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 Series ARSP/12 Set ~ 12
Roll No. Q.P Code 15/12/12
Candidates must write the Q.P Code
on the title page of the answer-book.

 Please check that this question paper contains 06 printed pages.

 Q.P. Code given on the right hand side of the question paper should be written
on the title page of the answer-book by the candidate.
 Please check that this question paper contains 34questions.
 Please write down the serial number of the question in the answer-book
before attempting it.
 15 Minute times has been allotted to read this question paper. The question
paper will be distributed at 10:15 a.m. From 10.15 a.m to 10.30 a.m, the students
will read the question paper only and will not write any answer on the answer –
book during this period.

ECONOMICS

Time allowed: 3 hours Maximum Marks: 80

General Instructions:

1. This question paper contains two sections:

Section A – Macro Economics

Section B – Indian Economic Development

2. This paper contains 20 Multiple Choice Questions type questions of 1 mark each.

3. This paper contains 4 Short Answer Questions type questions of 3 marks each to be answered in 60 to 80 words.

4. This paper contains 6 Short Answer Questions type questions of 4 marks each to be answered in 80 to 100 words.

5. This paper contains 4 Long Answer Questions type questions of 6 marks each to be answered in 100 to 150 words.

SECTION A – MACRO ECONOMICS

1. Statement I: External Borrowings, e.g External Commercial Borrowings, Short-term Debt, etc are included in [1]
the capital account of BOP.
Statement II: Direct Investments, e.g. Foreign Direct Investments (FDIs), Equity Capital, Reinvested Earnings
and other Direct Capital Flows are included in the current account of BOP.

a) Statement II is true and statement I is false. b) Both the statements are true.

c) Both the statements are false. d) Statement I is true and statement II is false.
2. Supply of money refers to quantity of money: [1]

a) As on any point of time b) As on 31 st

March

c) During a fiscal year d) During any specified period of time

3. If APC = 0.6, APS = ________ [1]

a) 2.4 b) 1

c) 0.4 d) -0.4
4. Due to fall in the value of Indian currency (₹) in the foreign exchange market, the Reserve Bank of India decides [1]
to buy Indian currency (₹).
This type of action by the Central Bank is possible under ________ exchange rate system.

a) Fixed b) Managed floating

c) Fixed floating d) Flexible

5. Suppose in a hypothetical economy, the income rises from ₹ 5,000 crores to ₹ 6,000 crores. As a result, the [1]
consumption expenditure rises from ₹ 4,000 crores to ₹ 4,600 crores. Marginal propensity to consume in such a
case would be ________.
 a) 0.8 b) 0.4

c) 0.2 d) 0.6
6. Issue of new currency notes is a method of [1]

a) revenue policy b) deficit financing

c) expenditure policy d) monetary policy

7. If Marginal Propensity to Save (MPS) is 0.25 and the initial change in investment is ₹ 250 crores, then the final [1]
change in income would be ________.

a) ₹ 1,000 crores b) ₹ 1,200 crores

c) ₹ 500 crores d) ₹ 3,500 crores

8. Which of the following is not a part of the final expenditure? [1]

a) Government fixed investment expenditure b) Seeds purchased by the farmers

c) Consumer goods purchased by the d) Consumer goods exported to rest of the

government world
9. Demand Deposits include ________. [1]
(Choose the correct alternative to fill up the blank)

a) Currency and coins held with the public b) Current Account Deposits and Fixed
Deposits

c) Savings Account Deposits and Current d) Other deposits with the Government
Account Deposits
10. The downward-sloping demand curve for foreign exchange reflects [1]

a) Direct relationship b) Inverse relationship

c) Indirect relationship d) Exponential relationship

11. Explain how Non-Monetary exchanges are a limitation in taking the gross domestic product as an index of [3]
welfare.
12. Balance of Payment (BOP) is always balanced in the accounting sense. Defend or refute the given statement [3]
with valid reasons.
OR
Visits to foreign countries for sightseeing etc by the people of India is on the rise. What will be its likely impact on
foreign exchange rate and how?
13. Suppose an imaginary economy is facing a situation of deficient demand in the short run time period. Discuss [4]
briefly, the probable impacts of the same on the economy.
14. In a hypothetical economy, planned savings fall short of planned investments, leading to fall in employment and [4]
incomes.
Do you agree with the given statement? Support your answer with a valid explanation.
 OR
Calculate ‘Investment Expenditure’ from the following data about an economy which is in equilibrium :
National Income = Rs 700
Marginal Propensity to Consume = 0.8
Autonomous consumption expenditure = Rs 70
15. Discuss the function of Central Bank as Banker, Agent and Advisor to the Government. [4]
16. Calculate [6]
1. Net National Product at Market Price, and
2. Gross Domestic Product at Factor Cost:

Particulars ₹ in crores

(i) Rent and Interest 6,000

(ii) Wages and Salaries 1,800

(iii) Undistributed Profit 400

(iv) Net Indirect Taxes 100

(v) Subsidies 20

(vi) Corporation Tax 120

(vii) Net factor income to abroad 70

(viii) Dividends 80

(ix) Consumption of Fixed Capital 50

(x) Social Security Contribution by Employers 200

(xi) Mixed Income 1,000

OR
a. Calculate the operating surplus from the following data:

S. No. Items Amount (in ₹ crore)

(i) Compensation of Employees 300

(ii) Indirect Taxes 200

(iii) Consumption of Fixed Capital 100

(iv) Subsidies 50

(v) Gross Domestic Product at Factor Cost (GDPmp) 650

b. State and discuss briefly the three main components of Net Factor Income from Abroad.
17. Explain the meaning of the following: [6]
a. Revenue deficit
b. Fiscal deficit
c. Primary deficit
OR
Explain the budgetary measures for achieving the following objectives
 i. Setting up of production units in backward regions.
ii. Reducing inequalities of income and wealth.
SECTION B – INDIAN ECONOMIC DEVELOPMENT
18. Under the British Rule, commercialisation of agriculture resulted in shifting of agricultural production from [1]
________ crops to ________ crops.
(Choose the correct alternative to fill up the blanks)

a) Jute, Food b) Cotton, Jute

c) Cash, Food d) Food, Cash

19. Which of the following countries adopted One Child Policy as a measure to control population? [1]
(Choose the correct alternative.)

a) China b) India

c) Russia d) Pakistan
20. ________ policy followed in the first seven five-year plans of India, aimed at substituting imports with domestic [1]
production.

a) Import substitution b) Inward looking trade

c) Both inward-looking trade and import d) Outward looking trade

substitution
21. Which is the apex institute at the national level which provides re-finance facilities to institutions engaged in [1]
providing rural credit?

a) NBAARD b) DABARD

c) NABADR d) NABARD
22. Assertion (A): India became an exporter of primary products and an importer of finished consumer and capital [1]
goods produced in Britain.
Reason (R): Restrictive policies of commodity production, trade and tariff pursued by the colonial government
adversely affected the structure, composition and volume of India’s foreign trade.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.

23. Just as a country can turn physical resources like land into physical capital like factories, similarly, it can also [1]
turn human resources like students into ________ like engineers and doctors.

a) Human Capital b) Economic development

c) Human Capital Formation d) Economic Growth

24. _____ is the population density the _____ is the pressure of population on land and the more the economic [1]
 problems

a) Lower, higher b) Higher, Lower

c) Higher, Higher d) Lower, Lower

25. The CPCB has identified ____ categories of industries which are significant polluters. [1]

a) 15 b) 12

c) 13 d) 17
26. Statement I: Commercialisation of agriculture was coercively introduced by the Britishers. [1]
Statement II: The aim of commercialisation of agriculture was to support the British industries.

a) Both the statements are true. b) Both the statements are false.

c) Statement II is true, but statement I is false. d) Statement I is true, but statement II is false.
27. Select the correct combination between the following columns. [1]

Column A Column B

(a) Socialism (i) Coexistence of both public and public sector

(ii) Produced goods are distributed on the basis of purchasing power of

(b) Capitalism
the people.

(c) Mixed economic system (iii) What, how and for whom to produce

(d) Central problems of an economic (iv) Produced goods are distributed on the basis of need and not
system affordability.

a) (a) - (ii), (b) - (iv), (c) - (i), (d) - (iii) b) (a) - (iv), (b) - (i), (c) - (ii), (d) - (iii)

c) (a) - (iv), (b) - (ii), (c) - (i), (d) - (iii) d) (a) - (i), (b) - (iv), (c) - (ii), (d) - (iii)
28. State any two advantages of Mini-hydel Plants. [3]
OR
Interpret the given picture with reference to current environmental challenges.
29. Define Worker Population Ratio and mention its utility. [3]
30. a. Explain briefly the rationale behind the 'License Raj' under the Industrial Policy Resolution, 1956. [4]
b. Define Multilateral trade.
31. Discuss briefly any two major steps taken by the Government of India on Financial Sector front under the [4]
Economic Reforms of 1991.
OR
India is often called the Outsourcing Destination of the world. Discuss the prime reasons for this name given to
India.
32. i. Discuss the need for promoting women’s education in India. [4]
ii. Explain absorptive capacity of environment with example.

33. a. Distinguish between Green Revolution & Golden Revolution. [6]

b. How has women’s health become a matter of great concern in India? Explain.
OR
Bring out the importance of animal husbandry, fisheries and horticulture as a source of diversification.
34. What are the similarities in the developmental strategies of India, Pakistan and China? [6]
OR
Why China remains ahead in growth rate of economy as compared to India and Pakistan?
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