This Paper has 33 answerable questions with 0 answered.
| Roll No………………… | |
| Time allowed : 3 hours | Maximum marks : 100 |
| Total number of questions : 8 | Total number of printed pages : 3 |
| PART— A |
(Answer Question No.1 which is compulsory and any three of the rest from this part.)
|
| Marks |
| 1. | (a) | State, with reasons in brief, whether the following statements are true or false | 3each | |
| | | (i) | The slope of indifference curve indicates marginal rate of substitution. | | (0) |
| | | (ii) | At equilibrium of a firm under perfect competition, AR will be equal to MR | | (0) |
| | | (iii) | “Economics is the science of choice making.” Definition given by Samuelson. | | (0) |
| | | (iv) | Negative balance of trade does not indicate negative balance of payments. | | (0) |
| | | (v) | National income is the aggregative money value of all final goods and services produced in the country over a period of time, usually one year. | | (0) |
| | (b) | Distinguish between any two of the following : | 5each | |
| | | (i) | ‘Cardinal approach of utility analysis’ and ‘ordinal approach of utility analysis’. | | (0) |
| | | (ii) | ‘Returns to a factor’ and ‘returns to scale’. | | (0) |
| | | (iii) | ‘Micro economics’ and ‘macro economics’. | | (0) |
| 2. | (a) | What do you understand by the concept of ‘demand function’ ? | 3 | (0) |
| | (b) | A consumer buys 50 units of a commodity at Rs.4 per unit. When its price falls by 25%, its demand rises to 100 units. Find out price elasticity of demand. | 6 | (0) |
| | (c) | “Product differentiation and selling expenses form the foundation of monopolistic competition.” Explain. | 8 | (0) |
| 3. | (a) | Write short notes on any two of the following : | 4each | |
| | | (i) | Marginal rate of technical substitution | | (0) |
| | | (ii) | Iso–cost lines | | (0) |
| | | (iii) | Ridge lines. | | (0) |
| | (b) | (i) | Fill–up the blanks in the following table :
Agricultural Output with Fixed Land and Variable Units of Labour Labour (Units)
1
2
3
4
5
6
7 | Total Output
(Tonnes)
8
20
36
....
55
60
.... | Average Output
(Tonnes)
8
....
12
12
....
....
.... | Marginal Output
(Tonnes)
....
12
....
12
7
5
0 |
| 4 | (0) |
| | | (ii) | Narrate few aspects relating to supply of labour in a country. | 4 | (0) |
| 4. | (a) | What is meant by ‘credit control’? What are its main categories ? Explain bank rate as a leading instrument of credit control. | 8 | (0) |
| | (b) | What do you understand by ‘consumption function’ ? State various factors that determine consumption function. | 7 | (0) |
| 5. | (a) | Briefly explain any two of the following concepts : (i)
(ii)
(iii) | Reflation
Hyper–inflation
Deflation. |
| 4 | (0) |
| | (b) | State and explain ‘comparative cost advantage theory’ of international trade as propounded by David Ricardo. | 7 | (0) |
| PART—B |
(Answer ANY TWO questions from this part.)
|
| 6. | (a) | “Business environment of a firm is the totality of external circumstances which it faces and over which it has little or no control.” Comment. | 7 | (0) |
| | (b) | Explain briefly any two of the following : | 4each | |
| | | (i) | Concept of X–inefficiency | | (0) |
| | | (ii) | Social goods | | (0) |
| | | (iii) | State regulation | | (0) |
| | | (iv) | Industrial sickness. | | (0) |
| 7. | (a) | What do you mean by the term ‘dualism’ ? How far is it applicable to Indian economy ? | 7 | (0) |
| | (b) | Medium and large scale industries, financial institutions and other business establishments are important segments of mixed economy like India. Comment. | 8 | (0) |
| | OR | | |
| | | Quality of life of Indian population is related to its size and employment level. Comment. | | (0) |
| 8. | (a) | Write a note on various reforms that have been introduced in the Indian financial sector in recent years. | 7 | (0) |
| | (b) | Comment on any two of the following : | 4each | |
| | | (i) | Liberalisation is the encouragement of direct foreign investment and technology. | | (0) |
| | | (ii) | Infrastructure, by their very nature, tend to be commercially non–viable. | | (0) |
| | | (iii) | A subsidy is a negative tax. | | (0) |
| | | (iv) | Foreign trade of a country is believed to be a major contributor to its economic growth. | | (0) |
