Sr.

Questions A B C D
No
1 Who called economics Ricardo Keynes Marshall Malthus
“science of welfare
material”
2 Macroeconomics deals with Consumer’s International Firm’s Price
behavior trade behavior mechanism
3 Who is the founder of “Neo- Marshall Keynes Pigou Adam Smith
classical school of thoughts”
4 When was the book “Wealth 1890 1776 1930 1936
of Nations” written?
5 Who wrote the book “an Pigou Keynes Marshall Robbins
essay on the nature and
significance of economics”?
6 Which one is not a material Rice Book Lecture of Radio
good a teacher
7 Which law provides basics Law of Law of Law of Law of ethics
for the law of demand diminishing substitution supply
marginal
utility
8 Who introduced the first law Adam Smith J.R. Hicks Alfred Robbins
of consumption? Marshall
9 Point out the continuous Change in Change in Change in Change in
variable price consumption speed utility
10 In Trinomial the number of Four Three Two One
terms is
11 Income and Investment Explicit Implicit Inverse Decreasing
functionally related, what function function function function
type?
12 Which one is not a dis- Time Supply of Demand Consumption
continuous variable good of good
13 Which one represent exports Y M E X
14 What type of variable y is Dependent Independent Constant Parameter
when y = f(x)
15 Arc elasticity formula was Alfred Adam Smith Friedman Allen
presented by Marshall
16 In-spite of decrease in price Rise in Extension in Fall in Contraction
when demand remains the demand demand demand in demand
same it is called?
17 When total outlay rises with More than Equal to Less than Zero
the rise in price the nature of unity unity unity
elasticity of demand will
be?
18 Which one of the following Horse and cart Car and Shoes and Pen and ink
are not jointly demanded? Petrol spectacles
19 Why shifting in demand Change in Change in Change in Both A and
 curve take place habits and income price B
customs
20 Which formula is used to Arc elasticity Cross Income Point
measure elasticity of elasticity elasticity elasticity
demand with minor change
in price and demand

Part I
2. Write short answers to any Eight (8) questions. (8*2=16)
I. Explain definition of Alfred Marshall?
II. Explain key words of the definition given by Robbins?
III. What are economic laws?
IV. What is an economic problem?
V. What is positive science?
VI. Explain three merits of the definition given by Marshall?
VII. What is Microeconomics?
VIII. What is inductive method?
IX. Bring out the difference between utility and usefulness?
X. What are capital goods?
XI. What is the difference between material and non-material goods?
XII. What is the difference between Economic wants and non-economic wants?

3. Write short answers to any Eight (8) questions. (8*2=16)

I. What is meant by tabulation?
II. Define Law of Diminishing marginal utility?
III. Define Law of equi marginal utility?
IV. What are variables?
V. Find out the methods of collection of primary statistical data?
VI. Write four advantages of tabulation?
VII. Define composite demand?
VIII. Define “Parameters”?
IX. What is cross elasticity of demand?
X. Bring out difference between “price elasticity and income elasticity of demand”?
XI. What is the difference between “Comforts and necessities”?
XII. What are consumption goods?
3. Write short answers to any Eight (9) questions. (9*2=18)
I. Explain the concept of demand?
II. What is meant by joint demand?
III. What is the difference between less elastic and more elastic demand?
IV. Discuss subject matter of economics?
 V. Explain definition given by Prof. Robbins?
VI. Explain the meaning of art?
VII. Explain four features of economic laws?
VIII. How was the word “Economics” originated?
IX. Explain difference between initial and marginal utility?
X. Write down three exceptions of law of diminishing marginal utility?
XI. Solve the equation: 8 x−20=6 x+ 2 4
XII. Solve the equation: 3(x-2) = 2(3x-1)
XIII. Solve the quadratic equation with the help of formula
2
x + 3 x =1

Part II
Note: Attempt any THREE questions from the following. (3*10=30)

5. Explain the view of Adam Smith about Economics? Bring out the short comings
also.
6. What is an indifference curve. Bring out salient features of indifference curve.
7. Explain the “law of demand” with the help of schedule and diagram?
8. What is an equation. Discuss various kinds of equations.
9. What is the elasticity of demand. How is it measured?