ALLOTMENT OF MARKS

PART-A: Introductory Microeconomics

1. Answer the following as directed: (1 × 6 = 6)

1. Define utility.
2. What is budget line?
3. Draw a perfectly elastic demand curve.
4. State the law of supply.
5. \(TC = TVC + \_\_\_\_\_\) (Fill in the blank)
6. What is meant by equilibrium price?

2. Answer the following questions: (2 × 6 = 12)

1. Write two differences between micro and macroeconomics.
   
   Or
   State two characteristics of production possibility curve.
2. Define: (i) Microeconomics (ii) Opportunity cost.
   
   Or
   Write any two central problems facing an economy.
3. State the law of diminishing marginal utility.
   
   Or
   A 20% fall in the price of a commodity leads to 25% increase in demand. Calculate the price elasticity of demand.
4. Define production function. Write one feature of it.
   
   Or
   Write two differences between fixed cost and variable cost.
5. Define monopoly market. State one feature of it.
   
   Or
   Write two assumptions of perfect competition.
6. Explain the chain of effects of excess supply on equilibrium price.
   
   Or
   Distinguish between price ceiling and price floor.

Answer the following: (4 × 4 = 16)

3. State and explain the law of demand with the help of a demand schedule and a curve. (4)
   
   Or
   Define price elasticity of demand. What are the methods of measuring price elasticity of demand? (1 + 3 = 4)
4. Explain the law of variable proportion with the help of a diagram. (4)
   
   Or
   Define AP and MP. Write two relationships between AP and MP. (1 + 1 + 2 = 4)
5. Discuss how the market supply curve is derived from the individual supply curve. (4)
   
   Or
   Explain any four determinants of the market supply of a commodity. (4)
6. Explain ‘freedom of entry’ and ‘exit of firms’ features of perfect competition. (4)
   
   Or
   With the help of demand and supply schedule, explain the meaning of excess demand and its effect on price of a commodity. (4)

7. Long Answer Question: (6 × 1 = 6)

PART-B: Statistics for Economics

8. Answer the following questions: (1 × 6 = 6)

1. Who is known as the father of statistics?
2. Write any one importance of statistics in economics.
3. Write one difference between census and sample survey.
4. What is the full form of NSSO?
5. Find out the arithmetic mean from the following data: 3, 5, 7, 9, 11.
6. State one advantage of median.

9. Answer the following questions: (2 × 6 = 12)

1. Write two characteristics of statistics.
   
   Or
   Define statistics in plural and singular sense.
2. Write two differences between primary data and secondary data.
   
   Or
   Mention two sources of secondary data.
3. What is bar diagram? State one feature of it.
   
   Or
   Define histogram and frequency polygon.
4. Define arithmetic mean. Mention one property of the arithmetic mean.
   
   Or
   Mention two main objects of an average.
5. Mention any two merits of mode.
   
   Or
   Write two uses of index number.
6. Mention two importance of correlation.
   
   Or
   What do you mean by index number of industrial production?

Answer the following: (4 × 4 = 16)

10. What is diagrammatic presentation? Discuss the usefulness and limitations of diagrammatic presentation of data. (1 + 3 = 4)
    
    Or
    Define variable. Distinguish between discrete and continuous variable. (1 + 3 = 4)
11. Define correlation. Mention the degrees of correlation. (1 + 3 = 4)
    
    Or
    Explain the meaning and importance of index number. (4)
12. What is scatter diagram? Give any three merits of it. (1 + 3 = 4)
    
    Or
    Find out the value of Karl Pearson’s coefficient of correlation:
    X: 65, 66, 67, 67, 68, 69, 70, 72
    Y: 67, 68, 65, 68, 72, 72, 69, 71
13. Write short notes on: (a) Consumer price index (b) Wholesale price index. (2 + 2 = 4)
    
    Or
    Point out four important limitations of index numbers. (4)

14. Long Answer Question: (6 × 1 = 6)