Write "True" if the statement is correct and "False if it is incorrect in the space provided

__________1. Production function is a technical relationship between input and output.

__________2. Marginal cost is the slopes of total cost function.

__________3. In perfectly competitive market, an individual seller can influence the market prices of product.

__________4. Traditional economics provides economic security.

__________5. Public and private sectors co-exist in market economy system.

PART II: Multiple Choices

Choose the Correct answer among the given alternatives to each question and write the letter of your choice

__________1. Which one of the following branches of economics is objective based economics?

A. Micro economics C. Normative economics

B. Positive - economics D. Macro economics

__________2. We investigate the ''trees rather than the ''forest'' in _______________

A. macroeconomic C. normative -economics

B. microeconomic D. positive-economics

__________3. Which one of the following are not determinants of demand?

A. The consumer available income

B. The number of buyers in the market

C. The consumer tastes

D. The technology of product.

__________4. The key economic concept that serves as the basis for thestudy of economy is __________.

A. money C. inflation

B. scarcity D. unemployment

__________5. If an increase in the price of product A, results in an increase in the demand for product B, one may conclude that product A and B are__________.

A. substitute good C. unrelated good

B. complementary D. Inferior good

__________6. Supposethat ,market demand & supply function of productx are as follows

DD=1000-40P

SS=600+4P then, what is the equilibrium price of product x?

A. 10 C. 18

B. 8 D.5

__________7. Based on question no 6 what is the equilibrium quantity of product x?

A. 600 C. 400

B. 800 D. 200

__________8. Which one of the following stages of production is considers as rational stage?

B. Stage II D. Stage IV

__________9. Suppose that, the short- run cost function of a firm is given by TC= 2Q2-

Q+10 and the output are 10 then what is the value of AFC?

A. 10 C. 1

B. 20 D. 5

__________10. Based on question No 9, what is the firms marginal cost?

A. 190 C. 10

B. 39 D. 1

PART IV: Short answer

Give short and precise answer to the following questions and provide your answer on the separate answer sheet.

1. Define digital marketing.

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2. What is monopoly market?

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3. List down at least three goals of macro economics

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4. List down the major functions of fiscal policy.

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