(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.1-5 and 16-20 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence.
(iv) Question No.6-8 and 21-23 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
(v) Question No.9-11 and 24-26 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each.
(vi) Question No.12-15 and 27-30 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 firm is able to sell any quantity of a good at a given price. The firm's marginal revenue will be :VIEW SOLUTION
(Choose the correct alternative) :
(a) Greater than Average Revenue
(b) Less than Average Revenue
(c) Equal to Average Revenue
- Q3VIEW SOLUTION
- Q4VIEW SOLUTION
- Q5VIEW SOLUTION
A consumer consumes only two goods X and Y. Marginal utilities of X and Y are 3 and 4 respectively. Prices of X and Y are Rs 4 per unit each. Is consumer in equilibrium? What will be further reaction of the consumer? Give reasons.VIEW SOLUTION
- Q7VIEW SOLUTION
What is minimum price ceiling? Explain its implications.
If the prevailing market price is above the equilibrium price, explain its chain of effects. VIEW SOLUTION
- Q9VIEW SOLUTION
Define fixed cost. Give an example. Explain with reason the behaviour of Average Fixed Cost as output is increased.
Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are hold constant. VIEW SOLUTION
- Q11VIEW SOLUTION
- Q12VIEW SOLUTION
- Q13VIEW SOLUTION
- Q14VIEW SOLUTION
Explain the implications of the following in a perfectly competitive market :
(a) Large number of sellers
(b) Homogeneous products.
Explain the implications of the following in an oligopoly market :
(a) Barriers to entry of new firms
(b) A few or a few big sellers VIEW SOLUTION
- Q16VIEW SOLUTION
- Q17VIEW SOLUTION
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called :VIEW SOLUTION
(Choose the correct alternative)
(a) Current transactions
(b) Capital transactions
(c) Autonomous transactions
(d) Accommodating transactions
- Q21VIEW SOLUTION
What is aggregate demand? State its components.
Explain how controlling money supply is helpful in reducing excess demand. VIEW SOLUTION
- Q23VIEW SOLUTION
- Q24VIEW SOLUTION
Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?
Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter? VIEW SOLUTION
- Q26VIEW SOLUTION
What is the difference between revenue expenditure and capital expenditure? Explain how taxes and government expenditure can be used to influence.VIEW SOLUTION
What is the difference between direct tax and indirect tax? Explain the role of government budget in influencing allocation of resources.
- Q28VIEW SOLUTION
Indian investors lend abroad. Answer the following questions :VIEW SOLUTION
(a) In which sub-account and on which side of the Balance of Payments Account such lending is recorded? Give reasons.
(b) Explain the impact of the leading on market exchange rate.
Find Gross National Product at Market Price and Private Income:
(Rs crores) (i) Private final consumption expenditure 800 (ii) Net current transfers to abroad 20 (iii) Net factor income to abroad (–) 10 (iv) Government final consumption expenditure 300 (v) Net indirect tax 150 (vi) Net domestic capital formation 200 (vii) Current transfers from government 40 (viii) Depreciation 100 (ix) Net imports 30 (x) Income accruing to government 90 (xi) National debt interest 50
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