COLLEGE OF ACCOUNTING & MANAGEMENT SCIENCES

Terminal Examination-2013 (ECONOMICS)

Name: ___________________________________ Class : _______ Section : _____ Roll No. : ______ Time: 20 Minutes SECTION "A" (MULTIPLE CHOICE QUESTIONS) Max. Marks: 15

1. Choose the correct answer for each from the given options:
(1) Adam Smith wrote a book Wealth of Nations in: (a) 1770 (b) 1870 (c) 1970 (d) none of these (2) Lionel Robbins wrote Nature and Significance of Economics in: (a) 1931 (b) 1831 (c) 1731 (d) none of these (3) The deduction method is also known as: (a) Scientific Method (b) Analytical Method (c) General Method (d) Posterior Method (4) The Inductive method is also known as: (a) Priori Method (b) Empirical Method (c) Scientific Method (d) None of these (5) The word Economics is derived from the ancient Greek word: (a) Economia (b) Okonomia (c) Oikonomia (d) None of these (6) In Economics, How many inputs we use: (a) 2 (b) 3 (c) 4 (d) 1 (7) Wants satisfying power of a good and service is called its: (a) Elasticity (b) Disutility (c) Demand (d) Utility (8) Keynes wrote Theory of Employment, Interest and Money in: (a) 1946 (b) 1937 (c) 1938 (d) 1936 (9) According to Robbins definition of Economics, human wants are: (a) Unlimited (b) Limited (c) Scarce (d) none of these (10) When Marginal Utility is Zero total utility is: (a) Maximum (b) Minimum (c) Zero (d) None of these (11) Utility is not measureable, according to Professor: (a) Marshall (b) Hicks (c) Robbins (d) Adam Smith (12) When there was no concept of Money, the exchange of goods with goods was called: (a) Credit Card system (b) Barter system (c) Paper Currency system (d) Financial System (13) NNP = GNP - : (a) Inflation (b) GDP (c) Depreciation (d) None of these (14) How many different concepts of National Income in Economics: (a) 3 (b) 4 (c) 5 (d) 10 (15) Foreign Savings + National Savings =: (a) F.D.I (b) Net Savings (c) Remittances (d) None of these

COLLEGE OF ACCOUNTING & MANAGEMENT SCIENCES

Terminal Examination-2013 (ECONOMICS)

Name: ___________________________________ Class : _______ Section : _____ Roll No. : ______ Time: 20 Minutes SECTION "A" (MULTIPLE CHOICE QUESTIONS) Max. Marks: 15

1. Choose the correct answer for each from the given options:
(1) When Marginal Utility is Zero total utility is: (a) Maximum (b) Minimum (c) Zero (d) None of these (2) The deduction method is also known as: (a) Scientific Method (b) Analytical Method (c) General Method (d) Posterior Method (3) Foreign Savings + National Savings =: (a) F.D.I (b) Net Savings (c) Remittances (d) None of these (4) The word Economics is derived from the ancient Greek word: (a) Economia (b) Okonomia (c) Oikonomia (d) None of these (5) In Economics, How many inputs we use: (a) 2 (b) 3 (c) 4 (d) 1 (6) Adam Smith wrote a book Wealth of Nations in: (a) 1770 (b) 1870 (c) 1970 (d) none of these (7) Wants satisfying power of a good and service is called its: (a) Elasticity (b) Disutility (c) Demand (d) Utility (8) The Inductive method is also known as: (a) Priori Method (b) Empirical Method (c) Scientific Method (d) None of these (9) Keynes wrote Theory of Employment, Interest and Money in: (a) 1946 (b) 1937 (c) 1938 (d) 1936 (10) According to Robbins definition of Economics, human wants are: (a) Unlimited (b) Limited (c) Scarce (d) none of these (11) Lionel Robbins wrote Nature and Significance of Economics in: (a) 1931 (b) 1831 (c) 1731 (d) none of these (12) Utility is not measureable, according to Professor: (a) Marshall (b) Hicks (c) Robbins (d) Adam Smith (13) When there was no concept of Money, the exchange of goods with goods was called: (a) Credit Card system (b) Barter system (c) Paper Currency system (d) Financial System (14) NNP = GNP - : (a) Inflation (b) GDP (c) Depreciation (d) None of these (15) How many different concepts of National Income in Economics: (a) 3 (b) 4 (c) 5 (d) 10

COLLEGE OF ACCOUNTING & MANAGEMENT SCIENCES

Terminal Examination-2013 (ECONOMICS)

Name: ___________________________________ Class : _______ Section : _____ Roll No. : ______ Time: 20 Minutes SECTION "A" (MULTIPLE CHOICE QUESTIONS) Max. Marks: 15

1. Choose the correct answer for each from the given options:
(1) Foreign Savings + National Savings =: (a) F.D.I (b) Net Savings (c) Remittances (d) None of these (2) How many different concepts of National Income we use: (a) 3 (b) 4 (c) 5 (d) 10 (3) NNP = GNP - : (a) Inflation (b) GDP (c) Depreciation (d) None of these (4) When there was no concept of Money, the exchange of goods with goods was called: (a) Credit Card system (b) Barter system (c) Paper Currency system (d) Financial System (5) In Economics, How many inputs we use: (a) 2 (b) 3 (c) 4 (d) 1 (6) Wants satisfying power of a good and service is called its: (a) Elasticity (b) Disutility (c) Demand (d) Utility (7) When Marginal Utility is Zero total utility is: (a) Maximum (b) Minimum (c) Zero (d) None of these (8) Keynes wrote Theory of Employment, Interest and Money in: (a) 1946 (b) 1937 (c) 1938 (d) 1936 (9) The word Economics is derived from the ancient Greek word: (a) Economia (b) Okonomia (c) Oikonomia (d) None of these (10) According to Robbins definition of Economics, human wants are: (a) Unlimited (b) Limited (c) Scarce (d) none of these (11) Utility is not measureable, according to Professor: (a) Marshall (b) Hicks (c) Robbins (d) Adam Smith (12) The Inductive method is also known as: (a) Priori Method (b) Empirical Method (c) Scientific Method (d) None of these (13) The deduction method is also known as: (a) Scientific Method (b) Analytical Method (c) General Method (d) Posterior Method (14) Lionel Robbins wrote Nature and Significance of Economics in: (a) 1931 (b) 1831 (c) 1731 (d) none of these (15) Adam Smith wrote a book Wealth of Nations in: (a) 1770 (b) 1870 (c) 1970 (d) none of these

COLLEGE OF ACCOUNTING & MANAGEMENT SCIENCES

Terminal Examination-2013 (ECONOMICS)

Time: 2 Hours 40 Minutes

Marks: 60

SECTION B (SHORT-ANSWER QUESTIONS)

MICROECONOMIC (20)

2. Attempt any Five of the following.

(1) Write any three (3) definitions of Economics. (2) Draw a Demand Curve with the help of a schedule. (3) Differentiate between Cardinal Utility and Ordinal Utility. (4) Mention any four (4) determinants of Demand. (5) Differentiate between Change in Demand and Change in Quantity demanded with the help of Graph. (6) Is Economics a Science or an Art? (7) Differentiate between Microeconomics and Macroeconomics.

MACROECONOMIC

(20)

3. Attempt any Five of the following.

(1) Distinguish between Gross National Product and Net National Product. (2) Define Money. List the characteristics of good Money. (3) Define National Income. Mention different concept of National Income. (4) What is Barter system? Mention the difficulties of Barter System. (5) Draw the Circular Flow Diagram. (6) Differentiate between Money Income and Real Income. (7) Define the functions of Money.

SECTION C (DETAILLED-ANSWER QUESTIONS)

MICRO ECONOMICS (10)

4. Attempt one question of the following parts.

(1) Economics is the Science of Scarcity and Choice. Critically examine. (2) Define and explain the Law of Equi-Marginal Utility. Define its Limitations. MACROECONOMICS (10)

5. Attempt any One of the following parts:

(1) Dene National Income and explain its various concepts. (2) Distinguish between Paper and Credit Money and describe the merits and demerits of Metallic Money.