(i) Microeconomics studies the economic behavior of individual economic ________________.

(ii) An Indifference Curve is always ________________ to the origin.

(iii) Per unit cost of production is biologically called ________________ cost.

(iv) In a market, when the demand for a commodity exceeds its supply, it is called ________________ demand.

(v) Macroeconomics is also structurally referred to as the Theory of ________________.

(vi) Expand GDP: Gross ________________ Product.

(i) An economic problem is fundamentally a problem of choice.

(ii) In the case of complementary goods, an increase in the price of one commodity leads to a rise in the demand for the other.

(iii) In the short run, all factors of production are variable.

(iv) Under a perfectly competitive market, a firm acts as a ‘Price Maker’.

(v) Equilibrium price is the price at which market demand equals market supply.

(vi) The value of intermediate goods is directly included while calculating National Income.

(i) What is the typical shape of a Production Possibility Curve (PPC)?

(ii) What type of slope does a Budget Line possess?

(iii) Name the time period in which some factors of production are fixed and others are variable.

(iv) What is the value of price elasticity of demand under perfect competition?

(v) In whose interest is the Minimum Support Price (MSP) declared by the government?
(vi) Mention any one major limitation of Macroeconomics.
(vii) What is meant by Depreciation?

Short Answer Type-I Questions (Q6 to Q12, carrying 2 marks each)

Q6. What do you understand by Microeconomics? State any one definition.
OR
Differentiate between Positive Economics and Normative Economics (Any two points).

Q7. Define Utility. Name its two primary components.
OR
Mention any two major factors that influence the price elasticity of demand.

Q8. Differentiate between Short-run Production Function and Long-run Production Function.
OR
Provide two examples each of Fixed Cost and Variable Cost.

Q9. Outline any two prominent features of a Perfectly Competitive Market.
OR
What is meant by a firm’s ‘Law of Supply’? Explain briefly.

Q10. What is meant by Market Equilibrium? Under what condition does it occur?
OR
Explain the concepts of Price Ceiling and Price Floor.

Q11. Define Macroeconomics and state its significance or importance.
OR
Explain the interdependence between Microeconomics and Macroeconomics.

Q12. Define Consumer Goods and Capital Goods.
OR
Briefly explain the Product Method or Value-Added Method of calculating National Income.

Q13. What is the Marginal Rate of Substitution (MRS)? Why does it diminish continuously?
OR
Differentiate between the concepts of a Budget Set and a Budget Line.

Q14. What are the three distinct stages of Returns to Scale?
OR
Explain the relationship between Average Cost (AC) and Marginal Cost (MC) with a diagram.

Q15. What is the ‘Problem of Double Counting’ encountered during National Income estimation?
OR
Differentiate between Gross Domestic Product (GDP) and Net Domestic Product (NDP).

Short Answer Type-II Questions (Q16 to Q19, carrying 3 marks each)

Q16. State the Law of Demand. Explain any three reasons behind its operation.
OR
Explain any three major properties of Indifference Curves with the help of a diagram.

Q17. Explain the Law of Variable Proportions with a neat labeled diagram.
OR
Why is a firm’s Short-run Marginal Cost (MC) curve typically ‘U’ shaped? Explain the reasons.

Q18. Explain the three essential conditions for a firm’s short-run equilibrium under perfect competition.
OR
Briefly outline the geometric method used to measure the price elasticity of supply.

Q19. Explain the Two-Sector Model of the Circular Flow of Income with a diagram.
OR
Differentiate between Real GDP and Nominal GDP. Which one acts as a better index of social welfare?

Long Answer Questions (Q20 to Q23, carrying 4 marks each)

Q20. Explain consumer’s equilibrium using Indifference Curve Analysis (Budget Line & Indifference Curve) with a diagram.
OR
Describe in detail the Total Outlay Method used to measure the price elasticity of demand.

Q21. Discuss with diagrams the economic effects on equilibrium price when market demand and market supply shift simultaneously.
OR
If the government fixes the Price Floor for wheat above the market equilibrium price, analyze its detailed economic impacts on the market layout.

Q22. Explain the various components of the Income Method of calculating National Income. Mention the precautions to be taken.
OR
Explain the Expenditure Method of calculating National Income in detail. What are the items included under it?

Q23. From the following data, calculate (a) Gross National Product at Market Price (GNP_MP) and (b) National Income (NNP_FC):

1. Private Final Consumption Expenditure = 2,000 Crore INR

2. Government Final Consumption Expenditure = 800 Crore INR

3. Gross Domestic Capital Formation = 500 Crore INR

4. Net Exports = (-) 50 Crore INR

5. Net Factor Income from Abroad (NFIA) = 100 Crore INR

6. Depreciation = 60 Crore INR

7. Net Indirect Taxes (NIT) = 120 Crore INR

OR
Differentiate comprehensively between the macroeconomic concepts of ‘Stock’ and ‘Flow’. Give two relevant examples for each.

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