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FIRST SEMESTER (CBCSS—UG) DEGREE EXAMINATION
NOVEMBER 2022

Economics

ECO 1B 01—MICRO ECONOMICS—I

(2019—2022 Admissions)

Two Hours and a Half

Maximum : 80 Marks

Section A

Short Answer Questions. Maximum marks in this section is 25.

Students can attempt all questions.

Each question carries a maximum of 2 marks.

Explain macro economics.

What is positive economics ?

Define explicit cost.

What is income elasticity of demand ?
What is cost function ?

Define strong ordering

What is price effect ?

What is an inferior good ?

Describe long-run production function.
What does budget line show ?
Explain average cost.

What are scale economies ?

Explain consumer surplus.

Define economic system.

Briefly discuss the wealth definition of

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economics.

Turn over