(English Medium)
Academic Year: 2023-2024
Date & Time: 6th March 2024, 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 [ ].
If the rate of tax falls with an increase in income, it is called as ______.
Regressive
Progressive
Digressive
Proportional
Chapter: [0.1] Public Revenue
Which is an assumption to law of demand?
No change in price of factor input.
No change in size and composition of population.
No change in number of firms operating in a market.
No change in goal of a firm.
Chapter: [0.02] Elementary Theory of Demand
Which is an essential feature of barter system?
It is based on transfer of value.
It is based on double coincidence of wants.
It is based on unit of account.
It is based on store of value.
Chapter: [0.06] Meaning and Functions of Money
If a labourer does not work for a day, his one day 's work will be lost forever.
It implies:
Labour is less mobile.
Labour is perishable.
Labour is less efficient.
Labour is sensitive in nature.
Labour is mobile.
Labour is an active factor.
Labour supply varies over time.
Chapter: [0.01] Factors of Production
With reference to Perfect competition form of market, choose the odd one out.
Restricted entry
Perfect knowledge
Homogeneous products
Perfect mobility
Chapter: [0.05] Meaning and Types of Markets
Identify the degree of elasticity of supply from the following graph:
ES > 1
ES < 1
ES = 1
ES = 0
Chapter: [0.04] Theory of Supply
Maruti, Tata and Hyundai are examples of which form of market?
Perfect competition
Oligopoly
Monopoly
Duopoly
Chapter: [0.05] Meaning and Types of Markets
With price being same an increase in the price of inputs will lead to ______ in the supply curve.
Upward movement
Rightward shift
Downward movement
Leftward shift
Chapter: [0.04] Theory of Supply
Which of the following is not an advantage of division of labour?
Reduces cost of production
Expansion of employment
Low quality goods
Inventions
Chapter: [0.01] Factors of Production
The State Electricity Board sells electricity at cheaper rates for domestic use than for commercial use. Given statement shows an act of ______.
Product differentiation
Price discrimination
Consumer exploitation
Price determination
Chapter: [0.05] Meaning and Types of Markets
The year 2023 was celebrated as 'International Year of Millets' and the government decided to subsidize the production of millets. In such case the supply curve will _______.
Shift to the right
Shift to the left
Be horizontal
Be vertical
Chapter: [0.04] Theory of Supply
| Mr. Rao needs to pay license fee to the government to start his electric vehicle shop and some documents to meet the safety norms. |
The revenue earned by the government from this process will be called as ______ revenue.
Commercial
Central
GST
Administrative
Chapter: [0.1] Public Revenue
The 'Right' which allows the consumer to receive due consideration at appropriate forum relating to his/ her welfare is ______.
Right to education.
Right to seek redressal.
Right to be heard.
Right to be informed.
Chapter: [0.14] Consumer Awareness
The elasticity of demand for school bag will be ______.
Elastic
Perfectly elastic
Unitary elastic
Inelastic
Chapter: [0.03] Elasticity of Demand
When State Bank of India is under financial crisis and borrows money from Central Bank at a certain rate against approved securities, it will be called as ______.
Interest rate
Lending rate
Reverse lending
Bank rate
Chapter: [0.08] Central Bank
If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to ______ for Fanta.
Decrease in demand.
Increase in demand.
Increase in quantity supplied.
No change in demand.
Chapter: [0.02] Elementary Theory of Demand
Explain any two causes for the growth of public expenditure.
Chapter: [0.11] Public Expenditure
How can we define the term 'market' in economics?
Chapter: [0.05] Meaning and Types of Markets
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'A state of running or hyperinflation in any economy is very harmful for production'. Justify the statement with two reasons.
Chapter: [0.13] Inflation
What is the formula for percentage method of calculating price elasticity of supply?
Chapter: [0.04] Theory of Supply
What does RTI stand for?
Chapter: [0.14] Consumer Awareness
What provision is provided under RTI Act to the citizens of the country?
Chapter: [0.14] Consumer Awareness
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
Chapter: [0.03] Elasticity of Demand
What is the legal definition of money?
Chapter: [0.06] Meaning and Functions of Money
How is internal debt different from external debt? (One point)
Chapter: [0.12] Public Debt
State whether the following statement is true or false. Give reason for your answer.
The capital like printing machines, tools when used in process of production are subject to depreciation.
True
False
Chapter: [0.01] Factors of Production
Define the term public finance.
Chapter: [0.09] Introduction to Public Finance
What is the meaning of the productivity of land?
Chapter: [0.01] Factors of Production
Explain any three factors affecting productivity of land.
Chapter: [0.01] Factors of Production
Give five points of difference between Commercial and Central Bank.
Chapter: [0.08] Central Bank
What is the meaning of creeping inflation?
Chapter: [0.13] Inflation
Explain any three causes of demand-pull inflation.
Chapter: [0.13] Inflation
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What is an overdraft facility?
Chapter: [0.07] Commercial Banks
Differentiate between demand deposits and fixed deposits. (Three points)
Chapter: [0.07] Commercial Banks
State and explain the law of demand with the help of a hypothetical schedule and graph.
Chapter: [0.02] Elementary Theory of Demand
State whether demand will be Elastic or Inelastic. Give reasons for your answer.
The demand for salt by households.
Chapter: [0.03] Elasticity of Demand
State whether demand will be Elastic or Inelastic. Give reasons for your answer.
A consumer prefers to postpone the purchase of a car to avail more of year ending discount.
Chapter: [0.03] Elasticity of Demand
Define labour as a factor of production.
Chapter: [0.01] Factors of Production
Mention any three decision making functions of an entrepreneur.
Chapter: [0.01] Factors of Production
How are consumers exploited by producers and retailers?
Chapter: [0.14] Consumer Awareness
Give any five points of difference between direct and indirect tax.
Chapter: [0.1] Public Revenue
What are proportional taxes?
Chapter: [0.1] Public Revenue
Explain any three features of a monopoly market.
Chapter: [0.05] Meaning and Types of Markets
What do you mean by market supply?
Chapter: [0.04] Theory of Supply
Briefly explain any three factors that affect supply of a commodity.
Chapter: [0.04] Theory of Supply
Read the extract and answer the following question:
| Food adulteration is a complex issue that requires a multi-pronged approach involving government intervention, industry cooperation, and consumer awareness. In Country X, addressing food adulteration is an ongoing challenge, but with a concerted effort from all stakeholders, there is hope far creating a safer and more trustworthy food supply chain in the future. |
- In order to secure consumer rights what duties should the consumers fulfil?
- Mention any two harmful effects of food adulteration.
Chapter: [0.14] Consumer Awareness
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