(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
Suppose total revenue is rising at a constant rate as more and more units of a commodity are sold, marginal revenue would be :VIEW SOLUTION
(choose the correct alternative)
(a) Greater than average revenue
(b) Equal to average revenue
(c) Less than average revenue
- Q3VIEW SOLUTION
- Q4VIEW SOLUTION
There is inverse relation between price and demand for the product of a firm under : (choose the correct alternative)VIEW SOLUTION
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
A Consumer consumes only two goods X and Y. Marginal utilities of X and Y are 5 and 4 respectively. The prices of X and Y are Rs. 4 per unit and Rs. 5 per unit respectively. Is the consumer in equilibrium? What will be the further reaction of the consumer? Explain.VIEW SOLUTION
- Q7VIEW SOLUTION
- Q8VIEW SOLUTION
- Q9VIEW SOLUTION
Define production function. Distinguish between short run and long run production functions.
Define cost. Distinguish between fixed and variable costs. Give one example of each. 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 buyers
(b) Freedom of entry and exit to firms
Explain the implications of the following in an oligopoly market :
(a) Inter-dependence between firms
(b) Non-price competition VIEW SOLUTION
- Q16VIEW SOLUTION
Depreciation of fixed capital assets refers to : (choose the correct alternative)VIEW SOLUTION
(a) Normal wear and tear
(b) Foreseen obsolescence
(c) Normal wear and tear and foreseen obsolescence
(d) Unforeseen obsolescence.
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
Foreign exchange transactions dependent on other foreign exchange transactions are called: (choose the correct alternative)VIEW SOLUTION
(a) Current account transactions
(b) Capital account transactions
(c) Autonomous transactions
(d) Accommodating transaction
Find net value added at factor cost :
(Rs. Lakh) (i) Durable use producer goods with a life span of 10 years 10 (ii) Single use producer goods 5 (iii) Sales 20 (iv) Unsold output produced during the year 2 (v) Taxes on production 1
Distinguish between marginal propensity to consume and average propensity to consume. Give a numerical example.
Explain the role of taxation in reducing excess demand. VIEW SOLUTION
- Q23VIEW SOLUTION
- Q24VIEW SOLUTION
Explain the 'store of value' function of money. How has it solved the related problem created by barter?VIEW SOLUTION
Explain the 'unit of account' function of money. How has it solved the related problem created by barter?
- Q26VIEW SOLUTION
What is government budget? Explain how taxes and subsidies can be used to influence allocation of resources.
Define revenue receipts in a government budget. Explain how government budget can used to bring in price stability in the economy. VIEW SOLUTION
- Q28VIEW SOLUTION
(a) In which sub-account and on which side of balance of payments account will foreign investments in India be recorded? Given reasons.VIEW SOLUTION
(b) What will be the effect of foreign investments in India on exchange rate? Explain.
Find national income and private income :
(Rs crores) (i) Wages and salaries 1,000 (ii) Net current transfers to abroad 20 (iii) Net factor income paid to abroad 10 (iv) Profit 400 (v) National debt interest 120 (vi) Social security contributions by employers 100 (vii) Current transfers from government 60 (viii) National income accruing to government 150 (ix) Rent 200 (x) Interest 300 (xi) Royalty 50
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