“Achieve Success through”
Omtex Classes PAPER TWO
“THE Home of Text”
TIME: - 3 MARKS: - 100
Q.1 (A) Complete the sentences by choosing correct alternative given below.
1. The income of government through all sources is called public _________ (money, income, debt, revenue).
2. The relation between the price and demand is _________ (direct, inverse, negative, indirect)
3. Real investment implies creation of new ___________ (goods, services, assets, capital)
4. A cheque which bears a future date is called a __________ cheque (crossed, pre-dated, post-dated, stale)
5. Value expressed in terms of money is called ____________ (utility, credit, price, demand)
(B) State whether the following statements are true or false.
1. The value of mother’s service is not included in National Income.
2. Wine is not a wealth.
3. Supply curve is upward sloping from left to the right.
4. Current deposits yield high interest rate.
5. The Primary function of the money is to form the basis for credit.
(C) Choose the correct answer in each from the following four alternatives
1. National income refers to the value of goods and services produced in a __________
· day
· week
· month
· year
2. ATM facility is available for __________
· 6 hours
· 12 hours
· 18 hours
· 24 hours
3. During depression, the Central Bank adopts the _____________
· near money policy
· dear money policy
· Cheap money policy.
· No money policy
4. As the stock of commodities rises, the marginal utility starts ____________
· falling
· rising
· increasing
· shifting
5. Which of the following is not the exception to the law of demand___________
· Medicines
· Salt
· Prestige goods
· Normal goods
(D) Match the two columns given below:
| Group A | Group B |
| 1. Sunshine 2. Very short period 3. National Income 4. Factors of production 5. Perfect competition | 1. Uniform price 2. Free goods 3. Derived demand 4. Country’s Income 5. Market price 6. Normal Price |
Q. 2 (A) Define and explain the following concept. (Attempt any 4) 8 marks
1. Export
2. Partial Equilibrium
3. Slicing method
4. Complimentary or Joint Demand
5. Gross Domestic Product
6. Open market operation
7. Import.
8. Inflation.
(B) Rewrite the following statements as True of False. Give Reasons. (Any 4) 8 marks
1. Values of only final goods and services are included in measuring GNP.
2. Labours is perishable in nature.
3. There is no real exception to the law of diminishing marginal utility.
4. The Seller is the price maker under perfect competition.
5. Price and Supply plays an inverse relationship.
6. There is no exception to the Law of Supply.
7. Medicines have elastic demand.
8. The capital is the most mobile factor of production.
Q. 3 (A) Distinguish between (Any Four) of the following 8 marks
1. Stock V/S Supply
2. Commercial Bank V/S Central Bank
3. Direct Tax V/S Indirect Tax
4. Perfect Competition V/S Monopoly
5. Saving V/S Consumption
6. Autonomous Investment V/S Induced Investment
7. Total Utility V/S Marginal Utility
8. Bank Rate V/S Open market Operation
(B) Give reasons or explain the following in brief. (Any 4) 8 marks
1. The Reserve Bank is Government’s Bank
2. The Demand for coffee and tea is competitive in nature.
3. Why has water less price, though of much use?
4. An Entrepreneur is called as a captain of the industry.
5. Stock of Perishable commodities tends to be zero?
6. Why does microeconomics use slicing method?
7. The Supply of land can not be changed?
8. Why study of macroeconomics is important and extremely useful?
Q. 4. (A) Answer the following questions in one or two paras (any 2) 8 marks
1. What are the determinants’ of Aggregate demand?
2. Explain in brief the types of Capital
3. Explain the Exception to the Law of Demand?
4. What are the Different Types of Utility?
8 marks
(B) Write Short notes on the following: (any 2)
1. Function of Money
2. Features of National Income
3. Bank Rate Policy
4. Features of Labour
Q. 5 Do you agree or disagree with the following statements. Give Reasons. (Any Two) 16 marks
1. All factors of Production have direct demand.
2. Entrepreneur is the captain of the industry
3. There is no difficulties in measuring national income
Q. 6 Answer the following (any two) 16 marks
1. Define and Explain the Features of monopoly?
2. Features of Perfect Competition?
3. What are the different methods of measuring national income?
ALL THE VERY BEST
“You don’t know what you can do until you try”