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Assignment
Class:11 Subject: Economics
Unit 1 Micro Economics
Part – A
I Choose the correct answer
1 Economics is a study of mankind in the ordinary business of life – It is the statement of
a) Adam smith
b) Lionel Robbins
c) Alfred Marshall
d) Samuelson
Answer :- c) Alfred Marshall
2 Find the odd one out
a) “ An inquiry into the nature and the causes of the “wealth of Nations”
b) “Principles of Economics”
c) “Nature and significance of Economic Science”
d) “Ceters is parisus”
Answer :- “Ceters is parisus”
3 The equilibrium price is th price at which
a) Every thing is sold
b) Buyers spend their money
c) Quantity demanded equals quantity supplied
d) Excess demand is Zero
Answer :- c) Quantity demanded equals quantity supplied
4 Total revenue is equal to total output sold multiplied by
a) Price
b) Total cost
c) Marginal revenue
d) Marginal cost
Answer :- a) Price
5 Who has given Scarcity definition of economics?
a) Adam smith
b) Marshall
c) Robbins
d) Robertson
Answer :- c) Robbins
6 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
Answer :- b) Want –satisfying capacity of goods and services
7 Who is the father of Economics?
a) Max Muller
b) Adam Smith
c) Karl Marx
d) Paul A Samuelson
Answer :- b) Adam Smith
8 A Market is …………
a) only a place to buy things
b) only a place to sell things
c) only a place where prices adjust
d) a System where persons buy and sell goods directly or indirectly
Answer :- b) only a place to sell things
9 Who has given “Growth Definition” of Economics?
a) Alfred Marshall
b) Adam Smith
c) Lionel Robbins
d) Paul A.Samuelson
Answer :- d) Paul A.Samuelson
10 Economics means —–
a) Management
b) Management of households
c) Police
d) None of these
Answer :- b) Management of households
Part –B
II.Very Short Answer
1.What are goods?
- Goods as material things,they are tangible
- Goods have physical dimentions,ie their physical attributes can be preserved over time
- Goods exist independently of their owner
- Goods are owned by some persone
- Goods are transterable
- Goods have value in exchange
2.Distinguish goods from services.
| Goods | Service |
| Goods are produced | Service are performed |
| Its are tangible | It’s are intangible |
3.Define Microeconomics.
Microeconomics is the study of the economic actions of individual units say households, firms or industries. It studies how business firms operate under different market conditions and how the combined actions of buyers and sellers determine prices.Microeconomics covers a)Value theory (Product pricing and factor pricing) b) Theory of economic welfare
4.Name any two types of Utility
Form utility, Time Utility,Service Utiliy,Place Utility
5.What is the Classification of services?
Intangible,Heterogeneous,Inseparable from their maker,perishable
Part -C
III. Short Answer.
1.Distinguish between microeconomics and Macro Economics
| Micro Economics | Macro Economics |
| It is that branch of economics which deals with the economic decision making of individual economic agents such as the produced, the consumer Etc | It is that branch of economics that deals with aggregates and the average of the entire economy.Eg.,Aggregate output, National income, Aggregate saving and investment, etc |
| It takes into account small components of the whole economy | It takes into consideration the economy of the country as a whole |
| It deals with the process of price determination in the case of individual products and factors of production | It deals with the general price levels in any economy |
| It is known as price theory | It is concerned with the optimization of the growth process of the entire economy |
2.Explain different types of economic activities
Economic focus on the behavior and interactions among economic agents, individuals,s and groups belonging to an economic system. It deals with the activities such as the consumption and production of goods and services and the distribution of income among the factors of production
3.Compare positive economics and normative economics
| Positive Economics | Normative Economics |
| An increase in money supply implies a price rise in an economy | Inflation is better than deflation |
| As the irrigation facilities and application of chemical fertilizers expand, the production of good grains increase | More production of luxury goods is not good for a less developed country |
| An increase in the birth rate and a decrease in the death rate reflects the rate of growth of the population | Inequalities in the distribution of wealth and incomes should be reduced |
4.Explain the Scarcity definition of Economics and assess it
Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses” The major features of Robbins definition are
a.Ends refers to human wants, Human beings have an unlimited number of wants
b) On the other hand, resources or means that go to satisfy the unlimited human wants are limited or scarce in supply, The scarcity of a commodity is to be considered only in relation to its demand
5.What are the important features of Utility?
- Utility is psychologial. It is depends on the consumer’s mental attitude. For example a vegetarioan dervices no utility from mutton.
- Utility is not equivalent to usefulness. For example , a smker dervices utility from a cigarette,but his health gets affected
- utlity is not the same as pleasure, A sick person derivces utility from taking a medicine,but definitly,it is not providing pleasure
- Utility is personal and relative, An individual otains varied utility from one and the same good in different situation and places
- Utility is the functin of indensity of human want,An individual consumer faces a tendency of diminshing utility
Part -D
IV.Write in detail.
1.Compare and contrast various definitions of Economics.
2.Explain various steps of Deductive and Inductive methods
3.Explain basic problems of the economy with the help of production possibility curve.
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