Burlington junior college
Subject:- Economics
Marks:- 30
First Unit Test Examination
Q. 1) Choose the correct option:- (7 marks)
1) 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
2) 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
3) Concepts studied under Macro economics.
a) Whole economy b) Economic development
c) Aggregate supply d) Product pricing
Options :1) a, b and c 2) b, c and d
3) only d 4) a, b, c and d
4) As per the law of diminishing marginal utility, measurement of utility is assumed to be.
a) ordinal b) cardinal
c) both ordinal and cardinal d) none of the above
5) MU of the commodity becomes negative when TU of a commodity is .........
a) rising b) constant c) falling
6) Point of Satiety means
a) TU is rising and MU is falling b) TU is falling and MU is negative
c) TU is maximum and MU is zero d) MU is falling and TU is rising.
7) When MU is falling, TU is..........
a) rising b) falling
c) not changing d) maximum
Q. 2) Complete the correlation:- (3 marks)
1) Micro economics: Slicing method :: Macro economics : _____
2) Micro economics Tree :: Macro economics : _____
3) Macro economic theory : Income and employment:: Micro economics: _____
Q. 3) Answer the following:- (12 marks)
1) Explain the features of Micro economics.
2) Explain the importance of Macro economics.
3) Write the features of Utility.
Q. 4) Answer in detail:- (8 marks)
State and explain the Law of Diminishing Marginal Utility with its assumption.
