cumulative sum of

28. Supply curve shifts to right means

29. More demand at a higher price is applied in

30. When MR becomes zero, TR is

31. Producers' equillibrium yields

32. In................, freedom of entry and exit for firms in the long run

33. Average revenue curve of a firm is also called

34. Homogeneous products is a characteristic of

35. AR curve of a firm under perfect competition is perfectly elastic and parallel to

36. A market situation in which no close substitutes is

37. Monopolistic competition is a situation in the which the market, basically is a competitive market but has some elements of a

38. Oligopoly is a market structure characterized by a ........... numbers of firms.

39. AR curve of a firm under other market forms is

40. If the oligopoly firms compete with each other, it is called

41. Goods capable of being used for producing other goods are

42. Use of stocks is

43. Gross Investment - Depreciation = ?

44. Value added is infact, is a value added to

45. Old age pension is a transfer payment because the receiver does not provide any good or service in return. It is not included in

46. The sum of factor and non factor incomes of households after payments of direct taxes is

47. Nominal GDP is also called

48. APS + APC = ?

49. The lower the value of ........... the higher is the value of multiplier.

50. Fiscal deficit - Interest payments


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