Section-A: Note : (i) Answer ANY THREE of the following questions in 40 lines. (ii) Each question carries TEN marks. 1. Describe the law of diminishing marginal utility, its limitations and importance. 2. What are the various methods of calculating National Income? Explain them. 3. Explain the meaning of Perfect Competition. Illustrate the mechanism of Price Determination under Perfect Competition. 4. Explain the Keynesian Theory of Employment. 5. What is a demand function? What are the factors that determine the demand for a good? 6. Explain the law of demand and examine its exceptions. 7. Critically examine the Law of Variable Proportions.
Section-B: Note : (i) Answer ANY EIGHT of the following questions in 20 lines. (ii) Each question carries FIVE marks. 8. Explain the scaricity definition of Economics. 9. Analyse the characteristics of wants. 10. What is Utility? What are its types? 11. What are the sources of Public Revenue? 12. What is Barter System? What are its difficulties? 13. Point out the redemption methods of Public Debt. 14. Explain the Primary and Secondary functions of Money. 15. What is Median ? What are its Merits and Drawbacks? 16. What is Statistics? Explain its relationship with Economics. 17. How the Per Capita Income is calculated? What is the relationship between Population and Per Capita Income? 18. Explain the concept of Indifference Curve. Discuss its properties. 19. How do you define Budget Line of the consumer? 20. Explain the concept of Return to Scale. 21. Illustrate the reasons for negative sloping demand curve. 22. What is Monopoly ? What are its characteristics? 23. What is meant by Profit? Explain the various concepts of Profit. 24. Write a note on the classification of Markets based on Time and Area. 25. Discuss the concept of Income Demand
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