Q.1 (A) FILLS IN THE BLANKS 5 MARKS
- National income is __________ concept. (stock, final, flow, intermediate)
- _________ is regarded as primary factor of production. (Land, Labour, Capital, Entrepreneur)
- Income elasticity of demand for inferior goods is ___________ (positive, negative, zero, greater than one)
- Market demand is an aggregate of purchasing by ______ buyers. (some, all, one, two)
- _________ Utility is the utility derived from the last unit of commodity consumed. (Average, Total, Marginal)
(B) MATCH THE PAIRS 5 MARKS
GROUP A
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GROUP B
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1. GNP (MP) – Depreciation.
2. Output method
3. Transfer Income
4. Transfer Payment
5. Personal income – direct taxes
6. Money value of goods and services
7. Factor cost method
8. Personal income – subsidy.
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(C) SAY WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR FALSE 6 MARKS
- National income is computed every year.
- Financial year in India is leap year.
- Labour cannot be stored.
- Financial year in India is from 1st March to 28th February.
- A cheque is Optional money.
- The Budget is a monthly statement.
Q.2 (A) DEFINE / EXPLAIN (ANY THREE) 6 MARKS
- Export.
- Surplus Budget.
- Government Income.
- Cash credit.
- Bank Money.
- Wealth.
(B) GIVE REASONS (ANY THREE) 6 MARKS
- Single price prevails in perfect competition.
- Labour cannot be stored.
- Macro economics is different from micro economics.
- Old age pension is transfer income
- Under monopoly seller is a price maker.
- Money act as a medium of exchange
Q.3 (A) DISTINGUISH BETWEEN (ANY THREE) 6 MARKS
- Barter System V/S Monetary System.
- Average propensity to consume (APC) V/S Marginal propensity to Consume (MPC).
- Saving V/S Income.
- Illegal Income V/S Transfer Income.
- Income Method V/S Expenditure Method.
- Micro Economics V/S Macro Economics.
(B) ANSWER THE FOLLOWING (ANY TWO) 6 MARKS
- Features of Labour.
- Types of Money.
- Secondary function of commercial bank.
- Aggregate Demand.
Q.4 SHORT NOTES (ANY THREE) 12 MARKS
- Features of Land.
- Types of Price Elasticity of Supply.
- Importance of Price Elasticity of Demand.
- Qualities of an Entrepreneur.
- Types of Utility.
Q.5 DO YOU AGREE OR NOT (ANY THREE) 12 MARKS
- There are no difficulties in measurement of National Income. (V.Imp)
- Price is the only determinants of Individual Demand.
- Micro Economics studies the individual unit. (write features don't give heading)
- There is no Assumption in Law of Demand.
- There are no determinants in Market demand.
Q.6 ANSWER IN DETAIL (ANY TWO) 12 MARKS
- Explain the Law of Demand? And it's Exception?
- Primary Function of Commercial bank?