Worksheet: Introduction to Microeconomics - 2 | Economics Class 11 - Commerce PDF Download

Fill in the Blanks

Q1: Economics is the social science of studying the __________, __________, and __________ of goods and services.

Q2: Scarcity is the root cause of all __________ problems in economics.

Q3: The central problems faced by an economy can be categorized under __________ heads.

Q4: What and how much to produce is a decision based on the importance of various goods and the allocation of resources in such a way that maximizes __________ __________ __________.

Q5: In microeconomics, the study of individual consumers and businesses' decisions and behavior falls under __________ economics.

Q6: The opportunity cost is the cost incurred by not enjoying the benefit associated with the __________ __________ choice.

Q7: In economics, the curve that shows alternative combinations of production of two goods that an economy can produce within given resources and technology is called the __________ __________ __________.

Q8: Outward/rightward shifts of the Production Possibility Curve (PPC) are caused by __________ in resources or improvement in technology.

Q9: The central problems of an economy include deciding how to achieve fuller utilization of resources and remove __________ __________.

Q10: Microeconomics focuses on individual consumers and businesses, while macroeconomics deals with the functioning of the __________ __________.

Assertion and Reason Based 

Q1: Assertion: Economics is a simple social science with no relation to other fields.
Reason: Economics involves the study of scarce resources, allocation of resources, and welfare at the individual and society level.
(a) Both assertion and reason are true, and the reason is a correct explanation of the assertion.
(b) Both assertion and reason are true, but the reason is not a correct explanation of the assertion.
(c) Assertion is true, but the reason is false.
(d) Both assertion and reason are false.

Q2: Assertion: The production possibility curve (PPC) can shift outward or inward.
Reason: An outward shift indicates economic growth, while an inward shift signifies the economy's decline.
(a) Both assertion and reason are true, and the reason is a correct explanation of the assertion.
(b) Both assertion and reason are true, but the reason is not a correct explanation of the assertion.
(c) Assertion is true, but the reason is false.
(d) Both assertion and reason are false.

Q3: Assertion: Opportunity cost is only monetary in nature.
Reason: Opportunity cost can also be in terms of time or physical resources.
(a) Both assertion and reason are true, and the reason is a correct explanation of the assertion.
(b) Both assertion and reason are true, but the reason is not a correct explanation of the assertion.
(c) Assertion is true, but the reason is false.
(d) Both assertion and reason are false.

Q4: Assertion: Microeconomics deals with the economy as a whole.
Reason: Microeconomics focuses on individual consumers and businesses.
(a) Both assertion and reason are true, and the reason is a correct explanation of the assertion.
(b) Both assertion and reason are true, but the reason is not a correct explanation of the assertion.
(c) Assertion is true, but the reason is false.
(d) Both assertion and reason are false.

Q5: Assertion: The central problem of allocation of resources arises due to unlimited resources.
Reason: If resources were not scarce, there would be no problem of allocation.
(a) Both assertion and reason are true, and the reason is a correct explanation of the assertion.
(b) Both assertion and reason are true, but the reason is not a correct explanation of the assertion.
(c) Assertion is true, but the reason is false.
(d) Both assertion and reason are false.

Very Short Answer Type Questions

Q1: Define scarcity.

Q2: What are the central problems of an economy?

Q3: Explain the concept of opportunity cost.

Q4: Differentiate between microeconomics and macroeconomics.

Q5: What is the key factor leading to the central problem of allocation of resources?

Q6: What are the two features of resources?

Q7: Describe an example of an outward shift of the PPC.

Q8: What does the rotation of the PPC signify?

Q9: How is opportunity cost not limited to monetary aspects?

Q10: What is the key economic concept expressed by opportunity cost?

Short Answer Type Questions

Q1: Explain the concept of the central problem of the economy and its three components.

Q2: Discuss the factors that can lead to an outward shift of the PPC.

Q3: Why is opportunity cost a fundamental concept in economics? Provide examples.

Q4: Differentiate between microeconomics and macroeconomics, and explain their significance.

Q5: How do limited resources and alternative uses of resources contribute to the central problem of allocation?

Q6: Describe the impact of an inward shift of the PPC and the possible reasons behind it.

Q7: Elaborate on the concept of economic growth and its relationship with the PPC.

Q8: Explain the significance of the rotation of the PPC and provide examples.

Long Answer Type Questions

Q1: Discuss the concept of scarcity and its role in economics. Explain how scarcity is the root cause of economic problems.

Q2: Explain the three central problems of an economy in detail, providing real-world examples.

Q3: Elaborate on the factors that can lead to an inward shift of the PPC, and discuss the consequences of such a shift on an economy.

Q4: Describe the concept of economic growth and its significance. Provide examples of how economic growth can be achieved.