Term 1 Model Question Paper

11th Standard

    Reg.No. :
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Economics

Time : 02:00:00 Hrs
Total Marks : 60
    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. _____have exchange value and their ownership rights can be established and exchanged

    (a)

    Goods

    (b)

    Services

    (c)

    Markets

    (d)

    Revenue

  3. The chief exponent of the cardinal utility approach was

    (a)

    J.R. Hicks

    (b)

    R.G.D. Allen

    (c)

    Marshall

    (d)

    Stigler

  4. Which factor is called the changing agent of the Society

    (a)

    Labourer

    (b)

    Land

    (c)

    Organizer

    (d)

    Capital

  5. Money cost is also known as _____ cost.

    (a)

    explicit

    (b)

    implicit

    (c)

    social

    (d)

    real

  6. Equilibrium condition of a firm is ___________

    (a)

    MC=MR

    (b)

    MC>MR

    (c)

    MC < MR

    (d)

    MR = Price

  7. In monopoly, MR curve lies below ____________

    (a)

    TR

    (b)

    MR

    (c)

    AR

    (d)

    AC

  8. Rent is the reward for the use of _________.

    (a)

    Capital

    (b)

    Labour

    (c)

    Land

    (d)

    Organization

  9. Which one of the following is a developed nations?

    (a)

    Mexico

    (b)

    Ghana

    (c)

    France

    (d)

    Sri Lanka

  10. The power for governance of lndia was transferred from the East India Company (EIC) to the British crown in ___________.

    (a)

    1758

    (b)

    1858

    (c)

    1958

    (d)

    1658

  11. 8 x 2 = 16
  12. Distinguish goods from services

  13. Name the basic approaches to consumer behaviour.

  14. State the production function.

  15. Define cost function.

  16. Who is price-taker?

  17. What do you mean by interest?

  18. Write the short note on natural resources.

  19. What are the objectives of Tenth five year plan?

  20. 8 x 3 = 24
  21. Distinguish between micro economics and macro economics.

  22. Explain the theory of "Consumer's surplus"

  23. State and explain the elasticity of supply.

  24. Distinguish between explicit cost and implicit cost.

  25. State the Dynamic Theory of profit.

  26. Explain social infrastructure.

  27. State the reasons for nationalization of commercial banks.

  28. What is PQLI?

  29. 2 x 5 = 10
  30. Explain the law of Equi - marginal utility

  31. Explain Strong features Indian economy.

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