This Paper has

**65**answerable questions with**0**answered.Roll No……… | |

Time allowed : 3 hours | Maximum marks : 100 |

Total number of questions : 8 | Total number of printed pages : 7 |

PART — A | |

(Answer Question No.1 which is compulsory and any two of the rest from this part.) |

1. | (a) | State, with reasons in brief, whether the following statements are correct or incorrect: | ||||||||||||||

(i) | Positive economics and normative economics are synonyms to each other. | (0) | ||||||||||||||

(ii) | There is normally a direct relationship between price and quantity in supply of a commodity. | (0) | ||||||||||||||

(iii) | The agriculture sector holds the dominant position in the Indian economy in terms of contribution to India’s Gross Domestic Product (GDP). | (0) | ||||||||||||||

(iv) | National income is the aggregate money value of all goods and services produced in the country over a period of time, usually one year. | (0) | ||||||||||||||

(v) | A surplus in balance of trade necessarily implies a surplus in the current account of balance of payments of an economy. | (0) | ||||||||||||||

(2 marks each) | ||||||||||||||||

(b) | Choose the most appropriate answer from the given options in respect of the following : | |||||||||||||||

(i) | Elasticity of demand for a necessity like salt is normally —
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(ii) | The demand curve of a firm under perfect competition is —
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(iii) | If all factors of production are increased by 100% and the output increases by 90%, it is a case of —
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(iv) | In the case of a free good, the level of consumption where marginal utility is zero and the total utility is maximum, it is called —
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(v) | According to Fisher, total supply of money is —
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(vi) | The average revenue curve of a firm is also known as its —
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(vii) | Which one of the following is not a function of RBI —
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(viii) | Point out the odd one out of the following —
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(ix) | Product differentiation is the basic feature of —
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(x) | Who is the ex–officio Chairman of the Planning Commission of India —
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(1 mark each) | ||||||||||||||||

2. | (a) | Distinguish between any three of the following : | ||||||||||||||

(i) | ‘Increase in demand’ and ‘expansion in demand’. | (0) | ||||||||||||||

(ii) | ‘Market economy’ and ‘planned economy’ | (0) | ||||||||||||||

(iii) | ‘Revenue deficit’ and ‘fiscal deficit’. | (0) | ||||||||||||||

(iv) | ‘Inferior goods’ and ‘Giffen goods’. | (0) | ||||||||||||||

(3 mark each) | ||||||||||||||||

(b) | Re-write the following sentences after filling-in the blank spaces with appropriate word(s)/figure(s) : | |||||||||||||||

(i) | Internal economies accrue to a firm when it ________ its operation. | (0) | ||||||||||||||

(ii) | Alfred Marshall’s definition of economics is concerned with _____________ welfare. | (0) | ||||||||||||||

(iii) | _____________ is additional total cost when an additional unit of production is produced. | (0) | ||||||||||||||

(iv) | Government policy relating to public revenue, expenditure and borrowings is called_____________. | (0) | ||||||||||||||

(v) | The average number of persons per square kilometre of area is called ____________. | (0) | ||||||||||||||

(vi) | All factors of production are variable in _________ run. | (0) | ||||||||||||||

(1 mark each) | ||||||||||||||||

3. | Comment on any three of the following : | |||||||||||||||

(i) | Under perfect competition, the problem before a firm is to determine output only. | (0) | ||||||||||||||

(ii) | The Industrial Policy, 1991 redefined the role of public sector. | (0) | ||||||||||||||

(iii) | The welfare of people increases with increase in Gross National Product (GNP). | (0) | ||||||||||||||

(iv) | Selective credit controls regulate the flow of credit in particular directions | (0) | ||||||||||||||

(5 mark each) | ||||||||||||||||

4. | Attempt any three of the following : | |||||||||||||||

(i) | ‘Quantity demanded of a commodity bears an inverse relationship to its price.’Elaborate the statement with the help of a diagram. | (0) | ||||||||||||||

(ii) | What do you mean by ‘economies of scale’ ? What are its different sources ? | (0) | ||||||||||||||

(iii) | Name the methods of computing national income. Describe in detail the product method. | (0) | ||||||||||||||

(iv) | What do you mean by ‘monetary policy’ ? Discuss its various objectives. | (0) | ||||||||||||||

(5 mark each) |

PART — B | |

(Answer Question No.5 which is compulsoryand any two of the rest from this part.) |

5. | (a) | State, with reasons in brief, whether the following statements are correct or incorrect: | |||||||||||||||||||||||||||||

(i) | Statistical results are true only on an average. | (0) | |||||||||||||||||||||||||||||

(ii) | Geometric mean gives higher weight to large items and less weight to small items. | (0) | |||||||||||||||||||||||||||||

(iii) | Same weight is given to all commodities in a weighted index number. | (0) | |||||||||||||||||||||||||||||

(iv) | Lorenz curve furnishes a quantitative measure of dispersion. | (0) | |||||||||||||||||||||||||||||

(v) | There is an inverse relationship between the size of the sample and accuracy of the result. | (0) | |||||||||||||||||||||||||||||

(2 marks each) | |||||||||||||||||||||||||||||||

(b) | Choose the most appropriate answer from the given options in respect of the following : | ||||||||||||||||||||||||||||||

(i) | The arranging of related facts into classes is called —
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(ii) | Ogive curve is drawn with the help of —
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(iii) | The index number which adopts base year quantities as weights is a method of —
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(iv) | Co–efficient of variation is a —
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(v) | Which of the following averages would be more suitable for ascertaining average size of shoes —
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(vi) | Which average is affected most by extreme observations —
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(vii) | While drawing a scatter diagram, if all the points appear to form a straight line going downward from left to right, then it is inferred that there is a —
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(viii) | Which graphical representation is suitable for determining mode —
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(ix) | A distribution in which the values of mean, mode and median coincide is known as ––
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(x) | The square root of co–efficient of non–determination is called —
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(1 mark each) | |||||||||||||||||||||||||||||||

6. | (a) | Distinguish between any three of the following : | |||||||||||||||||||||||||||||

(i) | ‘Primary data’ and ‘secondary data’. | (0) | |||||||||||||||||||||||||||||

(ii) | ‘Mean deviation’ and ‘sandard deviation’. | (0) | |||||||||||||||||||||||||||||

(iii) | ‘Karl Pearson’s co–efficient’ and ‘rank correlation co–efficient’. | (0) | |||||||||||||||||||||||||||||

(iv) | ‘Wholesale price index number’ and ‘cost of living index number’. | (0) | |||||||||||||||||||||||||||||

(3 marks each) | |||||||||||||||||||||||||||||||

(b) | Re-write the following sentences after filling-in the blank spaces with appropriate word(s)/figure(s) : | ||||||||||||||||||||||||||||||

(i) | The law of inertia of large numbers is __________ of the law of statistical regularity. | (0) | |||||||||||||||||||||||||||||

(ii) | Co-efficient of variation is usually expressed in __________. | (0) | |||||||||||||||||||||||||||||

(iii) | ‘r’ is significant if it is ____________ of probable error. | (0) | |||||||||||||||||||||||||||||

(iv) | ________________ is the ratio of explained variation to the total variation. | (0) | |||||||||||||||||||||||||||||

(v) | _________ requires that the product of price index and the corresponding quantity index numbers should be equal to the value index number. | (0) | |||||||||||||||||||||||||||||

(vi) | ‘Trend line’ obtained by method of least squares is called _______________. | (0) | |||||||||||||||||||||||||||||

(1 mark each) | |||||||||||||||||||||||||||||||

7. | (a) | State the characteristics which the numerical data should possess to be known as statistics. | (0) | ||||||||||||||||||||||||||||

(5 marks) | |||||||||||||||||||||||||||||||

(b) | Explain laws of statistics. | (0) | |||||||||||||||||||||||||||||

(5 marks) | |||||||||||||||||||||||||||||||

(c) | Explain the ‘census investigation method’. What are its merits ? | (0) | |||||||||||||||||||||||||||||

(5 marks)OR | |||||||||||||||||||||||||||||||

Calculate Karl Pearson’s co–efficient of correlation for the data given below :
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(5 marks) | |||||||||||||||||||||||||||||||

8. | (a) | Compute mean and median from the following data :
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(5 marks) | |||||||||||||||||||||||||||||||

(b) | Calculate Fisher’s index number for the year 2008 from the data given below :
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(5 marks) | |||||||||||||||||||||||||||||||

(c) | Compute standard deviation and co-efficient of variation from the following data :
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(5 marks) |