B.A. LL.B.- I (Semester II) (CGPA) Examination, 2017
Economics-I
General Principles
Day Date: Saturday, 29-04-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
N.B. All questions are Compulsory
Figures to the right indicate full marks.
Net diagrams should be drawn wherever necessary.
Q.1 Multiple choice questions 14
Utility derived from all units of a commodity is called utility.
Average Marginal
Total Fixed
A Perfectly elastic demand curve is
Parallel to axis Parallel to axis
Downward sloping Upward sloping
Giffen goods is an exception to the
Law of demand Law of supply
Law of Production None of these S
Marginal Cost means
Cost for total units Cost for last units
Both and None of these
In monopoly market, these are firms.
Two Three
Four One
Apex bank is
Central bank Commercial bank
Co-operative bank None of these
Prof. Alfred Marshall utility analysis is based on approach.
Cardinal Ordinal
Both and None of these
Capital intensive technique of production means
More labour less capital
More capital less labour
Equal labour capital
None of these
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SLR-G 10
Every supply creates its own
Supply Growth
Demand None
10) A Product differentiation is a well known feature of
market.
Perfect Competition Monopoly
Monopolistic Competition Oligopoly
11) Income employment theory is Presented by
Prof. Schumpeter Prof. J. B. say
Prof. J.M. Keynes Prof. Hawtray
12) National Income is the sum of market values of all
goods services produced in a Country.
Capital Final
Intermediate Consumer
13) A want satisfying power of a Commodity is known as
Production Utility
Consumption Saving
14) Opportunity costs means
Opportunity lost Profit making
Production All of these
Q.2 Define elasticity of demand? Explain the types of Price elasticity of
demand?
14
Q.3 Explain the function of Commercial banks. What other services are
provided by them to their customer?
14
OR
Define inflation? What are the causes of Inflation?
Q.4 Write Short answers (any two) 08
State Explain the law of demand.
Merits of Indirect taxes.
Features of monopoly market.
Explain the Fixed cost Variable cost 06
Q.5 Write short notes (any seven) 14
Deflation
Central bank
Fiscal policy
Economics as a science
Balance sheet of the bank
Utility analysis
Mixed Economy
Say's law of market
Money wages Real wages
10) Index number