Date: March 2012
Define Microeconomics?
Chapter: [0.01] Introduction
Give one reason for shift in demand curve.
Chapter: [0.02] Consumer Equilibrium and Demand
What is the behaviour of Total Variable Cost, as output increases?
Chapter: [0.02] Consumer Equilibrium and Demand
What is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given price?
Chapter: [0.02] Consumer Equilibrium and Demand
What is price-maker firm?
Chapter: [0.04] Forms of Market and Price Determination
Define Production Possibilities Curve. Explain why it is downward sloping from left to right.
Chapter: [0.01] Introduction
A consumer consumes only two goods X and Y and is in equilibrium. Price of X falls. Explain the reaction of the consumer through the Utility Analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
Draw total Variable Cost, Total Cost, and Total Fixed Cost curves in a single diagram.
Chapter: [0.03] Producer Behaviour and Supply
A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.
Chapter: [0.01] Introduction [0.03] Producer Behaviour and Supply
Explain the implications of large number of sellers in a perfectly competitive market.
Chapter: [0.04] Forms of Market and Price Determination
Explain why there are only a few firms in an oligopoly market.
Chapter: [0.04] Forms of Market and Price Determination
Define an indifference map. Why does indifference curve to the right show more utility? Explain.
Chapter: [0.02] Consumer Equilibrium and Demand
A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.
Chapter: [0.02] Consumer Equilibrium and Demand
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
Chapter: [0.03] Producer Behaviour and Supply
Explain how changes in prices of other products influence the supply of a given product.
Chapter: [0.04] Forms of Market and Price Determination
Explain the difference between (i) inferior goods and normal goods and (ii) cardinal utility and ordinal utility. Give example in each case.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the distinction between “change in quantity supplied’ and “change in supply”. Use diagram.
Chapter: [0.03] Producer Behaviour and Supply
Market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply but there is no change in market price. Explain with the help of a schedule how it is possible.
Chapter: [0.02] Consumer Equilibrium and Demand
Market for a good is in equilibrium. Explain the chain of reactions in the market if the price is (i) higher than equilibrium price and (ii) lower than equilibrium price.
Chapter: [0.02] Consumer Equilibrium and Demand
Define flow variable.
Chapter: [0.01] Introduction
Define Consumption Goods.
Chapter: [0.01] Introduction
Define a ‘Direct tax’.
Chapter: [0.05] Government Budget and the Economy
What is a fixed exchange rate?
Chapter: [0.06] Open Economy Macroeconomics
Find Net Value added at Market Price:
|
S.No |
Items |
Amount |
|
(i) |
Depreciation (Rs) |
700 |
|
(ii) |
Output sold (units) |
900 |
|
(iii) |
Price per unit of output (Rs) |
40 |
|
(iv) |
Closing stock (Rs) |
1,000 |
|
(v) |
Opening stocks (Rs) |
800 |
|
(vi) |
Sales tax (Rs) |
3,000 |
|
(vii) |
Intermediate cost (Rs) |
20,000 |
Chapter: [0.01] Introduction
Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter?
Chapter: [0.03] Money and Banking
Outline the steps taken in deriving Consumption Curve from the Saving Curve. Use diagram.
Chapter: [0.02] Consumer Equilibrium and Demand
Find Consumption Expenditure from the following:
|
National Income |
= Rs 5,000 |
|
Autonomous Consumption |
= Rs 1,000 |
|
Marginal propensity to consume |
= 0.80 |
Chapter: [0.02] Consumer Equilibrium and Demand
Distinguish between revenue receipts and capital receipts in a government budget. Give example in each case.
Chapter: [0.05] Government Budget and the Economy
Explain the role of government budget in bringing stability in the economy.
Chapter: [0.05] Government Budget and the Economy
Should the following be treated as final expenditure or intermediate expenditure? Give reasons for your answer.
(i) Purchase of furniture by a firm.
(ii) Expenditure on maintenance by a firm.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
Explain the 'lender of last resort' function of central bank.
Chapter: [0.03] Money and Banking
Explain ‘government’s banker’ function of the central bank.
Chapter: [0.05] Government Budget and the Economy
Explain the concept of ‘fiscal deficit’ in a government budget. What does it indicate?
Chapter: [0.05] Government Budget and the Economy
Find out (i) Gross National Product at Market Price and (ii) Net Current Transfers from Abroad:
|
S. No. |
Items |
(Rs Crore) |
|
(i) |
Private final consumption expenditure |
1000 |
|
(ii) |
Depreciation |
100 |
|
(iii) |
Net national disposable income |
1500 |
|
(iv) |
Closing stock |
20 |
|
(v) |
Government final consumption expenditure |
300 |
|
(vi) |
Net Indirect tax |
50 |
|
(vii) |
Opening stock |
20 |
|
(viii) |
Net domestic fixed capital formation |
110 |
|
(ix) |
Net exports |
15 |
|
(x) |
Net factor income to abroad |
(–) 10 |
Chapter: [0.02] National Income and Related Aggregates
Explain the concept of ‘inflationary gap’. Also explain the role of ‘legal reserves’ in reducing it.
Chapter: [0.03] Money and Banking
Explain the concept of Deflationary Gap
Chapter: [0.04] Determination of Income and Employment
Also explain the role of ‘margin requirements’ in reducing it.
Chapter: [0.02] National Income and Related Aggregates
Give the meaning of ‘foreign exchange’ and ‘foreign exchange rate’. Giving reason, explain the relation between foreign exchange rate and demand for foreign exchange.
Chapter: [0.06] Open Economy Macroeconomics
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