HURDCO International School

3rd Quarter Class Test 2022

Subject: Economics

Grade: IX Full Marks: 25 Duration:40 min

Answer the following questions

1 a) i) Define trade union. (2)
ii) What do you mean by minimum wage? (2)
b) Explain how effective trade unions may be in influencing individual firms and the government. (5)
c) Discuss whether trade union is always beneficial for i) the workers ii) the organization. (6)

2a) From the following diagram calculate:

i) firm’s fixed cost
ii) average total cost when 20 units of goods are produced and
iii) average variable cost while 20 units of goods are produced [Show your working in each case] (6)

Total
Cost
cost
80000

60000 Variable

cost

Quantity
10 20

(b) Discuss whether (i) fuel and (ii) labour would be classified as a fixed or a variable cost for an airline
industry. [4]

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