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GUESS
PAPER
(PRINCIPLE
OF ECONOMICS PAPER-I)
(Commerce Group-Regular/Private)
TIME: 3 HOURS
MAX. MARKS: 75
SECTION
"A" (MULTIPLE CHOICE QUESTIONS)
(15 MARKS)
NOTE
Attempt all questions from this section.
Q.1. Choose the correct answer for each
from the given options.
i. According to Alfred Marshall, Economics is the science of
a) Wealth
b) Material Welfare
c) Scarcity
d) All of the above
ii. Which one of the following determines the scale of
production?
a) Financial resources
b) Production techniques
c) Extent of the market
d) All of the above
iii. Total Cost is equal to
a) AFC + AVC
b) FC + VC
c) AC + MC
d) VC + ATC
iv. The Law of Equimarginal Utility is
also known as
a) The Law of Maximum Satisfaction
b) The Law of Substitution
c) The Law of Indifference
d) All of the above
v. Which of the following is not an economic good?
a) T.V. set
b) Sunshine
c) Today's newspaper
d) Book
vi. The Elasticity of Demand for necessities is always
a) More than one
b) Less than one
c) Equal to unity
d) Perfectly inelastic
vii. A demand curve always slopes from
a) Left to Right
b) Right to Left
c) Right to Left upward
d) Left to Right downward
viii. A firm is in equilibrium when
a) MC = MR
b) MC cuts MR curve from below
c) AR = AC
d) Both MC = MR and MC cuts MR curve
from below
ix. Macroeconomics is the study of
a) Individual units of the economy.
b) Aggregates and averages of the
economy.
c) Individual units, aggregates and
averages of the economy
d) None of the above
x. In inflation
a) price rises
b) purchasing power decreases
c) poor become poorer
d) all of the above
xi. Money performs the functions as
a) Medium of exchange
b) Store of value
c) Standard of deferred payments
d) All of the above
xii. GNP is the sum total of
a) all goods produced
b) all goods and services produced
c) all goods and services consumed
d) all final and services produced in a
year.
xiii. Balance of Payments includes
a) Visible goods only
b) Invisible goods only
c) Visible and invisible items both
d) None of the above
xiv. Which one is not a direct tax?
a) Income tax
b) Sales tax
c) Property tax
d) Wealth tax
xv. When the economic activities are at their peak, it is
called
a) Boom
b) Recession
c) Depression
d) Recovery
SECTION
"B" (SHORT ANSWER QUESTIONS)
(40 MARKS)
NOTE
Answer any Ten question from this
Section. All questions carry equal marks.
(MICRO ECONOMICS) (20 MARKS)
Q.2 Attempt any FIVE of the following
questions.
i. Distinguish between Want and Demand.
ii. List the characteristics of Perfect Competition.
iii. Define Price Elasticity of Demand.
iv. Construct an individual demand schedule. Draw a demand
curve and label it.
v. State the Law of Diminishing Marginal Utility.
vi. Differentiate Stock and Supply.
vii. What is meant by Production in Economics?
(MACRO ECONOMICS) (20 MARKS)
Q.3 Attempt any FIVE of the following
questions:
i. What is a Business Cycle? Name the phases of a cycle.
ii. State the Quantity Theory of Money.
iii. Explain clearly the difference between Balance of Trade
and Balance of Payments.
iv. Distinguish between Private Finance and Public Finance.
v. Define Inflation and give its impact on wage earners.
vi. Explain the basis on which Direct Taxes and Indirect
Taxes are classified.
vii. List the difficulties of the Barter System.
SECTION
"C" (DESCRIPTIVE ANSWER QUESTIONS)
(20 MARKS)
NOTE
Answer all the questions of this
Section. All question carry equal marks.
MICRO ECONOMICS (10 MARKS)
Q.4 Answer any ONE of the following
parts.
A) Explain Marshall's definition of Economics and state the
importance of the study of Economics.
B) Explain with help of a schedule and a diagram the Law of
Diminishing Marginal Returns. Mention the assumptions.
MACRO ECONOMICS (10 MARKS)
Q.5 Attempt any ONE of the following
parts.
A) Explain in detail the various concepts of National Income
and explain any one method of measuring National income
B) What are the advantages and disadvantages of
International Trade? Critically examine the Theory of
Comparative Costs.
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