ISC (Commerce)
ISC (Arts)
Academic Year: 2019-2020
Date: March 2020
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(Candidates are allowed additional 15 minutes for only reading the paper.
They must NOT start writing during this time.)
Answer Question 1 (compulsory) from Part I and five questions from Part II.
The intended marks for questions or parts of questions are given in brackets [ ].
What is meant by production function?
Chapter: [7] Laws of Returns: Returns to a Factor and Returns to Scale
Explain the law of diminishing marginal utility.
Chapter:
State and explain the assumptions of the law of diminishing marginal utility.
Chapter:
Differentiate between autonomous capital flow and accommodating capital flow.
Chapter:
How is the multiplier related to the marginal propensity to save?
Chapter:
Show with the help of a diagram, a situation when change in supply will keep the equilibrium quantity of the commodity unchanged.
Chapter:
Name one market where the selling cost is applicable.
Chapter:
State the meanings of the following:
Operating Surplus
Chapter:
Explain the geometric method of calculating the elasticity of supply.
Chapter:
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How does diminishing marginal rate of substitution affect the shape of indifference curve?
Chapter:
The marginal utility schedule of a rational consumer is given below. If the price of a commodity is ₹ 35, explain with the help of a diagram, how the consumer attains equilibrium.
| Number of the commodity bought |
1 | 2 | 3 | 4 | 5 |
| MU | 50 | 45 | 40 | 35 | 30 |
Chapter:
Explain any two reasons for the supply curve to be positively sloped.
Chapter:
Explain how the equilibrium price can be determined with the help of demand and supply curves.
Chapter:
Discuss the three stages of the law of variable proportions with the help of diagrams. In which stage will a rational producer like to operate?
Chapter:
When price of commodity X changes from ₹ 40 per unit to ₹ 20 per unit, its demand increases by 20 units. If price elasticity of demand is 0.5, calculate the initial and final quantity demanded of commodity X.
Chapter:
Using a diagram, explain the relationship between MR and TR under imperfect competition.
Chapter:
Using a diagram, explain the concept of:
Shut-down point
Chapter:
Using a diagram, explain the concept of:
Break-even point of a firm in perfect competition under short run.
Chapter:
Give reasons for the following:
TC and TVC curves do not start from the same point.
Chapter:
Give reasons for the following:
ATC and AVC curves do not touch each other.
Chapter:
Explain two factors affecting the demand for a commodity other than its price.
Chapter:
Differentiate between a perfectly competitive market and a monopolistically competitive market on the basis of the following:
- Nature of product
- Price influence
- Relationship between AR and MR
- Demand Curve
Chapter:
Mention any three methods of redemption of public debt.
Chapter: [28] Fiscal Policy
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How is fiscal deficit different from primary deficit?
Chapter:
Explain any four causes of an adverse balance of payments of a country.
Chapter:
Mention the components of M1, M2, and M3 measures of money supply by the RBI.
Chapter:
Explain the following function of the Central Bank:
Custodian of foreign exchange reserves.
Chapter:
What is meant by the following function of the Central bank:
Lender of the last resort
Chapter:
Discuss the different ways in which commercial banks extend loans to their customers.
Chapter:
Briefly explain the mechanism of the investment multiplier with the help of a schedule. Take initial increase in autonomous investment as ₹ 1000 crores and MPC as 0.8.
Chapter:
Explain the various components of aggregate demand in an economy with the help of a diagram.
Chapter:
Explain and show graphically the concept of deflationary gap.
Chapter:
Discuss two monetary measures to correct the deflationary gap.
Chapter:
How can we obtain personal disposable income from personal income?
Chapter:
With the help of relevant examples, explain the meaning of leakages in the circular flow of income.
Chapter:
With the help of relevant examples, explain the meaning of injections in the circular flow of income.
Chapter:
From the following data, calculate GNPFC, NDPFC, and national income:
| Item | ₹ in crores | |
| (i) | Private final consumption expenditure | 950 |
| (ii) | Gross domestic fixed capital formation | 370 |
| (iii) | Consumption of fixed capital | 20 |
| (iv) | Government final consumption expenditure | 410 |
| (v) | Closing stock | 300 |
| (vi) | Subsidy | 80 |
| (vii) | Net exports | (−)50 |
| (viii) | Wages and salaries | 780 |
| (ix) | Net factor income from abroad | (−)40 |
| (x) | Indirect tax | 180 |
| (xi) | Opening stock | 150 |
| (xii) | Profit before tax | 200 |
Chapter:
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