Economics Past Paper PDF

Q. 1) Find the odd word. 1. Scope of Microeconomics – Theory of product pricing, Theory of Factor pricing, Theory of economic growth and development, Theory of economic welfare 2. Types of budget – Deficit budget, Zero budget, Balance budget, Surplus budget...

Q. 1) Find the odd word. 1. Scope of Microeconomics – Theory of product pricing, Theory of Factor pricing, Theory of economic growth and development, Theory of economic welfare 2. Types of budget – Deficit budget, Zero budget, Balance budget, Surplus budget 3. Revenue concept - Total revenue, Average revenue, Total cost, Marginal revenue 4. Factors of production – Profit, Labour, Capital, Entrepreneur 5. Types of simple index number – Laaspeyre’s price index number, Price index number, Quantity index number, Value index number 6. Organised sector – Money lender, Commercial bank, Co-operative bank, Reserve Bank of India 7. Transfer income – pension, gifts, unemployment allowance, wages 8. Types of foreign trade– Local trade, Import trade, Export trade, Entrepot trade Q. 2) Give economic terms. 1. Degree of responsiveness of a change in quantity demanded of a commodity to change in its price. 2. Net addition made to total cost by producing one more unit of output. 3. The capacity of commodity to satisfy human wants. 4. Charging different prices to different consumers for the same product or services – 5. A desire which is backed by willingness to purchase and ability to pay. 6. The gross market value of all final goods and services produced within the domestic territory of a country during a period of a year. 7. Deposits withdrawable on demand. 8. Financial statement showing the expected receipt and proposed expenditure of the government in the coming financial year. Q. 3) Complete the correlations. Page | 1  1. Microeconomics : Partial equilibrium : : _______________________ : General equilibrium 2. Form utility : Furniture : : _______________ : Doctors 3. Perfect competition: Large number of sellers : : Monopoly : ______________________ 4. Perfectly elastic demand: ed = infinity :: ____________: ed=1 5. Demand curve : ____________________ : : Supply curve : Upward 6. Price index : inflation : : __________ : aggregate production 7. Personal income tax : ___________________ : : Goods and service tax (GST) : Indirect tax 8. Output method : ___________ : : Income method : Factor cost method Q. 4) Complete the following statements. 1. Blood bank is an example of ___________________ a) Place utility b) Knowledge utility c) Service utility d) Time utility 2. Public expenditure of any government shows _________. a) constant trend b) increasing trend c) decreasing trend d) none of these 3. Whole economy is studied in __________ a) Microeconomics b) Macroeconomics c) Econometrics d) Natural sciences 4. Demand curve is parallel to ‘X’ axis in case of ____________________. a) Perfectly elastic demand b) Perfectly inelastic demand c) Unitary elastic demand d) Relatively inelastic demand 5. Trade of goods and services within the geographical boundaries of a nation ________. a) International trade b) internal trade c) currency trade d) inter continental trade 6. Two or more goods demanded jointly to satisfy a single want ______________________ a) Direct demand b) Indirect demand c) Joint demand d) Individual demand Page | 2  7. Homogeneous product is a feature of ____________________ market. a) Monopoly b) Duopoly c) Monopolistic competition d) Perfect competition 8. Organised sector of money market in India includes___________ a) Indigenous banks b) Money lenders c) Commercial banks d) Unregulated non bank Financial intermediary Q. 5) Read the following passage and answer the questions given below it. Maharashtra is the largest producer of tur dal, the principle source of protein in a vegetarian diet in India. The state produces nearly 28% of National output. Latur, Hingoli and Akola are the largest tur dal producer districts in Maharashtra. In 2019-20 production of tur dal in Maharashtra was 37.36 lakh tonnes and in 2020-21 it has been increased to 42.24 lakh tonnes. Last season, the state government has purchased tur at minimum base price. As the production was not predictable, the government was in trouble while buying tur under guaranteed price. Due to limited number of godowns the government has now decided to sell tur in form of dal to minimise the increasing loss due to storage, maintenance problem etc. 1) Name the largest tur dal producer districts in Maharashtra. 2) What was the production of tur dal in the year 2020-21 of Maharashtra? 3) Express your opinion about the given passage. Q 6) Study the following table and answer the questions given below it. Price of apple ( ₹ per kg) Demand (per kg) Supply (per kg) 100 50 10 200 --- 20 ---- 30 30 400 20 --- 500 ---- 50 A) Complete the above table. B) Draw an equilibrium price determination diagram based on the above table. Page | 3