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ECONOMICS QUESTION PAPER

                                                                                           “Achieve Success through”
                                                                                                     Omtex Classes                                                                        one
“THE Home of Text”
TIME: - 3 hours                                                                                                                                                                                                MARKS: - 100
Q.1 (A) Complete the sentences by choosing correct alternative given below.
1.       Micro and macro approaches are _________________________ to each other. (Competitive, complementary, substitute, rival)
2.       __________is the desire backed up by ability to pay and willingness to pay for it. (Demand, Want, Commodity, Utility)
3.       The income of government through all sources called ____________ (Public debt, Public expenditure, Public revenue, public taxation)
4.       Individual supply is a ___________________ economic variable. (Macro, Producer, Micro, Firm)
5.       Macro Economist was well explained by economist. (Marshall, Robbins, Adam Smith, J.M. Keynes)

        (B) State whether the following statements are true or false.
1.       Reservation price of perishable goods is generally high
2.       Refrigerator in restaurant is capital goods.
3.       Macro economics studies the economy in its totality.
4.       Paper money economises on the use of precious metals.
5.       Free entry is an essential but not a sufficient condition of perfect competition.

         (C) Choose the correct answer in each from the following four alternatives
  1. ‘Principles of Economics’ is the celebrated book of:
1.        Dr. Alfred Marshall
2.        J.M. Keynes
3.        Lionel Robbins
4.        Adam Smith)

  1. Electricity has a composite demand:
1.       It is less expensive resources
2.       It is demanded for several uses
3.       It is available at all time
4.       It is used in combination with other resources

  1. Monopolistic is a Price-maker and not a price taker.
1.       Monopolist is intelligent in price-making
2.       Demand for his commodity is very high
3.       He is the seller in the market and has no close substitute for his product,
4.       There is free entry and exit of firms in the market.)

  1. Labour cannot be stored:
o    Labourer has less physical strength
o    Labourer lacks mobility
o    Labour is the most perishable factors of production.
o    Labour is the most inactive factors of production

  1. Monopoly of Note-issue of the Central Bank is its:
§  Traditional function
§  Development Function
§  Modern Function
§  Secondary function

          (D) Match the two columns given below:
Group A
Group B
1.       Point of Satiety
2.       General Price Level
3.       Perfect Competition
4.       Variable Cash Reserve Ratio
5.       Public expenditure greater than public revenue
  1. Macro Economics
  2. Quantitative Credit Control method
  3. Deficit budget
  4. Total utility is maximum
  5. Homogenous Product
  6. Qualitative credit control method

Q. 2 (A) Define and explain the following concept. (Attempt any 4)                                      8 marks
1.        Define Microeconomics
2.        Explain, with example, the term Utility
3.        Define Price Elasticity of Demand
4.        Define Cash Reserve Ratio
5.        Explain the concept of Gross National Product. (GNP)
6.        Define Consumption Function
7.        State the definition of Central Bank.
8.        Explain Credit Cards


  (B) Rewrite the following statements as True of False. Give Reasons. (Any 4)                                                  8 marks

1.       Issuing travelers cheque is the primary function of commercial bank.
2.       Central banks controls credit creation.
3.       Money has no store value.
4.       As the income increases, Consumption also increases
5.       Functional budgeting of government is more important than balanced budgeting.
6.       Labour can be stored
7.       Today, barter system is in backward countries
8.       Demand and Desire are one and the same.

 Q. 3 (A) Distinguish between (Any Four) of the following                                                                                            8 marks

1.       Direct Demand V/S Derived Demand
2.       Fixed Capital V/S Variable Capital
3.       Average Propensity to consume V/S Marginal propensity to consume
4.       Individual Problem  V/S National Problem
5.       Consumption V/S Investment
6.       Fixed Deposit Account V/S Current Account
7.       Micro Economics V/S Macro Economics
8.       Monopoly  V/S Monopolistic competition

         (B) Give reasons or explain the following in brief. (Any 4)                                                                                   8 marks

1.       Why Monopolistic competition does have product differentiation?
2.       Is demand and Desire the same thing? Explain with an example.
3.       Why is competitive firm a ‘Price-taker?
4.       Give Reason why labour can not be stored.
5.       Why has the Popularity of Macroeconomics increased?
6.       Why is income from illegal activities not included in the national product?
7.       Why the concept of balanced budget is called as an ‘Ideal Concept’?
8.       Why does land lacks mobility?

Q. 4. (A) Answer the following questions in one or two paras (any 2)                                                                         8 marks

1.       What are the factor determining aggregate Supply?
2.       Explain with illustration, the Income method of Measuring National Income?
3.       Describe the Various Function Of Money?
4.       What are the Types of Price Elasticity of Demand?
                                                                                                                                                                                                         8 marks
  (B) Write Short notes on the following:

1.       Features of Macroeconomics
2.       Exception to the Law of supply
3.       Types of Monopoly
4.       Kinds of demand

Q. 5      Do you agree or disagree with the following statements. Give Reasons. (Any Two)                                  16 marks

1.       At the point of satiety, Total utility is at its maximum
2.       Demand Curves Sloes downwards from left to Right.
3.       AD is influenced by C+I+G+E
                                                                                                                                                                                                                    
Q. 6      Answer the following (any two)                                                                                                               16 marks

1.       Define and Explain the Function of Central Bank?
2.       Explain the Features of Monopolistic Competition?
3.       Explain the Law of Demand? And it’s Assumption?






                                                                                               “Achieve Success through”
                                                                                                       Omtex Classes                                                                            TWO
“THE Home of Text”
TIME: - 3                                                                                                                                                                                                                                                     MARKS: - 100
Q.1 (A) Complete the sentences by choosing correct alternative given below.

1.        The income of government through all sources is called public _________ (money, income, debt, revenue).
2.        The relation between the price and demand is _________ (direct, inverse, negative, indirect)
3.        Real investment implies creation of new ___________ (goods, services, assets, capital)
4.        A cheque which bears a future date is called a __________ cheque (crossed, pre-dated, post-dated, stale)
5.        Value expressed in terms of money is called ____________ (utility, credit, price, demand)

        (B) State whether the following statements are true or false.

1.        The value of mother’s service is not included in National Income.
2.        Wine is not a wealth.
3.        Supply curve is upward sloping from left to the right.
4.        Current deposits yield high interest rate.
5.        The Primary function of the money is to form the basis for credit.

         (C) Choose the correct answer in each from the following four alternatives

1.         National income refers to the value of goods and services produced in a __________
·         day
·         week
·         month
·         year

2.         ATM facility is available for __________
·         6 hours
·         12 hours
·         18 hours
·         24 hours

3.         During depression, the Central Bank adopts the _____________
·         near money policy
·         dear money policy
·         Cheap money policy.
·         No money policy

4.         As the stock of commodities rises, the marginal utility starts ____________
·         falling
·         rising
·         increasing
·         shifting

5.         Which of the following is not the exception to the law of demand___________
·         Medicines
·         Salt
·         Prestige goods
·         Normal goods
          (D) Match the two columns given below:

Group A
Group B
1.        Sunshine
2.        Very short period
3.        National Income
4.        Factors of production
5.        Perfect competition
1.        Uniform price
2.        Free goods
3.        Derived demand
4.        Country’s Income
5.        Market price
6.        Normal Price

Q. 2 (A) Define and explain the following concept. (Attempt any 4)                                      8 marks

1.        Export
2.        Partial Equilibrium
3.        Slicing method
4.        Complimentary or Joint Demand
5.        Gross Domestic Product
6.        Open market operation
7.        Import.
8.        Inflation.

  (B) Rewrite the following statements as True of False. Give Reasons. (Any 4)                                                                     8 marks

1.        Values of only final goods and services are included in measuring GNP.
2.        Labours is perishable in nature.
3.        There is no real exception to the law of diminishing marginal utility.
4.        The Seller is the price maker under perfect competition.
5.        Price and Supply plays an inverse relationship.
6.        There is no exception to the Law of Supply.
7.        Medicines have elastic demand.
8.        The capital is the most mobile factor of production.

 Q. 3 (A) Distinguish between (Any Four) of the following                                                                                                                 8 marks

1.        Stock V/S Supply
2.        Commercial Bank V/S Central Bank
3.        Direct Tax V/S Indirect Tax
4.        Perfect Competition V/S Monopoly
5.        Saving V/S Consumption
6.        Autonomous Investment V/S Induced Investment
7.        Total Utility V/S Marginal Utility
8.        Bank Rate V/S Open market Operation

         (B) Give reasons or explain the following in brief. (Any 4)                                                                                                         8 marks

1.         The Reserve Bank is Government’s Bank
2.         The Demand for coffee and tea is competitive in nature.
3.         Why has water less price, though of much use?
4.         An Entrepreneur is called as a captain of the industry.
5.         Stock of Perishable commodities tends to be zero?
6.         Why does microeconomics use slicing method?
7.         The Supply of land can not be changed?
8.         Why study of macroeconomics is important and extremely useful?

Q. 4. (A) Answer the following questions in one or two paras (any 2)                                                                                                 8 marks

1.         What are the determinants’ of Aggregate demand?
2.         Explain in brief the types of Capital
3.         Explain the Exception to the Law of Demand?
4.         What are the Different Types of Utility?
                                                                                                                                                                                                             8 marks
(B) Write Short notes on the following: (any 2)

1.         Function of Money
2.         Features of National Income
3.         Bank Rate Policy
4.         Features of Labour

Q. 5      Do you agree or disagree with the following statements. Give Reasons. (Any Two)                                                         16 marks

1.         All factors of Production have direct demand.
2.         Entrepreneur is the captain of the industry
3.         There is no difficulties in measuring national income
                                                                                                                                                                                                                    
        
Q. 6       Answer the following (any two)                                                                                                                                              16 marks

1.         Define and Explain the Features of monopoly?
2.         Features of Perfect Competition?
3.         What are the different methods of measuring national income?






ALL THE VERY BEST


“You don’t know what you can do until you try”



                                                                                “Achieve Success through”
                                                                               Omtex Classes                                                          THREE
“THE Home of Text”

TIME: - 3 hours                                                                       THIRD PRELIMINARY EXAMINATION BISMILLAH                                                             MARKS: - 100
3.00pm to 6.00pm
Avoid Cancelation, Diagram is Necessary, Try to attend all questions, BISMILLAH    

Q.1 (A) Complete the sentences by choosing correct alternative given below. BISMILLAH                                                                                    5 marks

1.        Converting log of wood into a table is addition of ___________ (Place Utility, Time Utility, Form Utility , Personal Utility)
2.        Supply curve has _________ slope. (Positive, Negative, Horizontal, Vertical)
3.        Supply is a _________ of stock. (Part, Total, Maximum, Minimum)
4.        Receiving deposits and advancing loans is a ___________ function of any commercial bank. (Primary, Secondary, Current, Total)
5.        The income of government through all sources called ____________________ (Public debt, Public expenditure, Public revenue, public taxation)

        (B) State whether the following statements are true or false.   BISMILLAH                                                                                                    5 marks

1.        Refrigerator in restaurant is capital goods.
2.        Government budget gives us the complete financial information of the country
3.        Reservation price of perishable goods is generally high
4.        Price is the only factor that determines demand for a commodity.
5.        Free entry is an essential but not a sufficient condition of perfect competition.

         (C) Choose the correct answer in each from the following four alternatives BISMILLAH                                                                            5marks

1.        in case of perfectly elastic demand, the demand curve is __________
·         Parallel to Y axis
·         Parallel to X axis
·         Downward sloping
·         Upward Sloping

2.        Central Bank is __________
·         Bankers bank
·         Provides lockers facility
·         Commercial bank
·         Provides Overdrafts facility

3.        During depression, the Central Bank adopts the _____________
·         near money policy
·         dear money policy
·         Cheap money policy.
·         No money policy

4         National Income data is not completely reliable _____________
·         Due to statistical and conceptual difficulties
·         Due to illiteracy in the country
·         N.I data is too large.
·         It takes a long time in its calculation

5.   Monopoly of Note-issue of the Central Bank is its:
§  Traditional function
§  Development Function
§  Modern Function
§  Secondary function

          (D) Match the two columns given below: BISMILLAH    
                                                                                                                                                                                                                       5marks

Group A
Group B
1.        Micro economics
2.        Electricity
3.        Surplus budget
4.        Marginal utility
5.        Moral Suasion
1.        Composite Demand
2.        Revenue more than expenditure
3.        Selective method of credit control
4.        Study of one millionth part of the country
5.        Joint demand
6.        Additional utility



Q. 2 (A) Define and explain the following concept. (Attempt any 4)       BISMILLAH                                                                                               8 marks

1.        Land
2.        Monopolistic competition
3.        Cross elasticity of demand
4.        Aggregate Supply
5.        Autonomous Investment
6.        Pure Completion
7.        Credit Card
8.        Open Market Operation

  (B) Rewrite the following statements as True of False. Give Reasons. (Any 4)  BISMILLAH                                                                    8 marks

1.        The concept of price-elasticity is of great practical importance
2.        Selling cost is an important component in Perfect competition.
3.        Macroeconomics helps in understanding economic problem of a State.
4.        At the point of satiety, marginal utility is zero.
5.        Price and supply has inverse relationship.
6.        Microeconomics helps to understanding of economic problem o a nation.
7.        Investment in demand is the sole determinants of aggregate demand.
8.        Whenever income increases, saving also increases.

 Q. 3 (A) Distinguish between (Any Four) of the following       BISMILLAH                                                                                                        8 marks

1.         APC V/S MPC
2.         Expansion in demand  V/S Contraction in Demand
3.         Revenue receipt V/S capital Receipt
4.         Utility V/S Usefulness
5.         Perfect competition V/S Pure Competition
6.         Government income V/S Government Expenditure
7.         Elastic Demand V/S Inelastic Demand
8.         Income Elasticity of demand V/S Cross Elasticity of demand

         (B) Give reasons or explain the following in brief. (Any 4)     BISMILLAH                                                                                                 8 marks

1.         Goods with close substitute have an elastic demand explain this statements
2.         Why stock and supply of perishable commodities is are equal?
3.         What are the causes for the changes in the demand
4.         Why are the transfer payment not included in the national income
5.         Why do commercial bank have greater importance in development of a country
6.         Explain the reasons for the evolution of money?
7.         Why the concept of balanced budget is called as an ‘Ideal Concept’?
8.         Why popularity of the macro economics increased?

Q. 4. (A) Answer the following questions in one or two paras (any 2)      BISMILLAH                                                                                      8 marks

1.         Explain the functions of the Entrepreneur.
2.         Saving Function?
3.         Features of micro economics?
4.         Secondary function of commercial bank?
                                                                                                                                                                                                          8 marks
 (B) Write Short notes on the following: (any two) BISMILLAH    

1.         What are the factors determining demand
2.         Exception to the Law of Supply
3.         Consumption Function
4.         Kinds of capital

Q. 5 Do you agree or disagree with the following statements. Give Reasons. (Any Two)     BISMILLAH                                                        16 marks

1.         There are no exception to the law of demand.
2.         Central bank is the lender of the last resort
3.         Accepting Deposit is the only primary function of commercial bank
        
Q. 6 Answer the following (any two)        BISMILLAH                                                                                                                                          16 marks

1.         Define and Explain the Functions of Commercial Bank?
2.         Explain the Different measures of measuring National Income?
3.         Explain the law of Supply? And it Assumption?




                                                                                “Achieve Success through”
                                                                               Omtex Classes                                                          four
“THE Home of Text”

TIME: - 3 hours                                                                       THIRD PRELIMINARY EXAMINATION BISMILLAH                                                             MARKS: - 100
3.00pm to 6.00pm
Avoid Cancelation, Diagram is Necessary, Try to attend all questions, BISMILLAH    

Q.1 (A) Complete the sentences by choosing correct alternative given below. BISMILLAH                                                                    5marks
             (Min 1 SIDE OF THE PAGE IS NEEDED)
1.        Central banks lends loans to ___________ (businessmen, farmers, consumers, commercial banks)
2.        Stock refers to the ____________ (real concept, static concept, flow concept, none of these)
3.        The law of demand is not applicable for ___________. (music, reading, money, indivisible goods)
4.        Electricity has ____________ (competitive demand, composite demand, complimentary demand, joint demand)
5.        The abnormal demand curve slopes _____________ (upward, downward, vertical, remains the same)

        (B) State whether the following statements are true or false.  BISMILLAH                                                                                          5marks
             (Min 1 SIDE OF THE PAGE IS NEEDED)
1.        Refrigerator in restaurant is capital goods.
2.        Government budget gives us the complete financial information of the country
3.        Reservation price of perishable goods is generally high
4.        Price is the only factor that determines demand for a commodity.
5.        Free entry is an essential but not a sufficient condition of perfect competition.

         (C) Choose the correct answer in each from the following four alternatives BISMILLAH                                                              5marks
             (Min 1 SIDE OF THE PAGE IS NEEDED)
1.        in case of perfectly elastic demand, the demand curve is __________
·         Parallel to Y axis
·         Parallel to X axis
·         Downward sloping
·         Upward Sloping

2.        Discriminating monopoly implies that the monopolist charges __________
·         Different prices
·         Single price
·         No price
·         Uncertain price

3.        During depression, the Central Bank adopts the _____________
·         near money policy
·         dear money policy
·         Cheap money policy.
·         No money policy

4         National Income data is not completely reliable _____________
·         Due to statistical and conceptual difficulties
·         Due to illiteracy in the country
·         N.I data is too large.
·         It takes a long time in its calculation

5.   Monopoly of Note-issue of the Central Bank is its:
§  Traditional function
§  Development Function
§  Modern Function
§  Secondary function

          (D) Match the two columns given below: BISMILLAH                                                                                                                                 5marks
             (Min 1 SIDE OF THE PAGE IS NEEDED)

Group A
Group B
1.        Increase in Demand
2.        Unitary elastic demand
3.        Aggregate Supply
4.        Heavy loss
5.        Banker’s Bank
1.        Ed = 1
2.        Reserve Bank of India
3.        Fall in consumption
4.        Bank of India
5.        Rise in Income
6.        Natural resources
7.        Central Bank of India
8.        Saving



Q. 2 (A) Define and explain the following concept.   BISMILLAH           (Attempt any 4)                                                                                        8 marks
      (Separate page for separate answer)
1.       GDP (4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
2.       Labour   (4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
3.       Budget(4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
4.       Aggregate Demand (Diagram needed)  Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
5.       Stale Cheque(4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
6.       Average propensity to consume(4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
7.       Open Market Operation (4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS
8.        Fixed Capital (Diagram needed) (4 points needed) Min 1 SIDE OF THE PAGE FOR ONE QUESTONS

  (B) Rewrite the following statements as True of False. Give Reasons. (Any 4)  BISMILLAH                                                                   8 marks
       (Separate page for separate answer)
1.        Pen and ink have negative cross elasticity of demand (4 points needed)
2.        Autonomous consumption can be zero. (4 points needed)
3.        Utility is a subjective concept. (4 points needed)
4.        Commercial bank regulates the issue of currency. (4 points needed)
5.        Supply curve slopes upward from left to right. (4 points needed) (Diagram needed)
6.        Microeconomics helps to understanding of economic problem o a nation. (4 points needed)
7.        Sunk capital has several purposes (uses). (4 points needed)
8.        Whenever income increases, saving also increases. (4 points needed) (Schedule needed)

 Q. 3 (A) Distinguish between (Any Four) of the following     BISMILLAH                                                                                                          8 marks
               (Separate page for separate answer)
1.        Variation in demand V/S Changes in demand (4 points needed)
2.        Labour V/S Capital (4 points needed)
3.        Income method V/S expenditure Method (4 points needed) (Diagram needed)
4.        Illegal income/S transfer income(4 points needed)
5.        Perfect competition V/S Monopoly(4 points needed)
6.        Saving Account V/S Fixed Deposit Account(4 points needed)
7.        Extension in demand V/S Increase in Demand(4 points needed) (Diagram needed)
8.        Income Elasticity of demand V/S Cross Elasticity of demand(4 points needed) (Diagram needed)

         (B) Give reasons or explain the following in brief. (Any 4)     BISMILLAH                                                                                                 8 marks
               (Separate page for separate answer)
1.        A cheque is optional money. (4 points needed)
2.        Geffen’s goods are an exception to the law of demand(4 points needed)
3.        Reading books and stamp collection is not a real exception to the law of DMU. (4 points needed)
4.        In Deficit budget Expenditure is more than Income. (4 points needed)
5.        When Consumption is equal to income, saving is zero. (schedule is needed) (4 points needed)
6.        Reservation price is low in case of perishable commodity. (4 points needed)
7.        Value of only final goods and services are included in Calculating National Income(4 points needed)
8.        Why popularity of the macro economics increased? (4 points needed)

5 FULL PAGES MUST BE COMPLETED UPTO HERE. BISMILLAH    

Q. 4. (A) Answer the following questions in one or two paras (any 2) BISMILLAH                                                                                          8 marks
              (Separate page for separate answer)
1.        Components of Budget.(Meaning, Definition and 6 points)
2.        Features of  Micro economics (Meaning, Definition and 6 points)
3.        Explain the Backward Bending Labour Curve? (Meaning, Definition and 6 points) (Diagram needed)
4.        Explain the Features of Land? (Meaning, Definition and 6 points)
                                                                                                                                                                                                        8 marks
(B) Write Short notes on the following: (any two) BISMILLAH    
     (Separate page for separate answer)
1.        Secondary function of commercial bank (Meaning, Definition and 6 points)
2.        Product method of measuring National Income (Meaning, Definition and 6 points)
3.        Consumption Function (Meaning, Definition and 6 points) (Diagram needed)
4.        Importance of Elasticity of demand (Meaning, Definition and 6 points)

Q. 5 Do you agree or disagree with the following statements. Give Reasons. (Any Two)    BISMILLAH                                                         16 marks
        (Separate page for separate answer)
1.        Whenever Saving Increases Consumption also increases. (Reason + 7 or 8 points Min 11/2 PAGE) (write saving function)
2.        There are no difficulties involved in the measurement of National Income? (Reason + 7 or 8 points Min 11/2 PAGE)
3.        Accepting Deposit is not only the primary function of commercial bank (Reason + 7 or 8 points Min 11/2 PAGE)
        
Q. 6 Answer the following (any two)        Min 21/2 SIDE OF THE PAGE FOR ONE QUESTONS    BISMILLAH                                                                                    16 marks
        (Separate page for separate answer)
1.        Define and Explain the Functions of Central Bank? (Meaning, Definition and 8 points)
2.        What are the determinants of Individual Demand? (Meaning, Definition and 8 points)
3.        Explain the law of Diminishing Marginal Utility? And it’s Assumption? (Meaning, Definition and 8 points) (Diagram needed)
Minimum 38 side of the page must be completed