Q1 of 36 Page 1

In the given figure, the movement on the production possibility curve from point A to point B shows ________. (Choose the correct alternative)


In the given figure, the movement on the production possibility curve from point A to point B shows production of more units of Good X and less units of Good Y. A production possibility curve shows the amount of 2 goods that can be obtained by shifting resources from the production of one to production of another.

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2

Average fixed cost curve ________. (Choose the correct alternative)

 3

The average product curve in the input-output plane, will be __________. (Choose the correct alternative)

 4

If the market supply of a commodity X changes due to improvements in technology, the market supply curve will ________. (Fill up the blank)

OR


If the market supply of a commodity X changes due to rise in price of a factor input, the market supply curve will ________. (Fill up the blank)


 5

Identify and discuss the nature of the following newspaper reports in terms of positive or normative economic analysis :

(i) “India jumped 23 points in the World Bank’s ease of doing business index to 77th place, highest in 2 years.” – The Economic Times


(ii) “Government should further liberalize the business rules.” – The Economic Times