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Question 1 10 Marks 1. Pasithe Economics, (6) Does not depend on market interaction (1) Only looks at the best parts of the economy (c) Examines how the economy actually works (as opposed to how it shoulder (d) is very subjective 2. Points on the Production possibility frontierare (a) Inefficient (b) Points of incomplete preferences (e) Not producible (d) Pareto efficient 3. Market failure consecur when (a) Monopoly power exists in the market (b) Markets are missing (c) Consumers can influence prices (d) Efficiency Attained 4.A monopoly has (b) 5. The Dollar value placed on additional units of the good by laidal cremen is called (a) Marginal Social Cost (b) Marginal Secial Benefit (c) Marginal Private Benefit (d)None of the above Which of the following are one of the male Sectors in the comes which tersects with each (a) Family (h) Farms (c) Government (d) All of the above (a) Income flows in the economy (b) Business Sector prodits (c) Households" limbilities (d) None of the above S.Normative Economie (a) Objective (b) Can be proved & tested (c) It reflects a fact (d) is a statement based on perception Poblenance studies (a) How gov. raise money to pay for facilities & services provided to the public (c) Concerned with Income and expenditures of the publicities (d) All of the above 10. Welfare economies (a) Studies the optimal allocation of goods among consumen (6) Reflects the standard of living (c) Attempts to increase the total income in the common (d) None of the above

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