(i) All questions in both sections are compulsory. However, there is internal choice in some questions.
(ii) Marks for questions are indicated against each question.
(iii) Question No.1-3 and 15-19 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence.
(iv) Question No.4-8 and 20-22 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
(v) Question No.9-10 and 23-25 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each.
(vi) Question No.11-14 and 26-29 are long answer questions carrying 6 marks each. Answers to them should not normally exceed 100 words each.
(vii) Answers should be brief and to the point and the above word limit be adhered to as far as possible.
- Q1VIEW SOLUTION
A consumer consumes only two goods. If price of one of the goods falls, the indifference curve : (Choose the correct alternative)VIEW SOLUTION
(a) Shifts upwards
(b) Shifts downwards
(c) Can shift both upwards or downwards
(d) Does not shift
- Q3VIEW SOLUTION
What will be the impact of "Education for All campaign" (Sarv Shiksha Abhiyan) on the Production Possibilities Curve of the Indian economy and why ?
What will likely be the impact of large scale inflow of foreign capital in India on Production Possibilities Curve and why ?VIEW SOLUTION
- Q5VIEW SOLUTION
- Q6VIEW SOLUTION
- Q7VIEW SOLUTION
Giving reason, comment on the shape of Production Possibilities Curve based on the following table :
Good X (units) Good Y (units) 0 10 1 9 2 7 3 4 4 0
- Q9VIEW SOLUTION
What is supply ? Explain the effect of technological progress on supply of a good.
What is 'change in supply' ? Explain the effect of tax imposed on a good on the supply of the good. VIEW SOLUTION
- Q11VIEW SOLUTION
- Q12VIEW SOLUTION
A consumer consumes only two goods, each priced at Rupee one per unit. If the consumer chooses a combination of the two goods with Marginal Rate of Substitution equal to 2, is the consumer in equilibrium ? Give reasons. Explain what will a rational consumer do in this situation.
A consumer consumes only two goods X and Y whose prices are Rs 2 and Rs 1 per unit respectively. It the consumer chooses a combination of the two goods with marginal utility of X being 4 and that of Y also being 4, is the consumer in equilibrium ? Give reasons. Explain what will a rational consumer do in this situation. Use Marginal Utility Analysis. VIEW SOLUTION
- Q14VIEW SOLUTION
Other things remaining the same, when foreign currency becomes cheaper, the effect on national income is likely to be : (Choose the correct alternative)VIEW SOLUTION
(c) Positive and negative both
(d) No effect
Primary deficit in a government budget equals : (Choose the correct alternative)VIEW SOLUTION
(a) Interest payments
(b) Interest payments less borrowings
(c) Borrowings less interest payments
(d) None of the above
- Q17VIEW SOLUTION
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
Give the meanings of 'autonomous' transactions and 'accommodating' transactions in the Balance of Payments Accounts.
Give the meanings of Balance of Trade and Balance on Current Account of Balance of Payments Accounts. VIEW SOLUTION
- Q21VIEW SOLUTION
- Q22VIEW SOLUTION
Why do we say that commercial banks create money while we also say that the central bank has the sole right to issue currency ? Explain. What is the likely impact of money creation by the commercial banks on national income ?VIEW SOLUTION
- Q24VIEW SOLUTION
Explain 'Government's Bank' function of the central bank.
Explain 'Bankers' Bank' function of the central bank. VIEW SOLUTION
What is 'inflationary gap' ? Explain the role of Cash Reserve Ratio in removing this gap.
What is 'deficient demand' ? Explain the role of 'Margin Requirements' in removing this gap. VIEW SOLUTION
- Q27VIEW SOLUTION
Giving reasons explain how should the following be treated in estimation of national income :VIEW SOLUTION
(i) Payment of corporate tax by a firm
(ii) Purchase of machinery by a factory for own use
(iii) Purchase of uniforms for nurses by a hospital
Calculate Net National Product at Market Price and Gross National Disposable Income :
(Rs Crores) (i) Net factor income to abroad (–) 10 (ii) Net current transfers to abroad 5 (iii) Consumption of fixed capital 40 (iv) Compensation of employees 700 (v) Corporate tax 30 (vi) Undistributed profits 10 (vii) Interest 90 (viii) Rent 100 (ix) Dividends 20 (x) Net indirect tax 110 (xi) Social security contributions by employees 11
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