DHOLE PATIL JUNIOR COLLEGE OF ARTS,
COMMERCE & SCIENCE.
(ACADEMIC YEAR-2024-2025)
Assignment 4
SUBJECT-ECONOMICS
STD-12th (A, B, C & D).
Date-4/11/2024
Q.I. Choose the correct option
1.Micro Economics is also called as __
(a)Income theory (b) Price theory
(c) Growth theory (d) Employment theory
2.Whole Economy is studied in
(a) Micro Economics
(b) Macro Economics
(c) Econometrics
(d) Natural Sciences
3. When percentage change in quantity demanded is less than percentage
change in price, the demand curve is
(a) Flatter
(b) Steeper
(c) Rectangular hyperbola
(d) Horizontal
4.The cost incurred by the firm to promote sales
(a) Total cost
(b) Average cost
(c) Marginal cost
(d) Selling cost
5.Purchase of goods and services from one country and selling them to another
country is
(a) Entrepot trade
(b) Import trade
(c) Export trade
(d) National trade
6.The branch of economics that deals with the allocation of resources.
a) Micro economics b) Macro economics
c) Econometrics d) None of these
Options :1) a, b and c 2) a and b
3) only a 4) None of these
7.Concepts studied under Micro economics.
a) National income b) General price level
c) Factor pricing d) Product pricing
Options :1) b and c 2) b, c and d
3) a, b and c 4) c and d
8. Method adopted in micro economic analysis.
a) Lumping method b) Aggregative method
c) Slicing method d) Inclusive method
Options :1) a, c and d 2) a, b and d
3) only c 4) only a
9.Budget that consists of revenue receipts and revenue expenditure
a) Capital budget
b) Government budget
c)Revenue budget
d)Family budget
10.Income elasticity of demand for inferior goods is
a) Positive
b) Negative
c) Zero
d) Greater than one
11.Demand for salt is
a) Elastic
b) Inelastic
c) Unitary elastic
d) Infinitely elastic
12.Micro Economics is the study of
a) Whole economy
b) National output
c)General price level
d) Individual economic unit
13. Two or more goods demanded jointly to satisfy a single want.
(a) Direct (b) Indirect
(c) Joint/ Complementary (d) Composite demand
Options- (1) a, d (2) a, b, c
(3) a, c (4) only ‘c’
14.Homogeneous product is a feature of this market.
(a) Monopoly (b) Monopolistic competition
(c) Perfect competition (d) Oligopoly
Options- (1) only ‘c’ (2) a, b, c (3) a, b, d (4) c, d
15. Role of foreign trade.
(a) To earn foreign exchange. (b) To encourage investment.
(c) Leads to division of labour. (d) Brings change in composition of exports.
Options- (1) a, b, c (2) a, b, c, d
(3) a, b, d (4) None of these
16. When Marginal Utility (MU) is negative, Total Utility (TU) is _________.
(a) Rising (b) Not changing (c) Falling (d) Zero
17. When less units are demanded at high price it shows __________.
(a) Increase in demand (b) Expansion of demand
(c) Decrease in demand (d) Contraction in demand
18. Revenue per unit of output sold is ________.
(a) Total revenue (b) Marginal revenue
(c) Average revenue (d) Marginal expenditure
19. Statements that are incorrect in relation to perfectly inelastic demand
a) Percentage change in price has no effect on quantity demanded
b) Co-efficient of elasticity is equal to 1 (ed=1)
c) Demand curve is a horizontal line parallel to X axis
d) It is a type of price elasticity of demand
20. In the law of diminishing marginal utility , Alfred marshal assumes that
marginal utility of money
i. Increases ii. Remain constant
iii. Decreases iv. Rise and then fall
21. Symbolically, the functional relationship between demand and price can be
expressed as,
i. Dx=f(Px) ii. Dx=f(Pz)
iii. Dx=f(Y) iv. Dx=f(T)
22. Ed=0 is case of
i. Luxurious ii. Normal goods
iii. Necessities iv. Comforts
23. Under perfect competition sellers are
a) price maker b) price takers
c)price discrimination d) none of these
Options. - i. a,b,&c ii. Only b
iii. Only c iv. A &c II.
24. Statements that are related to cross elasticity of demand .
a) Change in quantity demanded of one commodity due to a change in the
price of other commodity
b) It is a type of elasticity of demand
c) It is applicable to complementary goods and substitutes
d) It is expressed as Ey =%∆𝑄 %∆𝑌
Options: 1) a, b, c, d 2) a, b, c
3) only b 4) a, b
25. The interaction of demand and supply to determine price of a commodity
in perfect competition is ________
a) Market Price
b) Normal Price
c) Fluctuating Price
d) Equilibrium Price
Q2. Give economic term.
i. Branch of economics that deals with small part of national economy
ii. Revenue per unit of output sold.
iii. Utility that arises when ownership of goods is transferred from one
person to another.
iv. Aggregate of utility derived by the consumer from all units of a
commodity consumed.
v. Total demand for a commodity from all the consumers at a given price
during a given period of time.
vi. Demand for a commodity which can be put to several uses –
vii. Degree of responsiveness of a change in quantity demanded to a change
in the income of the consumer.
viii. Infinite change in the quantity demanded of a commodity taking place
due to slight or zero change in the price.
ix. Rise in the quantity supplied of a commodity due to a rise in its price,
other factors remaining constant.
x. Utility of a commodity increases with a change in its time of utilization.
xi. The demand for a commodity which can be put to several uses.
xii. The market where there are a few sellers.
xiii. Degree of responsiveness of change of quantity demanded of a good to a
change in its price.
xiv. The point where demand and supply curve intersect.
xv. Cost incurred per unit of output.
SUBMISSION DATE-18/11/2024
