Answers to this Paper must be written on the paper provided separately.
You will not be allowed to write during the first I S minutes.
This time is to be spcnt in reading the question paper.
The time given at the head of this Paper is the time allowed for writing the amsu~rs.
Attempt all questions from Section A and any four questions from ~ 2. The intended marks for questions or parts of questions are given in brackets [ ].
SECTION A (40 Marks)
Attempt all questions from this Section
(a)Explain in brief the characteristics of land with respect to its supply and use. 
(b) Briefly explain the percentage method of calculating elasticity of demand. 
(c)State two differences between labour services provided by a surgeon and a farmer.
(d) State two reasons for consumer exploitation in India.
(e) How does use of money solve the problem of qack of double coincidence of wants’ that existed under the barter system? 
(a)Distinguish between stock of capital goods and capital formation using a suitable example. 
(b)State two circumstances under which the demand curve slopes upwards to the right. 
(c)How does the Central Bank act as a fiscal agent to the Government? 
(d)A mild inflation is beneficial for econom/c growth. Justify the statement. 
(e) How can taxes be used for promoting economic growth?
(a) Classify the following into Fixed capital and Circulating capital:
(i) building (ii) tailors
(iii) sewing machines (iv) tailoring accessories 
(b)State two examples of direct tax imposed by the Central Government in India. 
(c)What is meant by CRR? Briefly examine its role in credit control. 
(d)Using hypothetical data show a market demand schedule. 
(e)How does money act as a store of value? 
(a)State the difference between redeemable debt and irredeemable debt. 
(b)State two ways through which an entrepreneur contributes towards economic development.
(c)How does Proportional tax differ from Progressive tax? 
(d) Distinguish between a tax and a subsidy. 
(e)Explain two methods of accepting deposits by commercial banks. 
SEC?ION B (40 Marks}
Attempt any four questions from this Section
(a) Discuss five characteristics of Capital as a factor of a production. 
(b) State the Law of demand. Briefly explain any three determinants for the negative slope of the demand curve. 
(a) Define Inflation. Explain any two fiscal measures and two monetary measures to control it.
(b) Distinguish between the following:
(i) Extension and Increase in demand.
(ii) Normal goods and Inferior goods. 
(a) With respect to division of labour state the following:
(i) An example each of vertical and horizontal division of labour.
(ii) Two advantages to the producer.
(iii) Two disadvantages to the worker. 
(b) Discuss five causes of the low rate of capital formation in India. 
(a) Discuss the functions of the Central Bank as a banker to Banks’ and banker to the Government’. 
(b)Differentiate between the following:
(i) Limited legal tender and Unlimited legal tender.
(ii)Standard money and Bank money. 
(a) Using graphs distinguish between change in supply and change in quantity supplied. 
(b} Briefly explain any .five rights stated in the Consumer Protection Act. 
(a} Discuss the reasons for the growth of public expenditure in India? 
(b) Explain three merits and two demerits of indirect taxes.. 
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