|
SAMPLE PAPER
SET-II
ECONOMICS
Time
allowed : 3 hours
Max Marks : 100
General Instructions : All the questions are compulsory
Section - 'A'
|
| Q.1. |
Define a closed economy. |
| Q.2. |
When will the national income of a country
be equal to its net domestic product at factor
cost ? |
| Q.3. |
How will you ascertain net value added
from the gross value added ? |
| Q.4 |
Why does operating surplus not arise in general government ? |
| Q.5. |
Distinguish between personal income and
personal disposable income. |
| Q.6. |
Will the following be included included in
national income of India ? Give reasons.
(i)
Salaries of Indian working in foreign embassies
in India.
(ii)
Income tax. |
| Q.7. |
Distinguish between factor inputs and
non-factor inputs. Give two examples of
non-factor inputs. |
| Q.8. |
Calculate value added by firm Y from the
following information : |
|
(Rs. in
lakhs) |
| (i) |
Opening stock of firm Y
|
40 |
| (ii) |
Closing stock of firm Y |
140 |
| (iii) |
Sales by firm X to firm Y |
200 |
| (iv) |
Sales by firm Y to households |
500 |
| (v) |
Purchases by firm Z from firm
Y |
100 |
| (vi) |
Sales by firm X to firm Z
|
200 |
|
[ Ans. Rs.
500 lakhs ]
|
| Q.9. |
From the following data, calculate gross
domestic product at market price :
|
|
(Rs. in
crores) |
| (i) |
Mixed income of the self-employed
|
100 |
| (ii) |
Gross fixed capital formation |
50 |
| (iii) |
Change in stocks |
20 |
| (iv) |
Net Capital formation
|
60 |
| (v) |
Net factor income from abroad |
(-) 10 |
| (vi) |
Net exports |
(-) 10 |
| (vii) |
Compensation of employees
|
150 |
| (viii) |
Operating surplus |
300 |
| (ix) |
Net indirect taxes |
40 |
|
[ Ans. Rs.
600 crores ]
|
| Q.10 |
Calculate national inceom from the
following data : |
|
(Rs. in
crores) |
| (i) |
Opening stock |
70 |
| (ii) |
Closing stock |
100 |
| (iii) |
Government final consumption expenditure
|
200 |
| (iv) |
Gross fixed capital formation
|
150 |
| (v) |
Consumption of fixed capital
|
30 |
| (vi) |
Private final consumption expenditure
|
760 |
| (vii) |
Exports |
50 |
| (viii) |
Imports |
60 |
| (ix) |
Net factor income from abroad |
(-) 20 |
| (x) |
Indirect taxes |
100 |
| (xi) |
Subsidies |
20 |
|
[ Ans. Rs.
1,000 ] |
| Q.11. |
State any three precautions that are
required in estimating national income by
expenditure method. |
| Q.12. |
Explain consumption of fixed capital as a
source of financing gross domestic capital
formation and why ? |
| Q.13. |
Which of the following is a part of gross
domestic fixed capital formation and why ?
(i|)
Construction of a new room an an old
building.
(ii)
Addition to the number of cows with a milk
producer.
(iii)
Purchase of second - hand machinery from abroad.
|
| Q.14. |
Define per capital income and state the
need for data on per capita income for an
economy. |
| Q.15. |
Distinguish between a "subsistence
economy" and an "exchange
economy". Give three
points. |
| Q.16. |
Describe the steps in estimating national
income by the income method. |
| Q.17. |
Explain the methodology followed in India
for estimating national income originating in
the agricultural sector. |
| Q.18. |
What is double counting ? Explain
importance of avoiding double counting.
State two alternative ways in which double
counting can be avoided. |
|
Section - 'B'
|
| Q.19. |
When does deficient demand exist in an
economy? |
| Q.20.
|
Can the value of average propensity to
consume be greater than one ? |
| Q.21. |
When will the marginal revenue product
decline under perfect competition ?
|
| Q.22. |
When does rent according to modern theory
of rent ? |
| Q.23. |
Distinguish between micro - economic and
macro -economics. |
| Q.24. |
How does increase in supply differ from
expansion of supply ? |
| Q.25. |
Explain the effect of increase in demand
on equilibrium price and quantity.
|
| Q.26. |
Explain the relationship between total
revenue and marginal revenue. |
| Q.27. |
Explain the nature of demand curve facing
a firm under monopoly. |
| Q.28. |
Distinguish between private costs and
social costs. |
| Q.29. |
Explain any three monetary measures for
reducing inflationary gap. |
| Q.30. |
Explain, in brief, any three factors
affecting the demand for a
commodity. |
| Q.31. |
State the nature of profits. Why do
they arise ? |
| Q.32. |
What is deductive method ? How does it
differ from inductive method ?
|
| Q.33. |
The coefficient of supply of a commodity
is 3. A seller supplies 30 units of this
commodity at a price of Rs. 10 per unit. How
much quantity of it will he supply when price
rises to Rs. 12 per unit? |
| Q.34. |
How are real wages affected by the general
price level ? State any three other factors that
affect real wages. |
| Q.35. |
Explain with the help of saving and
investment curves, the equilibrium level of
income in an economy. Does equality
between saving and investment necessarily ensure
full employment ? |
| Q.36. |
What do you understand by diminishing
returns to a factor ? Explain it with an example
and a diagram. |
