ISC (Commerce)
ISC (Arts)
ISC (Science)
Academic Year: 2014-2015
Date: March 2015
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- Answer Question 1 (Compulsory) from Part I and five questions from Part II.
Define marginal utility.
Chapter: [3] Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
What is meant by production function?
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
Answer the following question.
Name the market where average revenue is equal to marginal revenue. Give a reason for your answer.
Chapter:
Give one difference between accounting cost and opportunity cost.
Chapter:
What is the reason for an indeterminate demand curve under oligopoly?
Chapter:
Explain discounting bills of exchange as one of the functions of the banks.
Chapter:
Differentiate between revaluation of currency and appreciation of the currency.
Chapter:
How can gross domestic product at factor cost be obtained from the gross national product at market price?
Chapter:
Answer the following question.
What is meant by revenue deficit? Explain its implications.
Chapter:
Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.
Chapter: [2] Demand and Law of Demand
Differentiate between the expansion of demand and an increase in demand, using diagrams.
Chapter: [2] Demand and Law of Demand
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Answer the following question.
Explain with the help of a diagram the consumer’s equilibrium through utility approach.
Chapter:
Discuss any two properties of the indifference curve.
Chapter:
Draw a diagram to show the elasticity of demand when it is greater than one.
Chapter: [4] Elasticity of Demand
Draw a diagram to show the elasticity of demand when it is less than one.
Chapter:
Draw a diagram to show the elasticity of demand when it is unity.
Chapter:
Explain the geometric method of calculating the elasticity of supply.
Chapter:
Show with the help of diagrams the effect on equilibrium price and quantity when there is a fall in the price of substitute goods.
Chapter:
Show with the help of a diagram the effect on equilibrium price and quantity when there is a rise in the prices of inputs.
Chapter:
The cost function of a firm is given below:
| Output | 0 | 1 | 2 | 3 | 4 |
| Total cost | 100 | 250 | 370 | 550 | 740 |
Calculate:
- AFC
- AVC
- MC
Chapter:
Explain the law of variable proportions with the help of a diagram.
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
Answer the following question.
Discuss two features of monopoly.
Chapter:
Show with the help of a diagram, how a perfectly competitive firm earns a normal profit in short-run equilibrium.
Chapter:
Explain how a producer can maximize profit by using MR and MC curves.
Chapter:
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Find the value of additional investment made by the government when MPC = 0.5 and the increase in income (ΔY) = ₹ 1000.
Chapter: [16] Theory of Income and Employment
What is meant by autonomous consumption? Explain with the help of a diagram.
Chapter:
Explain the concept of deficient demand with the help of aggregate demand and aggregate supply curves. Discuss one physical and one monetary measure to correct it.
Chapter:
Answer the following question.
Discuss two qualitative methods of credit control.
Chapter: [26] Banks: Commercial Bank and Central Bank
Discuss the various components of the current account of the balance of payments.
Chapter:
Highlight two differences between sales tax and income tax.
Chapter:
Explain four ways of redemption of public debt.
Chapter: [28] Fiscal Policy
With the help of a diagram, show the circular flow of income in a two-sector model with savings and investment.
Chapter:
The growth of the Gross Domestic Product is not a real indicator of economic welfare. Discuss two reasons to justify the given statement.
Chapter: [31] National Income Aggregates
From the following data, calculate GNPMP and NNPFC by Expenditure Method.
| ₹ (in crore) | |
| (i) Mixed income of self-employed | 450 crores |
| (ii) Compensation of employees | 550 crores |
| (iii) Private final consumption expenditure | 1000 crores |
| (iv) Net factor income from abroad | (−)20 crores |
| (v) Net indirect taxes | 150 crores |
| (vi) Consumption of fixed capital | 170 crores |
| (vii) Net domestic capital formation | 380 crores |
| (viii) Net exports | (−)30 crores |
| (ix) Profits | 400 crores |
| (x) Rent | 150 crores |
| (xi) Interest | 200 crores |
| (xii) Government final consumption expenditure | 550 crores |
Chapter: [32] Methods of Measuring National Income
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