Commerce (English Medium)
Arts (English Medium)
Academic Year: 2018-2019
Date: March 2019
Duration: 3h
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- Question Nos. 1 - 4 and 13 - 16 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.
- Question Nos. 5 - 6 and 17 - 18 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.
- Question Nos. 7 - 9 and 19 - 21 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.
- Question Nos. 10 - 12 and 22 - 24 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each.
Choose the correct answer from given options
The Total Revenue earned by selling 20 units is ₹ 700. Marginal Revenue earned by selling the 21st unit is ₹ 70. The value of Total Revenue earned by selling total 21 units will be ______________.
₹ 721
₹ 630
₹ 770
₹ 720
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct answer from given options
In the given figure X1Y1 and X2Y2 are Production Possibility Curves in two different periods T1 and T2 respectively for Good X and Good Y. A1 and A2 represent actual outputs and P1 and P2 represent potential outputs respectively in the two times periods.
The change in actual output of Goods X and Y over the two periods would be represented by a movement from __________.
A2 to P2
A1 to P2
P1 to A2
A1 to A2
Chapter: [0.02] Consumer Equilibrium and Demand
Fill in the blank.
Under imperfect competition, Average Revenue (AR) remains ___________ Marginal Revenue (MR).
Chapter: [0.03] Producer Behaviour and Supply
Fill in the blank.
"For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be __________ and beyond that level of output Marginal Cost must be ____________."
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct answer from given options
If the supply curve is a straight line parallel to the vertical axis (Y-axis), supply of the good is called as _________.
Unitary Elastic Supply
Perfectly Elastic Supply
Perfectly Inelastic Supply
Perfectly Elastic Demand
Chapter: [0.03] Producer Behaviour and Supply
Distinguish between positive economics and normative economics, with suitable examples.
Chapter: [0.01] Introduction
Answer the following question:
Explain the law of diminishing marginal utility using a hypothetical schedule.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question:
Elaborate the law of demand, with the help of a hypothetical schedule.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question:
The market for a good is in equilibrium. How would an increase in an input price affect the equilibrium price and equilibrium quantity, keeping other factors constant? Explain using a diagram.
Chapter: [0.04] Forms of Market and Price Determination
The coefficient of price elasticity of demand for Good X is (−) 0.2. If there is a 5% increase in the price of the good, by what percentage will the quantity demanded for the good fall?
Chapter: [0.02] Consumer Equilibrium and Demand
Arrange the following coefficients of price elasticity of demand in ascending order:
(−) 3.1, (−) 0.2, (−) 1.1
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question:
How would the demand for a commodity be affected by a change in the "tastes and preferences" of the consumers in favour of the commodity? Explain using a diagram.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain whether the statement is true or false with reasons.
Average cost curve cuts Average variable cost curve, at the minimum level.
True
False
Chapter: [0.03] Producer Behaviour and Supply
Explain whether the statement is true or false with reasons.
Average product curve and Marginal product curves are 'U-shaped' curves.
True
False
Chapter: [0.03] Producer Behaviour and Supply
Explain whether the statement is true or false with reasons.
Under all market conditions, Average revenue and marginal revenue are equal to each other.
True
False
Chapter: [0.03] Producer Behaviour and Supply
Explain whether the statement is true or false with reasons.
Total cost curve and Total variable cost curve are parallel to each other.
True
False
Chapter: [0.03] Producer Behaviour and Supply
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Explain the meaning of the following features of the Oligopoly Market :
(a) Non-Price Competition
(b) Few Sellers
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question:
What is meant by increasing returns to a variable factor?
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question:
Discuss briefly, any two reasons for the decreasing returns to a variables factor.
Chapter: [0.03] Producer Behaviour and Supply
Explain the following condition:
Movement along the same indifference curve.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the following condition:
Shift from a lower to a higher indifference curve.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the Law of Equi-Marginal Utility
Chapter: [0.02] Consumer Equilibrium and Demand
Choose the correct answer from given options
Primary deficit in a government budget will be zero when ________
Revenue deficit in zero
Net interest payments are zero
Fiscal deficit is zero
Fiscal deficit is equal to interest payment
Chapter: [0.05] Government Budget and the Economy
In order to encourage investment in the economy, the Central Bank may ______.
Reduce Cash Reserve ratio
Increase Cash Reserve Ratio
Sell Government securities in open market
Increase Bank Rate
Chapter: [0.03] Money and Banking
What do you mean by a direct tax?
Chapter: [0.05] Government Budget and the Economy
What do you mean by an indirect tax?
Chapter: [0.05] Government Budget and the Economy
Define 'money multiplier'.
Chapter: [0.03] Money and Banking
Calculate the change in final income, if Marginal Propensity to Consume (MPC) is 0.8 and change in initial investment is ₹ 1,000 crores.
Chapter: [0.04] Determination of Income and Employment
State the impact of "Excess Demand" under the Keynesian theory on employment, in an economy.
Chapter: [0.04] Determination of Income and Employment
State the meaning of the following:
Ex-Ante Savings
Chapter: [0.04] Determination of Income and Employment
State the meaning of the following:
Full Employment
Chapter: [0.04] Determination of Income and Employment
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State the meaning of the following:
Autonomous Consumption
Chapter: [0.04] Determination of Income and Employment
Classify the following statement as a revenue receipt or capital receipt. Give valid reasons in support of your answer.
Financial help from a multinational corporation for victims in a flood-affected area.
Chapter: [0.05] Government Budget and the Economy
Classify the following statement as a revenue receipt or capital receipt. Give valid reasons in support of your answer.
Sale of shares of a Public Sector Undertaking (PSU) to a private company, Y Ltd.
Chapter: [0.05] Government Budget and the Economy
Classify the following statement as a revenue receipt or capital receipt. Give valid reasons in support of your answer.
Dividends paid to the Government by the State Bank of India.
Chapter: [0.05] Government Budget and the Economy
Classify the following statement as a revenue receipt or capital receipt. Give valid reasons in support of your answer.
Borrowings from the International Monetary Fund (IMF).
Chapter: [0.05] Government Budget and the Economy
Do you agree with the given statement? Give valid reasons in support of your answer.
"Higher Gross Domestic Product (GDP) means greater per capita availability of goods in the economy."
Chapter: [0.02] National Income and Related Aggregates
Answer the following question:
Explain the meaning of Real Gross Domestic Product and Nominal Gross Domestic Product, using a numerical example.
Chapter: [0.02] National Income and Related Aggregates
Distinguish between 'Qualitative and Quantitative tools' of credit control as may be used by a Central Bank.
Chapter: [0.03] Money and Banking
Define "Trade surplus" and "Trade Deficit".
Chapter: [0.05] Government Budget and the Economy
Discuss briefly the concept of managed floating system of foreign exchange rate determination.
Chapter: [0.06] Open Economy Macroeconomics
Discuss the adjustment mechanism in the following situation :
Aggregate demand is lesser than Aggregate Supply.
Chapter: [0.04] Determination of Income and Employment
Discuss the adjustment mechanism in the following situation :
Ex-Ante Investments are greater than Ex-Ante Savings.
Chapter: [0.04] Determination of Income and Employment
Define the following: Value Addition
Chapter: [0.02] National Income and Related Aggregates
Define the Gross Domestic Product.
Chapter: [0.02] National Income and Related Aggregates
Define the following: Flow Variables
Chapter: [0.02] National Income and Related Aggregates
Define the following:
Income from property and entrepreneurship
Chapter: [0.02] National Income and Related Aggregates
Given the following data, find the values of "Gross Domestic Capital Formation" and "Operating Surplus".
| S. No. | Particulars |
Amount (₹ in crores) |
| (i) | National Income | 22,100 |
| (ii) | Wages and Salaries | 12,000 |
| (iii) | Private Final Consumption Expenditure | 7,200 |
| (iv) | Net Indirect Taxes | 700 |
| (v) | Gross Domestic Capital Formation | ? |
| (vi) | Depreciation | 500 |
| (vii) | Government Final Consumption Expenditure | 6,100 |
| (viii) | Mixed Income of Self-Employed | 4,800 |
| (ix) | Operating Surplus | ? |
| (x) | Net Exports | 3,400 |
| (xi) | Rent | 1,200 |
| (xii) | (-) | |
| Net Factor Income From Abroad | 150 |
Chapter: [0.02] National Income and Related Aggregates
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