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Class
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11/12
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Year
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2018-19
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Subject
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Micro Economics
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Chapter
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Introduction
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Q1 Name a way that your family interacts in the factor
market and a way it interacts in the product market.
Q2 Draw and explain a production possibility frontier for an
economy that produces milk and biscuits . What happen to this frontier if
disease kills half of the economy cows?
Q3 What are some topics addressed in macro economics ?
Q4 Classify each of the following topics as relating to
microeconomics or macroeconomics
·
Amit decision about how much income to save
·
The impact of a decrease in national saving on a
country’s economic growth
·
The impact of increase in the price of computer
chips on the market for personal computer
·
The impact of an increase in purchase on the
unemployment rate
·
The decision by KFC to hire fewer workers
because of an increase in the minimum wage
Q5 Classify each of the following statements as positive or
normative statements
·
An increase in inflation temporarily reduces
unemployment
·
The government should increase the rate of
inflation in order to reduce the unemployment rate
·
The government should increase taxes to pay for
universal health care
·
An increase in taxes causes people to work fewer
hours
·
The price of new car is too high
Q6 Imagine a society that produces military goods and
consumer goods , which we will call guns and butter
a)
Draw a production possibility frontier for guns
and butter
b)
Using the concept of opportunity cost , explain
why it most likely has a concave shaped
c)
Show a point that is impossible for the economy
to achieve
d)
Show a point that is feasible but inefficient
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