13.
14.
15.
16.
४
18.

19.
20.
21.
22.

26.
27.

29.
30.

3 C 81866

Section B (Very Short Answer Questions)
Answer any five questions from Part I and any five questions from Part II.

Parr I

Sociology.

Marginal Utility

Inelastic Demand.

Opportunity Cost.

Breakeven Point.

Increasing Returns to Scale.
Part II

laissez faire.

Wage-price Rigidity.

0൩. |

NDP at Market Price.

Consumption.

Under-employment Equilibrium.

(10 x 2 = 20 marks)
Section C (Very Short Answer Questions)
Answer any three questions from Part I and any three questions from Part II.

Part I

What is the relationship between Psychology and Economics ?

Distinguish between the short run and the long run.

What is the difference between fixed and Variable costs ?

Illustrate the Law of Diminishing Marginal Utility with an appropriate schedule and graph.
Part II

Distinguish between GDP at Factor Cost and GDP at Market Price.

How do we arrive at Disposable Income from GNP ?
Turn over