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Wednesday, September 21, 2011

Questions from LastFive Years Question Papers 1mark

Last five years CBSE Questions (2006-2010) (Delhi, outside and foreign sets) Microeconomics  
                                                                1 Mark Questions
1. Define an indifference curve?
2. Define budget line?
3. What is meant by inferior goods in economics?
4. Name the characteristic which makes the monopolistic different from perfect competition?
5. Define cost?
6. In which market forms firm can not influence the price? Define Monopoly?
7. What can you say about number of buyers and sellers in monopolistic competition?
8. Why is demand for water inelastic?
9. State one feature of oligopoly?

10. In which market form demand curve of a firm is perfectly elastic?
11. Define monopoly
12, Define marginal rate of transformation
13. What is demand schedule?
14. Define production function
15. What is market supply?
16. Define equilibrium price
17. Give the meaning of opportunity cost.
18. What is meant by inferior good in economics?
19. Define marginal cost
20. Give one reason for rightward shift in supply curve
21. Why is ATC greater then AVC
22. What gives rise an economic problem?
23. Define production function?
24. What happens to equilibrium price of commodity if there is decrease in its demand and increase in its supply?
25. What induces new firms to enter an industry?

Q. 26. Answer the following questions: 1×4
a. Define marginal opportunity cost.
b. Why is a production possibility curve concave?
c. State two characteristics of resources which give rise to an economic problem.
d. Give two examples of microeconomic studies.
Q. 27. Answer the following questions: (1 x 4 = 4)
1. When a good is called an ‘inferior good’?
2. Define marginal cost.
3. When the supply of a commodity is called ‘elastic’?
4. Define marginal physical product.
Q. 28. Answer the following questions: (1 x 4 = 4)
i. When a good is called a ‘normal good’?
ii. Define fixed cost.
iii. Define marginal revenue.
iv. Price elasticity of supply of a good is 0.8. Is the supply ‘elastic’ or ‘inelastic’, and why?
Q. 29. Answer the following questions: (1 x 4 = 4)
i. Give meaning of opportunity cost.
ii. Define marginal physical product.
iii. Give meaning of supply.
iv. Define fixed costs.
Q.30. Answer the following questions (1 x 4 = 4)
i. Define utility.
ii. Define production function.
iii. Give meaning of ‘revenue’ in micro-e’
iv. Define equilibrium price.
Q. 31. Answer the following questions:
a. Why does an economic problem arise?
b. Define opportunity cost.
c. What does a rightward shift of production possibility curve indicate?
d. Define microeconomics. 1×4
Q. 32. Answer the following questions: 1×4 = 4
a. Give two reasons for the problem of choice.
b. Give one reason for a rightward shift of the Production Possibility Curve,
c. Give two examples of microeconomic studies.
d. What does the problem ‘for whom to produce’ refer to? ------------------------------------------------