Economics – Hsc March 2014 Maharashtra Board
- Micro economics is a _____________ equilibrium approach.
(Partial / general / total / multi – variable)
- The demand for salt is ___________________
(elastic / inelastic / infinite elastic / unitary elastic)
- Investment made by the government is __________ investment.
(unplanned / gross/ autonomous / induced)
- A bank is an institution which deals in money and _____________
(commodity money / credit / barter / standard money)
- During depression _______________ budget is preferable.
(balanced / surplus / deficit / zero)
B. Match the following Group ‘A; with Group ‘B’
|Group ‘A’||Group ‘B’|
|1. Tea and Coffee||a. Wages|
|2. Stock||b. Flow concept|
|3. Labour||c. Central bank|
|4. National Income||d. Commercial bank|
|5. Clearing house system||e. Complementary goods|
|g. Potential supply|
|h. Substitute goods.|
C. State whether the following statements are True or False. (6)
- Perfectly inelastic demand curve is parallel to ‘Y’ axis.
- Supply is inversely related to price.
- Price discrimination is possible under monopoly.
- In case of token coins intrinsic value is less than their face value.
- Credit money is created by the Central bank of a country.
- The main objective of the Central bank is to earn profit.
Q2. (A) Define or explain the following concepts (Any Three) (6)
- Slicing method
- Total output
- Pure competition
- Macro economics
- Repo rate
(B) Give reasons or explain the following (Any Three) (6)
- Theories of micro economics are based on certain assumptions.
- Utility is a relative concept.
- Demand for the commodity having multiple uses is elastic.
- Old age pensions is transfer income.
- The propensity to save depends upon the level of income.
- Central bank acts as a lender of the last resort of commercial banks.
Q3. A. Distinguish between (Any Three) (6)
- Individual demand and Market demand
- Increase in supply and Decrease in supply.
- Partial equilibrium and General equilibrium.
- Gross domestic products at market price and Gross domestic product at factor cost.
- Legal tender money and Non – legal tender money.
- Surplus budget and Deficit budget.
B. Write short notes (Any Two) (6)
- Subject matter of micro economics.
- Significance of price elasticity of demand.
- Types of monopoly.
- Types of capital.
Q4. Write short answers for the following questions (Any Three) (12)
- Explain the types of utility.
- Explain the features of monopolistic competition.
- Explain the subject matter of macro economics.
- Explain the determinants of aggregate demand.
- Explain the agency function of commercial banks.
- Explain the budget expenditure of the government.
Q5. Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any Three) (12)
- The law of ‘diminishing marginal utility’ is important in practice.
- Price is the only determinant of demand.
- Supply curve of labour bends backwards.
- Money also performs certain contingent functions.
- Commercial banks cannot create credit money.
- Cash reserve ratio is a quantitative measure of credit control.
Q6. Write explanatory answers. (Any Two) : (16)
- State and explain the ‘law of demand’ with its exceptions.
- Explain any ‘two methods’ of measuring price elasticity of demand.
- Explain the practical difficulties involved in the measurement of national income.
- What is ‘Consumption function’? Explain the subjective factors which determine consumption functions.