Date: March 2018
State one example of positive economics.
Chapter: [0.01] Introduction
Define fixed cost. Give an example.
Chapter: [0.03] Producer Behaviour and Supply
When the Average Product (AP) is maximum, the Marginal Product (MP) is: (Choose the correct alternative)
(a) Equal to AP
(b) Less than AP
(c) More than AP
(d) Can be any one of the above
Chapter: [0.03] Producer Behaviour and Supply
When the total fixed cost of producing 100 units is Rs 30and the average variable cost Rs 3, total cost is : (Choose the correct alternative)
(a) Rs 3
(b) Rs 30
(c) Rs 270
(d) Rs 330
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
Explain the central problem for whom to produce.
Chapter: [0.01] Introduction
Explain the central problem of "choice of technique".
Chapter: [0.03] Producer Behaviour and Supply
What is meant by inelastic demand?
Chapter: [0.02] Consumer Equilibrium and Demand
Compare inelastic demand with perfectly inelastic demand.
Chapter: [0.02] Consumer Equilibrium and Demand
Given the price of a good, how does a consumer decide as to how much of the good to buy?
Chapter: [0.02] Consumer Equilibrium and Demand
Define an indifference curve.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the three properties of the indifference curves.
Chapter: [0.02] Consumer Equilibrium and Demand
When the price of a commodity changes from Rs 4 per unit to Rs 5 per unit, its market supply rises from 100 units to 120 units. Calculate the price elasticity of supply. Is supply elastic? Given reason
Chapter: [0.03] Producer Behaviour and Supply
What is meant by price ceiling? Explain its implications.
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 conditions of a producer's equilibrium in terms of marginal cost and marginal revenue. Use diagram.
Chapter: [0.03] Producer Behaviour and Supply
Features of Monopolistic Competition.
Chapter: [0.04] Forms of Market and Price Determination
Which of the characteristics separates it from perfect competition and why?
Chapter: [0.04] Forms of Market and Price Determination
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Chapter: [0.04] Forms of Market and Price Determination
Explain the implications of the following in an oligopoly market:
Non-price competition
Chapter: [0.04] Forms of Market and Price Determination
Which of the following affects national income? (Choose the correct alternative)
(a) Goods and Service tax
(b) Corporation tax
(c) Subsidies
(d) None of the above
Chapter: [0.02] National Income and Related Aggregates
Define money supply
Chapter: [0.04] Determination of Income and Employment
The central bank can increase availability of credit by: (Choose the correct alternative)
(a) Raising repo rate
(b) Raising reverse repo rate
(c) Buying government securities
(d) Selling government securities
Chapter: [0.03] Money and Banking
Why does consumption curve not start from the origin?
Chapter: [0.04] Determination of Income and Employment
Which among the following are final goods and which are intermediate goods? Give reasons.
1) Milk purchased by a tea stall
2) Bus purchased by a school
3) Juice purchased by a student from the school canteen
Chapter: [0.02] National Income and Related Aggregates
Given normal income, how can we find real income? Explain.
Chapter: [0.02] National Income and Related Aggregates
Define multiplier
Chapter: [0.04] Determination of Income and Employment
What is the relation between marginal propensity to consume and multiplier?
Chapter: [0.04] Determination of Income and Employment
Calculate the marginal propensity to consume if the value of multiplier.
Chapter: [0.04] Determination of Income and Employment
Explain the role of the Reserve Bank of India as the “lender of last resort”.
Chapter: [0.03] Money and Banking
What is meant by inflationary gap?
Chapter: [0.04] Determination of Income and Employment
State three measures to reduce inflationary gap.
Chapter: [0.04] Determination of Income and Employment
What is aggregate demand?
Chapter: [0.04] Determination of Income and Employment
State components of Aggregate demand ?
Chapter: [0.04] Determination of Income and Employment
The value of marginal propensity to consume is 0.6 and initial income in the economy is Rs 100 crores. Prepare a schedule showing Income, Consumption and Saving. Also show the equilibrium level of income by assuming autonomous investment of Rs 80 crores.
Chapter: [0.04] Determination of Income and Employment
Explain 'Revenue Deficit in a Government budget? What does it indicate?
Chapter: [0.05] Government Budget and the Economy
Define fiscal deficit
Chapter: [0.05] Government Budget and the Economy
What is primary deficit?
Chapter: [0.05] Government Budget and the Economy
Explain the role of Government budget in allocation of resources.
Chapter: [0.05] Government Budget and the Economy
Explain the following objective of government budget:
Reducing income inequalities
Chapter: [0.04] Determination of Income and Employment
Explain the impact of rise in exchange rate on national income.
Chapter: [0.02] National Income and Related Aggregates
Explain the concept of 'deficit' in balance of payments.
Chapter: [0.06] Balance of Payments
Calculation (a) Net National Product at market price, and (b) Gross Domestic Product at factor cost:
| (Rs in crores) | ||
| 1 | Rent and Interest | 6000 |
| 2 | Wages and Salaries | 1800 |
| 3 | Undistributed Profit | 400 |
| 4 | Net indirect taxes | 100 |
| 5 | Subsidies | 20 |
| 6 | Corporation tax | 120 |
| 7 | Net factor income to abroad | 70 |
| 8 | Dividends | 80 |
| 9 | Consumption of fixed capital | 50 |
| 10 | Social security contribution by employers | 200 |
| 11 | Mixed income | 1000 |
Chapter: [0.02] National Income and Related Aggregates
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