XI Economics 2001
XI Economics
(New Course)
Note:
i) Attempt Five questions in all.
ii) Select Two questions each from Micro-Economics and Macro-Economics in addition to compulsory Question No.1 which carries 19 marks.
COMPULSORY
1.a) Fill in the blanks with the correct answers: (10)
i) All economic problems arise on account of multiplicity of wants and _______ of resources.
ii) ________ Economics is also called the Theory of Income and Employment.
iii) A change in ________ causes expansion and contraction of demand.
iv) For luxuries,the Elasticity of Demand is _________ than unity.
v) When the marginal utility of a commodity is Zero,its total utility is ________.
vi) The Marginal Cost Curve always intersects the Average Cost Curve at its ________ Point.
vii) The basic condition for the equilibrium of a firm is _______.
viii) Disposable Income can be obtained by subtracting _________ from Personal Income.
ix) When the price level rise ,the value of money _________.
x) When the total value of imports of a country exceeds the total value of its exports ,its balance of payments is said to be _________.
b) Write True or False for the following statements: (9)
i) The Law of Diminishing Returns applies especially to industrial sector.
ii) According to the Law of Demand,there is a positive relationship between price and demand.
iii) The balance of payments of a country includes visible goods only.
iv) A firm must bear its fixed costs under all circumstances.
v) In Economics the term Land is used for a piece of land only.
vi) The value of money increase during Inflation.
vii) The Comparative Cost Theory is related to International Trade.
viii) Recession is one of the phases of Business Cycle.
ix) The Canons of Taxation were first presented by Prof. Adam Smith.
Micro-Econoic (PArt-1)
2.a) Multiplicity of wants and scarcity of resources are the main causes of all economic problems.Discuss.(8)
b) In what ways is the study of Economics useful to us in our practical life?(6)
3.a) Define Price Elasticity of Demand.(2)
b) Mention the types of Elasticity of Demand.(4)
c) Explain the various methods of the measurement of Elasticity of Demand.(8)
4.a) What is meant by Utility?(2)
b) Explain the Law of Diminishing Marginal Utility with the help of a schedule and a diagram.(8)
c) Mention the main assumptions of this Law.(4)
5.a) Describe the main features of Perfect Competition.(6)
b) Explain how a firm achieves equilibrium in short run under Perfect Competition.(8)
Macro-Economics(Part-II)
6.a) Distinguish between Gross National Product and Net National Product.(4)
b) Name the various methods of the measurement of National Income.Describe any one of them in detail.(10)
7.a) What do you understand by value of money?(6)
b) Examine the effects of a rising price level on the following: (8)
i) General Consumers
ii) Wage Earners
iii) Business Class
iv) Debtors and Creditors
8.a) Distinguish between National Trade and International Trade.
b) Explain the Theory of Comparative Costs.
9. Write explanatory notes on any Two of the following:
i) Functions of Money.
ii) Balance of Trade and Balance of Payments.
iii) Canons of Taxation.
iv) Economic significance of Zakat.
Comments