XI Economics

Question No. 1 (A)

i. _______ described economics as the “study of material welfare”.
ii. During _______ the value of money diminishes.
iii. _______ acts as a medium of exchange.
iv. Under Perfect Competition goods are _______
v. All free gifts of nature are called _______
vi. The conons of taxation were first presented by _______
vii. Net National Product = Gross National Product _______
viii. The Law of Increasing Returns is also called _______.
ix. The balance of _______ includes both visible and visible items.
x. Trade cycles consist of _______ phases.

Question No. 1 (B)

Write True or False for the following statements.
i. Robbins was the founder of Neo-Classical School of economics.
ii. There is no difference between utility and usefulness.
iii. Microeconomics is the study of aggregate economic behaviour.
iv. The Law of Diminishing Marginal Returns applies especially to industrial sector.
v. All Capital is wealth.
vi. The demand for luxuries is elastic.
vii. The power of a commodity to satisfy a human want is called utility.
viii. The Comparative Costs Theory was given by Keynes.
ix. Under Perfect Competition AR = MR = Price.

PART “A” MICRO ECONOMICS

Question No. 2 (A)

State and explain the salient features of the definition of Economics given by Prof. Marshall. (08)

Question No. 2 (B)

Describe the importance of the study of Economics. (06)

Question No. 3 (A)

State and explain the Law of Demand with the help of a schedule and a diagram. (10)

Question No. 3 (B)

Write down the assumptions of the Law of Demand. (04)

Question No. 4 (A)

What is meant by Production of Weatlh? Name the factors of Production. (04)

Question No. 4 (B)

Explain the relative importance of the Factors of Production. (04)

Question No. 4 (C)

Explain Marginal Productivity Theory. (06)

Question No. 5

Write notes on any Two of the following. (14)
i. Law of Diminishing Marginal Utility.
ii. Methods of the Measurement of Elasticity of Demand.
iii. Characteristics of Perfect Competition.
iv. Law of Supply.

PART “B” MACRO ECONOMICS

Question No. 6 (A)

Explain the various concepts of National Income. (06)

Question No. 6 (B)

Name the various methods of the measurement of National Income and describe any one of them in detail. (08)

Question No. 7 (A)

Differentiate between Domestic Trade & International Trade. (06)

Question No. 7 (B)

Write down the Advantage and Disadvantages of International Trade. (08)

Question No. 8 (A)

Define a Tax and differentiate between direct tax and an indirect tax. (06)

Question No. 8 (B)

Write down the merits and demerits of a Direct Tax. (08)

Question No. 9

Write notes of any Two of the following. (14)
i. Private Finance and Public Finance.
ii. Functions of Money
iii. Canons of Taxation
iv. Balance of Trade and Balance of Payments.