Commerce (English Medium)
Science (English Medium)
Arts (English Medium)
Academic Year: 2016-2017
Date & Time: 16th April 2017, 12:30 pm
Duration: 3h
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- Question No.1-5 and 16-20 are very short answer questions carrying 1 mark each.
- Question No.6-8 and 21-23 are short answer questions carrying 3 marks each.
- Question No.9-11 and 24-26 are also short answer questions carrying 4 marks each.
- Question No.12-15 and 27-30 are long answer questions carrying 6 marks each.
Choose the correct answer from given options
A firm is not a price maker under
oligopoly
monopolistic competition
monopoly
perfect competition
Chapter: [0.04] Forms of Market and Price Determination
Choose the correct answer from given options.
The expenditure on a good would change in the opposite direction as the price changes only when demand is ______
elastic
inelastic
perfectly inelastic
unitary elastic
Chapter: [0.02] Consumer Equilibrium and Demand
Choose the correct answer from given options
There are only a few sellers under
Perfect competition
Monopolistic competition
Monopoly
Oligopoly
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question.
State and explain the law of demand.
Chapter: [0.02] Consumer Equilibrium and Demand
Choose the correct answer from given options
When marginal utility is zero, total utility is
zero
minimum
maximum
negative
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Why is a Production Possibility Curve concave to the origin? Explain.
Chapter: [0.01] Introduction
Answer the following question.
Why does an economic problem arise? Explain.
Chapter: [0.01] Introduction
Answer the following question.
Give any three factors that can cause a rightward shift of the demand curve.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Explain the meaning of opportunity cost with the help of a production possibility schedule.
Chapter: [0.01] Introduction
Answer the following question.
Explain the meaning of the marginal rate of substitution. Why does it diminish as one good is substituted for the other? Explain.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the meaning of Budget line.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
What can cause a change in the budget line? Explain.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
State the relation between marginal product and average product. Show this relation in a diagram.
Chapter: [0.03] Producer Behaviour and Supply
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Answer the following question.
Why are the firms said to be interdependent in an oligopoly market? Explain.
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question.
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles?
Chapter: [0.02] Consumer Equilibrium and Demand
Complete the following table :
| Output Units |
Marginal Cost Rs |
Average Variable Cost Rs | Total Cost Rs |
Average Fixed Cost Rs |
| 1 | 60 | ...... | 120 | ...... |
| 2 | ...... | ...... | 174 | ...... |
| 3 | ...... | 54 | ...... | ...... |
| 4 | 54 | ...... | ...... | 15 |
| 5 | ...... | 57 | 345 | ...... |
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Explain the meaning and implications of the maximum price ceiling and minimum price ceiling.
Chapter: [0.04] Forms of Market and Price Determination
State whether the following statement is true or false. Give reasons for your answer :
When the equilibrium price is greater than the market price there will be excess supply in the market.
True
False
Chapter: [0.04] Forms of Market and Price Determination
State whether the following statement is true or false. Give reasons for your answer :
X and Y are complementary goods. A fall in the price of Y will result in a rise in the price of X.
True
False
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Explain the conditions of the producer's equilibrium with the help of a numerical example. Use marginal cost and marginal revenue approach.
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Give the meaning of under-employment equilibrium.
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
What is meant by a trade deficit?
Chapter: [0.06] Open Economy Macroeconomics
Answer the following question.
What are capital receipts?
Chapter: [0.05] Government Budget and the Economy
Choose the correct from given options
When aggregate demand is greater than aggregate supply, inventories
fall
rise
do not change
first fall, then rise
Chapter: [0.04] Determination of Income and Employment
Choose the correct from given options
Repo rate is the rate at which
commercial banks purchase government securities from the central bank
commercial banks can take loans from the central bank
commercial banks can keep their deposits with the central bank
short-term loans are given by commercial banks
Chapter: [0.03] Money and Banking
Answer the following question.
Explain the secondary functions of money.
Chapter: [0.03] Money and Banking
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Answer the following question.
Define money. Lists its components.
Chapter: [0.03] Money and Banking
Answer the following question.
Explain 'mixed-income of self-employed' and give an example.
Chapter: [0.04] Determination of Income and Employment
Giving reasons, classify the following into revenue receipts and capital receipts :
Recovery of loans
Chapter: [0.05] Government Budget and the Economy
Giving reasons, classify the following into revenue receipts and capital receipts :
Profits of public sector undertakings
Chapter: [0.05] Government Budget and the Economy
Giving reasons, classify the following into revenue receipts and capital receipts :
Borrowings
Chapter: [0.05] Government Budget and the Economy
Answer the following question.
Explain the role of government budget in influencing the allocation of resources.
Chapter: [0.05] Government Budget and the Economy
An economy is in equilibrium. From the following data calculate investment expenditure :
(i) Marginal propensity to consume = 0·9
(ii) Autonomous consumption = 200
(iii) Level of income = 10000
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
Explain the money creation function of commercial banks.
Chapter: [0.03] Money and Banking
Answer the following question.
Explain the "varying reserve requirements" method of credit control by the central bank.
Chapter: [0.03] Money and Banking
Answer the following question.
Explain the distinction between the flexible exchange rate and the managed floating exchange rate.
Chapter: [0.06] Open Economy Macroeconomics
Answer the following question.
Explain by giving examples, the distinction between depreciation and devaluation of the domestic currency.
Chapter: [0.06] Open Economy Macroeconomics
Answer the following question.
What precautions should be taken while estimating national income by value-added method? Explain.
Chapter: [0.02] National Income and Related Aggregates
Answer the following question.
In an economy, investment increased by 1,100 and as a result of it income increased by 5,500. Had the marginal propensity to save been 25 percent, what would have been the increase in income?
Chapter: [0.04] Determination of Income and Employment
Calculate (a) national income, and (b) net national disposable income:
| (Rs in crores) | ||
| (i) | Compensation of employees | 2,000 |
| (ii) | Profit | 800 |
| (iii) | Rent | 300 |
| (iv) | Interest | 250 |
| (v) | Mixed-income of self-employed | 7,000 |
| (vi) | Net current transfers to abroad | 200 |
| (vii) | Net exports | (-) 100 |
| (viii) | Net indirect taxes | 1,500 |
| (ix) | Net factor income to abroad | 60 |
| (x) | Consumption of fixed capital | 120 |
Chapter: [0.02] National Income and Related Aggregates
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