“Achieve Success through”
Omtex Classes
“THE
Home of Text”
TIME:
- 3 hours First preliminary examination MARKS: - 100
Q.1 (A) Complete the sentences by
choosing correct alternative given below.
- Micro and macro approaches are
_________________________ to each other. (Competitive, complementary,
substitute, rival)
- __________is the desire backed up by
ability to pay and willingness to pay for it. (Demand, Want, Commodity,
Utility)
- The income of government through all
sources called ____________________ (Public debt, Public expenditure,
Public revenue, public taxation)
- Individual supply is a
___________________ economic variable. (Macro, Producer, Micro, Firm)
- Macro Economist was well explained by
economist. (Marshall, Robbins, Adam Smith, J.M. Keynes)
(B) State whether the
following statements are true or false.
- Reservation price of perishable goods
is generally high
- Refrigerator in restaurant is capital
goods.
- Macro economics studies the economy in
its totality.
- Paper money economises on the use of
precious metals.
- 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
- ‘Principles of Economics’ is the
celebrated book of:
§
Dr.
Alfred Marshall
§
J.M.
Keynes
§
Lionel
Robbins
§
Adam
Smith
- Electricity has a composite demand:
§
It is
less expensive resources
§
It is demanded
for several uses
§
It is
available at all time
§
It is
used in combination with other resources.
- Monopolistic is a Price-maker and not
a price taker.
§
Monopolist
is intelligent in price-making
§
Demand
for his commodity is very high
§
He is
the seller in the market and has no close substitute for his product.
§
Three
is free entry and exit of firms in the market.
- 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
- 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
|
|
Q. 2 (A) Define and explain the following
concept. (Attempt any 4) 8 marks
- Define Microeconomics
- Explain, with example, the term
Utility
- Define Price Elasticity of Demand
- Define Cash Reserve Ratio
- Explain the concept of Gross National
Product. (GNP)
- Define Consumption Function
- State the definition of Central Bank.
- What do you mean by Credit Cards.
(B) Rewrite the following statements as
True of False. Give Reasons. (Any 4) 8 marks
- Salt has inelastic Demand.
- Selling cost is an important component
in Perfect competition.
- Macroeconomics is based on too much
assumption.
- As the income increases, Consumption
also increases
- Functional budgeting of government is
more important than balanced budgeting.
- Labour can be stored
- Today, barter system is in backward
countries
- 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.
Elastic
Demand V/S Inelastic Demand
3.
Land
V/S Labour
4.
Gross
National product V/S Net National Product
5.
Metallic
Coins V/S Paper money
6.
Fixed
Deposit Account V/S Current Account
7.
Micro
Economics V/S Macro Economics
8.
Balanced
Budget V/S Functional Budget
(B) Give
reasons or explain the following in brief. (Any 4)
8 marks
- Why Monopolistic competition does have
product differentiation?
- Is demand and Desire the same thing?
Explain with an example.
- Why is competitive firm a
‘Price-taker?
- Give Reason why labour can not be
stored/
- Why has the Popularity of
Macroeconomics increased?
- Why is income from illegal activities
not included in the national product?
- Why the concept of balanced budget is
is called as an ‘Ideal Concept’?
- Why does land lacks mobility?
Q. 4. (A) Answer the following questions in one or two
paras (any 2)
8 marks
- State and Explain the Law of Supply
- Explain with illustration, the Income
method of Measuring National Income?
- Describe the Various Function Of
Money?
- What are the Types of Price Elasticity
of Demand?
8 marks
(B) Write Short notes on
the following:
- Features of Microeconomics
- Exception to the Law of Demand
- Geffen Paradox
- Kinds of Investment
Q. 5 (A) Do you agree or disagree with the
following statements. Give Reasons. (Any Two) 16 marks
- At the point of satiety, Total utility
is at its maximum
- Demand Curves Sloes downwards from
left to Right.
- AD is influenced by C+I+G+E
Q. 6 (B) Answer the following (any
two)
16 marks
- Define and Explain the Function of
Central Bank?
- Explain the Different measures of
measuring National Income?
- Explain the law of demand? And it
exemption?
