2019
ECONOMICS
Full Marks:
100
Pass Marks:
30
Time: Three
hours
The figures
in the margin indicate full marks for the questions.
PART – A
Q. No. 1
(a-f) carries mark each 1
X 6 = 6
Q. No. 2-7
carries 2 marks each 2 X
6 = 12
Q. No. 8-12
carries 4 marks each 4 X 5
= 20
Q. No. 13
& 14 carries 6 marks each 6 X
2 = 12
Total = 50
PART – B
Q. No. 15
(a-f) carries 1 mark each 1 X 6
= 6
Q. No. 16-21
carries 2 marks each 2 X 6 =
12
Q. No. 22-26
carries 4 marks each 4 X 5 =
20
Q. No. 27
& 28 carries 6 marks each 6 X
2 = 12
Total = 50
Total (Part A & B ): 50 + 50 = 100
PART – A
1.(a) Define
the term scarcity as used in economics. 1
(b) What is
opportunity cost? 1
(c) If marginal utility of a commodity is higher
than the price, then the consumer will buy more of the commodity? (Write True or
False) 1
(d) What will
be the effect of price change on supply of a commodity with perfectly inelastic
supply? 1
(e) How will
an increase in the price of inputs shift the supply curve? 1
(f) What is
shut down price? 1
2. Why the
production possibility curve slopes downward from left to right? 2
3. Give two
reasons of a leftward shift in the demand curve. 2
4. The price
elasticity of demand of a commodity is 4 and the percentage change in price is
8. Find the percentage change in the quantity demanded. 2
5. What is fixed
factor? Give one example. 1+1 = 2
6. What is
meant by inelastic supply? Draw an inelastic supply curve. 1+1 =
2
7. Mention
two differences between monopoly and perfectly competitive market. 2
8. Distinguish
between change in quantity demanded and change in demand. 4
9. Mention
the relationship between total utility and marginal utility. 4
10. What is
variable cost? Why the Average Variable Cost (AVC) curve becomes U shaped? 1+3=4
11. The
production function of a firm is Q=2L¹/².K²
Find the
amount required of factor K if the firm wants to produce 200 units with
available 16 units of factor L.
(Q = Output,
K = Capital, L = Labour) 4
12. Mention
the effect of the following on the supply of a commodity. 2+2 = 4
(i) Fall in
the price of factors.
(ii) Rise in
the per unit tax.
13. Explain
law of variable proportion with diagram. 6
Or
The total
fixed cost of a firm is Rs. 200. Fill in the blanks of the following table. 6
14. Explain
the process of Long-run Equilibrium Price determination of perfectly
competitive industry with diagram. 6
Or
Show the
effects of changes in demand of a commodity on equilibrium price, if
(i) The
supply of the commodity is perfectly elastic
(ii) The
supply of the commodity is perfectly inelastic.
3+3=6
PART – B
15. (a) In
what circumstances, the GDP of an economy can be equal to GNP? 1
(b) What is
transfer payment? 1
(c) What is
voluntary unemployment? 1
(d) What is
Break-Even income? 1
(e) What is
the full form of GST? 1
(f) What is
zero primary deficit? 1
16. Mention
two subject matter of Macroeconomics. 2
17. Mention
any two types of leakages found in the Circular Flow of income. 2
18. What is
investment multiplier? Write the relationship between investment multiplier and
MPC? 2
19. Mention
the two primary functions of money. 2
20. Mention
two differences between revenue receipts and capital receipts. 2
21. State two
sources of supply of foreign currency. 2
22. The value
MPC of an economy is 0.4. What amount of new investment is required to generate
new income of Rs. 500 crore in the economy? 4
23. Explain
any two fiscal measures to solve the problem of excess demand in an economy. 2+2=4
24. Mention
two factors causing disequilibrium in Balance of Payment of a country. 4
25. Write
down four differences between Direct Tax and Indirect tax. 4
26. What is
Budget Deficit? What are three types of Budgetary Deficit? 1+3=4
27. Describe
the Circular Flow of Income in a Three Sector Economy. 6
Or
Explain the
Expenditure Method of calculating Gross Domestic product (GDP). 6
28. Explain the
process of credit creation by commercial banks. 6
Or
Describe the
Quantitative methods adopted by the Central Bank to control credit created by commercial
banks. 6
*****
