Time Allowed: 3.00 hrs.

Max. Marks: 90


1) Check the question paper for fairness of printing. If there is any lack of fairness, inform the Hall Supervisor immediately.

2) Use blue or black ink must be used to write and underline. Pencil can be used to draw the diagrams.


Note: (i) All questions are compulsory.


 (ii) Choose the most appropriate answer from the given four alternatives and write the option code with the corresponding answer.

1. Who defined “Economics as the science of wealth“?

a) Karl Marx

b) Paul A. Samuelson

c) Max Muller

d) Adam Smith 

2. Utility means ________.

a) Total value of commodity.

b) Desire for goods and services.

c) Equilibrium point at which demand and supply are equal.

d) Want satisfying capacity of goods and services.

3. Given the consumer’s surplus is ` 75 and the actual price is ` 372, find the potential price ________.

a) 447

b) 50

c) 375

d) 474

4. Which factor is called the changing agent of the society?

a) Organizer

b) Capital

c) Labour

d) Land

5. Which of the following is not a characteristic of Land?

a) Heterogeneous

b) Gift of Nature

c) Its Limited Supply

d) It is Mobile

6. α+β = 1 is refers ________.

a) Increasing returns to scale 

b) Constant returns to scale

c) Diminishing returns to scale 

d) None

7. Formula for estimating average variable cost ________.

a) TFC/Q

b) TAC/Q

c) TC/Q

d) TVC/Q

8. Match the following: 

1) Explicit Cost - i) Book Cost

2) Implicit Cost - ii) External Cost

3) Social Cost - iii) Transfer Cost

4) Opportunity Cost - iv) Money Cost

a) 1-iv, 2-i, 3-iii, 4-ii

b) 1-iv, 2-i, 3-ii, 4-iii

c) 1-ii, 2-iii, 3-iv, 4-i

d) 1-iii 2-iv, 3-i, 4-ii

9. The concept of imperfect competition was propounded by ________.

a) J.M.Keynes

b) Irving Fisher

c) Marshall

d) Joan Robinson

10. Identify the wrong statement about the features of Duopol.

a) There is product differentiation.

b) They fix the price for their product to maximize their profit.

c) Each seller is fully aware of his rival’s motive and actions.

d) Both sellers may collude regarding the sale of commodiNehru

11. “Wages is a sum of money paid under contract by an employer to a worker for the services rendered”. Who said this statement?

a) Walker

b) Marshall

c) Ricardo

d) Benham

12. The first Wi-fi facility was provided by Indian Railways in ________.

a) Bengaluru

b) Chennai

c) Delhi

d) Mumbai

13. Density of population = ________.

a) Total Population/Land Area of the Region

b) Total Population/Employment

c) Land Area/Total Population

d) Land Area/Employment

14. The oldest large scale industry in India is________.

a) Steel 

b) Cement

c) Cotton

d) Jute

15. Twelfth Five Year Plan period ________.

a) 2007-2012

b) 1997-2002

c) 2012-2017

d) 2002-2007

16. India is the largest producer of ________ in the world. 

a) Petrol

b) Diesel

c) Fruits

d) Gold

17. ‘India live in Villages’, said by ________.

a) V.K.R.V.Rao

b) J.C.Kumarappa

c) Mahatma Gandhi

d) Jawaharlal Nehru

18. ________ are set up with a view to develop rural economy by providing credit and other facilities to small and marginal farmers. 

a) MUDRA Bank

b) RRB

c) SHG


19. Which of the following is wrongly matched?

a) SAIL- Salem

b) The Pump city- Coimbatore

c) BHEL- Trichy

d) Knitting city- Karur

20. The first person to apply mathematical method to economic problem was ________.

a) G. Crammer

b) Paul Samuelson

c) Sir William Petty

d) Giovanni Ceva


Note: Answer any seven questions. Q. No. 30 is compulsory.


21. Define Consumer’s Surplus according to Alfred Marshall.

22. What is meant by Sunk Cost?

23. What are the kinds of profit? Explain them.

24. What is NITI Aayog? What are its functions?

25. State any four features of developed economy.

26. Define disinvestment.

27. Define Cottage Industry. State any two characteristics of cottage 


28. What is crop insurance?

29. Find the value of the determination for the matric A =

30. Write short notes on mineral resources of Tamil Nadu.


Note: Answer any seven questions. Q. No. 40 is compulsory.


31. What are the differences between micro-economics and macro￾economics?

32. Describe the features of human wants.

33. Find out the missing Marginal Product and Average Product for the given table

34. Define opportunity cost with an example.

35. What is Monopsony?

36. What are the types of Natural resources?

37. List out the objectives of MUDRA BANK.

38. Describe the development of Textile industry in Tamil Nadu. 

39. Solve for x quantity demanded if 16x – 4 = 68 + 7x.

40. Differentiate between Rent and Quasi-Rent.


Note: Answer all the questions.


41. a) Explain basic problems of the economy with the help of Production Possibility Curve.


b) Explain the public transport system in Tamil Nadu.

42. a) Explain the law of demand with a diagram.


b) Illustrate the Ricardian theory of Rent.

43. a) Describe the properties of Iso-quants with help of diagrams.


b) Explain about the Industry clusters in Tamil Nadu.

44. a) Bring out the relationship between AR and MR Curves under various price conditions.


b) If the demand function is P = 35 – 2x – x2 and the demand 

x0 is 3, what will be the consumer’s surplus?

45. a) Explain the features of Oligopoly.


b) Write a brief note on the Gandhian economic ideas.

46. a) Explain the objectives of nationalizatin of commercial banks.


b) How are the Information and Communication Technologies (ICT) used in economics?

47. a) Explain the objectives and characteristics of Special Economic Zones (SEZ).


b) Analyse the causes for Rural Indebtedness.

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