The basic problem studied in Economics is

(a)

Unlimited wants

(b)

Unlimited means

(c)

Scarcity

(d)

Strategy to meet all our wants

Who is the father of Economics?

(a)

Max Muller

(b)

Adam Smith

(c)

Karl Marx

(d)

Paul A Samuelson

Total revenue is equal to total output sold multiplied by

(a)

Price

(b)

Total cost

(c)

Marginal revenue

(d)

Marginal cost

Creations of utility or wealth is

(a)

Production

(b)

Consumption

(c)

Distribution

(d)

Public finance

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

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

_____________ is a free gift of nature.

(a)

Land

(b)

Organisation

(c)

Capital

(d)

All of these

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

(a)

50

(b)

150

(c)

200

(d)

250

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

(a)

maximum

(b)

minimum

(c)

zero

(d)

none

Implicit costs are also known as _________ cost.

(a)

Notional

(b)

Opportunity

(c)

Imputed

(d)

All of these

Distinguish goods from services.

Give the meaning of deductive method.

What are consumer goods?

What is meant by sunk cost?

What is meant by Total Revenue?

What are the different features of services?

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

Explain the different types of Elasticity of Demand.

Explain briefly Marginal cost with a suitable diagram.

Examine the Law of Variable Proportions with the help of diagram.

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

Explain the short run Average Cost curves with suitable diagrams.