ECONOMICS – HSC MARCH 2015 MAHARASHTRA BOARD
Q1. A. Fill in the blanks with appropriate alternatives given in brackets below the questions: (5)
- The terms ‘micro’ and ‘macro’ economics were first used by ____________
(Marshall / Ragnar Frisch / Robbins / Adam Smith)
- The objective of a seller in monopoly market is _____________ maximization.
(Loss / Profit / negative profit / zero profit)
- Marginal propensity to consume + Marginal propensity to save is equal to _______
(zero / one / less / more)
- Method of withdrawing money without going to the bank is by ___________
(cheque / demand draft / ATM / mail transfer)
- The term ‘budget’ is derived from the _______________ word ‘bougette’.
(Greek / German / French / Latin)
B. Match the following Group ‘A; with Group ‘B’
|Group ‘A’||Group ‘B’|
|1. Pen and ink||a. Quantity price|
|2. Revenue||b. Accident|
|3. Insurable risk||c. Transfer income|
|4. Unemployment allowance||d. Short period|
|5. Reverse repo rate||e. Long period|
|f. Change in demand|
|g. Joint demand|
|h. Quantity × Price.|
C. State whether the following statements are True or False. (6)
- Demand for perishable goods is inelastic.
- Total cost is the total expenditure incurred by firm.
- The seller is a price maker in the perfect competition.
- Cheque is an optional money.
- A bank is an institution which deals in money and credit.
- The RBI was nationalised in the year 1935.
Q2. (A) Define or explain the following concepts (Any Three) (6)
- Resource allocation
- Elasticity of supply
- Macro economics
- Central bank
(B) Give reasons or explain the following (Any Three) (6)
- Micro economics studies individual economic unit.
- Cheque in the price of substitue goods affects the demand for another goods.
- In order to avoid double counting, value added approach is used.
- Effective demand is also called macro evonomics equilibrium.
- The Central Bank may take direct action against the defaulting commercial banks.
- Unpaid services are not included in national income.
Q3. A. Distinguish between (Any Three) (6)
- Place utility and Time utility.
- Demand curve and supply curve
- Individual supply and Market supply
- Slicing method and Lumping method.
- Convertible paper money and inconvertible paper money.
- Revenue expenditure and Capital Expenditure.
B. Write short notes (Any Two) (6)
- Microscopic study.
- Income elasticity of demand.
- Determination of equilibrium price under perfect competition.
- Functions of an Entrepreneur.
Q4. Write short answers for the following questions (Any Three) (12)
- Explain the law of diminishing marginal utility.
- Explain the features of monopoly.
- Explain the features of macroeconomics.
- Explain various types of investment expenditure.
- Explain the secondary function of money.
- Explain different types of loans and advances provided by commercial banks.
Q5. Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any Three) (12)
- The law of equi – marginal utility is based on certain assumptions.
- Population is the only determinant factor of demand.
- There are no exceptions to the law of supply.
- Providing safe deposits vault facility is the only general functions of commercial banks.
- There is no difference between the Central bank and a commercial bank.
- During the period of inflation surplus budget is advisable.
Q6. Write explanatory answers. (Any Two) : (16)
- Explain in detail ‘saving function’ with schedule and diagram.
- What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.
- What is ‘national income’ ? Explain the theoretical difficulties involved in the measurement of national income
- State and explain the ‘law of demand’ with its exceptions.