Paper code:HSIIPJN16
11609-Q
ECONOMICS
[Time:3 hours]
[Maximum Marks: 100]
(Long Answer Type Questions)
1. Explain consumers equilibrium, in case of single commodity, with the help of a utility schedule.
OR
Explain Point Method for measuring Price elasticity of demand.
2. Distinguish between return to scale and return to factor. Explain reasons for increasing return to a factor and
increasing returns to scale.
OR
Explain the law of variable proportions through the behavior of both total product and marginal product. Give
reasons.
3. De¡ne Market. What are the features of perfect competition?
OR
Give market equilibrium of a good, what are the effects of simultaneous increase in both demand and supply of
that good on its equilibrium price and quantity.
4. Explain the circular ¢ow of income with three sector economy.
OR
De¡ne GNP. Explain NNP at market Price and NOP at factor cost.
5. Distinguish between in¢ationary gap and de¢ationary gap. Show de¢ationary gap on a diagram. Can this gap exist
at equilibrium level of inome?
OR
Explain 'consumption function' with the help of a schedule and diagram.
(Short Answers Type Questions)
6. What does a production possibility curve show? When will it shift to the right ?
7. State any three causes of a rightward shift of demand curve of a commodity.
8. State the assumption of law of demand.
9. Distinguish between ¡xed cost and variable cost. Give two examples of each.
10. What is price elasticity of supply? Draw straight line supply curve with price elasticity of supply equal to:
1. One
2. Less than one and
3. more than one
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