LL.B. (Five Years) Sem 1 Economics 2021-22 Question Paper - Mumbai University | munotes

Questions asked in this paper

SECTION I - Multiple Choice Questions (All 20)

1. Q1 ____ Market is the most volatile market.
   • a. Money market
   • b. Call money Market
   • c. Commercial paper market
   • d. Treasury Bill Market
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2. Q2 Money market is a market for
   • a. Short term funds
   • b. Medium term funds
   • c. Long term funds
   • d. Medium term and long term funds
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3. Q3 Capital Market is regulated by ____
   • a. RBI
   • b. SEBI
   • c. Money market
   • d. IRDA
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4. Q4 'Rajiv Awas Yojan' was announced by the Government to have a ____
   • a. Slum free India
   • b. Poverty free India
   • c. Unemployment free India
   • d. Inequality free India
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5. Q5 The rural India has more than ____ of the total population.
   • a. 70%
   • b. 90%
   • c. 85%
   • d. 65%
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6. Q6 Balance of payment always ____
   • a. Equals
   • b. Balances
   • c. Surplus
   • d. Deficit
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7. Q7 Current account deficit is balanced by a ____ in the capital account
   • a. Deficit
   • b. Surplus
   • c. No change
   • d. Equal
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8. Q8 Market information reduces exploitation of
   • a. Farmers
   • b. Traders
   • c. Wholesalers
   • d. middleman
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9. Q9 Which of the following is related to Microeconomics?
   • a. The size of national economy
   • b. Inflation
   • c. Unemployment
   • d. Behaviour of individual economic units
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10. Q10 Which among the following is related to the demand curve?
    • a. Relation between quantity demanded and price of a commodity
    • b. Relation between supply and demand of a commodity
    • c. Relation between income of customer and demand of commodity
    • d. None of the above
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11. Q11 Which of the following is not a factor affecting the supply of a commodity?
    • a. Price of commodity
    • b. Change of technology of production
    • c. Change of input prices
    • d. Income of customers
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12. Q12 Which among the following is an example of substitution goods?
    • a. Milk and Coffee
    • b. Pen and Paper
    • c. Ink and Pen
    • d. Tea and coffee
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13. Q13 Which among the following is related to utility?
    • a. Satisfaction and wants
    • b. Necessity and wants
    • c. Usefulness and need
    • d. None of the above
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14. Q14 What is Market equilibrium?
    • a. Quantity demanded greater than quantity supplied
    • b. Quantity demanded less than quantity supplied
    • c. Quantity demanded equal to quantity supplied
    • d. Quantity demanded is same as quantity produced
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15. Q15 Which one out of the following is correct for marginal cost?
    • a. Increase in cost due to change in price
    • b. Increase in cost due to high demand
    • c. Increase in cost due to increase in extra unit of output
    • d. None of the above
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16. Q16 Which sector is the largest source of employment in India?
    • a. Manufacturing
    • b. Agriculture
    • c. Services
    • d. Tourism
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17. Q17 Who maintains official exchange rate in India?
    • a. RBI
    • b. SEBI
    • c. Department of finance
    • d. None of the above
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18. Q18 Which of the following are part of Gross National Product (GNP)?
    • a. Imports
    • b. Exports
    • c. Money earned by resident abroad
    • d. All the above
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19. Q19 What does free market in an economy imply?
    • a. Minimum government intervention in trade and maximum regulations
    • b. Maximum government intervention in trade and maximum regulations
    • c. Minimum government intervention in trade and minimum regulations
    • d. Maximum government intervention in trade and maximum regulations
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20. Q20 Which organization calculates GDP in India?
    • a. CSO
    • b. NSSO
    • c. Department of Economic Affairs
    • d. ISO
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SECTION II - Descriptive Type Questions (All 10)

1. Q21 Distinguish between Positive and normative economics
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2. Q22 Explain the Law of Demand with suitable diagram.
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3. Q23 What are the different types of elasticity of demand?
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4. Q24 Diagrammatically explain how price is determined using demand and supply curves.
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5. Q25 Explain the features of Monopoly market structure.
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6. Q26 Explain the Salient Features of Indian economy.
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7. Q27 What are the reasons attributed to low agricultural production and productivity in India?
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8. Q28 Explain a few features of New Industrial Policy 1991.
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9. Q29 Explain the features of Indian Capital Market.
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10. Q30 Write a note WTO.
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