Untitled Document

Question 1
What is meant by National Product? - (1)

Question 2
Give an equation for the conversion of monetary income into real income - (1)

Question 3
Give 2 examples of unincorporated business enterprises - (1)

Question 4
Do you include all the consumer goods in national income? - (1)

Question 5
What do you mean by value - added? - (2)

Question 6
Define 'Capital Loss'. - (2)

Question 7
What is meant by Operating Surplus? - (3)

Question 8
Define 'Corporate Profit Tax' as a component of profits - (3)

Question 9
What do you understand by the term, 'Gross Domestic Fixed Capital Formation? - (3)

Question 10

(a) Give 2 examples of intermediate consumption by an Indian farmer.

(b) Give 2 examples of goods for self-consumption.

(c) Give 2 examples of final goods. (1+1+1)

Question 11
What is value of output? - (3)

Question 12
What are subsidies? Give an example. (2+1)

Question 13
What is final Consumption Expenditure? Name its components. - (3)

Question 14
Distinguish between economic goods and non-economic goods? - (3)

Question 15
What is process based division of labour? Give its advantages to an economy - (3)

Question 16
Draw a chart showing various categories of producers - (5)

Question 17
Explain 'Economic Interdependence' along with an example. - (5)

Question 18

On the basis of the information given below calculate operating surplus,

(1) By adding up all its components and

(2) By subtracting necessary items from value of output. (2+3)

Information:

(Rs.)

(i)	Value of output at market price	3000
(ii)	Consumption of fixed capital	250
(iii)	Net Indirect taxes	125
(iv)	Intermediate consumption	1,000
(v)	Compensation of Employees	625
(vi)	Mixed income	250
(vii)	Dividends	200
(viii)	Rent	125
(ix)	Interest	75
(x)	Undistributed profits	200
(xi)	Corporation tax	150
(xii)	Personal direct tax	100

Question 19
What is meant by economic problem? - (1)

Question 20
What is the meaning of Deduction method? - (1)

Question 21
What is competitive demand? - (1)

Question 22
Give the formula to calculate Income elasticity of demand. - (1)

Question 23
Define cross elasticity of demand: - (2)

Question 24
What is meant by law of variable proportions? - (2)

Question 25
Give the factors influencing elasticity of supply. - (3)

Question 26
Distinguish between Returns to a variable Factor and Returns to scale. - (3)

Question 27
Define and draw a 'production possibility curve'. - (3)

Question 28
What is economic theory?

Question 29
What causes decrease in demand?

Question 30
What is meant by income effect?

Question 31
At Rs. 5 per Unit, consumer buys 50 units of a commodity and the price elasticity of his demand is - 2. Now much will he buy if the price reduces to Rs.4 per unit.

Question 32
Give the paradox of honesty of farmers?

Question 33
State the law of supply. Also draw a diagram showing the supply curve?

Question 34
Explain the method of logical deduction for economic analysis?

Question 35
Justify the scope of demand curve using law of diminishing marginal utility?

Question 36
How is equilibrium price determined? Explain using an example of your own.