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FIRST SEMESTER (CBCSS—UG) DEGREE EXAMINATION, NOVEMBER 2021

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Economics
ECO 1B 01—MICRO ECONOMICS—I
(2021 Admissions)

: Two Hours and a Half Maximum : 80 Marks

Section A

Answer atleast ten questions.

Each question carries 3 marks.

All questions can be attended.
Overall ceiling 30.

Define inductive method.

What is normative economics ?
Describe Production Possibility Curve.
Define Cross elasticity of demand.
What is demand forecasting ?

Explain weak ordering of preferences.
Define income effect.

What is a Giffen good ?

What is short-run production function ?
What does an isocost line show ?

How can the concept of L- shaped Cost curve be explained ?
What is implicit cost ?

Explain consumer surplus.

Define capitalism.

Present the scarcity definition of Economics.

(10 x 3 = 30 marks)

Turn over

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