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ECO SET – F Marks: 80
Q.1. (A) Complete the correlation: (5)
a. General equilibrium : Macro Economics :: _______ : Micro Economics
b. Output method : _______ :: Income method : Factor cost method
c. Perfectly elastic demand : Ed = ∞ :: ______ : Ed = 0
d. Form utility : Furniture :: ______ : Doctor
e. ______ : Change in supply :: Other factors constant : Variation of supply
(B) Find the odd one: (5)
a. Factors of production: Profit, Labour, Capital, Entrepreneur
Cross elasticity
b. Market structure on the basis of competition: Perfect competition, Monopoly,
Oligopoly, Very short period market
c. Types of Bank A/c: Saving A/c, D-mat A/c, Recurring A/c, Current A/c
d. Classification of public expenditure: Revenue expenditure, Capital expenditure,
Consumption expenditure, Development expenditure
e. Types of elasticity of demand: Price elasticity, Income elasticity, Unitary elasticity,
Cross elasticity
(C) Complete the following statements: (5)
a. The branch of economics that deals with allocation of resources is known as _______
(Micro economics, Macro economics, Econometrics, Agricultural economics)
b. Net addition made to the total revenue by selling an extra unit of a commodity is
_______ (Total revenue, Marginal revenue, Average revenue, Marginal cost)
c. Symbolically the functional relationship between demand & price can be expressed
as _______ (Dx = f(Px), Dx = f(Pz), Dx = f(y), Dx = f(T))
d. In India National Income Committee establishment year is _______
(1952, 1949, 1947, 1950)
e. Marginal utility of a commodity becomes negative when total utility of a commodity is
_______ (Rising, Constant, Falling, Zero)
(D) Assertion & reasoning questions: (5)
a. Assertion (A): International trade leads to division of labour & specialization
Reasoning (R): India’s national trade is not increasing.
Options:
(i) Assertion (A) is true but Reasoning (R) is false
(ii) Assertion (A) is false but Reasoning (R) is true
(iii) Both statements (A) & (R) are true & R is the correct explanation of (A)
(iv) Both statements (A) & (R) are true & R is not the correct explanation of (A)
b. Assertion (A): Index number consider all factors
Reasoning (R): Index number is based on samples.
Options:
(i) Assertion (A) is true but Reasoning (R) is false
(ii) Assertion (A) is false but Reasoning (R) is true
(iii) Both statements (A) & (R) are true & R is the correct explanation of (A)
(iv) Both statements (A) & (R) are true & R is not the correct explanation of (A)
c. Assertion (A): A change in quantity demanded of one commodity due to a change in price of
other commodity is cross elasticity
Reasoning (R): Changes in consumer’s income leads to a change in quantity demanded.
Options:
(i) Assertion (A) is true but Reasoning (R) is false
(ii) Assertion (A) is false but Reasoning (R) is true
(iii) Both statements (A) & (R) are true & R is the correct explanation of (A)
(iv) Both statements (A) & (R) are true & R is not the correct explanation of (A)
d. Assertion (A): Elasticity of demand explains that one variable is influenced by another
variable
Reasoning (R): The concept of elasticity of demand indicates the effect of price & changes in
other factors on demand
Options:
(i) Assertion (A) is true but Reasoning (R) is false
(ii) Assertion (A) is false but Reasoning (R) is true
(iii) Both statements (A) & (R) are true & R is the correct explanation of (A)
(iv) Both statements (A) & (R) are true & R is not the correct explanation of (A)
e. Assertion (A): Supply is a relative term
Reasoning (R): Supply is always expressed in relation to price, time & quantity
Options:
(i) Assertion (A) is true but Reasoning (R) is false
(ii) Assertion (A) is false but Reasoning (R) is true
(iii) Both statements (A) & (R) are true & R is the correct explanation of (A)
(iv) Both statements (A) & (R) are true & R is not the correct explanation of (A)
Q2.(A) Identify: (any 3) (6)
1. A Table seller sold the table for Rs. 2,000 per piece. In this way he sold 15 tables &
earned Rs. 30,000
2. England imported cotton from India, made readymade garments from it & sold them to
Malaysia
3. Ashok paid the tax on his income & property
4. Shabana paid wages to workers in her factory & interest on her bank loan
Q2.(B) Distinguish: (any 3) (6)
1. Unitary Elastic Demand & Relatively Elastic Demand
2. Demand Deposit & Time Deposit
3. Stock & Supply
4. Internal Debt & External Debt
5. Increase in demand & Decrease in demand
Q3. Answer the following: (any 3) (12)
1. Explain determinants of demand
2. Explain features of oligopoly
3. Role of foreign trade
4. Types of utility
Q4. Do you Agree: (any 3) (12)
1. Macro economics is different from micro economics
2. Supply curve of labour has a backward bending
3. There are many sources of non-tax revenue
4. Trade is an engine of growth for an economy
Q5. Read the following table/diagram and answer the questions: (8)
1. In the following diagram AE is the linear demand curve of a commodity. On the basis of the
given diagram state whether the following statements are true or false. Give reasons to your
answer.
(i) Demand at point ‘C’ is relatively elastic demand
(ii) Demand at point ‘B’ is unitary elastic demand
(iii) Demand at point ‘D’ is perfectly inelastic demand
(iv) Demand at point ‘A’ is perfectly elastic demand
(2) Supply schedules of chocolates.
Price in Rs. Quantity supplied in Units
10 200
15 _____
20 300
25 350
30 _____
35 _____
40 _____
1. Complete the above supply schedule.
2. Draw the diagram for the above supply schedule
3. State the relationship between price & quantity supplied
Q6. Long Ans: (Any 2) (16)
1. Explain the concept of price elasticity with its types.
2. Explain the concept of National Income & explain the difficulties involved in the
measurement of national income.
3. State & explain the law of DMU with exceptions.
