‘ Gil) bandd (iv) None of these that are incorrect in relation to index numbers. _ Index number is a ‘geographical tool. 'b) Index numbers measure changes in the air pressure. ¢) Index numbers measure relative changes in an economic variable d) Index numbers are specialized averages, Options:(i)candd (i)aandb —(iii)bandc —(iv)aandd 4. In the lew of diminishing marginal utility, Alfred Marshall assumes that marginal utility of money Options: (i) increases (ii) remains constant (iii) decreases (iv) rises and then falls ‘S. Homogeneous product is a feature of this market. a)Monopoly _b) Monopolistie competition c) Perfect competition _d) Oligopoly Options: (i)candd (ii)abande —(iii)acandd ~—_(iv) only c ; (B) Assertion and Reasoning : 1) Assertion (A) : Regional stock exchanges have witnessed a sharp decline in the volume of trade, Reasoning (R) : Investors prefer to trade in securities listed in premier stock exchanges like BSE, NSE etc. Options : 1) (A) is True, but (R) is False Vis False, but (R) is True soth (A) and (R) are True and (R) is the correct explanation of(A) Both (A) and (R) are True and (R) is not the correct explanation off) 2) Assertion (A); A change in quantity demanded of one commodity due to a change in the price of other commodity is cross elasticity. Reasoning (R) : Changes in consumers income leads to a change in the quantity demanded, Options : 1) (A) is True, but (R) is False Z ‘ (A) is False, but (R) is True ‘ | Both (A) and (R) are True and (R) is the correct explanation off) J Both (A) and (R) are True and (R) is not the correct explanation of(A) P| 3) Assertion (A) Perfeet competition prevails when the demand for output of each producer is perfectly elastic, Reasoning (R) : A single uniform price prevails under perfect competition which is determined by the interaction of demand and supply. ‘Options : 1) (A) is True, but (R) is False i A) is False, but (R) is True : (A) and (R) are True and (R) is the correct explanation of(A) }(A) and (R) are True and (R) is not the correct explanation of{A) 1 Money market economizes use of cash. ‘market deals with financial instruments that are close- Quantitative Tools: Bank rate, Open market operations, Forcign ‘Exchange rate, Variable reserve 2. Price index, Value index, Quantity index, Laspeyre's index pa eee) a 3. Product method, Double counting, Income method, Total outlay method eens utility, Transportation, Service utility . with public, Issue of currency, lender of last resort, Custodian of | D) Complete the correlation: ee 1. Pen and ink: 2, Demand curve supply curve: Upward -Laaspeyre's index: Base year quantity -: Paasche’s index : 4. GDP : CH+G + (X-M) :C+HHG+(XM)+(RP) $. Straight line demand curve : Linear demand curve :: Non linear demand curve Q2 (A) Identify and explain the concept: (Any3) 3) 1.Virat kept aside 100 kes. Out of $00 kgs. Of wheat produced in his farm for his family. 2. India imported cotton from China, made ready-made garments from it and sold them to Japan. 3, 80%fall in price of a commodity leads to $0% rise in quantity demanded, 4-Yuvraj and his group companies fix the price of his own product. Rudra taught his grand mother some computer tasks. (B) Distinguish between: (Any 3) ‘ ~ 1. Gross Domestic Product and Net Domestic Product. "2, Internal trade and external trade 3. Marginal cost and Marginal revenue. 4. Expansion of demand and Contraction of demand. $. Balance of payments and Balance of trade. 03, Write short notes: (Any 3) Explain the exceptions of law of supply. 2, Explain the two sector model of circular flow of national income. 3, Funetions of central bank. 4, Features of oligopoly market. 5. Role of Foreign trade. Q.4 State with reason whether you agree or disagree: (Any 3) (12) 1, Perfectly Inelastic Demand curve is parallel to the Y-axis, 2. Credit creation is the function of central bank. 3, When the price of Giffen’s goods full, demand for it increases.. 4, There is no close substitute in the monopoly market. 5. Macro economics deals with the study of individual behaviour. Q5. Do (Any 2) parts: 1 ) (1) Observe the following passage/ figure and answer the questions : 1) The Goods and Services Tax [GST] came into effect in India on July 1, 2017. It was propgsed by the Kelkar Task Force on Implementation of the Fiscal Responsibility and Budget ae Act in July, 2004, The 101% Amendment inthe Constitution Act, 2016 provided for ion of the Goods and Services Tax Council[GSTC] comprising the Union Finance Minister, of StatefRevenue] and the Finance Ministers of cach state, empowering. the ix: * ~ © Answer in details: (Amy 2) (a6) 1. State and explain the law of diminishing marginal utility with exceptions. 2. Explain various reasons for the growth of public expenditure. 3, Explain the product method of measurement national income. SA SRA A AHARAER HEHE OESHEORSHAESEHEDEEAAEO DAO ED EERE EGET