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Series HFG1E/5 We-Wa HIS

[a] 4 Q.P. Code 58/5/1
Waa. wdeneff wet-at cals al SrR-Ufeteet &
Roll No. WE-Fs KR stave fore |

Candidates must write the Q.P. Code

on the title page of the answer-book.

aera (Agia)

ECONOMICS (Theory)
fratka waT: 3 Fe araaT Te : 80
Time allowed : 3 hours Maximum Marks : 80

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e Please check that this question paper contains 23 printed pages.

e Q.P. Code given on the right hand side of the question paper should be
written on the title page of the answer-book by the candidate.
e Please check that this question paper contains 34 questions.

e Please write down the serial number of the question in the answer-
book before attempting it.
e 15 minute time has been allotted to read this question paper. The
question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30
a.m., the candidates will read the question paper only and will not write
any answer on the answer-book during this period.

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General Instructions:

Read the following instructions carefully and follow them :

(i)

(ti)

(iii)

(iv)

(v)

(vi)

This Question Paper contains 34 questions. All questions are

compulsory.

This Question Paper contains two sections:

Section A—-— Macro Economics

Section B— Indian Economic Development

This paper contains 20 Multiple Choice Questions type questions of

I mark each.

This paper contains 4 Short Answer Questions type-I questions of

3 marks each to be answered in 60 to 80 words.

This paper contains 6 Short Answer Questions type-II questions of

4 marks each to be answered in 80 to 100 words.

This paper contains 4 Long Answer Questions type questions of

6 marks each to be answered in 100 to 150 words.

(vii) Attempt all paris of a question together.

1. ‘Money is an asset which can be stored for use in future.’

SECTION-A

(Macro Economics)

In the light of given statement, identify the function of money.

(a)
(b)
(c)
(d)

58/5/1

(Choose the correct alternative)

A measure of value
A standard of deferred payment
A store of value

A medium of Exchange

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2. “Considering the depreciation of Indian Currency (®) in the international
market, the Reserve Bank of India (RBI) has decided to purchase Indian
currency (%) in the open market.” 1
This represents exchange rate system.

(Fill up the blank with correct alternative)

(a) fixed (b) flexible

(c) managed floating (d) manipulated
3. Read the following statements carefully : 1

Statement 1 : In a two sector economy, consumption expenditure and

investment expenditure are the two components of Aggregate
Demand.

Statement 2 : Aggregate demand curve always start from point of origin

with positive slope.

In the light of given statements, choose the correct alternative from the

following :

(a) Statement 1 is true and Statement 2 is false.

(b) Statement 1 is false and Statement 2 is true.

(c) Both statements 1 and 2 are true.

(d) Both statements 1 and 2 are false.

4. ‘Deficit’ in Balance of Payment (BOP) refers to the excess of .

(Choose the correct alternative) 1
(a) Current account payments over Current account receipts.
(b) Capital account payments over Capital account receipts
(c) Autonomous payments over Autonomous receipts
(d) Accommodating payments over Accommodating receipts

5. (A) From the statements given in Column I and Column II, choose the

correct pair. 1
Column -I Column - II
A. | Vegetables grown in the Personal garden | (i) | Non marketing activity
B.| A car used as a taxi Gi) | Consumer good
C.| An air-conditioner used by household | (iii) | Capital good
D.| Scholarship given to students by (iv) | Factor income
government
Alternatives :
(a) A-@ (b) B-@)
(c) C-—Gii) (d) D-—(iv)
OR

58/5/1 <5 > z fl P.T.O.

(B) freaferac arferear et gar at :

6. (A)

(B)

TAT Tare er Aer | Head sas | yea ate

py (Farmer) 2000 - 2000
amt (Baker) sf. @..... 2000 2000
wan faa (Retail Seller) 4,400 GD)... 400
i Hi)... 6,000 Gl)...

ferned :

(a) 4000, 10400, 4000, 4000

(c) 2000, 6000, 6000, 4400

(b) 4000, 10400, 4000, 4400

(a) 4000, 10400, 6000, 4000

afe feet seferaeen 4, Fast We 4 7a FARR SNM =F 30 His &, al WrahTH

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(c) C=30+0.25Y (dd) C=© 30-0.25 Y

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wafer az |

feu Heat & sets 4, Peafaad a a ad famed or aaa Hire :

(a)
(b)
(c)
(d)

58/5/1

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we 1K 2 eat ae |

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(B) Complete the table : 1

Producer Value of | Intermediate Value

output | Consumption Added
Farmer 2000 - 2000
Baker |... i)... 2000 2000
Retail Seller 4,400 .. Ail)... 400
Total A)... 6,000 GY)...
Alternatives :

(a) 4000, 10400, 4000, 4000 (b) 4000, 10400, 4000, 4400
(c) 2000, 6000, 6000, 4400 = (d)_:—« 4000, 10400, 6000, 4000

6. (A) If in an economy, the Investment Multiplier is 4 and Autonomous

Consumption is = 30 crore, the relevant consumption function would

be . (Fill up the blank with correct alternative) 1

(a) C=380+0.75 Y (b) C=© 30+0.25 Y
(c) C=380+0.25Y (d) C=C 30-0.25 Y

OR

(B) If increase in National Income is equal to increase in Savings, the

value of Marginal propensity to Consume would be . 1
(Fill up the blank with correct alternative)

(a) equal to unity (b) greater than one

(c) less than one (d) equal to zero
7. Read the following statements carefully : 1

Statement 1 : Money supply (M,) in India does not include ‘demand

deposits’ with commercial banks.

Statement 2 : Money supply (M,) refers to, assets available with the

Commercial Banks during a particular period of time.

In the light of the given statements, choose the correct alternative.
(a) Statement 1 is true and Statement 2 is false.
(b) Statement 1 is false and Statement 2 is true.
(c) Both statements 1 and 2 are true.
(d) Both statements 1 and 2 are false.

58/5/1 <71> z fl P.T.O.

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8. (A) Suppose, the price of one UK Pound (£) has increased from & 70 to
= 80, owing to market forces. 1
This means that value of Indian Currency (®) has
(Choose the correct alternative)
(a) appreciated (b) depreciated
(ce) revalued (d) devalued
OR
(B) Suppose, Country X, has more inflation than Country Y. Which of the
following is most likely situation to happen in such a case, assuming
other factors being constant ?
(Choose the correct alternative) 1
(a) A-surplus trade balance in Country X
(b) A deficit trade balance for Country X
(c) Arise in exports from Country X to Country Y
(da) A deficit trade balance for Country Y

9. Read the following statements — Assertion(A) and Reason (R). Choose one
of the correct alternatives given below : 1
Assertion (A) : Full employment refers to, absence of involuntary
unemployment.

Reason (R) : Under full employment situation, all willing and able
bodied people get employment at prevailing wage rate.

Alternatives :

(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the
correct explanation of Assertion (A).

(b) Both Assertion (A) and Reason (R) are true but Reason (R) is not the
correct explanation of Assertion (A).

(c) Assertion (A) is true, but Reason (R) is false.

(d) Assertion (A) is false, but Reason (R) is true.

10. In an economy, the value of Marginal Propensity to Save (MPS) is 0.25,

what will be the value of increase in income, if investments increased by

= 200 crores ? 1
(a) %200 crores (b) %150 crores
(c) ¥% 1,000 crores (d) %800 crores

11. Suppose only one Good ‘X’ is produced in the country. Output of Good X
during year 2018 and 2019 were 100 units and 110 units respectively. The
market price of the product during the two years was = 50 and & 55 per
unit respectively.

Calculate the percentage change in Real Gross Domestic Product (GDP) in

year 2019 using 2018 as the base year. 3

58/5/1 <9 > z fl P.T.O.

12,

13.

14.

15.

16.

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“oredita Rera sep At Hien sift aa (MPC) 4 tar at F 50 STIR stat Ht fe StS 1”
ands fd dam Al ga ver ft arlarat & tts } aurea srr a wom Ht wear
CAAT Hi |

(a) WORD Wie F aeSH h BT A hela Sep AT ter HY ASAT He |

RUA

(bo) Rad tal ex ay ufenfka wt | Gata AF caren at, fea ser ae sot alftifers
dept ERT Sh 1g AS BS Al Paka Hears |

(a) @) feet og ft ote ae A ot et A eae ar fee yen cae 8

ART SAT 2 ART HTS |
Gana A fees sat are safe ore |
Gi) we wd gre ara Thao & GU TST |
GD am effi, feet fara ad 3 up Ug SI IK ArT W Whe We Ie
(GDP) Z 1,100 ag oT | faeext A set YS HH BT F 100 His, YS
WIA HT F150 HAs TAT WBA Sta F 850 Hus eft |

SUT GAT Sh ATT WA AST & AST AY TOT HE |

RAAT
12. (a) Giving valid reasons, state whether the following statements are
true or false : 3
Gi) Dividend received from investment abroad is recorded on the

credit side of the capital account.

(ii) Depreciation of the Indian Currency will lead to promotion of
Indian exports.
OR
(b) Distinguish between Autonomous transactions and Accommodating
transactions. 3

13. If planned savings exceeds planned investments in an economy, explain

its likely impact on income, output and employment. 4

14. As per the following news published in ‘The Hindw’ on 6‘8 August, 2022 :
‘The Monetary Policy Committee (MPC) of the Reserve Bank of India
raised the Repo Rate by 50 basis points.’

Identify and explain the likely cause and consequences behind this type of

action taken by the Reserve Bank of India. 4

15. (a) Explain the role of Central Bank as Governments’ agent and advisor. 4
OR

(b) Define Reverse Repo Rate. Discuss briefly, how this instrument
helps in controlling credit creation by commercial banks. 4

16. (a) () How should the following be treated in estimating National

Income of a Country ? Give valid reasons. 3
G) Profits earned by Foreign Banks in India.
Gi) Expenditure on upgradation of fixed asset by a firm.

dD Suppose in a financial year, the Gross Domestic Product (GDP)

at market price of a country was = 1,100 crore. Net factor

income from Abroad was ¢ 100 crore, the net indirect taxes was
= 150 crore and National income was = 850 crore. 3
Calculate the value of depreciation, on the basis of above
information.

OR

58/5/1 <1 > z fl P.T.O.

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Frarftrat gra fou me eae UR hfe Sez 1”
SAT AG feu 1a Has G GSA & 2 AGA SA Hh A A AT SATE |
dl frafefad atest grr ate stra ft ora at :

mA a. Bt Tit (= ats F)
(i) feet a taect 1,300
(ii) YS Sa aT 200
(iii) aed F Awad (Aes SHR A) 1,700
(iv) ‘FRTa RT 400
(v) Teast 400
(vi) wfeenita srt 300
(vii) | eats 400
(viii) | faert aurea ys ae SIT (-) 120
(ix) carnal Fi firrt stra 1,400
(x) tele 4 oad ( 200
17. fear faa ot aaa & ae at:
we fara ad & fore tsa va waa
Prone & at tates & Alt

2%

few ne at STA I & STIR Ue Paice seal oh See :

(a) feat dha nel pt eet / e-ae ofa A afin ae

(b) “ater + ell at frat a cares Set Ages Gard var et We alte ope eT
wR at fears I”
TR HAT H sree 4, caret at fH ‘aa AT Haas! Sl HA HAI > few
Seen aadla feat sar foe We Tal Ht Ge |

58/5/1 <12 > z i

(b) @) “While

estimating Gross
expenditure method, entire focus is on expenditures incurred by

Domestic

the residents of the country.”

Do you agree with the given statement ? Give valid reason in

support of your answer.

dD Calculate the value of Domestic Income from the following data :

Product

S. No. Particulars Amount in

(® crores)
G) Rent and Royalties 1,300
(ii) Net Indirect Taxes 200
(iii) Wages & Salaries (in cash & in kind) 1,700
(iv) Corporate Tax 400
(v) Depreciation 400
(vi) Retained Earnings 300
(vii) Dividends 400
(viii) Net Factor Income from Abroad (-) 120
(ix) Mixed Income of Self Employed 1,400
(x) Change in Stock (- 200

17. Study the given picture carefully :

Sources of State and Local

government tax revenues for a financial year

3%

Corporate
Income Tax

Individual
Income Tax

= 20%

Sales & Gross

Receipts Tax
34%

Property
Tax
35%

2%

Motor Vehicle
License Fee

Answer the following questions based on common knowledge and picture :

(a) Categorise the given items in the picture into tax /non-tax receipts.

(b) “Government has started spending more on providing free services

like education and health to the poor.”

In the light of above statement, explain how the government can use

the budgetary policy in reducing ‘inequalities of income’.

58/5/1

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CI oe

(GDP) by
@g-u
(anda aieieraren an frente)

18. Hid A fier Met sidird, seta BY sere F BRT Aaa HT HAAS
fee aT aT I (ae Farmed I SAA He)

(a) Beier o waft (b) Anda arate ft Peart

() Y-oIgeT (d) taah sea

19. (A) yar ard are ate alta wife & SNM seas Hat ah oifta ar |

(aet feened ht aa at)

(a) Fa a ae 6) ‘Wasa
() wTEay (dd) SIR@ aR
aa
(B) om anda ase & Pala ea a aa ae? |
(a) Waleteet Fee (b) Tiel. wecrifera
(©) St. water fe @) Sf. UR TEE

20. (A) Pefeiad Hert ar caryen ser we :

wet 1: 1950 & axes 4 a F Her MAST ATeplaH Hill HT AT FHT AT |
werd 2: ota fer Ff yer: Seared Ba HI ATE |
feu Heat & ares FH, Peaferad tS aa rene ar aaa Hie :
(a) SULA an He 2 Hae |
(b) SU 1 Has aN HA 2 ae |
©) A122 ae |
(d) S13 2c was |
AUT
(B) frafafear sd a sacs Hea Al Gear a : (wet faanet HI aaa HL)
(a) watt anftie of a wise deck |
(b) Uhre HDI tant aR a Se |
(©) Uhre 3 ‘thet Siete A ST AS START AT |
(dd) 1991 4 anaa adie afl get wl saa aT |

58/5/1 Ci
SECTION - B
(indian Economic Development)

18. During the British rule in India, Indian agricultural output witnessed

stagnation due to . (Choose the correct alternative) 1

(a) Decline in handicrafts (b) Drain of Indian wealth
(c) Land settlement (d) Introduction of railways

19. (A) In the first phase of Green Revolution, output was restricted mainly

to . (Choose the correct alternative) 1

(a) Cereals and Pulses (b) Wheat and Rice
(c) Cotton and Jute (d) Jowar and Bajra
OR
(B) is known as the architect of Indian Planning. 1
(a) Jawaharlal Nehru (b) P.C. Mahalanobis
(c) Dr. Manmohan Singh (d) Dr. Rajendra Prasad
20. (A) Read the following statements carefully : 1

Statement 1 : Great Proletarian Cultural Revolution was

introduced in China in 1950's.

Statement 2 : China’s growth is mainly contributed by the

manufacturing sector.

In the light of given statements, choose the correct alternative from

the following :

(a) Statement 1 is true and Statement 2 is false.

(b) Statement 1 is false and Statement 2 is true.

(c) Both statements 1 and 2 are true.

(d) Both statements 1 and 2 are false.

OR
(B) Identify the incorrect statement from the following : 1
(Choose the correct alternative)

(a) China’s Economic growth rate is better than that of Pakistan.

(b) Pakistan is behind India in HDI ranking.

(c) One Child Policy norm was adopted in Pakistan

(d) In 1991, India adopted New Economic Reforms.

58/5/1 <15 > z fl P.T.O.

21. _ ae Sf Geer 2, ot unio ae sraaeHAail & aaftra Aiea Peto @ Yeates
wrt S |

(a) Geant aan atirat (ob) afr ortin da

(c) wea aeraa ays (d) “ars (NABARD)

22, frafaftaa wer ai ug — afters (A) atk SRT (R) Ae feu Te famed FS us aet
franca a :
aftrner (A) : 1980 & ase 4 often At anti feenra ax aa a afte att |

wrRo (R) : Than 3 sit o ada aa Al acer aefiandt areft fiBra ankles aera
& Art spt SqaeT fea aI |

faenct :

(a) affene (A) atk Sr (R) | Sat Bert & BK HRT (R) aftenea (A) St ae
SIRES |

(b) aiffrenert (A) ath Sot (R) St Bea S Bt HT (R) aafreHers (A) Hl Beat areaT
wae |

(c) aiftenera (A) Ger 2 Aha SRT (R) BTaeT |

(d) aifteners (A) Heed S cies SRT (R) aI |

23. Tear an, fe Perfead aS en area 8 ara sh Prato hh area a aaftra e ?

G) wie aera Gi) Fra defies ae

Gii) Qfear seer Gv) annie gar 4 aitada
famed :
(a) @4 Gi) (b) Gi) 4 (ai)
(c) @), Gi) 4 Gil) (d) @) 4 Gv)
58/5/1 ae
21. is the apex institution which plans and evaluates policies related
to rural credit needs. 1

(a) Cooperative Credit Societies (b) Regional Rural Banks

(c) Self Help Groups (d) NABARD

22. Read the following statements — Assertion (A) and Reason (R). Choose one

of the correct alternatives given below : 1

Assertion (A) : During 1980’s, economic growth rate of Pakistan was

more than that of India.

Reason (R) : Pakistan followed the path of mixed economic structure

with equal participation of the public and the private sector.

Alternatives :

(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the

correct explanation of Assertion (A).

(b) Both Assertion (A) and Reason (R) are true but Reason (R) is not the

correct explanation of Assertion (A).

(c) Assertion (A) is true, but Reason (R) is false.

(d) Assertion (A) is false, but Reason (R) is true.

23. Identify, which of the following are associated with the problem of human

capital formation in India ? 1

G) ~Brain drain (ii) Low academic standards
Gii) Rising population (iv) Changes in social outlook

Alternatives :
(a) @ and Gi) (b) Gi) and Gii)
(c) @, Gi) and Gii) (d) @) and Gv)

58/5/1 <17 > z fl P.T.O.

24. frafeafad seri al cary ue :
wer 1; fasts ane aa (SEZ) Aifa & aro Se Ft wer yeaa fees Fas (DI) aT
Wars SST AT |
wed 2: ala or dia siete feemra 1981 4 seb ales Get sr SRT aT
feu Te Herat & seis 4, Preafafad FO set ened er aa AIS :
(a) SU 1 ae) sik Sea 2 Hae |
(b) SU 1 Hae aN SM 2 aye |
(cc) FWH13KR2 eh aes |
(d) W413i 2 eM Haag |

25. Wear ai fh, waa dad 4, Pafeftad ta a a ae ara 2S ?

(a) areal A sight Ser (ob) arasts eenfed Seat
(c) Wht stra (d) atet fava dart yer Se

26. Vara fh, Pefatad td ‘atre saeen sare’ Ate & fee tt GT ar Tes 7

(aa famed HI aa Bt)

(a) een 100 (b) aes 100
WaT SAAT
(c) a 100 (d) a 100

27. Prafaitad audi a ear a aera at :

wer 1: dia ft 9am taasia Sis 1956 Foret ge ett |
werd 2 : dfaad ga (USSR) Hl BqHUT Hw EU AR a Sh ST A Gaeta BeleTaAT
Wise at aaa feat AT |
fea mre ert & anes 4, Prafeftad ta et rene sr aaa Fifa :
(a) MW 1 ATS AN HM 2 HAI |
(b) U1 HaITI IN He 2 wT |
() SW13R2ZeH As |
(d) 19K 2 eH seeaé |

58/5/1 Be
24. Read the following statements carefully : 1

Statement 1 : Special Economic Zones (SEZ’s) policy has led to huge

Foreign Direct Investment (FDI) flow to China.

Statement 2 : China’s rapid industrial growth was the result of its

economic reform in 1981.

In the light of the given statements, choose the correct alternative :

(a) Statement 1 is true and Statement 2 is false.

(b) Statement 1 is false and Statement 2 is true.

(c) Both statements 1 and 2 are true.

(d) Both statements 1 and 2 are false.

25. Identify, which of the following is an incorrect function of environment ? 1

(a) Supplies resources (b) Assimilates waste
(c) Land degradation (d) Provides aesthetic services

26. Identify, which of the following is the correct formula for calculating

-_

‘Worker-Population Ratio’ ? (Choose the correct alternative)

Total Labour Force Total Workers

(a) Total Population * 100 (b) Total Population * 100

Total Population Total Population

(c) Total Labour Force * 100 (d) Total Workers ~ 100
27. Read the following statements carefully : 1

Statement 1 : First Five Year Plan of China commenced in the year

1956.

Statement 2 : Both India and China adopted Socialist Economy model,

following USSR.

In the light of the given statements, choose the correct alternative :

(a) Statement 1 is true and Statement 2 is false.

(b) Statement 1 is false and Statement 2 is true.

(c) Both statements 1 and 2 are true.

(d) Both statements 1 and 2 are false.

58/5/1 z iF P.T.O.
28.

29.

30.

31.

32.

ada watacia saleat & ded 4, feu ae faa a, aed At afeearfa At caren we :

@ ©

(a) “anda unio eat a, up aan & afte cated erica ele z, far at oan At pet
AM AMIR: HA St |”
feu Te Hus F aeftta Shere At seas Hi aa gaa Safed faderara At Smet
at |
aera
(b) Wat ft seo stragacnaratl Hl GT Hel A ges are| wore Ht syfrepr cht Sara HE

Hed Ua Se Ht Mepet Hel STE (GDP) Hi afte ahs @ aaltra Peafetad gear At Gert
a factor art :

west aig zee ft ate ahs

wT 1980 -— 90 2015 - 17
Und 5.7 7.3
air 10.3 6.8

(att : Asian Development Bank, Philippines, World Development

Indicator — 2018)

(a) @) fsiecr ar are fed |

Gi) ‘oniie qureufrar a pfs aa ae wfte_e wea gare PV fects ae |
arerat
(bo) farfesr sraa gre seer aca & feeera & Peet ct Src wr secka a STEM
Ht |
TIT SR SRI secka at fs, Prafeftad waa aes S Awa stare :
(a) Pasa a sae AMS Garey F Pas sr aT zs |
(bo) waeer a afy ame Yoh Pater bt yore ar SRT ae ele |

58/5/1 z iF
28. Interpret the situation of earth as depicted in the given picture, with
reference to current environmental challenges : 3

@ ©

29. (a) “In rural areas of India, more members of a family are engaged in
work, yet the gross income of the family is generally low.”
Identify the type of unemployment indicated in the above statement

and explain the paradox associated with it. 3

OR
(b) Explain the role of micro-credit system in meeting credit
requirements of poor. 3

30. Compare and analyse the following information related to Annual Growth

of Gross Domestic Product (GDP) of India and China : 4

Annual Growth of Gross Domestic Product

Country | 1980-90 2015 -17

India 5.7 7.3
China 10.3 6.8
(Source : Asian Development Bank, Philippines, World Development
indicator — 2018)

31. (a) (Gi) State the meaning of Privatisation’. 1

(ii) ‘Agriculture sector has been adversely affected by the Economic

reform process.’ Comment. 3

OR

(b) State and explain any two main causes behind infrastructural
development by British rule. 4

32. State, with valid reasons whether, the following statements are true or

false :

(a) “Higher productivity and production are the outcome of investment

in human resources.” 2

(b) Rising population is not the cause for quality of human capital
formation. 2

58/5/1 <21 > z fl P.T.O.

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33. (a) (i) Define Agricultural diversification.
Gi) State the meaning of organic farming. Discuss how does it help
in promoting sustainable development.
OR
(b) (i) Discuss the need for promoting women’s education in India.
Gi) Explain absorptive capacity of environment with example.

34. Read the following text carefully and answer the given questions on the
basis of the same and common understanding :

India urged the World Trade Organisation (WTO) to relax rules to allow
the country to export food grains from its public stocks to the nations
facing food crises. India can help, reduce food insecurity but there is
hesitation on the part of the WTO, in relaxing its rules. India’s Finance
Minister said food, fuel and fertilizers are global public goods and
ensuring access of these for developing and emerging economies is critical.
She also shared India’s experiences, including robust gains in agriculture
production, citizen centric food security programmes and innovative
delivery mechanisms such as the ‘One Nation one Ration Card’ Scheme.
(Source : The Economic Times; July 16, 2022)

(a) State and discuss any two objectives of World Trade Organisation.
(b) Name any two steps taken by India to strengthen the food security.

58/5/1 < 23 > z i

Ten 246 A