ISC (Commerce)
ISC (Arts)
Academic Year: 2022-2023
Date & Time: 24th February 2023, 2:00 pm
Duration: 3h
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- Candidates are allowed additional 15 minutes for only reading the paper.
- They must NOT start writing during this time.
- Answer all questions in Section A, Section B and Section C.
- Section A consists of objective/very short answer questions.
- Section B consists of short answer questions.
- Section C consists of long answer questions.
- The intended marks for questions or parts of questions are given in brackets [].
The aggregate utility obtained from the consumption of a specific unit of a commodity is called ______.
Marginal utility
Total utility
Maximum utility
Additional utility
Chapter: [3] Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
If the price of a commodity and total expenditure on that commodity change in the same direction, the price elasticity of demand will be ______.
Greater than one
Less than one
Equal to zero
Equal to infinity
Chapter:
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
Indirect taxes and subsidies on the firm's products remain constant.
Technology used by the firm in production remains constant.
Prices of the factors of production paid by the firm remain constant.
Price of the commodity produced by the firm remains constant.
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
The figure given below shows the relation between the quantity demanded for the good X and the price of the good Z. What type of goods are X and Z?
Unrelated goods
Substitute goods
Complementary goods
Giffen goods
Chapter: [2] Demand and Law of Demand
Which one of the following will cause a rise in the equilibrium price of rice when the demand for rice remains the same?
Government subsidy to rice farmers.
Successful advertising campaign for rice.
Improved rice farming methods.
Poor weather conditions.
Chapter: [5] Supply: Law of Supply and Price Elasticity of Supply
When the Marginal Product turns negative, Total Product will ______.
Fall
Rise
Remain constant
Be zero
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
Induced investment expenditure refers to ______.
the investment made by a firm
the expenditure made by a firm remains constant
the investment made in the economy that remains unaltered
total investment expenditure changes with changes in national income
Chapter:
With reference to money, which one of the following statements is correct?
All paper currency is inconvertible money.
Cheque is also a fiat money.
Money cannot transfer value from one person to another.
M2 = C + DD + OD
Chapter:
Why is the AVC curve U-shaped?
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
Mention any one difference between the impact of tax and the incidence of tax.
Chapter:
Rate of interest on savings account is more than that on recurring account.
True
False
Chapter:
Complete the following table:
| INCOME (Y) |
SAVING (S) |
APC |
| 0 | (-) 12 | |
| 20 | 6 |
Chapter:
Why is effective demand also known as expost demand?
Chapter:
The price of a mobile handset has risen in the market. But the dealers have not been able to increase the supply proportionately.
What will be the price elasticity of supply for the mobile handset? Draw the supply curve to indicate the type of elasticity.
Chapter: [5] Supply: Law of Supply and Price Elasticity of Supply
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The price of a good decreases from ₹100 to 80 per unit. If the price elasticity of demand for the good is 2 and the original quantity demanded is 30 units, calculate the new quantity demanded.
Chapter: [4] Elasticity of Demand
Calculate Total variable cost and Marginal cost from the data given below.
| Output (units) | 0 | 1 | 2 | 3 |
| Total cost | 40 | 60 | 78 | 97 |
Chapter:
Give any two differences between returns to a factor and returns to scale.
Chapter:
Explain price ceiling with the help of a diagram.
Chapter:
Under Perfect Competition, a firm will enjoy normal profit in the long run even if it enjoys supernormal profit in the short run. Explain.
Chapter:
Draw a well-labelled diagram to show the break-even point.
Chapter:
Explain the short-run equilibrium of a firm facing losses under Perfect Competition.
Chapter:
Explain Open Market Operations as a measure to control inflation.
Chapter:
Explain the concept of Investment Multiplier using a diagram.
Chapter: [16] Theory of Income and Employment
Per capita income is not considered a good indicator of economic welfare. Explain this statement by giving two reasons.
Chapter: [31] National Income Aggregates
With the help of appropriate examples, briefly discuss Real GDP and Nominal GDP.
Chapter: [31] National Income Aggregates
How are revenue receipts different from capital receipts in a budget? Give one example of each receipt.
Chapter:
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How does public expenditure on social security schemes enhance production in an economy?
Chapter: [28] Fiscal Policy
Discuss any four differences between Monopoly and Monopolistic Competition.
Chapter:
When can the income elasticity of demand be negative?
Chapter:
With the help of a diagram, explain how the consumer will attain equilibrium on the consumption of a single commodity at a given price.
Chapter:
Explain any four exceptions to the law of supply.
Chapter:
Discuss any four factors affecting price elasticity of demand.
Chapter: [4] Elasticity of Demand
Briefly discuss any two precautions to be taken while calculating national income by the Value Added method.
Chapter:
Calculate GDPmp and NNPfc by Value Added method from the following data.
| PARTICULARS | (₹crores) | |
| (i) | Net value added at factor cost in the Primary sector | 6000 |
| (ii) | Net value added at factor cost in the Secondary sector | 4000 |
| (iii) | Net value added at factor cost in the Tertiary sector | 4500 |
| (iv) | Net Factor Income from Abroad | (-) 50 |
| (v) | Net Indirect taxes | 150 |
| (vi) | Intermediate consumption | 2500 |
| (vii) | Depreciation | 500 |
Chapter: [31] National Income Aggregates
With the help of a diagram, show the circular flow of income in a two-sector model with savings and investment.
Chapter:
Calculate National Income and operating Surplus from the following data:
| PARTICULARS | (₹crores) | |
| (i) | Government final consumption expenditure | 900 |
| (ii) | Net factor income from abroad | 210 |
| (iii) | Private final consumption expenditure | 1000 |
| (iv) | Net domestic capital formation | 300 |
| (v) | Profits | 320 |
| (vi) | Rent | 190 |
| (vii) | Net exports | (-) 75 |
| (viii) | Interest | 200 |
| (ix) | Net indirect taxes | 265 |
Chapter:
Read the passage given below and answer the questions that follow.
| A change in the rupee-dollar exchange rate represents a change in the external value of the rupee. The value of the rupee, in terms of the dollar, has been falling continuously over a period of time. Since the rupee-dollar exchange rate is determined by the demand for and supply of dollars, it is possible that the value of the rupee will slide further if appropriate measures are not taken. The Reserve Bank of India, in charge of both the internal and external value of the rupee, has repeatedly emphasised maintaining stability in the foreign exchange market. |
- What kind of exchange rate system is being referred to in the passage?
- The value of the rupee, in terms of the dollar, has been falling continuously over a period of time.” Give the economic term for this phenomenon.
- How would this phenomenon affect balance of payments?
- Explain the role of the Reserve Bank of India as custodian of foreign exchange.
- Suggest any two measures to correct adverse balance payments.
Chapter:
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