Date: March 2014
Define fixed cost. Give an example.
Chapter: [0.03] Producer Behaviour and Supply
A large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.
Chapter: [0.01] Introduction
Define production function.
Chapter: [0.03] Producer Behaviour and Supply
What is meant by collusive oligopoly?
Chapter: [0.04] Forms of Market and Price Determination
Explain the law of diminishing marginal utility.
Chapter: [0.02] Consumer Equilibrium and Demand
Under what market condition does Average Revenue always equal Marginal Revenue? Explain.
Chapter: [0.04] Forms of Market and Price Determination
How does change in per unit tax influence the supply of a good by a firm? Explain.
Chapter: [0.03] Producer Behaviour and Supply
How does subsidy influence the supply of a good by a firm? Explain.
Chapter: [0.03] Producer Behaviour and Supply
Explain the implications of the following in a perfectly competitive market:
Large number of buyers
Chapter: [0.04] Forms of Market and Price Determination
Why is a production possibilities curve downward sloping? Explain
Chapter: [0.03] Producer Behaviour and Supply
Explain the change in demand of a good on account of change in prices of related goods.
Chapter: [0.02] Consumer Equilibrium and Demand
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
Chapter: [0.03] Producer Behaviour and Supply
A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X falls, demand for good X rises. Use Utility Analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also, find profit at this output.
| Output (units) | Total Revenue (Rs) |
Total Cost (Rs) |
| 1 | 8 | 10 |
| 2 | 16 | 18 |
| 3 | 24 | 23 |
| 4 | 32 | 31 |
| 5 | 40 | 41 |
Chapter: [0.03] Producer Behaviour and Supply
A market for a good is in equilibrium. The supply of good "decreases". Explain the chain of effects of this change
Chapter: [0.04] Forms of Market and Price Determination
Explain the conditions of consumer’s equilibrium using indifference curve analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the three properties of the indifference curves.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the concept of Deflationary Gap
Chapter: [0.04] Determination of Income and Employment
What is primary deficit?
Chapter: [0.05] Government Budget and the Economy
Discuss briefly the meaning of Flexible Exchange Rate.
Chapter: [0.06] Balance of Payments
What is a central bank?
Chapter: [0.03] Money and Banking
What is aggregate supply?
Chapter: [0.04] Determination of Income and Employment
Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget:
Expenditure on scholarships
Chapter: [0.05] Government Budget and the Economy
Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget:
Expenditure of building a bridge.
Chapter: [0.05] Government Budget and the Economy
What are non-monetary exchanges? Give an example. Explain their impact on the use of a gross domestic product as an index of the welfare of the people.
Chapter: [0.06] Balance of Payments
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
Explain the ‘store of value’ function of money. How has solved the related problem created by barter?
Chapter: [0.03] Money and Banking
How is balance of payment 'deficit' measured? Explain.
Chapter: [0.06] Balance of Payments
The government has started spending more on providing free services like education and health to the poor. Explain the economic value it reflects.
Chapter: [0.05] Government Budget and the Economy
State the meaning and components of the money supply.
Chapter: [0.03] Money and Banking
Explain the 'currency authority' function of a central bank.
Chapter: [0.03] Money and Banking
How should the following be treated while estimating national income? You must give the reason in support of your answer.
Bonus paid to employees
Chapter: [0.02] National Income and Related Aggregates
How should the following be treated while estimating national income? You must give the reason in support of your answer.
Addition to stocks during a year
Chapter: [0.02] National Income and Related Aggregates
How should the following be treated while estimating national income? You must give the reason in support of your answer.
Purchase of taxi by a taxi driver.
Chapter: [0.02] National Income and Related Aggregates
Explain national income determination through the two alternative approaches. Use Diagram.
Chapter: [0.02] National Income and Related Aggregates
Given consumption curve, derive saving curve and state the steps taken in the process of derivation. Use Diagram.
Chapter: [0.04] Determination of Income and Employment
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