Posted by Anjali Kaur on Oct 31, 2021

Practice test 1

Practice test 1- Class XI – Economics, as per CBSE curriculum.

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1. State the meaning of ‘quantity demanded of a commodity’.

Solution: https://learnwithanjali.com/microeconomics/change-in-demand-and-change-in-quantity-demanded/

2. What is scarcity?

Solution: It means limited availability of resources. Read here; https://learnwithanjali.com/economics/what-do-we-mean-by-an-economy-components-of-an-economy/

3. What is Marginal Utility?

Solution: https://learnwithanjali.com/microeconomics/what-is-cardinal-utility-approach/

4. What is Organisation of data?

Solution: https://learnwithanjali.com/statistics/organization-of-data/

5. What is arithmetic mean?

Solution: https://learnwithanjali.com/statistics/measures-of-central-tendency/

6. What is investment?

Solution: https://learnwithanjali.com/microeconomics/what-do-we-mean-by-an-economy-components-of-an-economy/

7. What is Statistics in singular sense?

Solution: https://learnwithanjali.com/statistics/introduction-to-statistics/

8. Who is a service provider?

Solution: https://learnwithanjali.com/economics/introduction-to-economics/

9. What is demand schedule?

Solution: https://learnwithanjali.com/microeconomics/what-is-demand/

10. What factors lead to leftward shift in a demand curve?

Solution: https://learnwithanjali.com/microeconomics/difference-between-a-movement-along-the-demand-curve-and-shift-in-demand/

11. What is the relation between marginal cost and average cost when average cost is rising?

Solution: When average cost is declining as output increases, marginal cost is less than average cost. When average cost is rising, marginal cost is greater than average cost. When average cost is neither rising nor falling (at a minimum or maximum), marginal cost equals average cost. https://learnwithanjali.com/microeconomics/average-total-cost/

12. When does ‘decrease’ in supply take place?

Solution: https://learnwithanjali.com/ask-anjali/what-is-the-reason-for-the-rightward-and-leftward-shift-of-demand-and-supply-curve/

13. What are monotonic preferences?

Solution: https://learnwithanjali.com/microeconomics/consumer-equilibrium-using-indifference-curve-analysis/

14. When Marginal utility is zero, total utility is _______

Solution: Maximum. https://learnwithanjali.com/microeconomics/what-is-the-law-of-diminishing-marginal-utility/

15. State any two causes of an economic problem.

Solution: https://learnwithanjali.com/economics/introduction-to-economics/

Thank You!

You can read more related posts:

1. Introduction to Economics
2. What do you mean by an economy?
3. What are the Central problems of the economy?
4. Production Possibility Curve
5. What causes PPC to shift?
6. What does the opportunity cost mean?
7. The point on and off the Production Possibility Curve

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