ECONOMICS

SECTION A (40 Marks)

Question 1

(a) Land is heterogeneous in nature. Explain. [2]
(b) What is meant by efficiency of labour? Give one reason for low efficiency of labour in India. [2]
(c) Mention two important characteristics of Capital as a factor of production. [2]
(d) State two qualities of a successful entrepreneur. [2]
(e) Mention two factors which gave birth to the Consumer Movement. [2]

Question 2

(a) What are inferior goods? Give an example. [2]
(b) Mention two reasons behind the leftward shift of a supply curve. [2]
(c) What is meant by Price Elasticity of Demand? When will the Demand Curve be parallel to X-axis? [2]
(d) Draw:
(i) Unitary Elastic Supply curve
(ii) Perfectly Inelastic supply curve [2]

(e) Define Food Adulteration. Name two health problems caused due to adulterated food. [2]

Question 3

(a) Mention two merits of direct tax. [2]
(b) What is public expenditure? [2]
(c) What is meant by productive and unproductive debt? [2]
(d) State two differences between progressive and proportional taxation. [2]
(e) Where should the consumer go to get justice? Mention two consumer rights. [2]

Question 4

(a) State two primary functions of money. [2]
(b) What is meant by double co-incidence of wants? [2]
(c) Mention two advantages of a bank account. [2]
(d) Briefly explain Creeping and Hyper inflation. [2]
(e) Which section of society gains due to inflation? Why? [2]

SECTION B (40 Marks)

Question 5

(a) Explain five reasons for the low rate of capital formation in India. [5]
(b) What is meant by division of labour? Explain two advantages and two disadvantages of division of labour. [5]

Question 6

(a) Define demand. Explain any four factors affecting the demand for a commodity. [5]
(b) Distinguish between contraction of supply and decrease in supply with the help of diagrams. [5]

Question 7

(a) Give five reasons for the growth of public expenditure in recent times. [5]
(b) What is a tax? Explain two merits and two demerits of progressive tax structure. [5]

Question 8

(a) Define money. Explain various stages in the evolution of money. [5]
(b) Explain five measures adopted by the Central Bank to control inflation. [5]

Question 9

(a) Give five ways by which the consumers are exploited? [5]
(b) Explain the following rights given to consumers:
    (i) Right to be informed.
   (ii) Right to choose. [5]

Question 10

(a) Explain five circumstances under which the law of demand does not operate. [5]
(b) State five differences between the Central Bank and a Commercial Bank. [5]

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