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  • Question 1

    Define ‘Marginal Rate of Transformation’.

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  • Question 6

    Explain the central problem of ‘choice of technique’.

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  • Question 7

    Price elasticity of demand of a good is (−) 1. At a given price the consumer buys 60 units of the good. How many units will the consumer buy if the price falls by 10 per cent?

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  • Question 8

    Given the market price of a good, how does a consumer decide as to how many units of that good to buy? Explain.

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  • Question 9

    What is the likely effect on the supply of a good if the prices of the inputs used in production of that good fall? Explain.

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  • Question 10

    Explain what happens to the profits in the long run if the firms are free to enter the industry.

    OR

    Explain what happens to losses in the long run if the firms are free to leave the industry.

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  • Question 11

    Explain producer’s equilibrium using a schedule. Use total cost and total revenue approach.

    OR

    Distinguish between (i) fixed cost and variable cost giving examples and (ii) average cost and marginal cost giving an example.

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  • Question 12

    Draw supply curves with price elasticity of supply throughout equal to (i) zero, (ii) one, (iii) infinity and (iv) less than one.

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  • Question 13

    Complete the following table:

    Price

    (Rs)

    Output

    (Units)

    Total Revenue

    (Rs)

    Marginal Revenue

    (Rs)

    1

    6

    4

    2

    3

    6

    1

    (–) 2

     

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  • Question 14

    Explain the effect of the following on demand for a good:

    (i) Rise in income.

    (ii) Rise in prices of related goods.

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  • Question 15

    Explain, with the help of numerical examples, the effect on total output of a good when all the inputs used in production of that good are increased simultaneously and in the same proportion.

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  • Question 16

    Given market equilibrium of a good, what are the effects of simultaneous increase in both demand and supply of that good on its equilibrium price and quantity.

    OR

    Explain the implications of the following:

    (i) The feature differentiated products’ under monopolistic competition.

    (ii) The feature large number of seller’s under perfect competition.

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  • Question 22

    Calculate Net Value Added at factor cost from the following data:

    S. No.

    Items

    (Rs lakhs)

    (i)

    Depreciation

    20

    (ii)

    Intermediate cost

    90

    (iii)

    Subsidy

    5

    (iv)

    Sales

    140

    (v)

    Exports

    7

    (vi)

    Change in stock         

    (–) 10

    (vii)

    Imports of raw materials        

      3

     

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  • Question 23

    When exchange rate of foreign currency falls, its demand rises. Explain, how?

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  • Question 24

    Distinguish between balance of trade and balance on current account.

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  • Question 25

    Explain the ‘medium of exchange’ function of money.

    OR

    Explain the evolution of money.

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  • Question 26

    Give meaning of capital expenditure and revenue expenditure in a government budget.

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  • Question 27

    In an economy an increase in investment leads to increase in national income which is three times more than the increase in investment. Calculate marginal propensity of consume.

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  • Question 28

    Explain the lending function of commercial banks.

    OR

    Explain ‘banker to the government’ function of central bank.

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  • Question 29

    What is revenue deficit? What are its implications?

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  • Question 30

    Calculate ‘National Income’ and Private Income’ from the following data:

    S. No.

    Items

    (Rs in crore)

    (i)

    Net current transfers to the rest of the world

    10

    (ii)

    Private final consumption expenditure

    600

    (iii)

    National debt interest

    15

    (iv)

    Net exports

    (–) 20

     (v)

    Current transfers from government

    5

    (vi)

    Net domestic product at factor cost accruing to government           

    25

    (vii)

    Government final consumption expenditure 

    100

    (viii)

    Net indirect tax

    30

    (ix)

    Net domestic capital formation

    70

    (x)

    Net factor income from abroad

    10

     

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  • Question 31

    Explain consumption function with the help of a schedule and diagram.

    OR

    Explain ‘saving function’ with the help of a schedule and diagram.

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  • Question 32

    Giving reasons, explain how the following are treated in estimating national income:

    (i) Wheat grown by a farmer but used entirely for family’s consumption.

    (ii) Earnings of the shareholders from the sale of shares.

    (iii) Expenditure by government on providing free education.

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