AHSEC H.S 1st Year Economics
PART : A
CHAPTER - 1
INTRODUCTION
SHORT ANSWER QUESTIONS TYPE – II : (MARKS : 1)
1. Define goods.
2. Define service.
3. Define individual.
4. What is resource in economics?
5. Why does an individual need resources?
6. Mention the factor that gives rise to the problem of choice in economics.
7. Fill in the blanks: The allocation of Limited resources and distribution of the final goods and services are the central problems of any economy.
8. Fill in the blanks: Opportunity cost is also called the Economic cost.
9. What is the meaning of market centrally planned economy?
10. What is the meaning of market in economics?
11. What is a market economy?
12. What is a mixed economy?
13. Is India economy a centrally planned economy?
14. What is positive economic analysis?
15. What is normative economics?
16. Write true or false:
(a) In a market economy all economic activities are organised through the market.
(b) It is the scarcity of resources that gives rise to the problem of choice.
(c) In economics, market refers to a specific place.
17. Choose the correct answer: In a centrally planned economy all the important decisions regarding production, exchange, consumption etc. are made by the _____.
(a) Central Bank
(b) Market
(c) Government
18. Choose the correct answer: In reality all economics are ___ economics where some important decisions are taken by the government and the economic activities are by and large conducted through the market.
(a) Socialistic
(b) Mixed
(c) Capitalistic
19. Fill in the blanks: In ____ economic analysis, we study how the different mechanisms function.
20. Name the economist who is well known as the father of economics.
21. Define economic problem.
22. State two features of resources that give rise to an economic problem.
23. Define marginal opportunity cost.
24. Give one reason for a rightward shift in PPF (Production Possibility Frontier).
25. Give two examples of growth of resources.
SHORT ANSWER QUESTIONS TYPE – II : (MARKS : 3)
1. Define and distinguish goods and services by citing one example each.
2. Clearly state the concept of opportunity cost.
3. Distinguish between positive economics and normative economics.
4. Give the meaning of microeconomics and macroeconomics.
5. Mention three basic problems of an economy.
6. What is government intervention? When does the government intervene in production and distribution of a good or service?
7. State how economic activities are organised in a mixed economy.
8. Explain the concept of centrally planned economy.
9. Mention three basic features of a market economy.
10. Mention three basic characteristics of a mixed economy.
11. Mention any three causes behind the central economic problem of an economy.
SHORT ANSWER QUESTIONS TYPE – I : (MARK : 4)
1. Explain the concept of production possibility frontier with a suitable diagram.
2. Explain the central problems of an economy.
3. Explain the meaning of the production possibilities of an economy.
4. Distinguish market economy from centrally planned economy.