Capitalism

Q.

List Out Any Five Factors Affecting Price Elasticity Of Demand. -

Q.

What are the important features of a capitalist economy?

Q. Answer the following questions

What are the basic economic questions dealt by Micro Economics?

Q. An economy dependent only on the market forces of demand and supply is called a economy.

1. capitalist
2. socialist
3. communist
4. fascist

Q. What are the important features of a capitalist economy?

Q. Define economy. What are the various types of an economy?

Q.

Economies of U.K. and U.S.A are termed as the capitalist economy or market economy. State true or false.

Q. In a socialist economy, the central planning authority takes decisions to solve which of the following problems of the economy?

1. What to produce
2. How to produce
3. For whom to produce
4. All of the above

Q. What do you mean by the production possibilities of an economy?

Q. Explain the conditions of producer's equilibrium in terms of marginal revenue and marginal cost.

Q. Define capitalistic economy.

Q. What are the determinants of consumption function?

Q. Give reasons or explain the following statements.

1) Micro Economics is also known as price theory.

2) Micro Economics studies individual economic unit.

3) Micro Economics analyses partial equilibrium.

4) Micro Economic theories are based on certain assumptions.

5) Marginalism principle is used as a tool of analysis in micro economics.

Q. Define socialistic economy.

Q. There is no difference between macroeconomics and microeconomics.

1. True
2. False

Q. The central problems of an economy is ___________.

1. what to produce
2. how to produce
3. for whom to produce
4. all the above

Q. Distinguish between a centrally planned economy and a market economy.

Q. Consumers and producers make their choices based on the market forces of demand and supply in _______.

1. closed economy
2. socialist (Command) economy
3. mixed economy
4. capitalist economy

Q. In a capitalist economy, the goods that are bought and sold in the market are determined by .

1. desire
2. want
3. need
4. affordability

Q. The Law of Diminishing Marginal Utility and The Law of Equi- Marginal Utility.

Q. If an economy is operating at a point inside the production possibilities curve:

1. The curve will begin to shift inward
2. Its resources are being wasted
3. The curve will begin to shift outward
4. This is a trick question because an economy cannot produce at a point inside the curve

Q. Explain five determinants of shift in the supply curve.

Q. Apple juice and orange juice are substitutes in consumption and apple juice and apple sauce are substitutes in production. If the price of orange juice ________ or the price of apple sauce ________, then the price of apple juice will __________.

1. Increases; increases; increase
2. Increases; decreases; increase
3. Decreases; decreases; increase
4. Decreases; increases; decrease

Q. Microeconomics studies theory of firms.

1. True
2. False

Q. Write short notes on :

Subject matter of Micro Economics

Q. When the price of a commodity rises the demand will fall.

1. True
2. False

Q.

In a capitalist economy, the goods that are bought and sold in the market are determined by:

1. Need

2. Desire

3. Affordability

4. Want

Q. What is demand?

Q. Under a free economy, prices are:

1. Determined through free interplay of demand and supply.
2. None of these
3. Regulated
4. Party regulated

Q. Answer in details

Explain the scope and subject matter of Micro Economics.