Mysore 2nd PUC Mid-Term Economics October 2024 PDF

# MYSURU Dist. ## SECOND PUC MID-TERM EXAMINATION, OCTOBER 2024 ### ECONOMICS (22) **Time: 3.00Hrs** **Max. Marks: 80** **Instructions:** * Write the question numbers legibly in the margin. * Answer for a question should be continuous. * Only the first written answers will be considered for **PART-...

# MYSURU Dist. ## SECOND PUC MID-TERM EXAMINATION, OCTOBER 2024 ### ECONOMICS (22) **Time: 3.00Hrs** **Max. Marks: 80** **Instructions:** * Write the question numbers legibly in the margin. * Answer for a question should be continuous. * Only the first written answers will be considered for **PART-A** **PART - A** **Choose the correct Answer (Each question carries 1 mark):** 5 x 1 = 05 1. Traditionally, the subject matter of economics has been studied under the following broad branches. * Micro & Macro Economics * Positive & Normative Economics * Deductive & Inductive * Socialistic & Capitalistic Economy 2. The demand for these goods increases as income increases. * Inferior goods * Griffen goods * Normal goods * None of the above 3. TC = * TVC * TFC * TVC + TVC * AC + MC 4. The product in a perfect competition are * Heterogeneous * Homogeneous * Luxury * Necessary. 5. The government imposes lower limit on the price of goods and services is called * goods floor * service floor * price floor * None of the above. **II. Fill in the blanks by choosing correct answer from the bracket (Each question carries 1 mark):** 5 x 1 = 05 (Opportunity, wage, profit, Macro economics, Minimum, Utility) 6. Want satisfying capacity of a commodity is __Utility__. 7. SMC curve cuts the AVC curve at the point of __Minimum__ Avc curve from below. 8. __Opportunity__ cost of some activity is the gain forgone from the second best activity. 9. __Wage__ is determined at the point where the demand for labour and supply of labour curves intersect. 10. __Macro economics__ tries to study the situation facing the economy as a whole. **III. Match the following (Each question carries 1 mark):** 5 x 1 = 05 | A | B | |---|---| | a) Demand curve | i) Constant Returns to Scale | | b) Indifferences map | ii) Operations of invisible hand | | c) CRS | iii) Downward sloping | | d) Normal profit | iv) Inputs | | e) Adam Smith | v) A family of indifference curve | | | vi) Zero profit | **IV. Answer the following question in a sentence or a word (Each question carries 1 mark):** 5 x 1 = 05 12. Give the meaning of microeconomics. 13. What do you mean by indifference curve? 14. Write the formula to calculate average revenue. 15. Define market equilibrium. 16. Give the meaning of imports. **PART-B** **Answer any SIX of the following in 4 sentences (Each question carries 2 marks):** 6 x 2 = 12 17. Distinguish between positive and normative economics? 18. What are production possibility frontier? 19. What is a monotonic preference? 20. Mention two different approaches which explain consumer behaviour. 21. Name the short run cost. 22. Give the meaning of price elasticity of supply and write its formula. 23. What is marginal revenue product of labour (MRP). 24. Distinguish between excess demand and axis supply. 25. Who are macro economic decision makers? 26. Name the factors of production process. **Page.........2** **PART-C** **VI. Answer any FIVE of the following questions in 12 sentences:** (Each question carries 4 mark): 5 x 4 = 20 27. Write a short note on market economy. 28. Briefly explain the budget set with the help of a diagram. 29. Explain the derivation of slope of the budget line. 30. Write the differences between substitutes and complements. 31. Explain isoquant with the help of diagram. 32. Explain the features of perfect competition. 33. Write a table to show the impact of Simultaneous shifts on equilibrium. 34. Write a note on price ceiling. 35. Briefly explain in what way Macro Economics is different from Micro Economics. **PART - D** **VII. Answer any THREE of the following question in 20 sentences (Each question carries 6 marks):** 3 x 6 = 18 36. Explain the law of diminishing marginal utility with the help of a table and diagram. 37. Explain the optimal choice of consumer with the help of diagram. 38. A firms SMC schedule is shown in the following table. TFC is `200. Find TVC, TC, AVC and SAC schedules of the firm. | Q | SMC | |---|---| | 0 | 800 | | 1 | 600 | | 2 | 400 | | 3 | 500 | | 4 | 700 | | 5 | 900 | 39). Explain the market supply curve with the help of diagram. 40) Explain the market equilibrium with the fixed number of firms along with the diagram. **PART - E** **VIII. Answer any TWO of the following questions project and assignment-oriented questions:** 2 x 5 = 10 41) A consumer wants to consume two goods. The price of good x₁ is `10 and the price of good X₂ is 20. The consumer income is `80. * How much good x₁ can consumes if she spends her entire income on that good? * How much good X₂ can she consumes if she spends her entire income on that good? * If the scope of budget line downward or upword? * Are the bundles on the budget line equal to the consumer's income or not? * If you want to have more of good X₁ you have to give up good X2. Is it true? 42) Find the missing products in the following table. | Factor | TPL | MPL | APL | |---|---|---|---| | 0 | 0 | 0 | 0 | | 1 | 10 | 10 | 10 | | 2 | 22 | | | | 3 | | 14 | 12 | | 4 | 50 | 08 | 10 | | 5 | | 06 | 10 | 43) Compute the total revenue, marginal revenue and average revenue schedules from the following table when market price of each unit of goods is `25 | Quantity sold (q) | TR | MR | AR | |---|---|---|---| | 0 | | | | | 1 | | | | | 2 | | | | | 3 | | | | | 4 | | | | | 5 | | | | **PART - F** **(For Visually Challenged Students Only)** 42) Explain the meaning of TP, MP and AP. 43) Explain the meaning of TR, MR and AR. ***