Economics Paper code: 2436 Class: IX-M Paper: Objective Type BIAEy23 LAHORE GRAMMAR SCHOOL (Landmark Project) Sendup Examination December 2023 Time: 20 min Max. Marks: 14 NOTE: You have four choices for each objective type question as A, B, C, D. The Choice which ‘you think is correct, fill that circle in front of that question number. Use a marker or pen to fill the circles. Cutting or filling two or more circles will result in zero marks in that question. [or ‘Questions D & B A [1 [the duty of a market is not To make ] exchange of | To contact To To give goods and | buyers& | determine | maximum services sellers price ourrat { possible 2 | Founder of Economics is Alfred Marshall | Robbins | Adam Smith | Fisher | } mae [2 | Economic goods are ta untimited | Zero costly ; | | toy 14 Price of Market is called Equilibrium Equilibrium =| Equilibrium | Equilibrium | price demand supply 5 : Factors of production are: 2 : 4 5 | Which of the following is not a factor land of production abou Capital Output 7 | The Taw of demand does not hold] ; Allof the goods are inferior precious Scarce above 2 | due to scarcity society is forced to , e (oP y Makoroads Save Make Stop resources |} choices operating 3 | More elastic supply means Asimall ‘Abrs Asmall change 1 change in | changein | when price price brings a | price brings a | changes but large change | small change | quantity hangs fa pe inquantity .| inquentity | supplied does nee in price | nied supplied | Mot change Ta] Per capita micome in Pakistan 776 US$ 7e6sus$ | 1085 US$ 500 US $faa How many types of Profit are there? pemene a 2 3 4 5 12 in which economic system all the resources of a country are owned! | Capitalism | Socialism | Mixed Islamic by the state? 8 | cooly is a function of Supply is a function Money Price Income |Demand | 14 | Due to scarcity so forced t - ° = Stop y is forced to Mike ross Save Make Stop resources choices operatingLahore Grammer School (Izmir Town) Send-up Examination, December 2023 Name Class: XM Date: ‘Subject Economics Time: 1 hour and 10 minutes Essay Type (PART- 1) 4. Write short answers to any Four (4) questions. (ax2=8) What is meant by daily market? 2. What do you know about Total utility? 3. What is capital? 4, What is meant by Services? 5. Define marginal utility. 6 What is meant by entrepreneur? 7. Write defination of Adam Smith, 8. What is the difference between Micro and Macro economics? 9. Define equilibrium, 4, Write short answers to any Four (4) questions. (4x2=8) 1 Why is population increasing? 2. When is a market considered perfect? 3, What are the two basic points of supply explain it 4, Write down two reasons of perfect competition. 5. What is meant by Law of supply? 6. What does a supply schedule represent? 7- What is the difference between stock and supply? 8, Define Elasticity of Demand and its types. ‘9.What is meant by cost of production?4, Write short answers to any Four (4) questions. 1, Write four kinds of wealth. 2, Explain the different ways in which the value is used. 3, Describe the relationship between price and value 4, What is meant by soil erosion? 5. What is meant by migration? 6. What is per capita income? 7. What does market equilibrium mean? 8, What is meant by demand? 9. What is meant by one price? (PART-II) (2x6=12) Attemp any TWO questions. 5, What is meant by equilibrium price and quantity? Explain with help pf diagram. 6. Explain the meaning of utility in economics and write a note on its importance. 7, What factors other than price bring changes in the Quantity demanded? 8, Explain the characteristics of short and long period markets. 9, Write note on Agricultural backwardness.