Part-A: I. Choose the correct answer (Each question carries 1 mark): 1. The scare resources of an economy have a) Competing usages b) Unlimited usages c) Single Usages d) None of the above
2. The equation of budget line is a) Px+p1x1=M b) M=P0x0+Px c) P1x1+P2x2=M d) Y=Mx+C
3. In a capitalist country production activities are mainly carried out by a) Private enterprises b) Government authority c) Planning authority d) None of the above
4. NNP= GNP – a) Deduction b) Depreciation c) Investment d) None of the above
5. Value of MPC lies between a) 1 and 2 b) 0 and 1 c) 2 and 4 d) 0 and 0.5
II. Fill in the blanks by choosing correct answer from the bracket: (Stock, Narrow money, Variables, Shutdown Point, Revenue receipts, minimum point p) 6. In the long run all inputs are _________ 7. The point of minimum AVC where the SMC curves cuts the AVC curves is called ____ 8. _______ are define at a particular point of time. 9. M1and M2 are known as____________ 10.Revenue deficit = Revenue expenditure – ____________
III. Match the following (Each question Carries 1 mark) : A B 11. Service of teacher a) Repo 12. Market equilibrium b) Trade in goods 13.AR= c) Skill 14. Repurchase agreement d) TR/Q 15. Balance of Trade e) QD=QS f) Labour
IV. Answer the following questions in a sentence or a word: (Each question carries 1 mark) 16.Give the meaning of marginal product. 17. What is price ceiling? 18. Give the meaning intermediate goods. 19. Write themeaning of autonomous consumption. 20. Who are the free riders?
Part-B: V. Answer any Six of the following in 4 sentences each: (Each question carries 2 marks) 21. What is price elasticity of demand? Write the formula. 22. What do you mean by inferior goods? Give example. 23. Mention the conditions needed for profit by a firm under perfect competition. 24. Define equilibrium price and quantity. 25. Distinguish between excess demand and excess supply. 26. Mention 3 methods of measuring GDP(National income). 27. Write the equation of GDPMP and GDPFC. 28. Give the meaning of Paradox of thrift. 29. Why the proportional income tax acts as automatic stabilizer? 30. Why do people demand foreign exchange?
Part-C: VI. Answer any five of the following question in 12 sentences each: (Each question carries 4 marks) 31. Write a note on market economy. 32. Write the differences between total utility and marginal utility. 33. Explain isoquant with the help of the diagram. 34. Write a table to show the impact of simultaneous on equilibrium 35. Briefly explain in what way macro-economics is different from micro-economics. 36. Write a note on externalities. 37. Briefly explain the functions of RBI. 38. Briefly explain consumption function 39. Write the chart of components of current account.
Part-D: VII. Answer any three of the following question in 20 sentences each: (Each question carries 6 marks) 40. Explain the law of diminishing marginal utility with the help of a table and diagram. 41.Explain market supply curve with the help of diagram. 42. Explain the macroeconomic identities 43. Explain the functions of money. How does money over come the short comings of a barter system? Mention. 44. Explain the classification of receipts?
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