Economics Question Paper

OMTEX CLASSESBISMILLAH                                                       ECONOMICS TEST Bismillah                                       100 MARKSBismillah                                                                                                 3Hrs Bismillah

Q.1 (A) Fill in the blanks with appropriate alternatives given in the brackets.                                                  (5 Marks)

1.       Economics is a ……….science. (natural, social, anthropology, political)
2.       Labour is ……… (imperishable, perishable, convertible, non-convertible)
3.       The nature of the market of barter system is ………… (wide, limited, personal, social)
4.       There is lack of ……….in monopoly. (consumers, competition, buyer, people)
5.       ………..has monopoly to issue currency notes. (Commercial bank, Central Bank, Cooperative Bank, ICICI bank)

      (B) State whether the following statements are true or false.BISMILLAH                                                                                       (5 Marks)
1.       Utility is Objective.
2.       The demand of food grains is elastic.
3.       All capital is wealth but all wealth is not capital.                                                           1st Batch
4.       The relationship between price and demand is positive.
5.        The problems of Nation are studied in the macro economy.
     (C) Choose the correct answer. BISMILLAH                                                                                                                                             (5 Marks)

1.       The capacity of a commodity to satisfy human want is known as ………. (need, utility, satisfaction, production)
2.       The demand for electricity is ………..(inelastic, elastic, elasticity more than one, elasticity less than one)
3.       The government budget is for……… (specific period, some weeks, some days, unspecified period)
4.       The income which is not spent on consumption is known as…….. (saving, loss, profit, transaction)
5.        The a/c in which the specific amount is deposited per month regularly is known as………A/C(fixed, saving, current, recurring)

     (D) Choose the correct answer. BISMILLAH                                                                                                                                              (5 Marks)

Group A
Group B
1.       Economics
2.       Reward of Capital
3.       Value of money
4.       Establishment of Central Bank
5.       Sales Tax
1.       Not Steady
2.       1st April 1935
3.       Social Science
4.       Income from commodity tax
5.       Natural Science
6.       Interest
7.       1st April 1939

Q.2 (A) Explain the following concepts or give definitions:BISMILLAHBISMILLAH                                            Any four                               (8Marks)

1.        Micro Economics (4 points needed)
2.       Variable Capital (4 points needed)
3.       Depreciation (4 points needed)
4.        Loan (4 points needed)
5.        Bank rate (4 points needed)
6.        Traveler’s Cheque (4 points needed)
7.       Saving (4 points needed)
8.        Prof.Fisher’s definition of National Income (4 points needed)

      (B) State whether the following statements are True or False:BISMILLAH                                    Any four                               (8Marks)

1.       The demand for rich person is elastic.
2.       There are advertisements of commodities in perfect competition.
3.       The scope of macroeconomics is wide.
4.       There is no difference between the micro and macroeconomics.
5.       The demand and the desire are the same.
6.       The expenditure is more than income in balanced budget.
7.       The Central bank work as banker’s bank.
8.       The interest is more on saving deposits.

Q.3 (A) Distinguish between:BISMILLAH                                                                                                       Any four                               (8Marks)
1.       Micro Economics V/S Macro Economics. (4points needed)
2.       Commercial Bank V/S Central Bank. (4points needed)
3.       Demand V/S Supply. (diagram and schedule is compulsory)
4.       Direct Tax V/S Indirect Tax. (4points needed)
5.       Fixed deposits Account V/S Saving Deposit Account
6.       Total Utility V/S Marginal Utility. (diagram is compulsory)
7.       Consumption V/S Saving. (4points needed)
8.        Quantitative Credit Controls V/S Qualitative Credit Controls

       (B) Give reasons or explains: BISMILLAH                                                                                               Any four                               (8Marks)
1.       Utility means not usefulness. (4points needed)
2.       The demand curve is sloping down from left to right. (4points needed)
3.       The relationship between price and supply is positive. (4points needed)
4.       There is single price in perfect competition. (4points needed)
5.       The entrepreneur is called as a leader of the organization. (4points needed)
6.       The net national income is less than gross national income. (4points needed)
7.       The study of whole economy is done in the macro economy. (4points needed)
8.       The difficulties of barter system are removed by money. (4points needed)

Q.4 (A) Answer the following in brief:BISMILLAH                                                                                      Any two                                 (8Marks)
1.       State the features of Capital. (Meaning Definition and 6points needed)
2.       Primary Function of Money. (Meaning Definition and 6points needed)
3.       Saving Function. (Meaning Definition and 6points needed) (diagram and schedule is compulsory)
4.       Relationship between Total Utility and Marginal Utility. (diagram and schedule is compulsory)

      (B) Short Explanatory Notes: BISMILLAH                                                                                               Any two                                 (8Marks)
1.       Aggregate Demand.
2.       Explain the Primary function of commercial bank.
5.       Microeconomics. (Meaning Definition and 6points needed)
3.       Components of Government Budgets.

Q.5 State with reasons, whether you Agree or Disagree with the following: BISMILLAH                  Any two                                 (16Marks)
1.       Perfect competition Means monopolistic competition. (diagram of both is compulsory)
2.       There are no exceptions in law of demand.
3.       A seller is a price maker in monopoly. (diagram and 7 points compulsory)

Q.6 Answer in Detail:BISMILLAH                                                                                                                    Any two                                 (16Marks)
1.       Explain the law of diminishing marginal utility with assumption. (diagram and schedule is compulsory)
2.       What are the types of Price elasticity of Demand? (diagram is compulsory)
3.       Explain the function of central Bank.


BISMILLAHWishing you all the very bestBISMILLAH