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Public Exam Model Question Paper Part-III 2019 - 2020

12th Standard EM

    Reg.No. :
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Economics

Time : 02:45:00 Hrs
Total Marks : 90

    Part I

    Answer all the questions.

    Choose the most suitable answer from the given four alternatives and write the option code with the corresponding answer.

    20 x 1 = 20
  1. The Circular Flow Model that represents an open Economy

    (a)

    Two Sector Model

    (b)

    Three Sector Model

    (c)

    Four Sector Model

    (d)

    All the above

  2. Match the correct codes

    1 Govt. Internal Regulation only i Capitalism
    2. Complete Involvement of Gov.t ii Socialism
    3. Limited Role of Government iii Mixed Economy
    4 Government Enterprise Naure iv Capitalist Economy
    (a)

    (1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

    (b)

    (1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)

    (c)

    (1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)

    (d)

    (1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

  3. GNP = _________ + Net factor income from abroad

    (a)

    NNP

    (b)

    NDP

    (c)

    GDP

    (d)

    Personal income

  4. _________ Income is the buying power of nominal income.

    (a)

    Gross Income

    (b)

    Real Income

    (c)

    Percapita Income

    (d)

    National Income

  5. The core of the classical theory of employment is____________

    (a)

    Law of Diminishing Return

    (b)

    Law of Demand

    (c)

    Law of Markets

    (d)

    Law of Consumption

  6. Which of the following economies have the unemployment is purely temporary or cyclical or frictional?

    (a)

    Developed Economies

    (b)

    Underdeveloped economies

    (c)

    Developing economics

    (d)

    None of the above

  7. Assertion (A): The multiplier refers to the change in national income resulting from change in investment.
    Reason (R): The value of multiplier itself depends on consumption function or marginal propensity to consume.

    (a)

    Both A and R are true and R is the correct explanation of A.

    (b)

    Both A and R are true but R is not the correct explanation of A.

    (c)

    A is true but R is false.

    (d)

    A is false but R is true.

  8. When prices rise slowly, we call it

    (a)

    galloping inflation

    (b)

    mild inflation

    (c)

    hyper inflation

    (d)

    deflation

  9. Lender of the last resort is one of the functions of.

    (a)

    Central Bank

    (b)

    Commercial banks

    (c)

    Land Development Banks

    (d)

    Co-operative banks

  10. If there is an imbalance in the trade balance (more imports than exports), it can be reduced by

    (a)

    decreasing customs duties

    (b)

    increasing export duties

    (c)

    stimulating exports

    (d)

    stimulating imports

  11. The official reserve assets of a country include its_______.

    (a)

    Gold stock

    (b)

    Shares

    (c)

    Debenture

    (d)

    General reserve

  12. The name “International Bank for Reconstruction and Development” was first suggested by ………………… to the drafting committee.

    (a)

    China

    (b)

    USA

    (c)

    Japan

    (d)

    India

  13. "Revenue Receipts" of the Government do not include

    (a)

    Interest

    (b)

    Profits and dividents

    (c)

    Recoveries and loans

    (d)

    Rent from property

  14. The interest payment of the central government has increased from Rs. 21,500 crores in …………to Rs.5, 75,794 crores in………….?

    (a)

    1950-51 and 2018-19

    (b)

    2000-01 and 2018-19

    (c)

    1990-91 and 2018-19

    (d)

    1960-61 and 2018-19

  15. The process of nutrient enrichment is termed as

    (a)

    Eutrophication

    (b)

    Limiting nutrients

    (c)

    Enrichment

    (d)

    Schistosomiasis

  16. 1 EcoSystem i. The presence of harmful or objectionable material to damage water quality.
    2 Pollution ii. The increase in temperature of the Earth’s surface, due to greenhouse gases.
    3 Water Pollution iii. Residual discharges of contaminants into the natural environment to the air or water
    4 Global warming iv. The interacting system of a biological community and it's nonliving environmental surroundings
    (a)

    (1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

    (b)

    (1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)

    (c)

    (1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)

    (d)

    (1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

  17. The Chair Person of NIT I Aayog is

    (a)

    Prime Minister

    (b)

    President

    (c)

    Vice - President

    (d)

    Finance Ministed

  18. ________________ are/is the Chairperson of NITI Aayog and ___________ will be Ex-officio members.

    (a)

    The Prime Minister and The Finance Commission

    (b)

    The Prime Minister and Union Ministers

    (c)

    The Finance and Union Ministers

    (d)

    Union Ministers and The Prime Minister

  19. The term Uiis introduced for the representation of

    (a)

    Omitted Variable

    (b)

    Standard error

    (c)

    Bias

    (d)

    Discrete Variable

  20. In regression, the equation that describes how the response variable (y) is related to the explanatory variable (x) is:

    (a)

    the correlation model

    (b)

    the regression model

    (c)

    used to compute the correlation coefficient

    (d)

    None of these alternatives is correct.

  21. Part II

    Answer any 7 questions. Question no. 30 is compulsory.

    7 x 2 = 14
  22. Which are the four components of the macroeconomy?

  23. Why is self consumption difficult in measuring national income?

  24. Give reasons for labour retrenchment at present situation

  25. What is Aggregate supply?

  26. Mention any two uses of multiplier concept.

  27. What is commodity money?

  28. What are the State Level Institutions for industrial finance?

  29. Point out any two ways in which IBRD lends to member countries.

  30. Mention the countries where per capita carbondioxide emission is the highest in the world.

  31. Draw the The Vicious Circle of Poverty

  32. Part III

    Answer any 7 questions. Question no. 40 is compulsory.

    7 x 3 = 21
  33. State the importance of Macro Economics

  34. What are the five types of final goods and services that GNP includes?

  35. Write any five differences between classism and Keynesianism.

  36. Explain the uses of multiplier

  37. What is money? Explain the three functions that money performs. Which one is the primary function of money?

  38. Compare the Classical Theory of international trade with Modern Theory of International trade.

  39. How India benefited with WTO?

  40. Write a note on
    a) Climate change and
    b) Acid rain

  41. Explain the concept "economic development"

  42. What are the functions of Statistics?

  43. Part IV

    Answer all the questions.

    14 x 5 = 70
    1. Discuss the scope of Macro Economics

    2. Discuss the various methods of estimating the national income of a country

    3. Explain the differences between classical theory and Keynes theory.

    4. Briefly explain the subjective and objective factors of consumption function?

    5. Consider M = Rs. 1000. M’ = Rs. 500, V = 3, V’ = 2, T = 4000 goods and Find the value of money using Fisher’s quantity theory of

    6. Describe the functions of Reserve Bank of India.

    7. Explain the types of Terms of Trade given by Viner.

    8. Discuss the state of FDI in India.

    9. Explain the objectives of IMF.

    10. State and explain instruments of fiscal policy.

    11. What are the taxes levied and collected by the union but assigned to the states?

    12. Explain the concepts of externality and its classification

    13. Compare and contrast the “Planning Commission” and NITI Aayog”

    14. Fit two regression equation
      X on Y and Y on X for the following data.
      x̅=12, y=10, σy= 0.2, σx =0.1 and r = 0.85

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