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Define an indifference curve.
Concept: Indifference Curve
Distinguish between final goods and intermediate goods. Give an example of each.
Concept: Basic Concepts - Intermediate Goods
The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?
Concept: Elasticity of Demand
Giving reason explain how should the following be treated in the estimation of national income:
Payment of corporate tax by a firm
Concept: Concept of National Income
Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?
Concept: Functions of Money > Primary Function
Answer the following question.
Why are the firms said to be interdependent in an oligopoly market? Explain.
Concept: Features of Oligopoly
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Concept: Forms of Market
Define aggregate supply?
Concept: Concept of Aggregate Demand and Aggregate Supply
Read the passage given below :
1. To ensure its perpetuity, the ground is well held by the panther both in space and in time. It enjoys a much wider distribution over the globe than its bigger cousins and procreates sufficiently profusely to ensure its continuity for all time to come.
(ii) in the branches of the trees
(iii) behind the tree trunks
(iv) at its heels
(ii) trains its cubs
(iii) watches the progress of the mother
(iv) is impulsive and impatient
Answer the following questions briefly :
(ii) came down / fell (para 7)
Concept: Unseen Passage Comprehension
Read the passage given below:
People tend to amass possessions, sometimes without being aware of doing so. They can have a delightful surprise when they find something useful which they did not know they owned. Those who never have to change house become indiscriminate collectors of what can only be described as clutter. They leave unwanted objects in drawers, cupboards, and attics for years in the belief that they may one day need them. Old people also accumulate belongings for two other reasons, lack of physical and mental energy, and sentiment. Things owned for a long time are full of associations with the past, perhaps with the relatives who are dead, and so they gradually acquire a sentimental value.
Some things are collected deliberately in an attempt to avoid wastage. Among these are string and brown paper, kept by thrifty people when a parcel has been opened. Collecting small items can be mania. A lady cuts out from newspaper sketches of model clothes that she would like to buy if she had money. As she is not rich, the chances are that she will never be able to afford such purchases. It is a harmless habit, but it litters up her desk.
Collecting as a serious hobby is quite different and has many advantages. It provides relaxation for leisure hours, as just looking at one’s treasure is always a joy. One doesn’t have to go out for amusement as the collection is housed at home. Whatever it consists of - stamps, records, first editions of books, china – there is always something to do in connection with it, from finding the right place for the latest addition to verifying facts in reference books. This hobby educates one not only in the chosen subject but also in general matters which have some bearing on it.
There are other benefits also. One gets to meet like-minded collectors to get advice, compare notes, exchange articles, to show off one’s latest find. So one’s circle of friends grows. Soon the hobby leads to traveling, perhaps a meeting in another town, possibly a trip abroad in search of a rare specimen, for collectors are not confined to one country. Over the years one may well become an authority on one’s hobby and will probably be asked to give informal talks to little gatherings and then, if successful, to larger audiences.
(a) On the basis of your understanding of the above passage make notes on it using headings and sub-headings. Use recognizable abbreviations (wherever necessary-minimum four) and a format you consider suitable. Also, supply an appropriate title to it.
(b) Write a summary of the passage in about 80 words.
Concept: Unseen Passage Comprehension
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.
Concept: Dissolution of Partnership Firm
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.
Concept: Dissolution of Partnership Firm
Give the meaning of forfeiture of shares
Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.
Concept: Dissolution of Partnership Firm
Give the meaning of forfeiture of shares
Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Write short notes on Importance of financial planning
Concept: Importance of Financial Planning
Explain the following function of marketing:
Marketing planning
Concept: Marketing Functions
Explain the following function of marketing:
Product designing and development
Concept: Marketing Functions
Answer the following question:
Explain briefly any two points of importance of consumer protection from the point of view of the business.
Concept: Concept of Consumer Protection
Given the meaning of market demand.
Concept: Market Demand
