(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
- Q2VIEW SOLUTION
- Q3VIEW SOLUTION
- Q4VIEW SOLUTION
- Q5VIEW SOLUTION
Why is a Production Possibility Curve concave to the origin? Explain. (3)
Why does an economic problem arise? Explain. (3) VIEW SOLUTION
- Q7VIEW SOLUTION
- Q8VIEW SOLUTION
Explain the meaning of marginal rate of substitution. Why does it diminish as one good is substituted for the other? Explain. (4)
Explain the meaning of budget line. What can cause a change in it? Explain. (4) VIEW SOLUTION
- Q10VIEW SOLUTION
- Q11VIEW SOLUTION
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles? (6)VIEW SOLUTION
Complete the following table : (6)
Average Variable Cost Rs Total
Fixed Cost Rs
1 60 ...... 120 ...... 2 ...... ...... 174 ...... 3 ...... 54 ...... ...... 4 54 ...... ...... 15 5 ...... 57 345 ......
Explain the meaning and implications of maximum price ceiling and minimum price ceiling. (6)
State whether the following statements are true or false. Give reasons for your answer : (6)
(i) When equilibrium price is greater than market price there will be excess supply in the market.
(ii) X and Y are complementary goods. A fall in the price of Y will result in a rise in the price of X. VIEW SOLUTION
- Q15VIEW SOLUTION
- Q16VIEW SOLUTION
- Q17VIEW SOLUTION
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
Repo rate is the rate at which (1)VIEW SOLUTION
(a) commercial banks purchase government securities from the central bank
(b) commercial banks can take loans from the central bank
(c) commercial banks can keep their deposits with the central bank
(d) short-term loans are given by commercial banks
State any three functions of money. (3)
Define money. Lists its components. (3) VIEW SOLUTION
- Q22VIEW SOLUTION
- Q23VIEW SOLUTION
- Q24VIEW SOLUTION
- Q25VIEW SOLUTION
Explain money creation function of commercial banks. (4)
Explain the "varying reserve requirements" method of credit control by the central bank. (4) VIEW SOLUTION
Explain the distinction between the flexible exchange rate and the managed floating exchange rate. (6)
Explain by giving examples, the distinction between depreciation and devaluation of domestic currency. (6) VIEW SOLUTION
- Q28VIEW SOLUTION
- Q29VIEW SOLUTION
Calculate (a) national income, and (b) net national disposable income: (6)
(Rs in crores) (i) Compensation of employees 2,000 (ii) Profit 800 (iii) Rent 300 (iv) Interest 250 (v) Mixed income of self-employed 7,000 (vi) Net current transfers to abroad 200 (vii) Net exports (–) 100 (viii) Net indirect taxes 1,500 (ix) Net factor income to abroad 60 (x) Consumption of fixed capital 120
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