RECKON JR.
COLLEGE OF COMMERCE AND SCIENCE
ECONOMICS [2024-25]
Marks : 80 Std : 12th Time : 3 Hrs. [EA-501]
Note : 1. All Questions are Compulsory. 2. Figures to the right indicate full Marks.
Q.1A)Choose the correct option. [5]
1) When the supply curve moves to the right side of the original supply curve, it is called .........
A) Supply expansion B) Supply contraction
C) Supply decline D) Supply increase
2) Commercial banks act as intermediaries in the financial system. The reason, ..........
A) Making a profit B) Providing services
C) Controlling D) Increasing investment
3) The price elasticity of demand on the ‘x’ axis of the linear demand curve is .........
A) one B) two C) zero D) infinite
4)To understand the working of the economy, study of --------- economic variables are important.
(A) Macro (B) Micro (C) Variable (D) Fixed
5) GST Act came into effect in India on July 1, -----------
(A) 2019 (B) 2017 (C) 2016 (D) 2018
B)Give Economic Term : [5]
1) A commodity which can be put to several uses ---------
2) More quality is demanded due to changes in the factors determining demand other than price ---------
3) Charging different prices to different customers for the same goods and services
4 A community of organizations producing homogenous goods
5) Expenditure incurred on fixed factor
C)Complete the correlation : [5]
1) General equilibrium : Macro economics : : : Micro economics.
2) Micro economic theory : Price theory : : Macro economic theory :
3) Positive Cross elasticity : Substitute goods : Negative Cross Elasticity :
4) Unitary Elastic demand : Ed = 1 : : : Ed > 1
5) Tea and sugar : : : Tea and Books : Non related goods
D) Find the odd word out : [5]
1) Desire, purchasing power, money, personal demands
2) Doctor, blood bank, lawyer, painter
3) Exhibition of goods, patents, advertisements, free gifts
4) Lease Company, Merchant Bank, Mutual Fund, Corporation Bank
5) Import, export, consumption, income
Q.2 A) Identify and explain the Concept (Attempt any Three) [6]
1) Sohail deposited Rs. 1 lakh in the bank for one year at a time.
2) Radhika gave jaggery tea to the guests as there was no sugar in the house.
3) Yogesh produced 800 kg of gram last year out of which 250 kg of gram was sold at Rs. 80 per kg.
4) The government has provided energy, transport, transportation, banking etc. to increase trade.
Facilities have been created.
5) Ashoka set aside 200 kg of wheat out of 400 kg for the family.
B) Distinguish between (Attempt any Three) : [6]
1) Simple Index Numbers and Weighted Index Numbers
2) Expansion of Supply and Increase in Supply
3) Direct tax and Indirect tax.
4) Increase in demand and decrease in demand
5) Local market and international market
Q.3) Answer the following questions (Attempt any three) [12]
1) State the Classification of Market on the basis of Time.
2) Explain the Concept of Balance of Payments.
3) Explain the scope of macroeconomics.
4) Explain the factors that determine supply.
5) Explain the concept of total expenditure and total revenue.
Q.4) State with reasons whether you agree or disagree with the following statements.
(Attempt any three) [12]
1) Lenders work in rural areas.
2) The index can be prepared without the original year.
3) India has a large non-monetary sector.
4) Macroeconomics is different from microeconomics.
5) Goods and Services Tax replaced almost all indirect taxes in India.
Q.5) Study the following Table/ figure/ passage and answer the questions. (Attempt any Two) [08]
1) Find the price index from the following figures.
Commodity A B C D
Price in 6 16 24 4
2010
Price in 8 18 28 6
2015
2) Observe the given table and answer the following questions.
Units of TV Units MU units
Commodity
1 6 6
2 11 5
3 15 4
4 15 0
5 14 -1
A) Draw total utility and Marginal utility curve.
B) When total utility is maximum marginal utility is ………….
C) When total utility falls, marginal utility becomes ……….
3) Read the given passage and answer the questions.
Q. 6) Answer in Detail . (Attempt any Two) [16]
1) What are the features of full competition?
2) Explain about construction of index Numbers ?
3) Explain the Expenditure method of Measuring National Income ?
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