CHIRANJIV BHARATI SCHOOL‚ PALAM VIHAR SESSION 2013-14 WORKSHEET ON INTRODUCTION SUBJECT: ECONOMICS CLASS: XII Previous years (past 3 years) questions 1 Mark Questions Q1: Give meaning of micro economics. Q2: What is opportunity cost? Q3: Define an Economy. Q4 What is market economy? Q5: What is a planned economy? Q6: Give two examples of Micro economic studies. Q7: Define macro economics. Q8 How is production possibility curve affected by unemployment in the economy? Explain. Q9: explain
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ECON1102 MACROECONOMICS 1 Session 2‚ 2012 Tutorial Test (Week 17-21 September) INSTRUCTIONS 1. Tutorial tests will be constructed from the following pool of short-answer questions. 2. Each Tutorial test will be comprised of a sufficient number of short-answer questions to add-up to a total of 20 marks. 3. The marks for each question provide an indication of how much is required to answer the question. 4. Tutorial tests may contain questions on different topics. 5. The set of short-answer
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CONCORDIA UNIVERSITY Department of Economics ECON 201 Instructor: Ivan Tchinkov Exam duration: 60 min. SAMPLE MIDTERM EXAMINATION WITH ANSWERS Version 1 Instructions: 1. Write your answers on the IBM SHEET ONLY. 2. Use a PENCIL. 3. Put your NAME and ID on the IBM sheet. 4. Put the EXAM VERSION on the top right corner of the IBM sheet. Multiple Choice Questions (2 marks each). 1. Which of the following statements is correct for a society that emphasizes the production
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CONCEPT THE term utility refers to satisfaction a consumer gets from whatever goods and services he consumes. It will be useful to discuss between two utility concepts: (i) total utility (ii) marginal utility Total utility attained from a commodity refers to the sum total of satisfaction which a consumer receives by consuming the various units of the commodity. The more units he consumes‚ the greater will be his total satisfaction upto a certain point. As he keeps on increasing the consumption
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country produces a combination of goods that efficiently uses all of the resources available in the economy? The country is operating on it production possibilities frontier. What does increasing marginal opportunity costs mean? Increasing the production of a good requires larger and larger decreases in the production of another good. What are the implications of this idea for the shape of the production possibilities frontier? The production possibilities frontier will be bowed outward. What
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determined by distribution of factor incomes * Those on higher incomes have a greater capacity to consumer goods and services compared to those on lower/middle incomes * Incomes determined by contribution to production as measured by marginal productivity * People with higher levels of skill‚ education‚ experience‚ training tend to earn higher incomes * Mixed Market Economy * Private sector makes most of economic decisions‚ governments also play significant role in
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INTRODUCTION “It is important to remember that every defense dollar spent to over-insure against a remote or diminishing risk … is a dollar not available to take care of our people‚ reset the force‚ win the wars we are in‚ and improve capabilities in areas where we are underinvested and potentially vulnerable. That is a risk I will not take.” – Defense Secretary Robert Gates Military spending is the amount of financial resources used for defense purposes for raising and maintaining armed
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for two goods would be the same – they are very generalised models‚ and do not take into account other factors. For example‚ not many consumers would spend their entire budget on said goods – one thing to consider would be a consumer’s marginal propensity to consume and save. Though both of the problems provide a framework and model of consumer decisions‚ they are not plausible when applying them to real-life terms‚ because we have imperfect knowledge. 1.2: The expression given in the question
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yields the same amount of extra (marginal) utility. How should the $10 income be allocated? UTILITY MAXIMIZING COMBINATION Algebraic Restatement of the Utility Maximization Rule MUx/Px = MUy/Py = MUz/Pz 8 utils$1=16 utils$2 MARGINAL UTILITY-PRICE RATIO: The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium‚ which is reached when the marginal utility-price ratios are the same
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demand (especially effective demand). The higher ones income the number of wants to be satisfied. People on higher incomes spend more money on goods and services in absolute terms‚ but less in proportional terms due to their lower average propensity to consume. Personal preference and trends in fashion also dictate the level of individual demand. The size of the population‚ age composition‚ distribution of people by sex‚ and socio-economic status influence the market demand. Big businesses study
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