Nios Economics (214) Tutor Marked Assignment 2021-22 Question Paper

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Economics (214) Tutor Marked Assignment 2021-22 

Note :

(i) All questions are compulsory. The Marks allotted for each question are given beside the questions.

(ii) Write your name, enrollment numbers, AI name and subject on the first page of the answer

1. Answer any one of the following questions in about 40-60 words.

(a) Economics is a vast subject and it is not easy to give a precise definition of economics. You have to define economics as science of welfare and science of wealth.
(See Lesson 1)

(b) “Any producer wants to earn maximum profit and minimize cost of production. Explain the concept of cost, revenue and profit for the producer.” (See Lesson 8)

2. Answer any one of the following questions in about 40 to 60 words.

(a) Scarcity and choice go hand in hand. In fact issue of choice arises because resources are scarce. Explain the issue of scarcity and choice with the help of an example. (See Lesson 5)

(B) “Goods and services both are equally important for satisfaction of human wants and these goods and services are as diverse as our wants.” In the light of this statement explain the features of goods and services.

3. Answer any one of the following questions in about 40 to 60 words.

(a) As we all know our wants are unlimited but our resources to satisfy these wants are
limited.In the light of the given statement explain the Indian philosophy of limiting wants.

(b) If production is defined as transformation of inputs into outputs then how would you
describe production function. Also name two major technologies of production.

4. Answer any one of the following questions in about 100 to 150 words.

(a) Total Production, Average Production and Marginal Production are related to each other.
Explain their relationship with the help of a numerical example.

(b) Economies can be classified on different basis. One of such bases is ‘Development’. Explain the types of economies on the basis of development citing relevant examples of each type of economy.

5. Answer any one of the following questions in about 100 to 150 words.

(a) “Economy is a man-made organization] which is created, destroyedor changed as per the
requirement of the society”. In the light of this statement explain the capitalist, socialist
and mixed economy. Which type of economy India is?

(b) Distinguish between autonomous corporations and government companies.

6. Prepare any one project out of the given below:

(a) We know that profitis the surplus of revenue over the total cost of production and is
calculated using the following expression Profit = Total Revenue – Total Cost. You have
to collect the monthly cost for eight months production figure of a manufacturer and then
his total revenue and marginal revenue corresponding to each monthly figure assuming
that average revenue is Rs. 25. Thereafter you will have to calculate his monthly profit.
Show your calculation in a tabular manner. (See Lesson 8)

(b) You have been provided with the following table by a producer.

The producer needs your help in completing the above table and decide how many units
of labour be employed to optimize the level of output. (See Lesson 7)

Session 2021-22 (Economics&214)

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