ECONOMICS
(Two hours)
Answers to this Paper must be written on the paper provided separately. You will not be allowed to write during the first 15 minutes.
This time is to be spent in reading the question paper. The time given at the head of this Paper is the time allowed for writing the answers.
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Attempt all questions from Section A and any four questions from Section B. The intended marks for questions or parts of questions are given in brackets [ ].
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SECTION A (40 Marks)
Attempt all questions from this Section
Question 1.
(a) A farmer in Punjab transports wheat from the farm to a Hour mill. Is this activity considered as production? Why? [2]
(b) The demand curve can slope upwards from left to right. Give one argument is support of this statement. [2]
(c) Improved technology affects the productivity of land. Explain this statement with the help of suitable examples. [2]
(d) Explain how income effect is responsible for the negative slope of a demand curve. [2]
(e) State two important Contingent function of money.[2]
Question 2.
(a) State two limitations of division of labour. [2]
(b) Study the graph and identify the supply curve Si and Sa with respect to its time element.[2]
(c) State two agency functions of Cormmercial Banks. [2]
(d) Briefly explain two methods of advancing loans by Commercial Banks. [2]
(e) Distinguish between internal and external debt. [2]
Question 3.
(a) Identify the forms of capital given below. Give reasons for your answer. [2]
- Steel
- Government Bonds.
(b) Mention any two sources of non-tax revenue of the Central Government in India. [2]
(c) State two ways by which the Central Bank of the country acts as a Bankers’ Bank. [2]
(d) How does an improvement in production technology, influence the supply curve of a firm? [2]
(e) Give the expanded form of COPRA and RTI. [2]
Question 4.
(a) Study the statements given below and state whether demand will be elastic or inelastic citing reasons for your answer. [2]
- (i) Demand for cigarettes by a habitual smoker.
- (ii) A consumer postpones the purchase of a refrigerator till the off-season sale. [2]
(b) State two differences between a tax and a fee. [2]
(c) State two ways in which Recurring Deposits differ from Fixed Deposits. [2]
(d) In what type of tax, shifting of the tax burden is possible? Explain using an example. [2]
(e) What is meant by progressive tax ? Give an example. [2]
SECTION B (40 Marks)
Attempt any four questions from this Section
Question 5.
(a) Explain five ways by which entrepreneurs can promote [5]
(b) the economic development of a country.
- What is demand?
- With the help of a hypothetical table draw the demand curve of a commodity.
- Explain the diagram given below:
Question 6
(a) Explain the process of capital formation. State two-reasons why capital formation is important for economic growth. [5]
(b) Distinguish between supply and stock. Explain four factors that influence the supply of a commodity. [5]
Question 7
(a)With respect to efficiency of labour answer the question that follow: [5]
- (i) On what basis can efficiency of labour be measured ?
- (ii) State two factors that influence the efficiency of labour.
- (iii} Explain two measures for improving efficiency of labour in India.
(b) What is meant by elasticity of supply? Using graphs explain any four types of elasticity of supply. [5]
Question 8.
(a) Distinguish between qualitative and quantitative measures of credit control policy of the Central Bank. [5] (b) What are the components of money supply? Explain three causes of inflation. State one fiscal measure to control inflation. [5]
Question 9.
(a) Explain any five ways in which consumers are exploited in the market. [4]
(b) Briefly trace the growth of consumer awareness in India. [6]
Question 10.
(a) How has public expenditure become an important tool for economic development in recent times? [5]
(b) Explain Five difference between Direct tax and Indirect Tax. [5l
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