SYJC
ABT Economics 20 Marks
Paper Pattern Time: 1hr
Q1) Choose correct option: (04)
Q2) Complete the correlation: (04)
Q3) Find the odd word: (04)
Q4) Give economic terms: (04)
Q5) Observe the following table & answer the questions: (04)
Question bank
Q1) Choose correct option: (04)
1) Development Financial Institutions were established to _________
a) Provide short term funds b) develop industry, agriculture and other key sectors
c) regulate the major market d) regulate the global market
Ans b
2) Indirect demand is also known as __________
a) Derived
b) Direct
c) Joint
d) Composite
Options: 1) a. 2) b. 3) c. 4) d
Ans 1) a
3) The branch of economy which deals with allocation of resources
a)Microeconomics b) Macroeconomics c) Econometric d) none of these
Options : a) a,b,c, b) a,b, c) only a d) None of these
Ans c) only a
4) Financial market operates through as __________
a) Bank
b) Brokers
c) Mutual funds
d) Bonds
Options: 1) b,c,d. 2) a,b,c. 3) d,a,b. 4) c,d,a
Ans 2) a,b,c.
5) Irrespective of change in price demand remains same it is called of ______
A) perfectly inelastic
b) vertical straight line
c)horizontal to x axis
d) parallel to y axis
Options: 1)a,b,c, 2) b,c,d, 3) a,b,d, 4) a,d,c,
Ans 3) a,b,d
6) when less unit is demanded at high price it shows ________
a) increase in demand
b) expansion in demand
c) decrease in demand
d) contraction in demand
Ans d
7) Features of monopoly are
a) Single seller
b) No close substitutes
c) control of supply
d) price taker
Options: 1) a,b,d, 2)a,b,c,d, 3) c,d, 4) a,b,c,
Ans 4) a,b,c
8) Statement that are incorrect in relation to index number
a) Index number is Geographical tool
b) Index number measures changes in the air pressure
c) Index number measures relative changes in an Economicy variable
d) Index number are specialised averages
Options: a) c,d, b)a,b, c) b,c, d) a,d,
Ans b) a,b
9) In India, national income is estimated using _______
a) Output method b) Income method c) expenditure method d) Combination of (a and b)
Ans d) Combination of (a and b)
10) Non tax sources of revenue
a) Direct and Indirect tax b) Direct tax and fees c) Fees d) Special levy
Options : a) b,c, b) a,c, c) a,b,c,d, d) c,d,
Ans d) c,d
11)Service utility includes services provided by ______
a) Teacher.
b) Lawyer
c) Doctor
d) Professional
Options: 1) only a. 2) b & c 3) c & d. 4) all of the above
Ans 4) all of the above
12) Role of Foreign trade is
a) To earn Foreign exchange
b) To encourage Investment
c) Leads to division of labour
d) Bring change in composition of export
Options : a) a,b, b) a,b,c, c) b,d, d) none of these
Ans b) a,b,c
13) Public debt may be _________.
a) GST
b) Internal debt
c) External debt
d) Service tax
Options: 1) a,b. 2) b,c. 3) c,d. 4) d,a
Ans 2) b,c
14) point of satiety means ______
a) Tu is rising and MU is falling
b) TU is falling and MU is negative
c) TU is maximum and MU is zero
d) MU is falling and TU is rising
Ans c
15) when percentage change in quantity of demanded is more than the percentage change in price ,
the demand curve is
a) Flatter b) Steeper c) Rectangular d) horizontal
Ans a)
Q2) Complete the correlation: (04)
1) Money market : short term funds:: capital market : long term fund
2) Single seller: monopoly: few sellers: Oligopoly.
3) Desires: demand: stock: supply
4) Credit creation: commercial bank: credit control: central bank
5) Partial equilibrium: Micro Economic: General equilibrium: Macro Economics
6) Demand curve: downward sloping: supply curve: upward sloping.
7) Relatively elastic demand: Ed > 1: Relatively inelastic demand: Ed<1.
8) Toys made of clay: form utility: Woolen clothes: place utility
9) Foreign trade: External trade: domestic trade: internal trade.
10) Income tax: Direct tax: GST: Indirect tax.
11) AC=TC/TQ :: MCn=TCn-TCn-1.
12) Laaspeyre's index: base year quantity: :Paasche's Index: Current year quantities.
13) GDP: C + I + G + (X - M) : : GNP : C + I + G + X - M + (R - P).
14) Microeconomics: Mikros:: Macroeconomics: Makros.
15) Export value > import value: Trade surplus :: Import value > Export value : Trade deficit.
Q3) Find the odd word: (04)
1) Individual Demand, Individual Supply, Individual Income, Price level.
2) Diamond, Silver, Gold, Water.
3) Desire, Ability to pay, Uselessness, Willingness to buy.
4) Positive elasticity, Negative elasticity, Cross elasticity, Zero elasticity.
5) Rent, Wages, Profit, Capital.
6) Patent, Trademark, Copyrights, Investment.
7) Free gifts, Advertisement hoardings, Patents, Window display.
8) Price Index Number, General purpose Index Number, Quantity Index Number, Value Index
Number.
9) Total Cost, Average Cost, Total Revenue, Marginal Cost.
10) Internal Sectors, Household, Business Firms, Government Sector.
11) Indirect Tax, Progressive Tax, Proportional Tax, Regressive Tax.
12) Deficit budget, Zero budget, Balanced budget, Surplus budget.
13) Product method, Price method, Income method, Expenditure method.
14) Treasury Bills, Certificate of Deposits, Commercial Bills, Discount and Finance House of
India.
15) Import trade, Export trade, National trade, Entrepot trade.
Q4) Give economic terms: (04)
1) Utility that arises when ownership of goods is transferred from one person to another
Possession utility
2) Demand for a commodity which can be put to several uses Composite demand
3) Infinite change in the quantity demanded of a commodity taking place due to slight or zero
change in price Perfectly elastic demand
4) The point where demand and supply curve intersect each other Equilibrium point
5) Net addition made to total cost by producing one more unit of output Marginal cost
6) Wear and tear of capital assets due to their use in the process of production Depreciation
7) The revenue per unit of output Average Revenue
8) Purchase of goods and services from another country by home country Import/ External
trade
9) When the consumer’s behaviour is normal it is assumed that the consumer is Rational
10) The gross market value of all final goods and services produced within the domestic territory
of a country during a period of one year Gross Domestic Product (GDP)
11) Product differentiation is an important feature of Monopolistic competition
12) Cost incurred on fixed factor of production Fixed cost
13) Financial market deals with long term funds Capital market
14) Branch of economics that studies the entire economy Macro economics
15) Government securities market is also known as Gilt edged market.
