Economics - 1

Omtex - Classes PRELIMINARY EXAMINATION ROLL NO SUBJECT

2004 – 2005

TOTAL MARKS100 TIME 3HR. Economics

Q 1. (A) Rewrite the sentence using proper substitute from the bracket: 6 1. Scarcity definition of economics is given by (Adam smith,

Prof. Robbins.). 2. Human wants satisfying capacity of commodity is called

( Utility, Usefulness) 3. The laws of science are exact. (Social, Natural) 4. The supply of land is (limited, unlimited) 5. Micro Economics concentrates on the study of (A family, Whole

economy) 6. Supply is

related to price. (Inversely, directly)

(B) Match the following : Group “A” a) b) c) d) e) f)

Welfare definition Macro economics Mean Transfer earning Tea and Coffee Net Export

6 Group “B” a) b) c) d) e) f) g) h)

Arithmetic average Minimum supply price Joint demand Alfred Marshall Largest unit Substitute goods Foreign demand Mode.

(C) State whether the following statements are TRUE or FALSE: 1. The rise in price is followed by decrease in demand. 2. Laspeyre’s Index Number is called as an ideal indeed – number. 3. Economics is a science of choice. 4. Real wages and price are directly related. 5. All consumer goods are economic goods 6. As consumption increased M.U. also increases 7. The demand for salt is elastic. 8. There is no difference between Economic problem and Technical Problem.

8

Q 2 . Distinguish between any THREE of the following : 1. Economic goods and Free goods 2. Total Utility and Marginal utility 3. Value and Price 4. Autonomous investment and Induced investment 5. Money wages and Real wages 6. Economic problem and Technical problem.

12

Q3. Explain with reasons whether your agree or disagree with the following statements (Any Three) : 12 1. Quasi rent is a short term concept. 2. There are many exceptions to the law of demand. 3. The law of diminishing returns is experienced only in agriculture. 4. Laws of physical science are exact. 5. Demand for the commodity only depends upon the price 1 STAR - CLASSES

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Omtex - Classes PRELIMINARY EXAMINATION ROLL NO SUBJECT

2004 – 2005

TOTAL MARKS100 TIME 3HR. Economics

6. Demand curve slopes downwards from left to right. 7. Collective bargaining can increase the wage. Q4. Write short notes in about 50 to 60 words (ANY 3) 1. Assumptions of Ricardian theory of rent 2. Characteristics of wealth 3. Collective Bargaining 4. Characteristics of land 5. Equilibrium price under perfect competition 6. Giffen’s Paradox.

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Q 5 . Answer any THREE of the following in 60 – 70 words each. 1. Explain Prof. Robbin’s definitions of Economics. 2. Explain the criticism of the Law of Supply 3. Explain the assumptions of Ricardian theory of rent 4. Explain the circular flow of National Income 5. What are the difficulties in construction of index Number? 6. Calculate the Median from the following data:-

12

Working hours

5 - 10

10 – 15

15 – 20

20 – 25

25 – 30

30 – 35

35 – 40

40 – 45

No. of workers

5

6

15

10

5

4

3

2

Q6. Answer any THREE of the following in about 70 – 80 words: 1. Explain the characteristics of capital 2. What are the causes of Differences in wage rate 3. What are the conditions of Perfect competition 4. Explain the liquidity preference theory of Interest. 5. Explain the concept of Transfer earning 6. Calculate the Mean from the following data. Marks

11

12

13

14

15

No. of students

5

12

15

10

8

12

Q7. Write the answer in about 200 to 250 words: (ANY 1) 10 1. Explain the law of diminishing marginal utility. What are the assumptions and exceptions of the law? 2. What is consumption function? Which factors are influencing on it? Q8. Write the answers in about 80 to 100 words: (ANY) 1. Calculate the median from the following data

2 STAR - CLASSES

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10

Omtex - Classes PRELIMINARY EXAMINATION ROLL NO SUBJECT

Wages in Rs.

0 – 10

2004 – 2005

10 – 20

20 – 30

No. of 5 10 12 Persons 2. Explain the modern theory of rent. 3. Explain the nature of Economic laws.

TOTAL MARKS100 TIME 3HR. Economics

30 – 40

40 – 50

15

8

ALL THE BEST

3 STAR - CLASSES

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