Economics Exam

• This is an Economics exam paper
• The exam duration is 3 hours
• The maximum marks are 80

Instructions

• Attempt all questions.
• Questions 1 to 8 are very short answer type questions and carries 1 mark each
• Questions 9 to 12 are short answer type questions and carries 3 marks each with a maximum word limit of 50 words
• Questions 13 to 18 are long answer type questions with an internal choice which carries 4 marks each with a maximum word limit of 75 words
• Questions 19 to 24 are long answer type questions with an internal choice which carries 6 marks each with a maximum word limit of 250 words

Questions

• Giffen goods: Definition needed
• Gold and silver market: Identify the market type.
• Optional money: Definition required.
• Central Bank of India: Name the bank.
• Direct tax: Give two examples.
• Balanced budget: Definition needed.
• Balance of trade: Give an explanation of its meaning
• Floating exchange rate: Definition required.
• Total production: Define it and write its formula.
• Imperfect competition: Three characteristics must be stated.
• Excessive demand and deficit demand: Write three differences.
• Marginal consumption trend and saving trend: Explain their relationship.
• Micro and macro-economics: Explain mutual dependence.
• Real economics and ideal economics: Differentiate with four points.
• Average fixed cost curve: Describe its appearance and explain why.
• Long-run marginal cost and average cost curves: Describe their appearance.
• National economy: Explain why total final expenditure equals total factor payments.
• Gross Domestic Product: What are the limits of using GDP to measure the welfare of a country
• Currency supply in India: What is non traditional
• Commercial Banks: Write four modern roles
• Budget: List four key features of a budget.
• Government budget justification: Identify four reasons why
• Balance of payments: Four measures to correct imbalances need outlining.
• Fixed exchange rate: Argue in its favor using four points.
• Indifference curve: Illustrate and explain with a diagram.
• Consumer income increase: From Rs. 20 to Rs. 40 with unchanged prices leads to what changes in the budget line
• Demand: Explain six elements affecting demand.
• Demand rules: Describe six reasons why the rules of demand are applied.
• Supply: Write six elements affecting supply.
• Elasticity of supply: Define it and explain how it is measured.
• Market price vs equilibrium: Describe what happens when the prevailing market price is higher or lower than the equilibrium price and explain the effects
• Normal Price vs Market Price: Explain the difference between normal price and market price (any six).
• Keynes's employment theory: Describe critiques of this theory (any six).
• Excessive demand: Write the causes of excessive demand (any six).
• Personal Income and Disposable Income: Calculate these from provided data.
• National income: Calculate by expenditure method from given figures.

This Economics exam paper covers various topics, including Giffen goods, money markets, central banking, taxation, and exchange rates. It consists of very short, short, and long answer type questions. The exam assesses understanding of economic definitions, concepts, and applications.