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 alternative from given options:
The coefficient of price elasticity of supply of a good is 3. It is known as ___________.
Unitary Elastic Supply
Perfectly Inelastic Supply
Elastic Supply
Inelastic Supply
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct alternative from given options:
Shift from Point A on Production Possibility Curve X1Y1 to point B on X2Y2 in the given figure indicates:
Decrease in resources
Increase in resources
Full and efficient utilisation of resources
Wastage of resources
Chapter: [0.01] Introduction
Fill up the blank.
A Production Possibility Curve (PPC) would be convex to the origin if the Marginal Rate of Transformation (MRT) is ___________.
Chapter: [0.01] Introduction
Fill up the blank.
The shape of the average revenue curve under perfect competition would be ____________.
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question.
Mention any two examples of the implicit costs incurred by a firm.
Chapter: [0.03] Producer Behaviour and Supply
Define variable cost.
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Explain the central problem for whom to produce.
Chapter: [0.01] Introduction
Classify the following statement into positive economic or normative economic, with suitable reason:
Government should try to control the rising fiscal deficit.
Chapter: [0.05] Government Budget and the Economy
Classify the following statement into positive economic or normative economic, with suitable reason:
Real Gross Domestic Product (GDP) is calculated on the basis of 'base year price'.
Chapter: [0.02] National Income and Related Aggregates
Answer the following question.
Explain the relationship between Total utility and Marginal utility.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Discuss briefly the meaning of "Price discrimination" and "Product differentiation" with the help of suitable examples.
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question.
Is a firm under perfect competition a price taker, or a price maker? Justify your answer.
Chapter: [0.04] Forms of Market and Price Determination
The price of a commodity increase from ₹ 10 to ₹ 14. Calculate percentage fall in quantity demanded of the commodity if the coefficient of price elasticity of demand is (−) 1.25.
Chapter: [0.02] Consumer Equilibrium and Demand
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State whether the following statement is true or false. Give valid reasons in support of your answer.
The coefficient of price elasticity of demand for the commodity is inversely related to the number of alternative uses of the commodity.
True
False
Chapter: [0.02] Consumer Equilibrium and Demand
State whether the following statement is true or false. Give valid reasons in support of your answer.
Luxury goods often have lower price elasticity of demand.
True
False
Chapter: [0.02] Consumer Equilibrium and Demand
With the help of the given schedule, determine the firm's equilibrium using marginal revenue − marginal cost approach. Give valid reasons in support of your answer.
| Output (in units) |
Total revenue (TR) (in ₹) | Total Cost (TC) ( in ₹) |
| 1 | 20 | 20 |
| 2 | 40 | 30 |
| 3 | 60 | 36 |
| 4 | 80 | 40 |
| 5 | 100 | 60 |
| 6 | 120 | 90 |
Chapter: [0.03] Producer Behaviour and Supply
Identify the market form and explain the corresponding feature, as given in the following statement:
"The commodity in this market has attributes which are identical for sellers and buyers."
Chapter: [0.04] Forms of Market and Price Determination
Answer the following question.
Define Price Floor. State the likely consequence of this type of intervention by the government.
Chapter: [0.04] Forms of Market and Price Determination
Suppose a consumer whose budget is ₹ 500, wants to consume only two goods, Good X and Good Y. The goods are respectively priced at ₹ 50 and ₹ 25.
Answer the following questions on the basis of the given information:
(a) State the budget equation of the consumer.
(b) What is the slope of the budget line?
(c) How many units can she purchase if she spends the entire ₹ 500 on Good X?
(d) How many units can she purchase if she spends the entire ₹ 500 on Good Y, given that the price of good Y has doubled?
Chapter: [0.02] Consumer Equilibrium and Demand
"For a consumer to be in the equilibrium position, a marginal rate of substitution between the two goods must be equal to the ratio of prices of the two goods." Do you agree with the given statement? Justify your answer.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Why is the Total Fixed Cost curve parallel to the horizontal axis (x-axis)?
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Explain the relation between the Average Variable Cost (AVC) curve and the Marginal Cost (MC) curve. Use diagram
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Explain the 'lender of last resort' function of central bank.
Chapter: [0.03] Money and Banking
Choose the correct alternative from given options:
Dividends received from Public Sector Undertakings (PSUs) are a part of the government's __________.
Non-tax Revenue Receipts
Tax Receipts
Capital Receipts
Capital Expenditure
Chapter: [0.05] Government Budget and the Economy
Suppose you are a member of the "Advisory Committee to the Finance Minister of India". The Finance Minister is concerned about the rising Revenue Deficit in the budget.
Suggest anyone measure to control the rising Revenue Deficit of the government.
Chapter: [0.05] Government Budget and the Economy
What are demand deposits?
Chapter: [0.03] Money and Banking
Answer the following question.
Explain the 'lender of last resort' function of central bank.
Chapter: [0.03] Money and Banking
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The consumption function of an economy is : C = 40 + 0.8 Y (amount in ₹ crores). Determine that level of income where the average propensity to consume will be one.
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
Which of the two, average propensity to consume or average propensity to save, can be negative, and why?
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
Describe the adjustments that may take place in an economy when ex-ante Aggregate Demand is greater than ex-ante Aggregate Supply.
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
Explain, using a numerical example, how a reduction in reserve deposit ratio, affects the credit creation power of the banking system.
Chapter: [0.03] Money and Banking
Answer the following question.
Explain how the government can use the budgetary policy in reducing inequalities in incomes.
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
Answer the following question.
How is Real Gross Domestic Product (GDP) different from Nominal Gross Domestic Product (GDP)? Explain using a numerical example.
Chapter: [0.02] National Income and Related Aggregates
Answer the following question.
State any two factors responsible for the inflow of foreign currency.
Chapter: [0.06] Open Economy Macroeconomics
State on which side of capital account/current account will the following transactions be recorded and why:
(i) Interest on loan received from Nepal
(ii) Import of mobile phones from China
Chapter: [0.06] Open Economy Macroeconomics
Distinguish between Autonomous and Accommodating transactions of Balance of Payments account.
Chapter: [0.06] Open Economy Macroeconomics
Differentiate between devaluation and depreciation.
Chapter: [0.06] Open Economy Macroeconomics
Answer the following question.
Define net exports. How is it different from the net factor income from abroad?
Chapter: [0.02] National Income and Related Aggregates
Calculate value of "Interest" from the following data:
| S. No. | Particulars |
Amount (₹ in crores) |
| (i) | Indirect tax | 1,500 |
| (ii) | Subsidies | 700 |
| (iii) | Profits | 1,100 |
| (iv) | Consumption of fixed capital | 700 |
| (v) | Gross domestic product at market price | 17,500 |
| (vi) | Compensation of employees | 9,300 |
| (vii) | Interest | ? |
| (viii) | Mixed income of self-employed | 3,500 |
| (ix) | Rent | 800 |
Chapter: [0.02] National Income and Related Aggregates
Answer the following question.
What is meant by the "Effective Demand Principle" in the Keynesian theory of employment? Discuss using a schedule or a diagram.
Chapter: [0.04] Determination of Income and Employment
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