Advertisements
Advertisements
State with valid reason whether the following statement is true or false:
‘Self employed workers are different from hired workers.’
Concept: Self-employed and Hired Workers
Explain the importance of credit availability to farmers in rural development.
Concept: Credit and Marketing in Rural Areas
What is the relation between marginal cost and average variable cost when marginal cost is rising and average variable cost is falling?
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
Complete the following table:
| Units of Labour | Average Product (Units) | Marginal Product (Units) |
| 1 | 8 | ............. |
| 2 | 10 | ............ |
| 3 | ............ | 10 |
| 4 | 9 | ........... |
| 5 | ............. | 4 |
| 6 | 7 | ............ |
Concept: Relation Between Total, Average and Marginal Product
What is opportunity cost? Explain with the help of a numerical example.
Concept: Opportunity Cost
What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero?
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
From the following data find out the level of output that will give the producer maximum profit (Use marginal cost and marginal revenue approach,) Give reasons for your answer
| Output (units) | 1 | 2 | 3 | 4 | 5 |
| Total Cost (Rs) | 9 | 17 | 24 | 29 | 36 |
| Total Revenue (Rs) | 11 | 20 | 27 | 32 | 35 |
Concept: Average and Marginal Physical Products
Giving reason comment on the production possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 20 |
| 1 | 18 |
| 2 | 14 |
| 3 | 8 |
| 4 | 0 |
Concept: Concept of Production
Giving reason comment on the shape of Production Possibilities curve based on the following schedule :
| Good X (units | Good Y (units) |
| 0 | 30 |
| 1 | 27 |
| 2 | 21 |
| 3 | 12 |
| 4 | 0 |
Concept: Concept of Production
Giving reason comment on the shape of Production Possibilities curve based on the following schedule:
| Good X (units) | Good Y (units) |
| 0 | 16 |
| 1 | 12 |
| 2 | 8 |
| 3 | 4 |
| 4 | 0 |
Concept: Concept of Production
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
Concept: Law of Variable Proportions
The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.
Concept: Measurement of Elasticity of Supply > Percentage Method
Complete the following table:
|
Units of Labour |
Average Product (Units) |
Marginal Product (Units) |
|
1 |
16 |
……. |
|
2 |
20 |
…….. |
|
3 |
……. |
20 |
|
4 |
18 |
…….. |
|
5 |
…… |
8 |
|
6 |
14 |
…….. |
Concept: Relation Between Total, Average and Marginal Product
Distinguish between revenue receipts and capital receipts. Give an example of each.
Concept: Aggregate Demand and Its Components >> Investment
A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.
Concept: Opportunity Cost
Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.
Concept: Measurement of Elasticity of Supply > Percentage Method
Describe the path of developmental initiatives taken by Pakistan for its economic development.
Concept: Developmental Path - a Snapshot View
Given the following data, find the missing value of 'Government Final Consumption Expenditure' and 'Mixed Income of Self Employed'.
| S.No. | Particulars | Amount (In ₹ crores) |
| (i) | National Income | 71,000 |
| (ii) | Gross Domestic Capital Formation | 10,000 |
| (iii) | Government Final Consumption Expenditure | ? |
| (iv) | Mixed Income of Self Employed | ? |
| (v) | Net Factor Income from Abroad | 1,000 |
| (vi) | Net Indirect Taxes | 2,000 |
| (vii) | Profits | 1,200 |
| (viii) | Wages & Salaries | 15,000 |
| (ix) | Net Exports | 5,000 |
| (x) | Private Final Consumption Expenditure | 40,000 |
| (xi) | Consumption of Fixed Capital | 3,000 |
| (xii) | Operating Surplus | 30,000 |
Concept: Aggregate Demand and Its Components >> Consumption
Answer the following question.
Explain the relation between the Average Variable Cost (AVC) curve and the Marginal Cost (MC) curve. Use diagram
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
State the relation between marginal product and average product. Show this relation in a diagram.
Concept: Relation Between Total, Average and Marginal Product
