(English Medium)
Academic Year: 2022-2023
Date & Time: 23rd March 2023, 11:00 am
Duration: 2h
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- Answers to this Paper must be written on the paper provided separately.
- You will not be allowed to write during the first 15 minutes.
- This time is to be spent reading the question paper.
- The time given at the head of this Paper is the time allowed for writing the answers.
- Attempt all five questions.
- Attempt all questions from Section A and any four questions from Section B.
- The intended marks for questions or parts of questions are given in brackets [ ].
Supply always refers to a specific desired quantity which a seller is willing to ______
Sell
Purchase
Store
None of these
Chapter: [0.01] Elementary Theory of Demand
The demand curve which indicates the inverse relationship between price and demand ______.
Slopes upward
Slopes downward
Remains horizontal
Remains vertical
Chapter: [0.01] Elementary Theory of Demand
When a straight-line supply curve cuts the y-axis, the elasticity of supply will be ______.
Elastic
Inelastic
Unitary elastic
Perfectly inelastic
Chapter: [0.01] Elementary Theory of Demand
Use of high yielding variety of seeds of related to productivity of ______.
Entrepreneur
Capital
Land
Labour
Chapter: [0.04] Factors of Production
Which factor of production is not a hired factor?
Land
Labour
Capital
Entrepreneur
Chapter: [0.04] Factors of Production
What will be the effect of raising production subsidies on the supply of a commodity?
Downward movement along the supply curve.
Leftward shift of supply curve.
Rightward shift of supply curve.
Upward movement along the supply curve.
Chapter: [0.01] Elementary Theory of Demand
In the percentage increase in the quantity of a commodity is smaller than the percentage fall in its price, the coefficient of price elasticity of demand is ______.
greater than 1
equal to 1
smaller than 1
zero
Chapter: [0.01] Elementary Theory of Demand
Which market supplies homogeneous products?
Monopoly market
Monopsony market
Oligopoly market
Perfectly competitive market
Chapter: [0.1] Nature and Structure of Markets
The reward of an entrepreneur is in the nature of ______.
contractual income
residual income
constant income
positive income
Chapter: [0.04] Factors of Production
The market structure which is characterized by a single producer of a commodity and when there are no close substitutes for that commodity is ______.
Monopoly market
Perfectly competitive market
Monopolistically competitive market
Monopsony market
Chapter: [0.1] Nature and Structure of Markets
If tea and coffee are substitutes, then bread and butter are examples of ______.
Joint goods
Similar goods
Complementary goods
Homogeneous goods
Chapter: [0.01] Elementary Theory of Demand
The rate of which commercial banks borrow from the Central Bank is the:
Bank rate
Deposit rate
Lending rate
None of these
Chapter: [0.16] Banking : Commercial Banks and Central Bank
Monopsony is a market where the ______.
seller is a price maker
buyer is a price maker
buyer is a price taker
none of the above
Chapter: [0.1] Nature and Structure of Markets
The tax whose rate remains unchanged irrespective of the income of the taxpayer is called as ______.
Progressive tax
Regressive tax
Direct tax
Proportional tax
Chapter: [0.12] Instruments of State Intervention
The function of money which allows a person to pay for a commodity at a future date is called as ______.
Unit of account
Measure of value
Standard of deferred payment
Medium of exchange
Chapter: [0.15] Money and Inflation
Which of the following types of capital gets exhausted after its use and gets embodied in the finished product?
Fixed capital
Working capital
Social capital
Sunk capital
Chapter: [0.04] Factors of Production
______ implies an introduction of private ownership in public sector enterprises.
Disinvestment
Globalisation
Privatisation
Liberalisation
Chapter: [0.14] Privatization of Public Enterprises
Wealth tax is an example of ______.
Direct tax
Indirect tax
Proportional tax
Degressive tax
Chapter: [0.12] Instruments of State Intervention
The difference between the value of security and the amount of loan sanctioned against these securities is known as:
Credit rationing
Margin requirement
Direct Action
Regulation of consumer credit
Chapter: [0.16] Banking : Commercial Banks and Central Bank
When the percentage change in the quantity supplied of a commodity is exactly equal to the percentage change in its price it is known as ______.
Unitary elastic supply
Relatively inelastic supply
Relatively elastic supply
Perfectly inelastic supply
Chapter: [0.01] Elementary Theory of Demand
Discuss any two features of a monopolistically competitive market.
Chapter: [0.1] Nature and Structure of Markets
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Mention two differences between an entrepreneur and other factors of production.
Chapter: [0.04] Factors of Production
Explain the term 'Veblen effect'. Give an example.
Chapter: [0.01] Elementary Theory of Demand
Mention two problems faced by public sector enterprises in India.
Chapter: [0.13] Public Sector Enterprises
Define progressive taxation.
Chapter: [0.12] Instruments of State Intervention
Draw a neat labelled diagram for progressive taxation.
Chapter: [0.12] Instruments of State Intervention
What do you mean by 'innovative ability' of an entrepreneur?
Chapter: [0.04] Factors of Production
What effect does increased input price have on the supply of a commodity? Draw a diagram in support of your answer.
Chapter: [0.03] Theory of Supply
What do you mean by price discrimination?
Chapter: [0.1] Nature and Structure of Markets
A depositor is allowed to withdraw more money than what is there in his account:
- What is the facility called?
- In which type of account is it permitted?
Chapter: [0.16] Banking : Commercial Banks and Central Bank
Explain complex division of labour with the help of an example.
Chapter: [0.04] Factors of Production
Explain any three characteristics of capital.
Chapter: [0.04] Factors of Production
Define the term price elasticity of demand.
Chapter: [0.02] Elasticity of Demand
With the help of a diagram, explain the Relatively inelastic demand curve.
Chapter: [0.02] Elasticity of Demand
With the help of a diagram, explain the Relatively elastic demand curve.
Chapter: [0.02] Elasticity of Demand
With the help of a diagram, explain the Unitary elastic demand curve.
Chapter: [0.02] Elasticity of Demand
What do you understand by the term 'Capital formation'?
Chapter: [0.04] Factors of Production
Explain any three factors which affect capital formation.
Chapter: [0.04] Factors of Production
Distinguish between derived demand and composite demand.
Chapter: [0.01] Elementary Theory of Demand
Distinguish between contraction and decrease in supply.
Chapter: [0.03] Theory of Supply
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Distinguish between Monetary and Fiscal Policy (One point)
Chapter: [0.12] Instruments of State Intervention
Mention two important differences between Public Sector and Private Sector.
Chapter: [0.14] Privatization of Public Enterprises
Explain any two reasons for privatisation.
Chapter: [0.14] Privatization of Public Enterprises
What is meant by the efficiency of labour?
Chapter: [0.04] Factors of Production [0.07] Labour
The Indian labour suffers from low efficiency. Explain your answer with three reasons for low efficiency of Indian labour.
Chapter: [0.04] Factors of Production
What is meant by impact of taxation?
Chapter: [0.12] Instruments of State Intervention
What is meant by incidence of taxation?
Chapter: [0.12] Instruments of State Intervention
How are direct taxes different from indirect taxes? (Any three points)
Chapter:
Define qualitative credit control policy of the RBI.
Chapter: [0.16] Banking : Commercial Banks and Central Bank
Central bank is the lender of the last resort. Explain.
Chapter:
Explain how credit rationing helps to control credit in an economy.
Chapter: [0.16] Banking : Commercial Banks and Central Bank
Explain the following function of money:
Medium of exchange
Chapter:
Explain the following function of money:
Store of value
Chapter:
Explain the following function of money:
Maximisation of utility
Chapter:
What do you understand by ‘changing pattern of land use’?
Chapter: [0.04] Factors of Production
Explain any three such changes causing destruction to the ecosystem.
Chapter: [0.04] Factors of Production
Read the extract given below and answer the questions that follow:
|
ET Bureau, Aug 01, 2022 Food prices may not ease this fiscal deficit and can throw India’s monetary policy makers a tougher challenge in bringing down inflation and anchoring inflation expectation, Crisil said on Monday. The recent rise in food inflation is mainly supply shortages-led, driven by both global geopolitical conflicts and impact of local heat waves. Other factors such as rising input costs in agricultural production have played their part too. The surge in food prices is accompanied by high fuel and core inflation following the? Russia- Ukraine war, keeping inflation consistently above the Reserve Bank of India's upper target band of 6% for the past few months. “This has put monetary policy in a quandary and made it imperative for the central bank to look closely at factors pushing up food prices.” Crisil said, predicting overall CPI inflation at 6.8% and food inflation at 7% for the current fiscal. |
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- What is meant by inflation? 2
- How is creeping inflation different from waling inflation? 2
- Explain the impact of inflation on: 3
- Wage earners and salaried class
- The investors
-
- What do you mean by division of labour? 2
- Explain any two advantages of division of labour. 3
- 'Labour as a factor of production differs from other factors of production.’ In this context explain any two features of labour. 2
Chapter: [0.15] Money and Inflation
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