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THE EASTWOOD HIGHSCHOOL First Terminal Examination August 2021 Economics Applications- Std VIII Marks 100 (Attempt all questions from Part A and any four questions from Part B) Part-A (40 Marks) Question 1. Give Reasons. Growth definition is the most comprehensive definition. Illiteracy lead to exploitation of consumers. Government acts as a producer and consumer. Scarcity definition is not applicable to rich countries Parental activity is a non economic activity. Question 2. Who is an Economic Man What is an economy? Give example. What are legal measures taken to protect consumer’s rights What is progressive tax system? Explain any two features of welfare definition. Question 3. Where do these phrases belong to and write a brief note. Efficient allocation of resources. Artificial scarcity. Science of choice. Welfare cannot be quantified. You must insist for warranty card for each purchase. Question 4. Why do you say that Economics is regarded as the queen of all Social sciences Write any three rights of consumers. What are firms? Write the dual role of firms in the economy. What is Growth definition? Who introduced growth definition? Who are considered as modern consumers? Part-B (60 Marks) (Attempt any four questions) Question 5. What is an Economic entity? Explain it’s activities. (5) Explain the administrative and technical measures taken by the government to protect consumers. (5) Who is considered as the father of modern economics? Explain the two features of his definition. What is the name of his book? (5) Question 6. What are 5 Rs. (5) Why is production sector important important in an economy? (5) Explain the definition of material welfare. Who introduced it? (5) Question 7. What is a government? Explain any three direct roles of the government In an economy. (8) Write any five different forms of exploitation of consumers and explain how you can prevent it. (7) Question 8. Classify the producers with examples. (5) Critically examine the material welfare definition. (5) Write the exchange relationship between firms and households. (5) Question 9. What is scarcity definition? Explain its two features, two merits and two demerits. (10) Why are house holds important in an economy? (5)​

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