11th 3rd Revision Exam 2019

11th Standard

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Economics

Time : 02:30:00 Hrs
Total Marks : 90
    20 x 1 = 20
  1. Utility means

    (a)

    Equilibrium point at which demand and supply are equal

    (b)

    Want - satisfying capacity of goods and services

    (c)

    Total value of commodity

    (d)

    Desire for goods and services

  2. Who 'defined "Economics as the science' of wealth"

    (a)

    J.M. Keynes

    (b)

    Adamsmith

    (c)

    Marshall

    (d)

    Malthus

  3. 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

  4. Indifference curves never intersect each other due to_______________.

    (a)

    different levels of satisfaction

    (b)

    same levels of satisfaction

    (c)

    convex to the origin

    (d)

    concave to the origin

  5. Product obtained from additional factors of production is termed as

    (a)

    Marginal product

    (b)

    Total product

    (c)

    Average product

    (d)

    Annual product

  6. Economies are broadly divided into ___________types.

    (a)

    One

    (b)

    Two

    (c)

    Three

    (d)

    Four

  7. Marginal revenue is the addition made to the

    (a)

    total sales

    (b)

    total revenue

    (c)

    total production

    (d)

    total cost

  8. Profit of a firm is obtained when __________

    (a)

    TR<TC

    (b)

    TR-MC

    (c)

    TR>TC

    (d)

    TR=TC

  9. "Perfect competition prevails when the demand for the output of each producer is perfectly elastic" says__________________.

    (a)

    Joan Robinson

    (b)

    Edward Chamberlin

    (c)

    John Maynard Keynes

    (d)

    Prof. Clark

  10. Residual Claimant Theory is propounded by _________.

    (a)

    Keynes

    (b)

    Walker

    (c)

    Hawley

    (d)

    Knight

  11. Higher the risks, the greater are the ________.

    (a)

    Loss

    (b)

    Subsidy

    (c)

    profit

    (d)

    None of these

  12. Amartya Kumara Sen received the Nobel Prize in Economics in the year

    (a)

    1998

    (b)

    2000

    (c)

    2008

    (d)

    2010

  13. Annual plans formed in the year __ .

    (a)

    1989 - 1991

    (b)

    1990 - 1992

    (c)

    2000 - 2001

    (d)

    1981 - 1983

  14. The investment in equipment of Micro service Enterprises does not exceed__________.

    (a)

    20 Lakhs

    (b)

    10 Lakhs

    (c)

    5 Lakhs

    (d)

    25 Lakhs

  15. The new economic policy is concerned with the following

    (a)

    Foreign investment

    (b)

    Foreign technology

    (c)

    Foreign trade

    (d)

    All the above

  16. Vishesh Krishi Upaj Yojana has been started for____________.

    (a)

    Agricultural export

    (b)

    Export of services

    (c)

    Export of handlooms and handicrafts

    (d)

    Export of gems and jewellery

  17. Identify the year of launch of MUDRA Bank?

    (a)

    1995

    (b)

    2000

    (c)

    2010

    (d)

    2015

  18. The Headquarters of Southern Railway is at

    (a)

    Tiruchirappalli

    (b)

    Chennai

    (c)

    Madurai

    (d)

    Coimbatore

  19. The GSDP of Tamil Nadu on nominal term is equal to the GDP of___________________.

    (a)

    Bangladesh

    (b)

    Burma

    (c)

    Kuwait

    (d)

    Canada

  20. A statement of equality between two quantities is called

    (a)

    Inequality

    (b)

    Equality

    (c)

    Equations

    (d)

    Functions

  21. 7 x 2 = 14
  22. What are goods?

  23. Definition of law of supply.

  24. Define cost function.

  25. What is Oligopoly?

  26. What are the different types of Natural resources?

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

  28. What is "EXIM POLICY (2015 - 2020)"?

  29. What do you mean by Micro Finance?

  30. What is Life Expectancy?

  31. The demand function is given by x=20-2p-p2 where p and x are the price and the quantity respectively
    Find the elasticity of demand for p = 2.5

  32. 7 x 3 = 21
  33. Explain different types of economic activities.

  34. Write the classification of wants.

  35. State and explain the elasticity of supply.

  36. Distinguish between explicit cost and implicit cost.

  37. Distinguish between Price-Marker and Price-Taker?

  38. Distinguish between rent and quasi-rent.

  39. Explain about J.C. Kumarappa.

  40. Explain about the Period of Merchant Capital.

  41. Discuss the impact of LPG OIL Agricultural Sector reforms.

  42. Find the equilibrium price and quantity by using the following demand and supply functions Qd = 200 - 10P and Qs=10P respectively.

  43. 7 x 5 = 35
  44. Compare and contrast various definitions of Economics.

  45. Distinguish between Inductive and deductive method?

  46. Explain the law of demand and its exceptions.

  47. Describe the law of supply in details.

  48. Relationship between TR, AR, MR and Elasticity of demand.

  49. How price and output and determined under the perfect competition?

  50. Explain the standard of Living Theory of Wages.

  51. Explain various sources of energy.

  52. Explain the objectives of nationalization of commercial banks.

  53. What are the impact of LPG on agricultural sector reforms?

  54. Analyses the causes for Rural Indebtedness.

  55. Trace the development of Industry in Tamil Nadu

  56. Calculate the elasticity of demand for the demand schedule by using differential calculus method P = 60 - 0.2Q where price is (i)zero, (ii)Rs.20, (iii)40

  57. Totai cost of the goods produced by a firm is TC(Q) = 192 + 48Q + 4Q2. Find 'the (i) Marginal cost, (ii) Average cost, (iii) Fixed cost, (iv) Average variable cost and (v) Average fixed cost.

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