BCOM/V/CC/15 Student's Copy
2 0 1 8
CBCS
5th Semester
COMMERCE
Business Economics
Full Marks 75
Time 3 hours
PART A—OBJECTIVE
Marks 25
The figures in the margin indicate full marks for the questions
SECTION—A
Marks 10
Choose the correct answer and place its code in the brackets provided 1×10=10
1. Business economics is also called
microeconomics
macroeconomics
managerial economics
None of the above
2. Factors/Reasons of demand is
income elasticity
monopoly
demand forecasting
law of demand
/118 1 Contd.
3. Demand for salt is
highly elastic
highly inelastic
highly unit elastic
All of the above
4. In complete enumeration method of demand forecasting
only a sample of potential users are contacted
sales representatives are contacted
almost all the potential useres are contacted
All of the above
5. Indifference curve
cannot intersect each other
should intersect each other
should slope upward
None of the above
6. In the law of diminishing marginal utility, the utility derived by a consumer
goes on decreasing
goes on increasing
remains constant
falls backward
7. The amount of total output produced by a given amount of factor input,
other things remaining the same is called
total product
marginal product
average product
fixed product
BCOM/V/CC/15/118 2 Contd.
8. The opportunity cost is also called
explicit cost
implicit cost
fixed cost
prime cost
9. The power of a monopoly depends on
the availability of closed substitutes
the power to restrict the entry of new firms
homogeneous product
All of the above
10. Under perfect competition, products are
homogeneous
heterogeneous
differentiated
single
SECTION—B
Marks 15
Write short notes on the following 3×5=15
1. Law of demand
OR
Factors of demand
2. Income elasticity
OR
Consumer survey method
3. Law of equimarginal utility
OR
Indifference curve
BCOM/V/CC/15/118 3 Contd.
4. Marginal product
OR
Average cost
5. Monopolistic competition
OR
Perfect competition
PART B—DESCRIPTIVE
Marks 50
The figures in the margin indicate full marks for the questions
1. What do you mean by business economics? Discuss the scope of business
economics. 4+6=10
OR
2. Explain the law of demand showing demand schedule and demand curve.
What are the exceptions to the law of demand? 7+3=10
3. What do you mean by demand forecasting? What are the different
techniques of demand forecasting? 3+7=10
OR
4. Describe briefly the price, income and cross elasticity of demand. 10
5. Explain with diagram the law of diminishing marginal utility. 10
OR
6. Describe the properties of indifference curve. 10
7. What do you mean by opportunity cost, fixed cost and variable cost?
Explain the difference between economic cost and accounting cost. 5+5=10
OR
8. Explain with diagram the law of variable proportions. 10
9. Describe in brief the characteristics of perfect competition and monopoly.
5+5=10
OR
10. Explain with diagram the price and output determination under monopoly
in the short run. 10