XI Economics 2003 (Private)
XI Economics
(PRIVATE)
NOTE: Attempt FIVE question in all.Select TWO questions each from Micro-Economics and Macro Economics in addition to the Compulsory Question No. 1 which carries 19 marks.Ensure sequence and continuity While answering the parts of a question.
COMPULSORY
1.a) Fill in the blanks the correct answer. (10)
i) The basic problem of Economics is _________.
ii) If the demand curve is parallel to y-axis,then the elasticity of demand will be _______.
iii) Money acts as a __________ of exchange.
iv) __________ Economics deals with the economy as a whole.
v) During inflation the prices of goods are _______.
vi) The balance of payments of a country includes _________.
vii) When the marginal utility of a commodity becomes Zero,the total utility will be ________.
viii) To achieve the Disposable personal Income _________ taxes are subtracted from the personal.
ix) The marginal cost curve must intersect the average cost curve at its ________ point.
x) The Law of Diminishing Marginal Returns applies to especially to ________ sector.
1.a) Write ‘Right’ or ‘Wrong’ for the following statements:
i) Microeconomics and macroeconomics are the same concept.
ii) Economics goods are scare goods.
iii) Demand curve is a downward sloping curve.
iv) Under perfect competition the goods are homogenous.
v) The elasticity of demand for necessities is usually greater than one.
vi) All capital is wealth.
vii) An indirect tax is one whose burden cannot be shifted.
viii) Fluctuation in an economy are due to business cycles.
ix) Full employment exists usally in practical life.
MICRO-ECONOMICS (PART ‘A’)
2.a) State and explain Marshall’s definition of Economics.(6)
b) What do you understand by Deductive method and Inductive Method in economic analysis? (8)
3.a) Distinguish the following: (6)
i) Supply and Stock
ii) Rise and Fall
iii) Expansion and Contraction of Demand
b) State the Law of Supply and explain it with the help of a schedule and a diagram.(8)
4.a) State and explain the Law of Diminishing Marginal Utility With the help of a schedule and a diagram.(8)
b) Mention the main assumption and exception to the Law.(6)
5. Write notes any TWO of the following: (14)
i) Characteristics of perfect Competition.
ii) Marginal Cost and Marginal Revenue.
iii) Relative Importance of Production.
iv) Importance of the Study of Economics.
MACRO-ECONOMICS (PART ‘B’)
6.a) Explain the various concepts of National Income.(8)
b) Discuss any one method of the measurement of National Income in detail.(6)
7.a) Distinguish between the Balance of the Trade and the Balance of payments.(6)
b) State and explain the Theory of Comparative Costs.(8)
8.a) State the explain Quantity Theory of Money.(8)
b) Discuss the causes of inflation and its effects on Necessary.(6)
9. Write notes any TWO of the following: (14)
i) Importance of the Study of National Income.
ii) Functions of money.
iii) Economics significance of Zakat.
iv) Business Cycles.
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