Topic: Introduction to Micro Economics

12th Economics Test Paper 1st

Topic: Introduction to Micro Economics

Time: 1 Hours Marks : 30

Q. 1. A Fill in the blanks 5

1. Economics is a ______Science.

(Natural, Social, Political, Anthropological)

1. Micro Economics is a _____ equilibrium analysis.

(General, Partial, Semi-partial, aggregate)

1. Micro economics adopts _____ approach.

(Individualistic, Aggregative, Comprehensive, Superlative)

1. The credit for the development of Micro economics approach goes to ____ .

(Marshall, Keynes, Pigou, Mathus)

1. _____ Used the term Micro – Economics for the first time.

(Ranger Frisch, Ricardo, Marshall, Adam Smith)

Q.1. B. State Whether the given Statements are True or False. 5

1. Dr. Marshall is Known as the “Father of Modern Economics “
2. Micro Economics studies theory of Firms.
3. Micro Economics deals with allocation of resources.
4. Micro Economics theory assumes full employment.
5. Micro Economicstheory suggests policies to solve problem of inflation.

Q. 1. C. Match the Pairs. 5

Group A / Group B

1. Micro Economics

/

1. Independent

1. Ceteris Paribus

/

1. No government intervention

1. Laissez Faire Policy

/

1. Individualistic

1. Partial Equilibrium

/

1. Other things remaining equal

1. Market Mechanism

/

1. Price determination.

Q. 2. Define or Explain the Concepts 5

1. Micro Economics
2. Micro economics theories are based on certain assumptions.

Q. 3. Answer the following in details. (any One) 5

1. Explain the features of Micro Economics.
2. Explain the scope and subject matter of Micro Economics.

12th Economics Test Paper 2nd

Topic:Consumer’s Behavior

Time: 1 Hours Marks : 30

Q. 1. A. Fill in the Blanks. 5

1. _____ refers to want satisfying power of a commodity.

(Usefulness, utility, Satisfaction, Becomes Zero)

1. Marginal Utility diminishes as consumption of commodity ____.

(Increases, Decreases, Remains constant, Becomes Zero)

1. _____ Utility is utility derived from last unit of commodity consumed.

(Average, Marginal, Total Zero)

1. When MU is ____ TU decreases.

(Negative, Positive, Zero, High)

1. Blood donation has ____ utility.

(Time, place, service, form)

Q.1. B. Match the Following:5

Group A / Group B

1. Marginal Utility

/

1. Maximum TU

1. Point of Satiety

/

1. Assumptions of the law of DMU

1. Time Utility

/

1. Utility of last unit

1. Cardinal Measurement

/

1. Exception of Law of DMU

1. Service Utility

/

1. Furniture from wood

1. Knowledge by teacher

1. Use of Umbrella

Q.1. C. State with reasons the following statements are true or False. (any 2) 5

1. Utility is same as satisfaction.
2. Utility depends upon intensity of wants.
3. The Law of DMU is important to monopolist.

Q.2. Define or explain the following concepts. (Anytwo)5

1. Place Utility
2. Time Utility
3. Form Utility

Q.3. Answer the following Questions. (Any One) 5

1. Explain the relationship between TU and MU.
2. What are the characteristics of utility? Or explain the features of utility. Or explain the nature of utility.

12th Economics Test Paper 3rd

Topic :Demand Analysis A

Time: 1 Hours Marks : 30

Q. 1. A. Match the Following 5

Group A / Group B

1. Demand and Price

/

1. Substitute goods

1. Tea and Coffee

/

1. Inverse relation

1. Inferior Goods

/

1. Joint demand

1. Factors of Production

/

1. Distribution of income

1. Pen and Ink

/

1. Composite demand

1. Giffen’s goods

1. Indirect demand

Q. 1 B. State whether the following statements are true or false. 5

1. Demand curve slopes upwards from left to right.
2. Desire means demand.
3. When demand increases, the demand curve shifts to the left.
4. Quantity demanded varies directly with prices.
5. Law of Demand is explained by Prof. Robbins.

Q.2. Write Short Notes. (any Two) 8

1. Giffen’sParadox
2. Types of Demand
3. Concept of Demand

Q. 3. Answer the following questions. (Any 2) 12

1. What do you mean by demand?
2. What are the assumptions of the law of demand?
3. What are the exceptions to the law of demand?

12th Economics Test Paper 4rd

Topic: Elasticity of Demand b

Time: 1 Hours Marks : 30

Q.1. A. Fill in the blanks 5

1. The demand for salt is ___

(Elastic, Inelastic, Infinite elastic, unitary elastic)

1. Income elasticity of demand for inferior goods is ____

(Positive, Negative, Zero, Greater than one)

1. Cross Elasticity of demand is applicable to ___ goods.

(Correlated, substitute, inferior, natural)

1. Perfectly elastic demand curve is ____.

(Horizontal to OX axis, Horizontal to OY axis, flatter, steeper)

1. The slop of demand curve is ____ is case of inelastic demand.

(Flatter, Steeper, Horizontal, Vertical)

Q.1. B. Define or explain the following Concepts. (Any Two) 5

1. Cross Elasticity of demand.
2. Unitary Elastic Demand.
3. Income Elasticity of Demand.

Q.1. C. Distinguish Between (any 4) 8

1. Infinite Elastic Demand & Perfectly Inelastic Demand.
2. More Elastic Demand & Less inelastic Demand
3. Negative Income Elasticity &Positive Income Elasticity.
4. Perfect Inelastic & Relatively Inelastic.
5. Perfectly Elastic & Relatively Elastic.
6. Ratio Method & Expenditure Method.

Q. 2. Write Short Notes on. (Any Two) 4

1. Geometric Method or Point Method.
2. Ratio Method/ Percentage Method.
3. Total Outlay / Expenditure Method.
4. Types of Elasticity of Demand.

Q.3. Answer the following Questions. (Any One) 8

1. Explain the concept of Elasticity of Demand.
2. Explain the importance of the concept of elasticity of demand for international trade.

12th Economics Test Paper 5th

Topic: Producer’s Behavior

Time: 1 Hours Marks : 30

Q. 1. A. Match the following 5

Group A / Group B

1. Stock

/

1. Supply

1. Transport facility

/

1. Fruits

1. Rare goods

/

1. Backward sloping

1. Labour supply curve

/

1. Exceeds supply

1. Perishable goods

/

1. Upward sloping

1. Furniture

1. Exception to the law of supply

Q. 1. B. State whether the following Statements are True or False. 5

1. If price falls, the supply curve will shift to left.
2. Stock is the source of supply.
3. Supply is indirectly related to price.
4. Geometric method is also known as Point Method.
5. Total cost is the total expenditure incurred by a firm.

Q. 1. C. Define or explain the following concepts. (any Two) 4

1. Total cost 3. Marginal
2. Stock 4. Output

Q.2. A. Distinguish between. (Any two) 4

1. Stock & Supply
2. Individual Supply & Market Supply
3. Extension and Contraction of Supply
4. Relatively Elastic Supply & Relatively Inelastic Supply.

Q.2. B Write Short Notes on. (Anyone)4

1. Elasticity of Supply
2. Change in supply

Q. 3. Answer the following questions. 8

1. What are the assumptions of the Law of Supply?
2. What are the determinants of supply?
3. What are the exceptions to the Law of Supply?

12th Economics Test Paper 6th

Topic : Forms of Market & Price Determination Under Perfect Competition

Time : 1 Hours Marks : 30

Q. 1. A. Fill in the blanks 5

1. Under perfect competition commodities are ___ in nature.

(Homogeneous, classified, heterogeneous, supplementary)

1. _____ Appears in a monopoly market.

(Product differentiation, Price discrimination, Individual differentiation, packing differentiation)

1. The price at which demand and Supply equate to each other is called___ price.

(General, equilibrium, short run, reserve)

1. In ____ market, seller creates Product differentiation.

(Competition, perfect, pure, monopolistic)

1. Monopolist means a ____.

(Single seller, Several Sellers, Single buyers, Several Buyers)

Q. 1. B. Match the following 5

Group A / Group B

1. Single Price

/

1. Cartel

1. Entry barriers

/

1. Homogenous Products

1. Joint Monopoly

/

1. Perfect competition.

1. Monopolistic Competition

/

1. Heterogeneous product.

1. Perfect Competition.

/

1. Monopoly

1. Selling cost

1. Demand equals supply

Q. 1. C. Define or explain the following concepts. (any 5) 5

1. Market 5. Equilibrium Price
2. Price discrimination 6. Monopoly
3. Monopolistic Competitions 7. Pure Competition
4. Selling cost 8. Product differentiation

Q. 2. A. Give Reasons or Explain. (any two) 5

1. Single price prevails in perfect competition.
2. Price discrimination is possible under monopoly.
3. Selling cost is incurred by a firm in monopolistic Competition.
4. A monopolist can control the supply of goods.

Q.2. B. Distinguish Between. (any Two ) 4

1. Perfect competition and pure Competition
2. Perfect competition and Monopoly.
3. Natural Monopoly and Social Monopoly.
4. Natural and Legal Monopoly.

Q.3. Write Short Notes on. 6

1. Types of Monopoly.
2. Features of Pure Competition.

12th Economics Test Paper 7th

Topic : Factors of Production

Time : 1 Hours Marks : 30

Q. 1. A. Match the following 5

Group A / Group B

1. Production

/

1. Profit

1. Land

/

1. Capital of Industry

1. Labour

/

1. Creating utility

1. Reward of capital

/

1. Rent

1. Reward of entrepreneur

/

1. Interest

1. Wages

Q. 1. B. State whether the following statements are true or false. 5

1. Demand for labour is direct demand.
2. Labour and labourer are inseparable.
3. Labour cannot be stored.
4. Land is a free gift of nature.
5. Capital is a natural factor of production.

Q. 1. C. Distinguish Between. (any Two) 4

1. Fixed Capital & Variable Capital.
2. Sunk Capital & Floating Capital.
3. Real Capital & Money Capital
4. Man-made Factors & Natural Factors

Q. 2. Write Short Notes on. (Any Two) 6

1. Qualities of an entrepreneur.
2. Types of capital
3. Peculiarities of land.
4. Peculiarities of labor.

Q. 3. Answer the following Questions (any Two) 10

1. What are the peculiarities of land? Or what are the Characteristics / features of Land?
2. What are the Features/ Characteristics / Nature or Peculiarities of Labor?
3. What are the features of capital

12th Economics Test Paper 8th

Topic: Introduction To Macro Economics

Time : 1 Hours Marks : 30

Q. 1.A. Match the following 5

Group A / Group B

1. Inflation and recession

/

1. Father of Modern Economics

1. Resource allocation

/

1. Micro Economics

1. Ranger Frisch

/

1. Oslo University

1. J.M. Keynes

/

1. Macro economics

1. Alfred Marshall

/

1. Wealth economics

1. Factor – pricing

Q. 1. B. State whether the following statements are true or False. 5

1. Macro – Economics is known as income analysis.
2. Increase in national income is a micro Economic goal.
3. Macroeconomics adopts lumping method.
4. Study of price determination is a subject matter of Macro Economics.
5. Micro Economics deals with the study of aggregates.

Q. 1. C. Define / explain the following Concepts. 4

1. Macro Economics.
2. General equilibrium.

Q. 2. Give Reasons or explain the following Statements. (Any two) 6

1. Macro Economics is the study of aggregates.
2. Macro Economics is also known as income and employment theory.
3. The scope of Macro Economics is wide.
4. Macro Economics deals with whole economy.

Q. 3. Answer in detail. (any One) 10

1. State the features of Macro- Economics
2. Explain the scope and subject matter of Macro Economics

12th Economics Test Paper 9th

Topic: National Income

Time: 1 Hours Marks : 30

Q.1. A. State whether the following statements are true or false. 5

1. National Income is computed every year.
2. Inclusion of value of intermediate goods leads to double counting.
3. GDP includes net income from abroad.
4. Financial year in India is leap year.
5. Services of housewives are included in N. I.

Q. 1. B. Give reasons or explain the following statements. (Any Three) 6

1. Income from second hand sale of goods is excluded from N.I.
2. National Income at factor cost included subsidy.
3. National income estimates are accurate in India.
4. Old age pension is transfer income.
5. Paid services are included in N.I.
6. N. I. Is an important tool to measure the overall performance of the Economy.

Q. 1. C. Distinguish Between. (Any Two) 4

1. Gross National Product (GNP) and Gross Domestic Product.
2. Net National Product (NNP) and Net Domestic Product (NDP)
3. Output Method and Income Method of Measuring N.I.
4. Gross National Product (GNP) and Net National Product (NNP)

Q.2. Write Short Notes on. (Any Two) 5

1. Value added approach.
2. Expenditure method of measuring N. I.
3. Circular Flow of National Income.
4. Personal disposable Income.

Q. 3. Answer in detail. (Any One) 10

1. Explain the practical or statistical difficulties involved in the estimation of N. I.
2. Explain the Output Method of measuring N.I.

12th Economics Test Paper 10th

Topic: Determinants of Aggregate

Time: 1 HoursMarks: 30

Q. 1. A. Fill in the blanks 5

1. The general Theory of Employment Interest and Money was written by ___ .

(David Ricardo, Adam Smith, J.M. Keynes, Alfred Marshall)

1. The part of income which is not spent on consumption is called ____.

(Expenditure, Saving, Investment, Public debt)

1. Intersection between aggregate demand and aggregate supply curves determines the point of _____ demand.

(Composite, Complementary, effective, joint)

1. ______Consumption cannot be zero.

(Induced, Government, Private, Autonomous)

1. Investmentsmade by the government is ____ investment.

(Induced, autonomous, gross unplanned.)

Q. 1. B. Match the following 5

Group A / Group B

1. Aggregate Supply

/

1. Expected receipt

1. Autonomous investment

/

1. Lord J.M. Keynes.

1. Consumption

/

1. Government Investment

1. Average Propensity to Consume

/

1. C / Y

1. Investment

/

1. ^ C /^ Y

1. Addition to stock of capital

1. Distribution of utility

Q. 1. C. State whether the following statements are true or false. 5

1. Consumption expenditure is the only component of aggregate demand.
2. The difference between country’s exports and imports is termed as net earnings from foreign transactions.
3. Autonomous consumption is income elastic.
4. The equality between aggregate demand and aggregate supply determines the equilibrium level of employment.
5. At breakeven point, consumption (C) is equal to Income (y) .

Q. 2. Write Short Notes. (Any Two) 5

1. Effective Demand
2. Saving Function
3. Break Even point
4. Average Propensity to Consume.

Q. 3. Answer in detail. (Anyone)10

1. Explain the determinants of aggregate demand.
2. Explain the equilibrium between aggregate demand and aggregate Supply.
3. What is aggregate Supply? Explain the determination of Aggregate Supply.

12th Economics Test Paper 11th

Topic: Money

Time: 1 Hours Marks : 30

Q. 1. A. Match the following 5

Group A / Group B

1. Metallic Money

/

1. Latest development in credit money.

1. Commodity Money

/

1. Cheques

1. Paper Money

/

1. Currency Notes

1. Bank Money

/

1. Problem of divisibility

1. Debit Card

/

1. Gold coins

1. Credit card

Q. 1. B. State whether the following statements are true or false.5

1. Metallic coins are easily portable than paper notes.
2. Token coins are coins whose face value is greater than their intrinsic value.
3. Money facilitates estimation of national income.
4. A cheque is a fiat money.
5. Money increases productivity of capital.

Q. 1. C. Distinguish between (any 2) 4

1. Convertible Paper Money & Inconvertible Paper Money.
2. Legal Tender Money and Credit Money or Bank Money.
3. Metallic Money and Paper Money.
4. Full-bodied money and Token coins

Q. 2. Answer the following questions (any two) 6

1. What are the contingent functions of money?
2. What are the different types of money?
3. What are the primary functions of money?
4. What are the difficulties faced by people under Barter System?

Q. 3. Answer in detail. 10

1. Explain the Primary, Secondary and Contingent Functions of Money.

12th Economics Test Paper 12th

Topic: commercial Banking

Time: 1 Hours Marks : 30

Q. 1. A. Match the following 5

Group A / Group B

1. Demat Account

/

1. Current account

1. Overdraft facility

/

1. Agency function

1. ATM facility

/

1. Share brokers

1. Commercial bank

/

1. General function

1. Credit creation

/

1. Recurring account

1. Profit making

1. Central bank

1. Commercial Bank.

Q. 1. B. State whether the following statements are true or False. 5

1. Commercial banks are the backbone of modern economy.
2. The saving bank deposits can be opened with a small amount.
3. Credit money is created by the central bank of a country.
4. There is no difference between primary deposit and secondary deposit of a commercial Bank.
5. Saving bank account is suitable for salaried people.

Q. 1. C. Define or explain the following concepts. (Any Two) 4

1. Fixed Deposits
2. Cash Credit
3. Safe Deposit Vault
4. Discounting of Bills.

Q. 2. A. Give Reasons Or Explain the following Statements. (Any two) 6

1. Commercial banks provide agency functions to earn profits.
2. Overdraft facility is provided to current account holder.
3. Saving account deposits are usually opened by salaried class.
4. Rate of Interest on fixed deposits is high.

Q. 2. B. Distinguish Between. (AnyTwo)4

1. Call Loans & Long Term Loans.
2. Current Account & Saving Account
3. Cash Credit & Overdraft Facility.
4. Cheque& Overdraft

Q. 3. Answer the following Questions 6

1. Explain various types of deposits.
2. How are the different types of loans provided by commercial banks?

12th Economics Test Paper 13th

Topic: Central Banking

Time: 1 Hours Marks : 30

Q. 1. A. Fill in the blanks 5

1. Central Bank has the ____ of note Issue.

(Monopsony, monopoly, Duopoly, Oligopoly)

1. The central Bank acts as a ___ of cash reserves of commercial banks in the country.

(Head, Leader, Custodian, Locker)

1. Bank rate is also called as ____ rate.

(Rediscount, Market, General, Exchange)

1. ____ is the apex body of the monetary and banking system of the nation’s economy.

(Commercial Bank, Central Bank, Government, Co- Operative Bank )

1. Reserve bank of India was established in ____

(1937, 1939, 1935, 1934)

Q. 1. B. Match the following 5

Group A / Group B

1. Central bank

/

1. Quantitative measure of credit

1. Clearing House System

/

1. Apex banking institution

1. Credit Control

/

1. Deliberate buying and selling of government securities

1. Direct Action

/

1. Selective method of credit control

1. Open Market Operations

/

1. Central Bank

1. Government

1. Statutory Liquidity Ratio (SLR)

Q. 1. C. State whether the followingstatements are True or False. 5

1. Credit rating is quantitative credit control measure of Central Bank.
2. Regulation of consumer credit is a quantitative credit control measure of central bank.
3. Bank rate is the selective credit control measure used by the Central bank of the country.
4. Central Bank also performs commercial banking business.
5. The main objective of a central bank is to earn profit.

Q. 2. A. Define or explain the following concepts. (Any three) 6

1. Prof. Samuelson’s defintion of Central bank.
2. Open Market Operation
3. Bank Rate
4. Moral Suasion
5. Cash reserve Ration
6. Clearing House System

Q. 2. C. Distinguish Between. (any Two) 4

1. Central Bank & Commercial bank
2. Quantitative Credit Control Measures & Qualitative Credit Control Measures.
3. Bank Rate (BR) & Open Market Operations (OMO)
4. Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio (SLR).

Q. 3. Write Short Notes In(any two) 6

1. Definition of a Central bank.
2. Issuing Directives.
3. Central bank’s measure of regulation of consumer credit.
4. Regulation of Margin Requirements.

12th Economics Test Paper 14th

Topic: Public Economics

Time: 1 Hours Marks : 30

Q. 1. A. Fill in the blanks 5

1. The term budget is derived from ____ word Bougette.

(Latin, French, German, Greek)

1. _____ is an example of direct tax.

(Excise Duty, Wealth Tax, Sales tax, Gifts)

1. When Government revenue exceeds, Government expenditure, it is known as ____ budget.

(Surplus, Balanced, Deficit Unbalanced)

1. During depression ____ budget is preferable.

(Balanced, Surplus, deficit zero)

1. The budget is presented by the ____ before the parliament.

(Prime Minister, Home Minister, Chief Minister, Finance Minister.)

Q. 1. B. Define or Explain (any Three)6

1. Fines and Penalty
2. Budget
3. Plan expenditure
4. Recovery of Debt.
5. Deficit Budget.

Q. 1. Give reasons or explain the following Statements. (Any two) 4

1. Income collected from tax is a main source of government revenue.
2. Revenue receipts and revenue expenditure is known as Revenue Budget.
3. Government revenue is more than government expenditure.
4. The Deficit Budget creates inflationary pressure in the economy.

Q. 2. Write Short Notes on (Any Two) 5

1. Capital Expenditure
2. Revenue Receipts
3. Types of budget.
4. Components of a budget.

Q. 3. Answer the following Questions. (Any two) 10

1. What are the main components of a budget?
2. What are the sources of non-taxrevenue?
3. Explain the government development and non-development expenditure.
4. What are the different types of government budget?

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