ECONOMICS

 

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

Question 1

(a)Explain in brief the characteristics of land with respect to its supply and use. [21]

(b) Briefly explain the percentage method of calculating elasticity of demand. [2]

(c)State two differences between labour services provided by a surgeon and a farmer.[2]

(d) State two reasons for consumer exploitation in India.[2]

(e) How does use of money solve the problem of qack of double coincidence of wants’ that existed under the barter system? [2]

Question 2

(a)Distinguish between stock of capital goods and capital formation using a suitable example. [2]

(b)State two circumstances under which the demand curve slopes upwards to the right. [2]

(c)How does the Central Bank act as a fiscal agent to the Government? [2]

(d)A mild inflation is beneficial for econom/c growth. Justify the statement. [2]

(e) How can taxes be used for promoting economic growth?[2]

Question 3

(a) Classify the following into Fixed capital and Circulating capital:

(i) building                                                       (ii) tailors
(iii) sewing machines                                           (iv) tailoring accessories    [2]

(b)State two examples of direct tax imposed by the Central Government in India.  [2]

(c)What is meant by CRR? Briefly examine its role in credit control.  [2]

(d)Using hypothetical data show a market demand schedule.                                                                    [2]

(e)How does money act as a store of value?                                                                                             [2]

Question 4

(a)State the difference between redeemable debt and irredeemable debt. [2]

(b)State two ways through which an entrepreneur contributes towards economic development.[2]

(c)How does Proportional tax differ from Progressive tax?                                                                      [2]

(d) Distinguish between a tax and a subsidy.                                                                                              [2]

(e)Explain two methods of accepting deposits by commercial banks.                                                       [2]

SEC?ION B (40 Marks}

Attempt any four questions from this Section

Question 5

(a) Discuss five characteristics of Capital as a factor of a production. [5]

(b) State the Law of demand. Briefly explain any three determinants for the negative slope of the demand curve.  [5]

Question 6

(a) Define Inflation. Explain any two fiscal measures and two monetary measures to control it.[5]

(b) Distinguish between the following:
(i) Extension and Increase in demand.
(ii) Normal goods and Inferior goods.                                                                                                  [5]

Question 7
(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.                                                                                                     [5]

(b) Discuss five causes of the low rate of capital formation in India.                                                       [5]

Question 8
(a) Discuss the functions of the Central Bank as a banker to Banks’ and banker to the Government’.     [5]

(b)Differentiate between the following:
(i) Limited legal tender and Unlimited legal tender.
(ii)Standard money and Bank money.    [5]

Question 9

(a) Using graphs distinguish between change in supply and change in quantity  supplied.  [5]

(b} Briefly explain any .five rights stated in the Consumer Protection Act. [5]

Question 10

(a} Discuss the reasons for the growth of public expenditure in India?                                           [5]

(b) Explain three merits and two demerits of indirect taxes..                                                             [5]

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