OMTEX CLASSESBISMILLAH ECONOMICS
TEST Bismillah 100 MARKS
Bismillah 3Hrs Bismillah
Q.1 (A) Fill
in the blanks with appropriate alternatives given in the brackets. (5
Marks)
1.
Economics is a ……….science. (natural, social,
anthropology, political)
2.
Labour is ……… (imperishable, perishable,
convertible, non-convertible)
3.
The nature of the market of barter system is …………
(wide, limited, personal, social)
4.
There is lack of ……….in monopoly. (consumers,
competition, buyer, people)
5.
………..has monopoly to issue currency notes.
(Commercial bank, Central Bank, Cooperative Bank, ICICI bank)
(B) State whether the following
statements are true or false.
BISMILLAH (5
Marks)
1.
Utility is Objective.
2.
The demand of food grains is elastic.
3.
All capital is wealth but all wealth is not capital. 1st Batch
4.
The relationship between price and demand is
positive.
5.
The problems of Nation are studied in the macro
economy.
(C) Choose the correct answer. BISMILLAH (5
Marks)
1.
The capacity of a commodity to satisfy human want is
known as ………. (need, utility, satisfaction, production)
2.
The demand for electricity is ………..(inelastic,
elastic, elasticity more than one, elasticity less than one)
3.
The government budget is for……… (specific period,
some weeks, some days, unspecified period)
4.
The income which is not spent on consumption is
known as…….. (saving, loss, profit, transaction)
5.
The
a/c in which the specific amount is deposited per month regularly is known as………A/C(fixed,
saving, current, recurring)
(D) Choose the correct answer. BISMILLAH (5
Marks)
|
Group
A
|
Group
B
|
|
1.
Economics
2.
Reward
of Capital
3.
Value
of money
4.
Establishment
of Central Bank
5.
Sales
Tax
|
1.
Not
Steady
2.
1st
April 1935
3.
Social
Science
4.
Income
from commodity tax
5.
Natural
Science
6.
Interest
7.
1st
April 1939
|
Q.2 (A) Explain
the following concepts or give definitions:
BISMILLAHBISMILLAH Any
four (8Marks)
1.
Micro Economics (4 points needed)
2.
Variable Capital (4 points needed)
3.
Depreciation (4 points needed)
4.
Loan (4 points needed)
5.
Bank rate (4 points needed)
6.
Traveler’s Cheque (4 points needed)
7.
Saving (4 points needed)
8.
Prof.Fisher’s definition of National Income (4 points
needed)
(B) State whether the following
statements are True or False:
BISMILLAH Any
four (8Marks)
1.
The demand for rich person is elastic.
2.
There are advertisements of commodities in perfect
competition.
3.
The scope of macroeconomics is wide.
4.
There is no difference between the micro and macroeconomics.
5.
The demand and the desire are the same.
6.
The expenditure is more than income in balanced
budget.
7.
The Central bank work as banker’s bank.
8.
The interest is more on saving deposits.
Q.3 (A) Distinguish
between:
BISMILLAH Any
four (8Marks)
1.
Micro Economics V/S Macro Economics. (4points
needed)
2.
Commercial Bank V/S Central Bank. (4points needed)
3.
Demand V/S Supply. (diagram and schedule is compulsory)
4.
Direct Tax V/S Indirect Tax. (4points needed)
5.
Fixed deposits Account V/S Saving Deposit Account
6.
Total Utility V/S Marginal Utility. (diagram is
compulsory)
7.
Consumption V/S Saving. (4points needed)
8.
Quantitative Credit Controls V/S Qualitative Credit
Controls
(B) Give reasons or explains: BISMILLAH Any
four (8Marks)
1.
Utility means not usefulness. (4points needed)
2.
The demand curve is sloping down from left to right.
(4points needed)
3.
The relationship between price and supply is
positive. (4points needed)
4.
There is single price in perfect competition.
(4points needed)
5.
The entrepreneur is called as a leader of the organization.
(4points needed)
6.
The net national income is less than gross national
income. (4points needed)
7.
The study of whole economy is done in the macro
economy. (4points needed)
8.
The difficulties of barter system are removed by
money. (4points needed)
Q.4 (A) Answer
the following in brief:
BISMILLAH Any
two (8Marks)
1.
State the features of Capital. (Meaning
Definition and 6points needed)
2.
Primary Function of Money. (Meaning
Definition and 6points needed)
3.
Saving Function. (Meaning Definition and 6points
needed)
(diagram
and schedule is compulsory)
4.
Relationship between Total Utility and Marginal
Utility. (diagram and schedule is compulsory)
(B) Short Explanatory Notes: BISMILLAH Any
two (8Marks)
1.
Aggregate Demand.
2.
Explain the Primary function of commercial bank.
5.
Microeconomics. (Meaning Definition and 6points
needed)
3.
Components of Government Budgets.
Q.5 State
with reasons, whether you Agree or Disagree with the following: BISMILLAH Any two (16Marks)
1.
Perfect competition Means monopolistic competition. (diagram of both is
compulsory)
2.
There are no exceptions in law of demand.
3.
A seller is a price maker in monopoly. (diagram and 7
points compulsory)
Q.6 Answer in
Detail:
BISMILLAH Any
two (16Marks)
1.
Explain the law of diminishing marginal utility with
assumption. (diagram and schedule is compulsory)
2.
What are the types of Price elasticity of Demand? (diagram is compulsory)
3.
Explain the function of central Bank.
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*********
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