Z 2021 (A) (lea) a Bs) Cell UD 1 aliiecdaZl ~ ECONOMICS PAPER4I Ye 2g ol TIME ALLOWED: 2.30 Hours SUBJECTIVE “0.2 £230 = oy MAXIMUM MARKS: 80 so = AF NOTE: Write same question number -¢-Gutg¢alsSRe CophzniAlwrsag gee 29 and its part number on answer book, as given in the question paper. SECTION si 3. 0) (iy (iii) Attempt any eight parts. 16=2x8 What is meant by economic wants? What is meant by utility? \Write the definition of Economics as stated by Marshal What is meant by economic problem? What is meant by price? Write two limitations of law of diminishing marginal utility What is meant by point of saturation? Define the continuous variable. Define the decreasing function. Write the formula of point elasticity. What is meant by extension and contraction in demand? What is meant by composite demand? Attempt any eight parts. 16=2x8 What is difference between supply and stock? Why supply curve have positive slope? Write down any three limitations of law of supply. What is meant by market period supply? What is meant by equilibrium quantity? Write down names of factors of production. What is meant by capital formation? Write definition of production of wealth What is meant by organization? What is meant by law of decreasing return? What is meant by large scale production? Why is law of increasing return called law of decreasing costs? C21ga) Ecfowliaste yl -2/Abw (i) (ii) (il) (iv) SeipYeegh se Seal pYe ob! Serbia fee es SerypYoed SPP use tees ABA wil LA ASHE™ () iran a tae Serpe d Ful See HY Efe liste st 3 0 qi) (i) (v) (vi) 7) () (i) (xii) SV rdiaier Se bn Ue Ket SPs oer tdi Gowst SespYewheniut (iv) Sete AGF Hie Pigott Sepa at tee Seip Morus JA (xi) xii) Aik, Ore Ay Seif Sete4, wil) (wii) ( ®) ««) xi xi) (2) Attempt any nine parts. 18=2x9 Efeyelive dl Addy Write down any two examples of variable cost uated (i) Write down formula of average fixed cost. ULAribiwebs (ii) Why is the long-run average cost curve called Se tifUls desea thes (il) envelope curve? Define marginal cost. uA Ww) What is meant by total revenue? Seaipfedrk (vy Draw graph of marginal revenue curve of a firm foi sLprPL isl so wviy Caps under perfect competition. What is meant by normal profit? tee dvd (vii) Wuddebinedtbreilter (vill Under perfect competition, in the long-run why do firms usually eam normal profit? Write down any two essentials of a market LA fNvine SES (ix) Define pure competition. Aes (x) Who is a monopolist? Setmiretel (xi) What is meant by price discrimination? Sede dig! (xii) Per (xiii) Define marginal revenue product of labour. ABA Gila SECTION-I (2 NOTE: Attempt any three questions. 30=10x3 -géyfeleLeirebe df 2) 5. Explain the law of equi-marginal utility with aulBiritheowS AiseuIe 5 the help of schedule and diagram Explain law of demand with schedule and diagram. Bove EisieyG bye 6 Explain the causes of shift in supply curve. beta wP itis 7 Describe advantages and disadvantages of oot Aggitcer 8 large scale production. ie Explain industry's equilibrium in long run Bolan Syl tte pl bie -9 under perfect competition. 37-2021(A)-20000 (MULTAN)Paper Code 2021 (A) of Pu e Number: 2111 Cpl Ul )1- epuectefl - ECONOMICS PAPER-| i ae ole TIME ALLOWED: 30 Minutes OBJECTIVE ar ~~ 30= Sy MAXIMUM MARKS: 20 feck | MATL rene & WWE VL Wag {ye 2LEsD NCBA YL inn ed Ca LAA teh Sar heb iati pox SLL LN | LLfitimbiefi Bs Note: you have four choices for each objective type question as A,B, C and D. The choice Lt%roilr which you think is correct, fill that bubble in front of that question number, on bubble sheet. Use marker or pen to fil the bubbles. Cutting oF filling two or more bubbles will result in zoro mark in that question. No credit will be awarded in case BUBBLES are not filled. Do not solve questions on this sheet of OBJECTIVE PAPER. Q.No.1 1 Air (1). According to Neo Classical Economist, Economics is Science of: me frlevru Ee (1) (A) Name of lack of resources «tees (B) Knowledge of material welfare < A*UuiGn (C) Knowledge of wealth < Kx (0) Knowledge of excess of objectives Note: you have four choices for each objective type question as A,B,C and D. The choice -~LuP%reulr which you think is correct, fil that bubble in front of that question number, on bubble sheet, Use marker or pen to fill the bubbles. Cutting or filling two or more bubbles will result in zero mark in that question. No credit will be awarded in case BUBBLES are not filled. Do not solve questions on this sheet of OBJECTIVE PAPER. Q.No.1 1 Air (1) Inwhich of the following conditions, law of diminishing See own Poi Pust rer Gbico (1) marginal utility does not apply? (A) Demonstration Pn»! (8) Continuous use of good 294 L Jiri LE (©) No change in income of consumer Lx duffle (D) Nature of good is not changed Lrvech (2) Human wants are: upetadur (2) (A) One thousand 1;£1 (B) Few (C) Countable #7 — (D) Uncountable #F6t (3) "Quantity supplied" is which kind of function of "Price"? Se Wilwited ws (8) (A) Increasing 62° (8) Decreasing ut —(C) Implicit *” (O) Inverse (4) At 10% change in price and 15% change in quantity AE Mhe 15% Zbl 10% Lez (4) demanded, the elasticity of demand is: (A) Equal to unity ivi (B) Less than unity (Ji (C) Greater than unity wxL4=-G8! (D) Infinite 2.0 (5) The formula of elasticity of demand was presented by: ig 5) (A) Adam Smith £7 (8) Marshall Et — (C) Robbins x, (0) Pigoue L.& (6) Qg= (p) means eV Qs=f(p) 6) (A) Qg is funtion of price ¢-MiKed uy (B) Price is funtion of Qg SU Bund (C) Qe is function of other factors < Mie hithas, (D) Qgis function of income <- Wi6 bute (7), Decrease in supply due to increase in cost of production scaled: -g UWI re fiontllyc4 7) (A) Fallin supply t/tirs (8) Rise in supply beset (C) Extension in supply thets-, (D) Contraction in supply tt (8) The curve of demand and supply move: ALG ___ Land (A) In the same direction eis! (B) In the opposite direction toe (C) Parallel to each other YirLe pti (0) In the horizontal situation 22/6 (8) Which is not included in natural resources? Se EROS (9) (A) Minearis =o (B) Climate wef (C)Money 45 (0) Forests => (10) Sui Gas is included in which type of resources? tedettrduiscdd 10) (A) Natural resources Guid. (8) Financial resources Buss (C) Government resources EUs" (0) Private resources Gui (Aida)ay (12) (14) (18) (16) a7 (18) (19) (20) (2) By products are produced in: etn lPbnlg (A) Small scale 242: (B) Large scale ut, (C) External economics tur bre (0) Commercial economies u76" diy The typesinumbers of laws of returns are: (A) Two» (8) Three (©) Four One of the following is not included in variable cost (vc) (A) Price of raw material (B) Wage of labourers =21SUs017 (C) Advertisment Sa} Az (D) Rent of the building 2/&eur In short run, the cost of the production which does not change is called: Ln tLe tnt eet (A) Fixed cost (8) Variable cost 1013" (©) Average variable cost Sitar hat (©) Total cost Be” In which market structure, AR curve is above than MR curve? retail BL bP isbn ty. (A) Perfect competition JE (8) Monopoly /s! (©)BothAandB sy Bast A (D)None ofthese Ae utel ‘The cause of same price in perfect competition is cq oi Krk both biny (A) Maximize profit denice. (6) Same cost of the production Fy x“iulf (©) Homogenous product <1 (D) Small scale of the production The entry of the firms in the market under perfect competition is: bbs At ibrerl ded (A) Free 21 (8) Prohibited (C) Conditional 4s (0) By permission of Government <= JyiSe“* ‘The demand of land is: Gets (A) Direct demand heals (B) Derived demand bist (C) Joint demand 4 {D) Compound demand ‘According to Neo Classical Economist, Economics is Science of: cet Silico, Eke (A) Name of lack of resources. <- ct SSCL (8) Knowiedge of material welfare <- PLUS (C) Knowledge of wealth <- Ake (0) Knowledge of excess of objectives: <-(*h= Mie According to Alfered Marshall, Economics is: mee LL Puss (A) Social Science He (B) Reforming Science sv (©) Pure Science ts (D) Ethical Science “Si 37(0b)( CW PX )-2021(4)-20000 (MULTAN) amy (12) (13) (14) (15) (16) (a7) (18) (19) (20)BOARD OF INTERMEDIATE AND SECONDARY EDUCATION,MULTAN. “@ OBJECTIVE KEY FOR INTERMEDIATE ANNUAL EXAMINATION,2021' Name of Subject 7 session_2O2p pL QNos Paper Code | Paper Code | Paper Code | Paper Code all) 23 DS 211? TBP |S wl> |OlwPH fS OSASPS PHP PD b> loo & PDH SS PPSASLPSBARPABLD & PD Bobo fm PO! & [SD PP] [a f [fo Po [Ow Key fille sal becclel NF CO R> hos PPPPPPPPPPPPPRPPR \ iY Prepared & Checked By: Dated: 2S- 09-202, S.# Name Designation Institution Mobile No | Signature 1 Corer 5G | S58 |Gy7ss Bhami MW PF Recost YS 2 |Wdeem Am | A-P | Emevionunivetiy min) 0233667n.| — wAZ | 3 |Gajeete Tamar cture|G. Dai Ocumgel MIilos3ysemsey OF Re-Checked By -< =P UWF Ye IL olsKey BAG 227 Jib fi 1 |TasTR ALAM AP Lravbectge Pcene jo3—- 732/66 ae 2 | Habs *P Conk robles 9, 0 300)378| Habis 2b /o8] or be