Q.1.(A) Fill in the blanks with appropriate alternative given in Brackets and rewrite the sentences :(5)
(i)         The account in which a certain amount of money is deposited every month regularly for a fixed duration is ________ . (Savings/Current/Recurring/Fixed)
(ii)        Perfectly inelastic curve is _________ (parallel to X axis/parallel to Y axis/sloping upwards/sloping downwards)
(iii)       _________ studies about national income. (Micro/Macro/Statistics/Mathematics)
(iv)       In _________ market, the seller creates product differentiation.
                        (v)        The _______ minister presents the budget. (finance/home/industry/environment)
            (B) State whether the following statements are true or false :                                               (5)
(i)         Demand for luxuries is inelastic.
(ii)        Production is the creation of value.
(iii)       Transfer incomes are included in national income.
(iv)       The supply curve of labour slopes downwards.
(v)        In India, paper money is legal tender.
            (C) Choose the correct answer and rewrite the statements :                                                 (5)
(i)         In general the duration of a budget is ________ months. (Twelve/nine/six/fifteen)
(ii)        Cheque is _______ money. (credit/cash/paper/metallic)
(iii)       The demand for consumer goods is __________ . (direct/indirect/mixed/constant)
(iv)       ________ used the term micro economics for the first time.
            (Ragner Frisch/Marshall/J. B. Clark/Adam smith)
(v)        Labour is geographically _______ factor. (mobile/immobile/stationary/immovable)
            (D) Match the column :                                                                                                             (5)
(i) Monopolistic competition
(a) Risk taking
(ii) Money
(b) Inferior goods
(iii) Enterpreneur
(c) Chamberlin
(iv) Demat
(d) Normal goods
(v) Giffen
(e) Shares

(f) Fixed deposits

(g) Schumpeter
Q.2.     (A) Define or explain the concepts : (any four)                                                                       (8)
(i)         National Income                     (v)        Capital
(ii)        Overdrafts                               (vi)       Keynes psychological law of Consumption
(iii)       Monopolistic competition       (vii)      Complementary demand
(iv)       Gross Domestic Product         (viii)     Budget
            (B) State whether the following statements are true or false: Give reasons (Any four)      (8)
(i)         Demand varies directly with price.
(ii)        Stock cannot exceed supply.
(iii)       Selling costs are peculiar to monopolistic competition.
(iv)       Labour cannot be stored.
(v)        Services of housewife are included in national income.
(vi)       Autonomous consumption depends on income.
(vii)      The central bank controls credit.
(viii)     A budget should be economic and flexible.
Q.3.     (A) Distinguish between any four of the following :                                                               (8)
(i)         Fixed capital and Variable capital
(ii)        Private monopoly and Social monopoly
(iii)       Surplus budget and Deficit budget
(iv)       Barter economy and Money economy
(v)        Contraction of demand and Decrease in demand
(vi)       Central bank and Commercial bank
(vii)      Gross investment and Net investment
(viii)     Gross national product and Net national product
            (B) Give reasons or explain: (Any four)                                                                                  (8)
(i)         The central bank is the lender of the last resort.
(ii)        Marginal utility of money can never become zero.
(iii)       Macro economics is the study of aggregates.
(iv)       A firm under perfect competition is a price taker.
(v)        Non insurable risks are called uncertainties.
(vi)       All capital is wealth.
(vii)      A commercial bank is a profit seeking institution.
(viii)     Tax is a major source of revenue to the government of India.
Q.4.     (A) Write answers in one or two paragraphs each : (Any two)                                             (8)
(i)         State the features of land.
(ii)        Explain the output method to measure national income.
(iii)       Explain the primary functions of money.
(iv)       Explain the importance of micro economics.
            (B) Write explanatory notes: (Any two)                                                                                  (8)
(i)         What are the features of monopoly?
(ii)        Government expenditure
(iii)       Explain the types of price elasticity of demand
(iv)       Types of utility
Q.5.     State with reasons whether you agree or disagree with the following Statements:
 (Any two)                                                                                                                                 (16)
(i)         There are no exceptions to the law of diminishing marginal utility.
(ii)        Aggregate supply depends on many factors.
(iii)       All things cannot be good money.
Q.6.     Answer in detail any two of the following :                                                                           (16)
(i)         State and explain the law of supply
(ii)        What is perfect competition? Explain price determination under perfect competition.
(iii)       What are the difficulties encountered in the measurement of national income?