Give meaning of an Economy. from Class 12 CBSE Previous Year Bo

Subject

Economics

Class

CBSE Class 12

Pre Boards

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Sample Papers

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 Multiple Choice QuestionsShort Answer Type

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1.

Give meaning of an Economy.


Economy is the system of trade and industry by which the wealth of a country is made and used. It is a system which provides the people of society to earn a living.

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2.

What is market Demand?

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3.

What is the behaviour of average fixed cost as output increases?

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4.

What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

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5.

What is a price taker firm?

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6.

What is opportunity cost? Explain with the help of a numerical example.

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7.

Given price of a goods, how does a consumer decide as to how much of the good to buy?

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8.

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

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9.

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain.

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10.

Explain the implication of large number of buyers in a perfectly competitive market.

 

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