Commerce Exam > Commerce Notes > Economics Class 11 > Worksheet: Introduction to Microeconomics- 1
Worksheet: Introduction to Microeconomics- 1 | Economics Class 11 - Commerce PDF Download
| Table of contents |
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| Multiple Choice Questions |
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| Match the Following |
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| True or False |
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| Very Short Answers |
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| Short Answers |
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| Long Answers |
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Multiple Choice Questions
Q1: What is the primary focus of microeconomics?
(a) Individual households and firms
(b) National economy
(c) Macroeconomic factors
(d) Global trade
Q2: Which of the following is a determinant of demand?
(a) Price of the product
(b) Population
(c) Government policies
(d) All of the above
Q3: In microeconomics, what does the term 'elasticity' refer to?
(a) The responsiveness of quantity demanded to a change in price
(b) The total revenue of a firm
(c) Market equilibrium
(d) Consumer surplus
Q4: What is the law of diminishing marginal utility?
(a) As a consumer consumes more units of a good, the additional satisfaction decreases
(b) The more a good is produced, the lower its price becomes
(c) Demand and supply always reach equilibrium
(d) Consumers always make rational decisions
Q5: What does a production possibilities curve illustrate?
(a) The maximum combination of goods and services that a society can produce
(b) The production capacity of a single firm
(c) Consumer preferences
(d) Government regulations on production
Match the Following
Q1: Match the Following
True or False
Q1: Microeconomics studies individual economic units like households and firms.
Q2: Elastic demand means that quantity demanded does not change with a change in price.
Q3: In a perfectly competitive market, there are many sellers and differentiated products.
Q4: Price ceiling is a government-imposed maximum price on a good or service.
Q5: Scarcity refers to the situation where human wants exceed the resources available to fulfill those wants.
Very Short Answers
Q1: Define 'Market Demand'.
Q2: What is a 'Price Floor'?
Q3: Explain 'Consumer Surplus'.
Q4: Define 'Marginal Cost'.
Q5: What is 'Elasticity of Demand'?
Short Answers
Q1: Explain the concept of 'Law of Demand'.
Q2: Discuss the factors affecting 'Elasticity of Supply'.
Q3: Describe 'Monopoly' as a market structure.
Q4: Explain the term 'Consumer Equilibrium'.
Q5: Discuss the impact of 'Price Elasticity of Demand' on tax incidence.
Long Answers
Q1: Explain the concept of 'Production Possibility Frontier (PPF)' and its significance in economics.
Q2: Discuss the impact of government policies on market equilibrium using suitable examples.
Q3: Explain the concept of 'Elasticity of Demand' and its types with examples.
Q4: Discuss the role of 'Utility' in consumer decision-making and its relationship with the law of diminishing marginal utility.
Q5: Explain the concept of 'Market Failure' and discuss its types with examples.
The document Worksheet: Introduction to Microeconomics- 1 | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on Worksheet: Introduction to Microeconomics- 1 - Economics Class 11 - Commerce
| 1. What is microeconomics? |  |
Ans. Microeconomics is a branch of economics that focuses on the behavior of individual agents, such as households, businesses, and industries, and how their decisions affect the allocation of resources.
| 2. What are some key concepts in microeconomics? | |
Ans. Some key concepts in microeconomics include supply and demand, price elasticity, market structures, production costs, and consumer behavior.
| 3. How does microeconomics differ from macroeconomics? | |
Ans. Microeconomics focuses on individual markets and agents, while macroeconomics looks at the economy as a whole, including factors like inflation, unemployment, and economic growth.
| 4. Why is microeconomics important? | |
Ans. Microeconomics helps us understand how individuals and businesses make decisions, how markets work, and how resources are allocated efficiently. It is crucial for making informed policy decisions and understanding everyday economic phenomena.
| 5. How can I apply microeconomic principles in real life? | |
Ans. You can apply microeconomic principles to analyze personal financial decisions, evaluate market trends, understand pricing strategies, and assess the impact of government policies on specific industries.
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Nov 03, 2024 Last updated |
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