ECONOMICS QUIZ

Afterschoool – developing change makers

CENTRE FOR SOCIAL
ENTREPRENEURSHIP
PGPSE PROGRAMME – OPEN FOR ALL
FREE FOR ALL

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 ECONOMICS
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
www.afterschoool.tk

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Who said that economics is the
science which studies human
behaviour as a relation between
ends and scarce means – with
alternative uses?

 Robbins

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Who said that economics deals with
attaining wealth and well being?
 Alfred Marshall

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Who said that economics is a
science which deals with wealth?
 J.B. Say

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Who said that economics studies
dynamic growth and development?
 Paul A. Samuelson

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What is micro economics?
 The branch of economics which deals
with individual firm and its decisions

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What is macro economics?
 Itstudies economic behaviour of
aggregates such as overall economy –
for example total production , total
consumption in the nation etc.

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What is normative science?
 It
tells you what should be done (not
what is done).

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What is positive science?
 Ittalks about the facts which are present
(not what is ideal – which is advocated
by normative science).
 Economists – Robbins are in favour of
this.

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What is inductive / deductive?
 When we proceed from general to
individual - it is deductive
 When we proceed from individual to
general – it is inductive.
 Everyone dies – therefore Ramendu will
also die – is example of deductive
 Remendu died, Mahendu died, Someshwar
died – therefore everyone dies – is example
of inductive reasoning.

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What is PPC?
 Production Possibility curve
 It gives you all the possibilities of
production with given inputs of raw
material and resources. (alternative
production possibilities in an economy).

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What is the shape of PPC?
 CONCAVE TO THE ORIGIN

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What is capitalist economy?
 It is also called free market economy.
 Complete freedom to private sector
 Minimum government intervention
 Very high competition,
 Inequality of income
 Right to private property.
 Freedom to enterprises as well as to
consumers. Example: USA

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What is socialist economy?
 No freedom
 Price, quantity and all factors are
decided by government
 It is centrally planned economy

 Collective ownership of goods and

services
 Example: estwhile Russia (before 1990).

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What is mixed economy?
 Mixture of both economies – capitalist +
socialist
 Example: India

 Some government intervention but

freedom to private sector also

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What is income elasticity of a house
hold – whose income rises by 12%
and their consumption of goods rises
by 24%?
 Income elasticity = % change in
consumption / % change in income
 = 24/12 = 2. answer.

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What is CAC, When did it start in
India?
 Capital account convertibility. (foreign
exchange).
 It was started in 1994.

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What is NRO account?
 Non – Resident Ordinary Account.
 NRIs can remit upto $ 1 million out of
their NRO accounts every year.

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What is CCS when was it
abolished?
 Cash Compensatory Scheme – it was
abolished in 1991. (for exporters).

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What is EPCG scheme?
 Export Promotion Capital Goods scheme
– it encourages import of capital goods
for export oriented units – it was
liberalised in 1992.

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What is economic cost?
 Accounting cost + implicit cost

 Implicitcost is the cost where there is not

money payment - yet it is considered
cost in economics – for example the
salary of entrepreneur, charges for free
resources of society etc.

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What kind of unemployment is
most in India?
 Structural unemployment

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What is BASEL II?
 Itis banking standard – it is to be
implemented from March 2007.

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Which of the following is
correct?
1. Marginal cost is always less than average
cost.
2. Marginal cost is always more than
average cost.
3. Marginal cost is always equal to average
cost at its minimum point
4. Marginal cost is always equal than
average cost.
Solution:
Option C is best.

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Which of the following is not the
reason of industrial sickness in
India?

(industrial sickness means constantly loss

making companies)
2. Outdated technology

3. Labour problems

4. Faulty location

5. Lack of CAC

Solution: option 4th is the best.

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A firm’s average fixed cost is 200 at
100 units of output, what will be AFC
at 20 units of output?
 Totalfixed cost = 200*100 = 20000
 AFC at 20 units of output:

 20000/20 = 1000 answer.

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A firm’s average variable cost is $
200 at 100 units of output, what will
be AVC at 20 units of output?
 Variable cost is always per unit so AVC
will be $200 at any level of output.
(unless some other information is given).

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 A firm has total variable costs of Rs.
5000 at 10 units of output. Its fixed
costs are 20000 at 100 units of
output. What will be total costs and
average costs at 200 units of
output?
 Variable cost per unit: 500.
 Fixed cost is : 20000

 Thus total cost = (200*500) +20000

 = 100000+20000=120000

 Average cost =120000/200 = 600

answer.
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A firm is producing 100 units with
average total cost of 120 per unit. Its
fixed cost is 4000. What is average
variable cost at 50 units of output?

 Total cost = 12000

 Total variable cost = 12000 – 4000
 = 8000
 Thus average variable cost is 8000/100
= 80.
 Thus its average variable cost is Rs. 80
– it will be Rs. 80 at 50 units of output
level also.
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Economics is ?
1. Science
2. Art

3. Partly science partly art

4. None

Solution
option C is the best.

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My income rise by 2%, my
consumption of Bajra reduced by
10%. What is income elasticity here?
 -10% / 2%
 = -5 answer.

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When will PPC shift inward?
1. Workers get high skill training
2. Agricultural Revolution II starts
3. There is war with Pakistan and in that
process both countries suffer heavy
losses of manpower and resources
4. IITs develop new technology, which will
bring down costs and increase output.
Solution: option 3rd is the right option.
(production will fall in this case – in all
other cases production will increase).

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 ABO UT A FTERSCH OOO L
Afterschoool conducts three year integrated PGPSE (after
class 12th along with IAS / CA / CS) and 18 month PGPSE
(Post Graduate Programme in Social Entrepreneurship)
along with preparation for CS / CFP / CFA /CMA / FRM. This
course is also available online also. It also conducts
workshops on social entrepreneurship in schools and
colleges all over India – start social entrepreneurship club in
your institution today with the help from afterschoool and help
us in developing society.

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Why such a programme?
 To promote people to take up entrepreneurship
and help develop the society
 To enable people to take up franchising and
other such options to start a business / social
development project
 To enable people to take up social
development as their mission
 To enable people to promote spirituality and
positive thinking in the world

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Who are our supporters?
 Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
 You can also support us – not
necessarily by money – but by being
promotor of our concept and our ideas.

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About AFTERSCHOOOL PGPSE – the best
programme for developing great entrepreneurs

 Most flexible, adaptive but rigorous programme

 Available in distance learning mode
 Case study focused- latest cases
 Industry oriented practical curriculum
 Designed to make you entrepreneurs – not just
an employee
 Option to take up part time job – so earn while
you learn
 The only absolutely free course on internet
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Workshops from
AFTERSCHOOOL
 IIF, Delhi
 CIPS, Jaipur
 ICSI Hyderabad Branch
 Gyan Vihar, Jaipur
 Apex Institute of Management, Jaipur
 Aravali Institute of Management, Jodhpur
 Xavier Institute of Management,
Bhubaneshwar
 Pacific Institute, Udaipur
 Engineering College, Hyderabad

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Flexible Specialisations:
 Spiritualising business and society
 Rural development and transformation
 HRD and Education, Social Development
 NGO and voluntary work
 Investment analysis,microfinance and inclusion
 Retail sector, BPO, KPO
 Accounting & Information system (with CA / CS /CMA)
 Hospital management and Health care
 Hospitality sector and culture and heritage
 Other sectors of high growth, high technology and social
relevance

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Salient features:
 The only programme of its kind (in the whole world)
 No publicity and low profile course
 For those who want to achieve success in life – not just a
degree
 Indepth knowledge and expertise
 Professional approac: World class approach
 Strong intellectual and business capabilities
 Flexible – you may stay for a month and continue the rest of
the education by distance mode. / you may attend weekend
classes
 Scholarships for those from poor economic background
 Latest and constantly changing curriculum – keeping pace
with the time
 Placement for those who are interested
 Admissions open throughout the year
 Latest and most advanced technologies, books and study
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material
Components
 Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
 Meditation, spiritualisation, and self development
 Essential softwares for business
 Business plan, Research projects
 Participation in conferences / seminars
 Workshops on leadership, team building etc.
 Written submissions of research projects/articles / papers
 Interview of entrepreneurs, writing biographies of entrepreneurs
 Editing of journals / newsletters
 Consultancy / research projects
 Assignments, communication skill workshops
 Participation in conferences and seminars
 Group discussions, mock interviews, self development diaryng
 Mind Power Training & writing workshop (by Dr. T.K.Jain)

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Pedagogy
 Case analysis,
 Articles from Harvard Business Review
 Quiz, seminars, workshops, games,
 Visits to entrepreneurs and industrial visits
 Presentations, Latest audio-visuals
 Group discussions and group projects
 Periodic self assessment
 Mentoring and counselling
 Study exchange programme (with institutions out of India)
 Rural development / Social welfare projects

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Branches
 AFTERSCHOOOL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these
branches – and for promoting social
entrepreneurs.

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Case Studies
 We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us
to be in touch with entrepreneurs, so that
we may develop entrepreneurs.

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Basic values at afterschoool
 Share to learn more
 Interact to develop yourself
 Fear is your worst enemy
 Make mistakes to learn
 Study & discuss in a group
 Criticism is the healthy route to mutual support
and help
 Ask fundamental questions : why, when, how
& where?
 Embrace change – and compete with yourself
only
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www.afterschoool.tk
social entrepreneurship for better
society

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