First Mid Term Model Questions

11th Standard

    Reg.No. :
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Economics

Time : 01:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. The basic problem studying in Economics is

    (a)

    Unlimited wants

    (b)

    Unlimited means

    (c)

    Scarcity

    (d)

    Strategy to meet all our wants

  2. Who is the father of Economics?

    (a)

    Max Muller

    (b)

    Adam Smith

    (c)

    Karl Marx

    (d)

    Paul A Samuelson

  3. Total revenue is equal to total output sold multiplied by

    (a)

    Price

    (b)

    Total cost

    (c)

    Marginal revenue

    (d)

    Marginal cost

  4. Creations of utility or wealth is

    (a)

    Production

    (b)

    Consumption

    (c)

    Distribution

    (d)

    Public finance

  5. Given potential price is Rs. 250 and the actual price is Rs. 200. find the consumer surplus.

    (a)

    375

    (b)

    175

    (c)

    200

    (d)

    50

  6. Gossen second Law is known as

    (a)

    Law of Diminishing Marginal Utility

    (b)

    Law of Equi-Marginal Utility

    (c)

    Consumer Surplus

    (d)

    Elasticity of Demand

  7. _____________ is a free gift of nature.

    (a)

    Land

    (b)

    Organisation

    (c)

    Capital

    (d)

    All of these

  8. Find Total Variable Cost where TC = 200 and TFC=50.

    (a)

    50

    (b)

    150

    (c)

    200

    (d)

    250

  9. MC curve always cuts AC in its ____________ point from below.

    (a)

    maximum

    (b)

    minimum

    (c)

    zero

    (d)

    none

  10. Implicit costs are also known as .................... cost.

    (a)

    Notional

    (b)

    Opportunity

    (c)

    Imputed

    (d)

    All of these

  11. 5 x 2 = 10
  12. Distinguish goods from services

  13. Give the meaning of deductive method

  14. What are consumer goods?

  15. What is meant by sunk cost?

  16. What is meant by Total Revenue?

  17. 5 x 3 = 15
  18. Elucidate different features of services.

  19. What are the important features of Marshall's Welfare definition?

  20. Distinguish between extension and contraction of demand.

  21. Explain the different types of Elasticity of Demand.

  22. Explain briefly Marginal cost with a suitable diagram.

  23. 3 x 5 = 15
  24. Examine the Law of Variable Proportions with the help of diagram.

  25. Bring out the relationship between AR and MR curves under various price conditions.

  26. Explain the short run Average Cost curves with suitable diagrams.

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