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IMPORTANT QUESTIONS- ECONOMICS -1
UNIT WISE QUESTIONS.PRINCIPLES OF ECONOMICS: TEN MARKS QUESTIONS: UNIT-1- Introduction to Economics: SIX MARKS QUESTIONS: TEN MARKS QUESTIONS: UNIT-2- THEORIES OF CONSUMPTIONS: SIX MARKS QUESTIONS: TEN MARKE QUESTIONS- UNIT -3- PRODUCTION: SIX MARKS QUESTIONS: TEN MARKS QUESTIONS-UNIT 4- MARKETS: SIX MARKS QUESTIONS: TEN MARKS QUESTIONS-UNIT-5- THEORIES OF DISTRIBUTION: SIX MARKS QUESTIONS:
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Explain the Types/concepts of Revenue.
Meaning: In economics, revenue refers to the total income generated by a firm from selling goods or services over a specific period. The sale proceed that a firm gets from the sale of its product in a given period is called revenue. In other words revenue is the market value obtained by a firm from…
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Explain briefly the law of Returns to Scale.
Introduction: Long run behavior of a firm is explained in terms of returns to scale that is the change in output as a result of change in all the inputs, proportion of input remains constant when all the inputs are changed in the same proportion we call this as change in scale of production. The…
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Explain the types of utility.
Meaning: Utility is a concept used in economics, philosophy, and other disciplines to describe the satisfaction or benefit derived from consuming goods and services or making choices. It is a measure of satisfaction of an individual get from the consumption of the commodity. In other word it is a measurement of usefulness that a consumer…
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What is Production? Explain the types of Production.
Meaning: Production involves the use of various inputs or factors services to produce output. In economics production means transformation of inputs into outputs, in other words production is a process of changing the form of inputs or adding utility to the goods. In economics, production refers to the process of combining various inputs (like labor,…
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Explain the consumers equilibrium under indifferent analysis under indifferent curve.
Introduction: The basic objective of the consumer is to drive highest level of satisfaction of a given amount of money in order to achieve this objective; he will spend his limited income in combination of two commodities which will highest told level of satisfaction. The consumer reaches the position of equilibrium when he enjoys the…
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Explain the determinants of Supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of stock. Supply has all the attributes of demand a seller can sell a commodity when he has the ability and willingness to sell. Supply is always at a price without…
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Explain the exceptions of law of supply.
Introduction: The law of supply is just opposite of the law of demand where a producer supply more units of a commodity at higher prices and supply less at a lower price given the cost of production, profits are likely to be high at higher prices, the greater is the inducement to the producer to…
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What is elasticity of supply? explain the degrees of elasticity of supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of stock. The term supply refers to the amount of commodity offered for sale in the market at a particular price and at a particular time. Hence supply is a part…
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What is elasticity of demand? Explain its types.
Meaning: Elasticity of demand is generally defines as the responsiveness or sensitiveness of demand to a given change in the price of commodity. According to Boulding elasticity of demand measure the responsiveness of demand to change in price also it indicates the quantitative change in both prices and demand. The types of elasticity of demand…