Part – A: I Choose the correct answer 10 x 1 = 10 1. Utility is a) Objective b) Subjective c) Both a and b d) None of the above
2. In the short run, a firm a) Can change all the inputs b) Can not vary all the inputs c) Can keep the inputs fixed d) None of the above
3. A market structure which produces heterogeneous products is called a) Monopoly b) Monopolistic competition c) Perfect competition d) None of the above
4. The year of Great Depression a) 1920 b) 1889 c) 1929 d) 2018
5. The study of National Income is related to a) Micro Economics b) Macro Economics c) Both Micro and Macro d) None of the above
6. The bank which acts as monetary authority of India a) RBI b) NABARD c) RRB d) IDBI
7. Consumption which is independent of income is called a) Induced consumption b) Autonomous consumption c) Past consumption d) Wasteful consumption
8. The Taxes on individual and firms are a) Direct Taxes b) Indirect Taxes c) Fixed Taxes d) Non Tax Revenue
9. In this standard all currencies were determined in terms of gold a) Metal Standard b) Silver Standard c) Gold Standard d) None of the above
10. The exchange rate is determined by the market forces of demand and supply is called a) Fixed exchange rae b) Dirty floating c) Flexible exchange rate d) None of the above
II Fill in the blanks by choosing correct answer from the bracket 5 x 1 = 5 (Government, Not spent on Consumption, Free riders, Stock, Substitutes,) 11) In monopoly market the goods which are sold have no ……………….. 12) ………….. are defined at a particular point of time 13) ………… issues coins in India 14) Savings is that part of income that is ……….. 15) Non paying users of public goods are known as ……………….
Part – B: IV Answer any 9 of the following in 4 sentences each. 9 x 2 = 18 17) What do you mean by inferior goods ? Give example. 18) State the Law of Demand? 19) What are the differences between budget line and budget set? 20) Mention two different approaches which explain consumer behavior. 21) Give the meaning of shut down point. 22) How wage is determined in the Labour market?.. 23) State the meaning of average revenue and marginal revenue. 24) Write the features of monopoly. 25) Distinguish between Stock and flow. Give example.. 26) Write the difference between nominal and real GDP. 27) Mention the two motives of demand for money. 28) Give the meaning of CRR and SLR 29) Write the differences between public provision and public production. 30) What is foreign exchange rate?.
Part – C: V Answer any 7 of the following questions in 12 sentences each. 7 x 4 = 28 31) Write a short note on a centrally planned economy. 32) Explain isoquant with the help of the diagram. 33) Write a short note on profit maximization of a firm under the following conditions: (a) P = MC (b) MC must be non-decreasing at q0 34)Briefly explain in what way Macro Economics is different from Micro economics? 35) Write a note on externalities. 36) Explain with the examples of planned accumulation and decumulation of inventories 37) ‘Money acts as a convenient of account’ Explain this sentence with example. 38)Briefly explain consumption function with the help of the diagram. 39) Write a chart of the Government Budget. 40) Does Public debt impose a burden ? Explain. 41) Write a note on Balance of Trade.
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