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FOUNDATON EXAMINATION
(REVISED SYLLABUS - 2008)
Paper - 3 : ECONOMICS AND BUSINESS FUNDAMENTALS
Section - I
[ Economics ]
Q. 1. (a) Answers the following : (i) Effective demand is (A) Demand exceeds supply (B) Aggregate demand is equal to aggregate supply (c) Elasticity of demand for a product is high (D) Difference between actual and forecast demand. (ii) Progressive taxation means (A) Tax burden decreases with income (B) Tax burden increases with income (C) Large quantity of tax evasion (D) Large quantity of tax avoidance. (iii) Cross elasticity of demand relates (A) Price of one commodity and demand for another commodity (B) Substitutes and complementary goods (C) Market and supply (D) Production and cost (iv) Central Problem of all Economics are (A) What to produce? (B) How to Produce? (C) For whom to produce? (D) All the above (v) Exceptions to the law of demand are (A) Conspicuous goods (B) Giffen goods (C) Shares’ speculative market (D) All the above
2 [ December 2012 ]
Revisionary Test Paper (Revised Syllabus-2008)
(vi) Economics is — (A) Normative science (B) Positive science (C) Human science (D) Political science (vii) Inductive Method proceeds from (A) Praticular to General (B) General to particular (C) Imagination to reality (D) None of the above (viii) Constituents of money supply are (A) Rupee notes and coins with the public (B) Credit cards (C) Traveller’s cheques etc. (D) All the above (ix) The author of ‘General Theory of Employment, Interest and Money’ was (A) Adam Smith (B) Paul Samuelsen (C) J. M. Keynes (D) Robbins (x) The law ‘supply crates its own demand’ was put forth by (A) Marshall (B) Pigou (C) Robbins (D) J. B. Say (xi) Deductive method is also known as (A) Hypothetical Method (B) Abstract Method (C) Periori Method (D) All of the above. (xii) An individual demand curve sloped downward to the right because (A) Income effect of fall in price (B) Substitution effect of decrease in price (C) Diminishing marginal utility (D) All of
(REVISED SYLLABUS - 2008)
Paper - 3 : ECONOMICS AND BUSINESS FUNDAMENTALS
Section - I
[ Economics ]
Q. 1. (a) Answers the following : (i) Effective demand is (A) Demand exceeds supply (B) Aggregate demand is equal to aggregate supply (c) Elasticity of demand for a product is high (D) Difference between actual and forecast demand. (ii) Progressive taxation means (A) Tax burden decreases with income (B) Tax burden increases with income (C) Large quantity of tax evasion (D) Large quantity of tax avoidance. (iii) Cross elasticity of demand relates (A) Price of one commodity and demand for another commodity (B) Substitutes and complementary goods (C) Market and supply (D) Production and cost (iv) Central Problem of all Economics are (A) What to produce? (B) How to Produce? (C) For whom to produce? (D) All the above (v) Exceptions to the law of demand are (A) Conspicuous goods (B) Giffen goods (C) Shares’ speculative market (D) All the above
2 [ December 2012 ]
Revisionary Test Paper (Revised Syllabus-2008)
(vi) Economics is — (A) Normative science (B) Positive science (C) Human science (D) Political science (vii) Inductive Method proceeds from (A) Praticular to General (B) General to particular (C) Imagination to reality (D) None of the above (viii) Constituents of money supply are (A) Rupee notes and coins with the public (B) Credit cards (C) Traveller’s cheques etc. (D) All the above (ix) The author of ‘General Theory of Employment, Interest and Money’ was (A) Adam Smith (B) Paul Samuelsen (C) J. M. Keynes (D) Robbins (x) The law ‘supply crates its own demand’ was put forth by (A) Marshall (B) Pigou (C) Robbins (D) J. B. Say (xi) Deductive method is also known as (A) Hypothetical Method (B) Abstract Method (C) Periori Method (D) All of the above. (xii) An individual demand curve sloped downward to the right because (A) Income effect of fall in price (B) Substitution effect of decrease in price (C) Diminishing marginal utility (D) All of