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FIRST SEMESTER B.A/B.Sc. DEGREE EXAMINATION
NOVEMBER 2019

(CBCSS—UG)
Economics
ECO 1B 01—MICRO ECONOMICS—I
(2019 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.
Each question carries a maximum of 2 marks.

Define market equilibrium.
What is price theory ?
State the scarcity definition of Economics.
Distinguish between normative and positive economics
Why economic theory is always with inbuilt assumptions ?
What are the different economic systems ?
What is meant by budget line ?
Distinguish between normal good and Giffen good ?
Explain the concept of consumer surplus.
What is meant by returns to scale ?

. Distinguish between marginal cost and average cost.

. Why demand curve is sloping downwards.
What is meant by shift in demand curve ?
“What is Arc elasticity of demand ?
Explain the transitivity assumption.

Turn over