CUET Economics Micro > Introduction PYQs

Centrally Planned Economy.

Closed Economy.

Market Economy.

Socialist Economy.

Alternative use of the resources.

Unlimited wants.

Limited (scarce) resources.

Excessive Income.

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Professor at University of Glasgow

'The Economic Consequences of the Peace' written in 1919.

'An Enquiry into the Nature and Cause of the Wealth of Nations' Published in 1776

Founder of political economy

Adam Smith.

Marshall.

Robbins.

Samuelson.

Production of goods and services.

choosing appropriate technique of production.

distribution of output in the society.

choosing among the commodities for production.

Why these goods produced?

For whom are these goods produced?

How are these goods produced?

What to produced and in what quantities?

Centrally Planned Economy.

Mixed Economy.

Market Economy.

Colonised Economy.

Long term planning

Future policies and planning

What should be done

How the different mechanisms function

John Maynard Keynes

Adam Smith

David Ricardo

Thomas Malthus

1919

1775

1776

1936

Production.

Choices.

Investment.

Consumption.

Opportunity.

Production.

Total.

Economic.

A combination of goods can be produced but resources are underutilized.

A combination of goods can be produced, and the resources are fully utilized.

A combination of goods can not be produced as it is beyond the capacity of the economy.

A combination of goods can be produced and resources are appropriately utilized.

J. M. Keynes

David Ricardo

Adam Smith

Karl Marx

Adam Smith.

John Maynard Keynes.

Amartya Sen.

Abraham Maslow.

Why are the goods produced?

What to produce?

How are the goods produced?

For whom are the goods produced?

Total Cost.

Opportunity Cost.

Marginal Cost.

Average Cost.

What is produced and in how much quantities?

How are these goods produced?

Where are these goods produced?

For whom are these goods produced?

Will shift to the left.

No effect on the production possibilities curve.

Downward movement along the same production possibilities curve.

Upward movement along the same production possibilities curve.

Total cost.

Marginal cost.

Differential cost.

Opportunity cost.

Capitalist economy.

Mixed economy.

Private economy.

Government economy.

Production Possibility Set.

Isoquant Curve.

Production Possibility Frontier.

Indifference Curve.

Decision-making.

Production.

Choice.

Consumption.

What to produce?

How to produce?

For whom to produce?

Economising of resources

(A) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Whether or not medical services should be provided for free to people below poverty line.

Whether to produce more food products or more textiles.

Whether to use more labour for production or more machines.

how should the produce in the economy be distributed among individuals.

States problems

Consumption problems

Central problems

Production problems

A point below the production possibility frontier

A point above the production possibility frontier

A point on the production possibility frontier

A point on or above the production possibility frontier

Indifference Curve.

Isoquant.

Production Possibility Frontier.

Production Possibility Set.

Normative Economics

Positive Economics.

Cordinal Approach.

Ordinal Approach.

How to produce?

What to produce?

Whom to produced?

Where to produced?