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FIRST SEMESTER B.A/B.Sc. DEGREE EXAMINATION
NOVEMBER 2020

(CBCSS)
Economics

ECO 1B 01—MICROECONOMICS—I
Two Hours and a Half Maximum : 80 Marks

Section A (Short Answer Questions)

Answer at least ten questions.

Each question carries 3 marks.

All questions can be attended.
Overall Ceiling 30.

. What is meant by value judgment ?
. State ‘constant returns to scale’.

Define ‘hypothesis’.

Explain the law of elasticity of supply.

What is MRT,, ?

Define Transformation curve.

What is meant by price line ?

Distinguish between cardinal utility and ordinal utility ?
Explain the concept of consumer surplus.

What is meant by returns to scale ?”

. What is the elasticity of demand for a Giffen good ?
. What is ceteris paribus ?

. Define equilibrium in economics.

State Engel’s law.

Define budget line.
(10 x 3 = 30 marks)

Turn over