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AP Junior Inter Economics Model Paper 1

Intermediate Economics Paper - I
Time : 3 Hours (English Version) Maximum Marks : 100

I. Answer any THREE out of the following five questions. 3×10 = 30

1. Explain the law of diminishing Marginal utility and its limita-
2. Explain the law of variable proportion with a suitable diagram.
3. Define Monopoly. How does a monopolist fix price for his product?
4. Define National Income. Explain various methods of compu- tation of national income.
5. Explain the concept of underemployment equilibrium with the help of a diagram.

II. Answer any EIGHT out of the following twelve questions. 8×5 = 40

6. Explain the characteristic features of human wants.
7. Explain the law of demand with its exceptions.
8. Why a demand curve has a negative slope?
9. What are the properties of indifference curves?
10. Explain various forms of price elasticity of demand.
11. Explain total outlay method of measuring elasticity.
12. What is supply? What are the determinants of supply?
13. Explain Ricardian theory of Rent.
14. "Supply creates its own demand". Comment on the statement.
15. What are the methods of redemption of public debt.
16. Write any five functions of money.
17. Explain different types of inflation.

III. Answer any FIFTEEN out of the following twenty questions. 15×2 = 30

18. Economic goods
19. Deductive Method
20. Macro Economics
21. Consumer's equilibrium
22. Budget or Price Line
23. ISO - Utility Curve
24. Production Function
25. Opportunity Cost
26. Diseconomics
27. Monopolistic Competition
28. Market Period
29. Price Discrimination
30. Quasi Rent
31. Real Wage
32. Depreciation
33. Percapita income
34. Laissez faire
35. Liquidity
36. Overdraft
37. Reserve Bank of Indi

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