CPT JUNE 2010 (Question)

(Based on Memory)

(1) Micro economics is also known as.

(a) Public economics (b) Price theory
(c) Income theory (d) Demand theory
(2) A developed economy uses _______________ technique in production.
(a) Labour intensive (b) Capital intensive
(c) Home based (d) Traditional
(3) What will be the shape of PPC curve when marginal opportunity cost is constant.?
(a) Concave (b) Convex
(c) Backward bending (d) Straight line.
(4) Which one is the feature of Marshall’s definition ?
(a) Limited ends (b) Scarce means
(c) Study of wealth as well as study of man. (d) Study of allocation of resource
(5) Demand for electricity power is elastic because ___________________
(a) It is available at a very high price. (b) It is essential for life
(c) It has many uses (d) It has many substitutes
(6) If income of a person increases by 10% and his demand for goods increases by 30%
income elasticity will be __________________
(a) Equal to one. (b) Less than one
(c) More than one (d) None of these
(7) In case of luxury goods, the income elasticity of demand will be.___________
(a) Zero (b) Negative but greater than one
(c) Positive but greater than one (d) Positive but less than one
(8) In case of straight line demand curve meeting two axis, the price elasticity of demand
at the point where the curve meets y axis would be
(a) Zero (b) Greater than one
(c) Less than one (d) Infinity
(9) Calculate income elasticity for the household when income of the household increases
by 10% and the demand for cars rises by 20%
(a) -2 (b) 2
(c) 5 (d) -5
(10) The commodity whose demand is associated with the name of Sir Robert Giffen
(a) Necessary good (b) Luxury good
(c) Inferior good (d) Ordinary good
(11) In expansion and contraction of demand___________________
(a) Demand curve remains unchanged (b) Demand curve changes
(c) Slope of demand curve changes (d) Both a and c
(12) The satisfaction which a consumer derives in the consumption of a commodity is
equal to ‘ 320. The price of the commodity is 180.What will be his consumer surplus?
(a) 180 (b) 200
(c) 140 (d) 50

1
 Introduction to Micro Economics 2

(13) The law of equi marginal utility is one of the laws within whose parameters Marginal
Utility Analysis is framed.
(a) Law of diminishing marginal utility (b) Law of proportions
(c) Law of consumer surplus (d) Law of increasing returns
(14) When indifference curve is L- shaped then two goods will be____________
(a) Complementary goods (b) Substitute goods
(c) Perfect substitute goods (d) Perfect complementary goods
(15) On which approach, indifference curve analysis is based?
(a) Cardinal approach (b) Ordinal approach
(c) Cardinal and Ordinal both (d) None of the above.
(16) Law of diminishing returns is applicable in_________________
(a) Only manufacturing industries (b) Only agriculture.
(c) Neither in agriculture nor in industries (d) In all economic activities after a limit.
(17) Law of increasing returns is applicable because of________________
(a) Indivisibility of factors. (b) Specialization
(c) Economies of scale (d) All of the above
(18) When output decreases by 20% due to increase in inputs by 20%- this stage is called
Law of …………
(a) Increase Returns to Scale (b) Diminishing Returns to Scale
(c) Constant Returns to Scale (d) None
(19) What will be the TVC if we produce 2 units?
Units 0 1 2
TC 20 37 50
(a) 15 (b) 05
(c) 17 (d) 30
(20) The total cost of production of 10 units is ‘ 200. When production is increased to 20
units its total cost becomes Rs 600 What will be its marginal cost
(a) 400 (b) 40
(c) 4 (d) 30
(21)
Units 0 1 2 3 4
Total Cost 20 30 40 45 50
What will be the AFC at 4 units of output?
(a) 2 (b) 3
(c) 4 (d) 5
(22) An increase in supply with demand remaining the same, brings about
(a) An increase in equilibrium quantity and decrease in equilibrium price.
(b) An increase in equilibrium price and decrease in equilibrium quantity
(c) Decrease in both equilibrium price and quantiity
(d) None
(23) In oligopoly, the kink on the demand curve is more due to_______________
(a) Discontinuity in MR
(b) Discontinuity in AR
(c) Fulfillment of assumption that a price cut is followed by others & a Price increase by a
firm is not followed by others.
(d) Price war amongst the firms
3 CPT General Economics

(24) Price Discrimination is possible only when

(a) Seller is alone (b) Goods are homogeneous
(c) Market is controlled by the government (d) None
(25) Which of the following is not the feature of an imperfect competition ?
(a) Product differentiation (b) Few sellers
(c) Homogeneous products (d) Price wars
(26) Price rigidity is a situation found in which of the following market forms?
(a) Perfect competition (b) Monopoly
(c) Monopolistic competition (d) Oligopoly
(27) Price taker firms –
(a) Do not advertise their products because it misleads the customers
(b) Advertise their products to boost the level of demand
(c) Do not advertise but give gifts along with the sold items to attract customers
(d) Do not advertise because they can sell as much as they wish at the prevailing price
(28) Tourism industry comes under_________________
(a) Primary sector (b) Secondary sector
(c) Tertiary sector (d) Foreign sector.
(29) Which five year plan accorded highest priority to the establishment of basic and heavy
industries in India?
(a) First plan (b) Second plan
(c) Third plan (d) Fourth plan
(30) Which of the following is associated with the land reforms introduced in India after
independence?
(a) Abolition of intermediaries (b) Tenancy reforms
(c) Re-organization of agriculture (d) All of the above
(31) GDP at factor cost is equal to GDP at market price minus _________plus subsides.
(a) Direct taxes (b) Indirect taxes
(c) Foreign loans (d) Depreciation
(32) Transfer payments are
(a) Payments transferred from Central Government account to State Government account
(b) Payments made to factors of production by the organizer
(c) Payments made for no return service
(d) None of the above
(33) Real national income means the national income measured in terms of :
(a) Constant prices (b) Current prices
(c) Wholesale prices (d) Retail prices
(34) Which of the following Statements is correct
(a) The concept of absolute poverty is used for measuring poverty in India
(b) The concept of relative poverty is more relevant for the less developed countries
(c) The concept of Absolute poverty is more relevant for the developed countries
(d) None of the above
(35) You are a factory owner and have given employment to 400 workers if 10 workers are
dismissed by you without loss of production then this situation will be described as
(a) Casual unemployment (b) Disguised unemployment
(c) Structural unemployment (d) Seasonal unemployment
 Introduction to Micro Economics 4

(36) The unemployment which is caused by the introduction of new machinery

,improvement of production techniques, labor saving devices etc, is called
(a) Frictional unemployment (b) Casual unemployment
(c) Structural unemployment (d) Technological unemployment
(37) In order to provide access to electricity to all villages _____________ was launched.
(a) Mahatma Gandhi Grameen Vitutiikaran Programme
(b) Indira Gandhi Grameen Vitutiikaran Programme
(c) Rajiv Gandhi Grameen Vitutiikaran Programme
(d) Sonia Gandhi Grameen Vitutiikaran Programme
(38) Sarva Siksha Abhiyan was launched the year______________ in India
(a) 1986-87 (b) 2001-02
(c) 2002-03 (d) 2003-04
(39) Inflation resulting from increased money expenditure is called.
(a) Cost push inflation (b) Demand pull inflation
(c) Stagflation (d) None of the above.
(40) The difference between the value of a nations visible exports and visible import is
(a) Balance of trade (b) Balance of payments
(c) Balance of Current account (d) Balance of Capital account
(41) Before financial reforms the banking sector was characterized by all of the following
features expect.
(a) High revenue requirements (b) Quantitative credit restrictions
(c) Administered interest rate structure (d) Keeping very less lendable resources
for the priority sector
(42) IIFT stands for
(a) International Institute for Financial (b) Indian institute of Foreign trade
Transactions
(c) Indian institute of Free trade (d) International Institute of free trade
(43) Which of the following statements is against globalization?
(a) It will improve allocative efficiency of resources
(b) It will redistribute economic power
(c) It will impose tariffs barriers among nations
(d) It will provide updated technology
(44) Which of the following shows the meaning of term M3
(a) M1+post office savings deposits
(b) Currency +coins+ demand deposits of banks
(c) M1+Time deposits of banks
(d) None of the above
(45) Monetary policy is announced in India by___________
(a) Ministry of finance (b) Reserve Bank
(c) Planning Commission (d) Government
(46) The rate at which the RBI rediscounts the Bills of Commercial banks is known as
(a) Repo rate (b) Bank Rate
(c) SLR (d) CRR
5 CPT General Economics

(47) In order to control credit_________

(a) Bank rate should be decreased and CRR should increase.
(b) Bank rate should be reduced and CRR should be reduced
(c) Bank rate should be increased and CRR should increase
(d) Bank rate should be increased CRR should be decreased.

(48) In occupational structure of India which sectors contribution is increasing?

(a) Agriculture (b) Industries
(c) Services (d) Animal husbandry.
(49) A person in urban India is considered below the poverty line if his daily intake of calories
is less than________
(a) 2000 (b) 2100
(c) 2400 (d) 2500
(50) The lender of last resort means:
(a) The government coming to the rescue of sick industries.
(b) Commercial Banks coming to the rescue of cooperative banks.
(c) Central Bank coming to the rescue of bank in times of financial crisis.
(d) None of the above.
 Introduction to Micro Economics 6

Answer of CPT June 2010

Questions with Reasonings
(1) (b)
Reasons : Micro economics deals with market mechanism ie, determination of equilibrium
price by the intersection of demand & supply, known as “ Price theory .”
(2) (b)
Reasons : A developed economy has sufficient capital formation due to increase in saving
potentiality. As a result, it can apply advanced technology by “Capital intensive method”.

(3) (d)
Reasons : Slope of PPC can be obtained by marginal opportunity cost & when marginal opportunity
cost is constant the shape of PPC is downward linear as shown in adjacent figure. Constant marginal
opportunity cost implies the situation where increase in one unit of X commodity is associated with
one unit decrease in Y commodity

(4) (c)
Reasons : Prof. Alfred Marshal criticizes the concept given by Prof. Adam Smith that Economics is
not only to wealth of nation but it has got more practical sense as it also deals with study of mankind.
(5) (c)
Reasons : One of the important determinants of elasticity of demand is “Extent of use”. Electricity
has more use & demand is more responsive to change in price ie. ep > 1.
(6) (c)
Reasons : Income elasticity of demand is the degree of responsiveness of qty demanded due to
change in income.In this case demand increases in a greater extent than increase in income.
(7) (c)
7 CPT General Economics

Reasons : In the case of luxury goods, demand is more responsive to change in income & therefore,
income elasticity is positive & greater than one em>1 ie. % change in demand > % change in
income
(8) (d)
Reasons : In the case of a straight line demand curve having positive intercept on Y axis, the value
of ep is infinite as shown in adjacent figure.
ep = Lower segment / Upper segment]
Here, Lower segment is 0 ie. ep = infinite
(9) (b)
Reasons : Income elasticity of demand is the degree of responsiveness of qty demanded due to
change in income.In this case demand increases in a greater extent than increase in income.
ep = 20% /10% = 2
(10) (c)
Reasons : Giffen goods implies ultra inferior goods ie. negative income effect outweighs substitution
effect.ie.extreme form of inferior goods is known as “giffen goods”, named after his name
(11) (d)

Reasons : In this case if expansion & contraction we get movement along the same demand curve
as shown by respective arrow sign.Demand curve remains unchanged & slope of demand curve
changes. For expansion, slope increases & for contraction slope decreases.
(12) (c)
Reasons: Consumer surplus is the difference between total utility or total satisfaction & actual
payment. In this case ,total satisfaction is equal to ‘ 320 and price or actual payment is 180.
Consumer surplus = 320 - 180 = 140
(13) (a)
Reasons: Law of equi marginal utility is the extended form of Law of diminishing marginal utility.By
LDMU marginal utility concept can be derived, where, as a consumer is provided any commodity
more his extra intension for the said commodity will keep on decreasing.The condition of equilibrium
under Law of equi marginal utility is MU= P
 Introduction to Micro Economics 8

(14) (d)
Reasons: When indifference curve is L shaped two goods are perfectly complementary as shown
in adjacent figure. The vertical portion IC shows slope as & the horizontal portion shows slope as 0.In
this case increase in one good should be associated with decrease in same amount of other good.
This concept is given by Prof Leontief & this IC is also known as “Right angled IC”.
(15) (b)
Reasons: Indifference curve concept is based on Ordinal approach given by Prof Hicks & Prof
Allen.
(16) (d)
Reasons: Law of diminishing returns implies the situation where as any factor is constantly used
after a certain capacity point the rate of returns keeps on diminishing of that factor.
(17) (d)
Reasons: Law of increasing returns is the resultant factor of economies of scale, specialisation,
indivisibility of factors and for additional unit of output it adds more to revenue than to cost & output
is more responsive to change input.
(18) (d)
Reasons: As per question it is negative returns to factor, ie. even if factor increases output, instead
of increasing keeps on decreasing.
(19) (d)
Reasons: When output is zero TC is 20 = TFC. When output is 2 units TC = 50.
TVC = TC - TFC = 30
(20) (b)
Reasons: Marginal cost is the rate of change in total cost ie., MC = TCn - TCn-1 . TC for 20 units is
600 & for 10 units is 200 . MC for 10 units is 600 - 200 = 400 MC for one unit 400 / 10 = 40
Alternative way : MC = rTC / rQ =
(21) (d)
Reasons: AFC = TFC/ Q = 20/ 4 = 5 as zero level of output implies TC = TFC

(22) (a)
Reasons: An increase in supply with unchanged demand implies decrease in equilibrium price In
adjacent figure the initial equilibrium is obtained by the intersection of D1& S1. With demand
unchanged, increase in supply as S1 exhibits decrease in equilibrium price and increase in
equilibrium quantity.
9 CPT General Economics

(23) (c)

Reasons: Kinked demand approach is given by Prof Paul A Sweezy. Due to product homogeneity,
when one producer increases price others are not cooperating with him,but when one decreases
price everyone does the same thing & AR curve has two slopes as shown in figure Upper portion of
AR shows elastic demand & lower portion shows inelastic demand.
(24) (a)
Reasons:.Price discrimination is possible when seller alone sells one commodity which cannot br
resold.
(25) (c)
Reasons: Imperfect competition implies no identical or non homogeneous product.
(26) (d)
Reasons: Kinked demand model shows “Price rigidity “as explained in Question 23.
(27) (d)
Reasons: Price taker firm implies “Perfectly competitive firm” where due to product homogeneity,
no single firm can determine price & therefore no question of advertisement, which is only applicable
in imperfect competitive market.
(28) (c)
Reasons: Tourism industry is a part of service sector or tertiary sector.
29) (b)
Reasons: First Industrial Resolution started in 1956-57 ie. in Second Plan.
(30) (d)
Reasons: Land reforms started in Indian economy to rectify the problems in low agricultural
productivity with the instruments mentioned in options.
(31) (b)
Reasons: From factor cost to market price, we have to consider govt levies & subsidies.GDPfc =
GDPmp - Indirect tax + subsidies
(32) (c)
Reasons: Transfer payment implies “ Unearned income “ or income without any production of goods
or services eg, money given to begger, to housewife etc.
(33) (a)
Reasons: Real national income implies total purchasing power or value of money, which is obtained
by constant price.
 Introduction to Micro Economics 10

(34) (a)
Reasons: Absolute poverty is quantifiable in nature ie. based on consumption data or minimum
amount of cereals , pulses or anything needed to maintain subsistence level. Therefore it is applicable
in Indian economy as it is developing country.
(35) (b)
Reasons: Disguised unemployment implies the situation where number of workers is more than
whatever is needed. So 390 workers can do the job of 400 workers without change in production
implies 10 workers are disguisedly unemployment.
(36) (d)
Reasons: Technological unemployment implies K/L> 1 ie. capital intensive technology is adopted.
(37) (c)
Reasons: Informative based question.
(38) (b)
Reasons:. Informative based question.
(39) (b)
Reasons: Demand pull inflation shows the situation where “ too many money chases too few goods”
i.e. when money expenditure, or, money supply is more than required.
(40) (a)
Reasons: Balance of trade implies difference between visible exports & visible imports.
(41) (d)
Reasons: Informative based question
(42) (b)
Reasons: Informative based question.
(43) (b)
Reasons: Globalisation implies integration of world economy with domestic country which cannot
redis tribute economic power.
(44) (c)
Reasons: Broad money implies narrow money plus time deposits.
45) (b)
Reasons: Informative based question
(46) (b)
Reasons: Informative based question
(47) (c)
Reasons: During inflation RBI applies “ Quantitative credit control “.
(48) (c)
Reasons: Informative based question
(49) (b)
Reasons: 2100 calories is the measuring instrument of estimation of poverty line in urban sector.
(50) (c)
Reasons: Central bank or the RBI is known as “ Lender of last resort “.
11 CPT General Economics

CPT DECEMBER 2010 (Question)

(Based on Memory)
(1) Which one in the following is not correct :
(a) There are limited wants (b) Means are scarce
(c) Resources have alternative uses (d) Economics is science
(2) Micro economics is concerned with :
(a) Consumer Behavior (b) Product pricing
(c) Factor pricing (d) All of the above
(3) Certain goods for with Quantity demanded decreased when Income Increases are
called ____________.
(a) Superior goods (b) Inferior goods
(c) Prestige goods (d) Conspicuous goods
(4) Indifference curves are convex to the origin because they are based on.
(a) Increasing marginal rate of substitution (b) Diminishing marginal rate of substitution
(c) Constant marginal rate of substitution (d) Zero marginal rate of substitutions.
(5) Total utility derived from the consumption of a commodity is equal to ‘ 5. Marginal
utility is equal to 1 and consumer has bought 3 units. What will be his consumer
surplus.
(a) ‘ 2 (b) ‘ 2.5
(c) ‘ 3 (d) ‘ 4
(6) When supply Curve shifts to the right there is _____________ in supply
(a) An increase (b) Expansion
(c) Contraction (d) Decrease
(7) In the first stage of law of variable proportions, total product increases at the _____
(a) Decreasing rate (b) Increasing rate
(c) Constant rate (d) Both (a) and (b)
(8) What will be the total product when two labourers are hired according to the table
given below ?
No of labours Total product Marginal product
0 — —
1 350 350
2 — 230

(a) 680 (b) 580

(c) 350 (d) 230
(9) Which function shows relationship between input and output ?
(a) Consumption function (b) Investment
(c) Production function (d) Cost function
(10) Payment made to outsiders for their goods and services are called
(a) Opportunity cost (b) Real cost
(c) Explicit cost (d) Implicit cost
(11) Direct cost is also known as :
(a) Indirect cost (b) Traceable cost
(c) Opportunity cost (d) Accounting cost
 Introduction to Micro Economics 12

(12) A firms AFC is ‘ 200 at 10 units of output what be it at 20 units of output ?

(a) 500 (b) 100
(c) 150 (d) 200
(13) Long run price is also called by the name of _______________
(a) Market price (b) Normal price
(c) Administered price (d) Wholesale price
(14) What will be the AFC of 2 units according to the table given below :
Output 0 1 2
Total Cost 580 688 850
(a) 105 (b) 135
(c) 235 (d) 290
(15) Fixed Cost is known as _____________________ cost
(a) Prime (b) Supplementary
(c) Overhead (d) Direct
(16) Average Revenue Curve is also known as _____________
(a) Profit Curve (b) Demand Curve
(c) Supply Curve (d) Average Curve
(17) Supply curve remaining unchanged, an increase in demand will lead to
(a) A fall in price (b) A rise in price
(c) No change in price (d) An increase in supply
(18) When elasticity of demand is equal to one in monopoly, marginal Revenue will be
__________.
(a) Equal to one (b) Greater than one
(c) Less than one (d) Zero
(19) Which of the following statement is incorrect ? _____________
(a) Competitive firms are price takers and not makers.
(b) Price discrimination is possible in monopoly only
(c) Duopoly may lead to monopoly
(d) Competitive firm always seeks to discriminate
(20) Under which of the following market structure AR of the firm will be equal to MR ?
(a) Monopoly (b) Monopolistic competition
(c) Oligopoly (d) Perfect competition
(21) Tooth paste industry is an example of ________________
(a) Monopoly (b) Monopolistic competition
(c) Oligopoly (d) Perfect competition
(22) OPEC is an example of
(a) Monopolistic competition (b) Monopoly
(c) Oligopoly (d) Duopoly
(23) Monopolistic Competitive firms ____________________.
(a) Are small in size. (b) Have small share in total market.
(c) Are very large in size. (d) Both (a) and (b).
13 CPT General Economics

(24) The price discrimination under monopoly will be possible under which of the following
conditions?
(a) The seller has no control over the supply of his product.
(b) The market has the same condition all over.
(c) The price elasticity of demand is different in different markets.
(d) The price elasticity of demand is uniform.
(25) Primary sector also includes _____________.
(a) Transport and shipping. (b) Banking and financial institution.
(c) Mining and quarrying. (d) Insurance.
(26) Which is the apex body in industrial finance in India?
(a) Industrial Development Bank of India. (b) Reserve Bank of India.
(c) State bank of India. (d) Ministry of Industries.
(27) National Bank for agriculture and rural development is.
(a) A commercial bank
(b) A cooperative bank.
(c) An apex bank set up for Rural and agricultural credit.
(d) A subsidiary of State bank
(28) GNP is equal to ________ plus Net foreign income from abroad.
(a) NNP at factor cost (b) GDP
(c) NNP at market price (d) National Income
29. Personal disposable income means
(a) Personal income-personal direct taxes (b) Personal income-Net indirect taxes
(c) Personal income +personal direct taxes (d) Personal income +Net indirect taxes
(30) National Income estimation is done by:
(a) Reserve Bank of India (b) Planning Commission
(c) Central Statistical Organization (d) Ministry of Finance
(31) The important problem in estimating GNP is
(a) Double counting (b) Smuggling
(c) Black marketing (d) Unorganized market
(32) 1921 is termed as the year of __________ in the history of Indian population.
(a) Beginning of census (b) Beginning of registration system
(c) Big Divide (d) Beginning of family planning programme
(33) The Integrated Rural Development Programme (IRDP) started in India in plan period?
(a) Fifth (b) Sixth
(c) Seventh (d) Eighth
(34) Which one is the cause of unemployment in India
(a) Defective educational system (b) Rising prices
(c) Increasing public expenditure (d) Defective monetary policy
(35) Which type of unemployment is more in India
(a) Disguised (b) Open
(c) Cyclical (d) Educational
(36) Which is the regulatory authority for telecom in India
(a) BSNL (b) MTNL
(c) SEBI (d) TRAI
 Introduction to Micro Economics 14

(37) A situation under which a low rate of growth combines with the rise in general price
level is known as:
(a) Inflation (b) Deflation
(c) Stagflation (d) Demand pulls inflation
(38) Fiscal policy refers to the policy relating to.
(a) Public Revenue (b) Public Expenditure.
(c) Public debt. (d) All of the above.
(39) The current account of Balance of payment includes trade balance and _________.
(a) Settlement account. (b) Capital account.
(c) Invisibles (d) Errors and omissions.
(40) A systematic record of all receipts and payments of a country in international
transactions in one year is called
(a) Balance of trade. (b) Balance of payments.
(c) Balance of Current Account. (d) Balance of Capital Account.
(41) Devaluation of currency stands for:
(a) Increasing the value of internal Currency in terms of foreign Currency
(b) Reducing the value of internal Currency in terms of foreign Currency.
(c) Keeping the value of internal Currency Constant in terms of foreign Currency.
(d) None of the above.
(42) The reason behind implementing economic reforms in India in 1991 was______.
(a) Directions from World Bank.
(b) Failure of the economic policies of the existing government.
(c) Declining foreign reserves.
(d) None of the above.
(43) Financial sector reforms mainly relate to.
(a) Banks (b) Capital market
(c) Insurance. (d) All of the above.
(44) __________ refers to the transfer of public sector units of Equity in the market.
(a) Liberalization (b) Globalization.
(c) Privatization. (d) Disinvestment
(45) Increasing role of private sector comes under.
(a) Liberalization (b) Globalization.
(c) Privatization (d) None of the above.
(46) Which is an international body dealing with the rules of trade between nations?
(a) UNO (b) WTO
(c) STC (d) OPEC.
(47) Money in static sense, refers to
(a) A store of Value. (b) Medium of Exchange.
(c) Standard of deferred payments. (d) All of the above.
(48) The difference between narrow money and broad money is.
(a) Coins and currency. (b) Currency.
(c) Savings deposits of banks. (d) Time deposits with banks.
15 CPT General Economics

(49) Measurement of value of all goods and services refers to which of the following
functions of money
(a) Medium of Exchange. (b) Unit of account.
(c) Standard of Deferred payment. (d) Store of value.
(50) Which one of the following is not an objective of RBI?
(a) Economic stability.
(b) Issue of currency.
(c) Advancing loans to public.
(d) Maintenance of foreign exchange reserves.
 Introduction to Micro Economics 16

Answer of CPT December 2010

Questions with Reasonings
(1) (a)
Reasons: In economy there are limited wants.
(2) (b)
Reasons: Micro economics deals with consumer, product and factors.
(3) (b)
Reasons: With increase in income, decrease in quantity demanded implies goods as inferior.
(4) (b)
Reasons: Diminishing MRS x for y implies increase in one commodity associated with decrease in
∆y
another commodity at diminishing rate i.e. =↓ MRS x for y
∆x

(5) (a)
Reasons: Total utility = ‘ 5 MU = 1, consumer bought 3 units
Therefore, consumer surplus = 5-3 = ‘ 2
(6) (a)
Reasons: When supply curve shifts to the right, there is increase in supply
(7) (b)
Reasons: In first stage, utilization of fixed factor not possible and therefore, production increases at
increasing rate.
(8) (b)
Reasons:
No. of labourers TP MP
0 — —
1 350 350
2 580 230
TP2 = MP1 + MP2 = 350 + 230 = 580
(9) (c)
Reasons: Production function exhibits technical relationship between quantity produced and factors
of production i.e., Q = f(Land, Labour, Capital, Organisation).
17 CPT General Economics

(10) (c)
Reasons: All costs which are accountable are known as explicit cost.
(11) (b)
Reasons: The direct cost of firm is alternatively known as traceable cost.
(12) (b)
Reasons: AFC = ‘ 200 at 10 units. TFC = 200 × 10 = ‘ 2,000 therefore, AFC at 20 units = 2,000/20
=‘100.
(13) (b)
Reasons: Long run price is applicable as P = Minimum of LAC, P × Q = AC × Q i.e. TR = TC i.e.
Normal price.
(14) (d)
Reasons: AFC = TFC/Output = 580/2 = 290
(15) (c)
Reasons: Fixed cost is alternatively known as over rate cost.
(16) (b)
Reasons: AR = Price, therefore, the relationship of AR and quantity sold implies relationship of
selling price and quantity sold i.e. demand curve of producer.
(17) (b)
Reasons: When supply curve remains unchanged, increase in demand leads to increase in price.
(18) (d)
Reasons:
(19) (d)
Reasons: In competitive market due to product homogeneity no firm can determine price, rather
industry determines price – no discrimination is possible.
(20) (d)
Reasons: In perfect competition due to product homogeneity, price is constant and AR = MR
(21) (b)
Reasons: In monopolistic competition, product differentiation is possible and therefore, toothpaste
industry comprises such market.
(22) (c)
Reasons: Cartel is applicable in oligopoly market and OPEC is a form of cartel in oil industry.
(23) (d)
Reasons: Due to product differentiation monopolistic competition sell substitute goods and therefore,
individual firm has small share in total market.
(24) (c)
Reasons: In price discrimination, profitability condition is differences in elasticity.
(25) (c)
Reasons: Primary sector comprises agricultural sector within which mining and quarrying comes.
 Introduction to Micro Economics 18

(26) (a)
Reasons: IDBI is regulated under government of India to finance industry.
(27) (c)
Reasons: NABARD is started in 1982 and which is the apex bank for agricultural development.
(28) (b)
Reasons: GNP = GDP + NFIA
(29) (a)
Reasons: PDI = PI – Personal Direct Tax
(30) (c)
Reasons: The estimation of national income by three methods is done by Central Statical
Organisation.
(31) (a)
Reasons: Each and every production has to come across intermediate production.
(32) (c)
Reasons: There are two divides in India economy- in 1921, there is ‘great divide’ or ‘big divide’ and
in 1951, there is ‘small divide’.
(33) (b)
Reasons: IRDP started in 1980 to increase development in rural area.
(34) (a)
Reasons: It does not keep pace with demand for labour employment.
(35) (a)
Reasons: Due to predominance of agriculture, Indian economy suffers mostly from disguised
unemployment.
(36) (d)
Reasons: Informative based.
(37) (c)
Reasons: Stagflation is a combination of demand-pull and cost-push inflation.
(38) (d)
Reasons: Fiscal policy is one of the important policies of India which deals with revenue expenditure
and debt.
(39) (c)
Reasons: Balance of payment includes both balance of trade (visible items) and invisible items.
(40) (b)
Reasons: Balance of payment shows wider concept of transaction of domestic country with rest of
the world.
(41) (b)
Reasons: Devaluation implies decrease in value of domestic currency in terms of foreign currency.
(42) (c)
Reasons: The dangerous situation took place prior to 1991, known as pre-crisis period which
reinforced by declining foreign reserves.
19 CPT General Economics

(43) (d)
Reasons: Informative question.
(44) (c)
Reasons: One of the important weapons of economic reforms in 1991 is ‘privatisation’ which refers
to transfer of public sector unit to private sector.
(45) (c)
Reasons: Informative question.
(46) (b)
Reasons: World Trade Organisation (WTO) gives the rules of foreign trade transactions.
(47) (d)
Reasons: ‘couplet’ “money is a matter of function four
A medium, a measure, a standard, a store”
(48) (d)
Reasons: M3 = M1 + Time deposits of the public with banks called broad money.
(49) (b)
Reasons: Informative question.
(50) (c)
Reasons: RBI does not give advance loan to public, which is the function of commercial bank.
20 CPT General Economics

CPT JUNE 2011 (Questions)

(Based on Memory)
1. Who gave the positive aspect of science?
(a) Alfred Marshall (c) Adam Smith
(b) A. C. Pigou (d) Robbins
2. Mixed economy means :
(a) Co-existence of both private and public sector.
(b) Co-existence of poor and rich people.
(c) Both (a) and (b)
(d) None
3. Which of these is a part of micro economics?
(a) Factor pricing (c) Balance of payment
(b) National Income (d) None
4. Which of these is an example of macro economics :
(a) Problem of unemployment in India (c) Increase in disparities of income
(b) Rising price level in the country (d) All of the above
5. When price falls by 5% and demand increases by 6% then elasticity of demand is —
(a) Elastic (c) Unitary elastic
(b) Inelastic (d) Zero
6. Cross elasticity of complementary goods is —
(a) Positive (c) Infinity
(b) Negative (d) None of these
7. Demand of i-pod increases from ` 950 to ` 980 and income increases from ` 9,000 to
` 9800. What is income elasticity?
(a) 0.53 (c) 0.43
(b) 0.36 (d) None.
8. Contraction of demand results due to —
(a) Increase in price of goods (c) Decrease in output of sellers
(b) Decrease in number of producers (d) Decrease in price of good.
9. Bricks for houses in an example of which kind of demand?
(a) Composite (c) Joint
(b) Competitive (d) Desired.
10. When Total utility is maximum then MU is?
(a) Zero (c) Both
(b) Negative (d) None
11. Elasticity of supply is defined as responsiveness of quantity supplied of a good to
change in :
(a) Price of related goods (c) Demand
(b) Price of concerned goods (d) None.
12. External economies are enjoyed :
(a) By large producers only (c) Both (a) and (b)
(b) As firm expands (d) None of the above.
 CPT General Economics 21

13. Find out AFC of 3 unit :

Unit : 0 1 2 3
TC : 300 1000 2000 3000
(a) 100 (c) 300
(b) 200 (d) 400
14. In the long run all factors are —
(a) Fixed (c) All factors remain unchanged
(b) Variable (d) None.

( )
15. Given the relation MR = P 1- 1
e
If e<1, then
(a) MR <0 (c) MR = 0
(b) MR>0, (d) None of these
16. An increase in supply with demand remaining the same, brings about
(a) An increase in equilibrium quantity and decrease in equilibrium price.
(b) An increase in equilibrium price and decrease in equilibrium quantity.
(c) Decrease in both equilibrium price and quantity.
(d) None of these.
17. Oligopoly having identical products is known as —
(a) Pure Oligopoly (c) Independent Oligopoly
(b) Collusive Oligopoly (d) None of these.
18. Which of these is the best example of Oligopoly?
(a) OPEC (c) WTO
(b) SAARC (d) GATT
19. Monopolist can fix price of goods whose elasticity is ______
(a) Less than 1 (c) Elastic
(b) More than 1 (d) Inelastic
20. Kinked demand curve is observed in —
(a) Duopoly Market (c) Competitive Market
(b) Monopoly Market (d) Oligopoly Market.
21. Perfectly competitive firm faces :
(a) Perfectly elastic demand curve (c) Zero
(b) Perfectly inelastic demand curve (d) Negative.
22. Iron and steel are the examples of _______ goods.
(a) Capital (c) Durable
(b) Intermediary (d) None of these.
23. Which of the following states has the largest number of schedule casts?
(a) U.P. (c) Bihar
(b) Orissa (d) Madhya Pradesh
24. Green Revolution is also known as
(a) What Revolution (c) Maize Revolution
(b) Rice Revolution (d) All of the above.
22 CPT General Economics

25. Which of then are responsible for measuring inequalities of income and wealth?
(a) Gini Index (c) Both (a) and (b)
(b) HDI (d) None.
26. Material mortality rate is highest in which state?
(a) U.P. (c) Tamil Nadu
(b) Bihar (d) Orissa.
27. NNPFC minus ________ = NDPFC
(a) NFIA (c) Depreciation
(b) Net indirect taxes (d) None.
28. GNP at factor cost minus depreciation is equal to _________.
(a) NNP at factor cost (c) GDP at factor cost
(b) NDP at factor cost (d) NNP at market price
29. Which proves to be a heavy tax on lower section of people?
(a) Progressive (c) Proportional
(b) Regressive (d) Degressive
30. Excise duty is levied on —
(a) States (c) Services
(b) Production (d) None of these.
31. Infant Mortality Rate is lowest _________?
(a) Kerala (c) Uttar Pradesh
(b) Arunachal Pradesh (d) Madhya Pradesh.
32. Who was the chairman of the working group of Planning Commission which had
suggested the shifting of base year of wholesale price index
(a) Dr. C. Rangaranjan (c) Prof. A.R. Khusers
(b) Prof. Abhijeet Sen (d) Prof. Jankiramar.
33. In which type of unemployment workers are temporarily out of work while changing
jobs.
(a) Frictional (c) Structural
(b) Cyclical (d) Technological.
34. Pradhan Mantri Bharat Jodo Yojana is associated with :.
(a) Rivers (c) Highways
(b) Communication (d) Social Integration.
35. Tertiary sector includes.
(a) Agro based industries (c) Manufacturing companies
(b) Aviation companies (d) Agriculture.
36. Demand pull inflation is caused by —
(a) Increased money expenditure (c) Both
(b) Increased cost of factors (d) None.
37. Which of these is a side effect of deflation?
(a) Decreasing unemployment (c) Economic depression
(b) Increase in demand (d) Increase in personal expenditure.
 CPT General Economics 23

38. If foreign exchange rate changes from $ 1 = ` 46 to $ 1 = ` 36, the money is ______.
(a) Depreciated (c) Devalued
(b) Appreciated (d) None.
39. About _____ % of external assistance has been in the form of loans.
(a) 90 (c) 70
(b) 50 (d) 80.
40. SEZ Act was introduced in which year?
(a) 2000 (c) 2008
(b) 2005 (d) 2012
41. Before financial reforms, banking sector was _____
(a) Highly regulated (c) Independent
(b) Not regulated (d) None.
42. Globalization has been brought by which agency?
(a) UNO (c) WHO
(b) WTO (d) none.
43. Special Drawing Rights were issued on ________?.
(a) 1969 (c) 1989
(b) 1970 (d) 2000.
44. Globalisation & Liberalisation are —
(a) Contradictory/competitive (c) Independent
(b) Complementary (d) None.
45. Which of the following is the soft lending area of the World Bank?
(a) IFC (c) IME
(b) IDA (d) WTO
46. Which of the following is not a qualitative method of credit control?
(a) Credit Rationing
(b) Changes in cash reserve of commercial banks
(c) Publicity and Notification
(d) Regulation of consumer credit.
47. Bank Rate means ________.
(a) The rate at which Central Bank discounts the bill of Commercial Banks.
(b) Portion of total deposit that a Commercial Bank has to keep with Central Bank.
(c) Rate of saving deposits
(d) None.
48. Monetary Policy includes :
(a) Regulation of money (c) Credit Control.
(b) Provides employment (d) All of these.
49. What are the objectives of monetary policy?
(a) Regulate monetary growth
(b) Ensure adequate expansion in credit
(c) Encourage the flow of credit in desired channels
(d) All of these.
24 CPT General Economics

CPT June, 2011

Answers with Reasoning’s)
(1) d
Reasons : Robbin’s definition gives us cause & effects of facts & deals with actual or
realistic situation.
(2) a
Reasons : Private implies capitalist, public implies socialist & blending of private & public
shows mixed economy.
(3) a
Reasons : Compared with other options, ‘Factor Pricing’ deals with the level of an
individual firm or industry. That is why it shows Micro approach.
(4) d
Reasons : All options show the level of an economy as a whole.
(5) a
% change in Qtydd
Reasons : We know ep =
% change in price
⇒ ∴> ep = 6% 1 elastic
5%
(6) b
Reasons : ec x = ∆Qx/Qx = ( -ve)
∆Py/Py
∴∆Qx/Qx = ( -ve) ∆Py/Py
i.e. Price of y & demand for ‘x’ are inversely related. Goods are complementary.
(7) b
Reasons : Q1 = 950, Q2 = 980 ∆Q = 30
M1 = 9000, M2 = 9800 → ∆ M = 800
em = 30 /1930 = 0.36
800 /18800
(8) a
Reasons : Contraction of demand shows movement towards vertical
axis as shown in fig, along the same demand curve, which is due to
increase in price.

(9) d
Reasons : Derived demand implies the situation when a product is demanded consequent
on the purchase of a parent product eg. demand for brick is derived demand, being directly
related to building activity.
(10) a
Reasons : When TU is maximum, Slope of TU
i.e. ∆TU = 0. Therefore, MU is zero.
∆Q
(11) b
% change in Qty Supply of x
Reasons : esx =
% change in Price of x
 CPT General Economics 25

(12) c
Reasons : When a large producer expands his firm ‘economies of scale ‘takes place &
Average cost keeps on decreasing.
(13) a
Reasons : AFC = TFC At zero level of production TC = TFC
Q
∴ AFC = 300 = 100.
3
(14) b
Reasons : During long run period firm is able to change its existing capacity & therefore all
factors are variable & there is no fixed cost.
(15) a

( )
Reasons : MR = P 1- 1 . When e<1
e
∴ MR = Negative.
(16) a
Reasons : As is fig. it can be observed that as SS increases,
equilibrium price decreases but Quantity increases.

(17) a
Reasons : Pure Oligopoly or perfect Oligopoly occurs when the product dealt is
homogeneous or identical eg, Aluminum industry.
(18) a
Reasons : OPEC is the best example of cartel ‘or ‘collusive oligopoly.
(19) d
Reasons : For inelastic demand, monopolist is able to charge higher price, since degree
of responsiveness of quality demanded is less than price for ep<1.
(20) d
Reasons : Kinked demand curve is obtained in Oligopoly mkt, as shown in fig., given by
Prof. Paul. A sweezy
(21) a
Reasons : In perfectly competitive market due to product homogeneity
the demand curve is parallel to the horizontal axis.
(22) a
Reasons : Capital implies produced means of production.
(23) a
Reasons : Informative based.
(24) a
Reasons : Informative based.
(25) a
Reasons : Gini Index shows perfect measurement of inequality of income by Lorenz
curve.
(26) a
Reasons : Informative based.
26 CPT General Economics

(27) a
Reasons : Difference between nation & domestic in NFIA i.e. NNPFc – NFIA = NdPFc
(28) a
Reasons : Difference between gross & net exhibits depreciation.
GNPFc – Depreciation = NNPFc.
(29) b
Reasons : Regressive implies as income changes tax charges in a lasser extent.
(30) b
Reasons : Excise duties are levied on production & not related to sale.
(31) a
Reasons : Informative based.
(32) a : Informative based
(33) a
Reasons : Frictional shows mismatch between supply of labour & demand for labour.
(34) c
Reasons : To expand highways & road connectivity this scheme is started.
(35) b
Reasons : It shows service sector.
(36) a
Reasons : Increase in money expenditure leads to increase in gap between demand &
supply. This excess demand further leads to Demand pull inflation.
(37) c
Reasons : Economic depression leads to decrease in employment which in turn, shows
deflation.
(38) b
Reasons : In this case, less rupee is engaged per unit of dollar i.e.’ Appreciation of
money.
(39) a
Reasons : Informative based.
(40) a
Reasons : Informative based.
(41) a
Reasons : Informative based.
(42) b
Reasons : Informative based.
(43) a
Reasons : Informative based.
 CPT General Economics 27

(44) b
Reasons : For Globalisation to be implemented in a proper way an economy should go in
for Liberalisation first.
(45) b
Reasons : Informative based.
(46) b
Reasons : It is a part of Quantitative method under ‘ VRR’
(47) a
Reasons : Definition of Bank rate.
(48) c
Reasons : Credit control is one of the important weapons of monetary policy.
(49) d
Reasons : With all these objectives, Monetary policy is able to contract/expand money
supply in economy.
 Introduction to Micro Economics 28

CPT DECEMBER 2011 (Questions

(Based on Memory)

1. Under same price demand increases, it is known as:

(a) Change in quantity demanded (b) Change in demand
(c) Decrease in demand (d) None
2. Supply of a commodity is ________ concept
(a) Stock concept (b) Flow concept
(c) Both a & b (d) Wholesale concept
3. When quantity consumption is zero –
(a) TU is maximum (b) TU is minimum
(c) MU is maximum (d) None
4. Find the correct match –
(a) Science of wealth – L. Robbins
(b) Science of material well being – Marshall
(c) Science of choice making – Paul. Samuelson
(d) Science of Growth and Development – Adam Smith
5. Consider demand function Qd = 100 – 3P & Qs = 2P – 2O, the equilibrium output is:
(a) 22 Units (b) 24 Units
(c) 28 Units (d) 30 Units
6. When cross elasticity is positive, goods are –
(a) Substitutes (b) Complementary
(c) Both a & b (d) None
7. Normal goods have –
(a) Zero income elasticity (b) Negative income elasticity
(c) Positive income elasticity (d) Infinite income elasticity
8. In a capitalist economy the allocation of resources is performed by —
(a) Producers (b) Government
(c) Planners (d) Price Mechanism
9. Find the MC at 67 unit ?
Units cost output 0 10 25 37 67
Total cost 100 200 300 500 1400
(a) 10 (b) 40
(c) 30 (d) 50
10. Find AFC of 4 units of output is —
Output 0 4 8
Total cost 20 24 48
(a) 2 (b) 3
(c) 4 (d) 5
11. When Average product is 20 and amount of labour is 5 units, quantity produced is –
(a) 4 units (b) 6 units
29 CPT General Economics

(c) 120 units (d) None

12. What is the value of MR when ep = unit
(a) Infinite (b) Zero
(c) Positive (d) Negative
13. In which of the following situations firm encounters shutdown point.
(a) MC is equal to price at the profit maximizing level of output.
(b) AFC is equal to price at the profit maximizing level of output
(c) AVC is equal to price at the profit maximizing level of output
(d) ATC is equal to price at the profit maximizing level of output.
14. Which one of the following is envelope curve —
(a) Average variable cost curve (b) Average total cost curve
(c) Long run average cost curve (d) Short run average cost curve
15. In perfect competition, since the firm is a price taker, which curve among the followings
will be a straight line —
(a) MC (b) AC
(c) TC (d) MR
16. Monopolist’s excess capacity _________ in the firm
(a) Always exists (b) Some times exists
(c) Never exists (d) None of the above.
17. Price discrimination is allowed (or) occurs in —
(a) Monopoly (b) Monopolistic competition
(c) Perfect competition (d) Oligopoly
18. Under which market condition firms make only normal profits in the long run —
(a) Oligopoly (b) Monopoly
(c) Monopolistic Competition (d) Duopoly
19. In oligopoly the kink on the demand curve is due to –
(a) Discontinuity in MR
(b) Discontinuity in AR
(c) Fulfillment of the assumption that a price cut is followed by others and a price increase
by a firm not followed by others
(d) Price war among the firms
20. Which system of note issue prevails in India at present —
(a) Minimum Reserve System (b) Proportional Reserve System
(c) Fiduciary Reserve System (d) None of these
21. Globalisation has made Indian market as —
(a) Buyers Market (b) Sellers Market
(c) Monopoly Market (d) Monopsony Market
22. As MODVAT has defects, so it was —
(a) Replaced by VAT (b) Replaced by CENVAT
(c) Replaced by Corporate tax (d) None of these
23. SEBI is —
(a) Statutory body (b) Advisory body
(c) Constitutional body (d) None of these
 Introduction to Micro Economics 30
24. Bank rate is called —
(a) Discount rate (b) Repo rate
(c) Reverse repo rate (d) Lending rate
25. According to 2001 census the highest urban population is in __________
(a) UP (b) Maharastra
(c) Tamil Nadu (d) Kerala
26. Franchising is one of the method of _________
(a) Liberalisation (b) Globalisation
(c) Privatisation (d) None of these
27. Customs duties are levied on —
(a) Only exports (b) Only imports
(c) Both exports & imports (d) None of these
28. Upward rising in “Administered Price” levels leads to —
(a) Demand-pull inflation (b) Cost-push inflation
(c) Both (a) & (b) (d) None of these
29. VAT is levied by —
(a) Central Government (b) State Government
(c) Both (a) & (b) (d) All the above
30. Most of the unemployment in India is —
(a) Voluntary (b) Structural
(c) Frictional (d) Technical
31. On an average one post office in India serves —
(a) 100 person (b) 500 person
(c) 6,174 persons (d) 7,176 persons
32. Density of population is lowest in _________ state
(a) Arunachal Pradesh (b) Meghalaya
(c) Madhya Pradesh (d) Goa
33. Which of the following function the modern banks do not perform —
(a) Issue of letter of credit (b) Publishing of statistics
(c) Handling of foreign exchange (d) Conducting economic survey.
34. Government of India has replaced FERA by —
(a) The Competition Act (b) FRBMA
(c) MRTP Act (d) FEMA
35. Long run investment loans to various countries are given by —
(a) World Bank (b) World trade organisation
(c) International Monetary fund (d) None of the above
36. Stagflation means —
(a) Inflation with recession (b) Deflation with recession
(c) Inflation galloping like a stag (d) None of the above
37. Inequalities of income do not perpetuate in —
(a) Socialism (b) Mixed Economics
(c) Capitalism (d) None
31 CPT General Economics

38. Indian agriculture is characterized by —

(a) Gamble of Monsoon (b) Disguised unemployment
(c) Sub-division and fragmentation of land (d) All of the above
holdings
39. Economic infrastructure comprises of —
(a) Banking & financial institutions (b) Sanitation
(c) Drinking water facilities (d) None of the above
40. ______ ports handles maximum traffic among major ports of India
(a) Kandla (b) Kochin
(c) Mumbai (d) Visakhapatnam
41. CRR is determined in India by —
(a) Minister of finance (b) SBI
(c) RBI (d) Parliament
42. If there exists more exports than the imports then it is called —
(a) Balance a Payment deficit (b) Balance of Payment surplus
(c) Balance of Trade deficit (d) Balance of Trade surplus
43. Personal income tax is shared by Central & State government according to the
recommendations of —
(a) Finance Commission (b) Planning Commission
(c) Market Commission (d) None of the above
44. Which of the following statement is correct
(a) World bank provides debt funding to retail borrowers
(b) World bank provides loan to eligible foreign institutional investors
(c) World bank provides loan to all those who need money
(d) World bank provides loans to all member countries
45. In India agriculture, trade and small scale industries get credit facilities through the
respective institutions.
(a) NABARD, EXIM, SIDBI (b) EXIM, NABARD, IDBI
(c) IDBI, NABARD, EXIM (d) None of the above
46. In India _______ is not a cause of low death rate :
(a) Spread of Education (b) Control of Famines
(c) Abolition of Joint Family System (d) Expanded Medical Facilities
47. Fiscal Policy means —
(a) Planning policy (b) Credit policy
(c) Taxation policy (d) Pubic expenditure, public debt
& public revenue policies
48. Money is most liquid of all assets because —
(a) It includes shares and equities (b) Money itself is a medium of exchange
(c) It does not have general acceptability (d) It has few functions
49. Who is called Bank of issue ?
(a) SB (b) RBI
(c) IDBI (d) ICICI
 Introduction to Micro Economics 32

Answer of CPT December 2011

Questions
1(b)
Reasons: When price remains same but demand increases, we get increase in demand i.e.
Under change in demand not change in quantity demanded.

2(b)
Reasons: Flow concept implies change with change in time period. Supply keeps on changing in
a dynamic nature & it flow concept
3(c)
Reasons: When quantity consumption is zero, consumer has extreme intension to get this. So
MU is maximum
4 (b)
Reasons: Marshall’s definition is a study of mankind, in the ordinary business of life and it is
alternatively known as ‘Material Welfare’ definition.
5 (c)
Reasons: Qd = 100 – 3P. Qs = 2P – 20
Qd = Qs → 100 – 3P = 2P – 20
∴ 5P = 120,P = 24
Q = 100 – 3.24 = 28 Units
6 (a)
∆Qdx/Qdx
Reasons : Ec = ∆Py/Py = Positive
∴ DQdx/Qdx = (Positive) DPy/Py
Therefore, goods are substitutes.
7(c)
∆Qdx/Qdx
Reasons: em = = Positive
∆m/m
∴ ∆Qdx/Qdx = (Positive) ∆m/m
∴ Goods are normal. Value of em, is one to less than ∝
8(d)
Reasons: One of the important features of capitalist economy is ‘Invisible hand of Smith’ or ‘price
mechanism’.
33 CPT General Economics

9(c)
1400 – 500 = 30
Reasons: MC at 67 Unit =
67 – 37
10(b)
20
Reasons: AFC for 4 units = =5
4
11(d)
Reasons: Total quantity produced with 5 unit of labour = Ap × L = 20 × 5 = 100
12(b)

Reasons: We know MR = P 1 – e( 1
)
When e = 1 → MR = 0
13(c)
Reasons: In figure, it is obvious that P<Min Avc implies firm is not able to arrange minimum
running cost & so it will shut down, as shown in following figure.

14(c)
Reasons: In following figure it can be observed that all SACS result in LAC.

15(d)
Reasons: When firm is a price taker, TR increases at constant rate & MR=AR=P, as shown in
below figure, due to product homogeneity.
 Introduction to Micro Economics 34

16(b)
Reasons: Monopoly, in long run has to enjoy super normal profit & it may equilibriate at under-
utilised, full-utilised or over-utilised portion of LAC curve.
17(a)
Reasons: When monopolist faces different elasticities in different markets, he starts charging
higher price in EP<1 mkt & lower price at EP >1 mkt.
18(c)
Reasons: Monopolistic competition makes long-run equilibrium as shown in adjacent figure, with
excess capacity enjoying normal profit.

19(c)
Reasons: Prof. Paul. A Sweezy has given this concept & due to producers’ interdependence we
get discontinuity in AR, as shown in following figure.

20(a)
Reasons: Informative based.
35 CPT General Economics
21(a)
Reasons: Due to Globalisation, India becomes an integral part of world & MNCS are attracted to
invest here & it becomes ‘Buyers market’.
22(b)
Reasons: CENVAT is started in 2000-01.
23 (a)
Reasons: Informative based.
24(a)
Reasons: Definition of Bank rate.
25(b)
Reasons: Informative based.
26(c)
Reasons: It shows definition of privatization.
27(c)
Reasons: Custom duties refer to duties on export & import.
28(b)
Reasons: Rise in administered price leads to increase in cost of production, which in turn leads to
cost push inflation.
29(b)
Reasons: Since liberalization, VAT was introduced in state level, which is a multistage sales tax
with credit for taxes paid on business purchases.
30(b)
Reasons: Structural unemployment is widely seen in India after agriculture.
31(d)
Reasons: Informative based.
32(a)
Reasons: Informative based.
33(d)
Reasons: It is not the function of commercial bank.
34(d)
Reasons: FERA remained nightmare for 27 years for the Indian corporate world. It, instead of
facilitating external trade, discouraged it. As a result FEMA (Foreign Exchange Management Act)
was made in 2000.
35(a)
Reasons: World Bank was formed as a part of the deliberations at Bretton Woods in 1945. It provides
its member countries of 187 numbers long term investment loan on reasonable terms.
36(a)
Reasons: The combined phenomenon of demand – pull & cost-push inflation is found in many
countries, known as stagflation where inflation is associated with recession.
37(a)
Reasons: Inequalities of income are the resultant factor of mixed economy or capitalism but not
through socialism.
 Introduction to Micro Economics 36

38(d)
Reasons: These are features & causes at low productivity in agriculture.
39(a)
Reasons: One of the important features of economic infrastructure is ‘Banking & financial institutions’.
40(a)
Reasons: Informative based.
41(c)
Reasons: CRR is one of the important weapons of quantitative measures of RBI.
42(d)
Reasons: In accounting purpose BOP always balances. But in current a/c, BOT may be with surplus
or deficit. When x>m, BOT is in surplus.
43(a)
Reasons: Informative based.
44(d)
Reasons: Informative based.
45(a)
Reasons: NABARD – National Bank for Agricultural & Rural Development acts as acts as apex
bank of RBI to serve agricultural credit.
EXIM (Export Import Bank) – It handles services in trade & commerce.
SIDBI (Small Industries Development Bank of India) – It provides credit to small industries.
46(c)
Reasons: Option is not related with question.
47(d)
Reasons: These are the main weapons of Fiscal policy.
48(b)
Reasons: Definition of money.
49(b)
Reasons: RBI is the monetary authority of Indian Banking System & it is also called Bank of issue
as it issues rupees.

XXXXXXXXX

  



  


 






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