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. “Economics is a Science”. The basis of this statement is________.

a) Relation between cause and effect.

b) Use of deductive method and inductive method for the 

formations of laws.

c) Experiments.

d) All of the above.

2. Total revenue is equal to total output sold multiplied by ________.

a) Price

b) Total cost

c) Marginal revenue 

d) Marginal cost

3. Select the odd one out.

a) Luxuries 

b) Comforts 

c) Necessaries 

d) Agricultural Goods

4. Given the potential price is Rs. 250 and the actual price 

is Rs. 200. Find the consumer surplus.

a) 375 

b) 175 

c) 200

d) 50

5. The primary factors of production are ________.

a) Labour and Organisation 

b) Labour and Capital

c) Land and Capital 

d) Land and Labour

6. The relationship between the price of a commodity and 

the supply of commodity is ________.

a) Negative 

b) Positive 

c) Zero 

d) Increase

7. Money cost is known as ________ cost.

a) explicit 

b) social 

c) implicit 

d) real

8. Wages is an example for ________ cost of the production

a) fixed 

b) variable 

c) marginal 

d) opportunity

9. There is no excess capacity under ________.

a) Monopoly 

b) Monopolistic Competition 

c) Oligopoly 

d) Perfect Competition

10. In which market form does absence of competitive 


a) Perfect Competition 

b) Monopoly 

c) Duopoly

d) Oligopoly

11. Rent is the reward for the use of ________.

a) capital 

b) labour 

c) land 

d) organization

12. Innovation Theory of profit was given by ________.

a) Hawley

b) Schumpeter 

c) Keynes

d) Knight

13. Assertion (A) : Information Technology (IT) industry is a “high knowledge” based industry that has developed rapidly, mainly on its own merits in India.

Reason(R) : Industry that is based on high knowledge does not need any significant support from the Government nor there is much scope for outside interference.

a) (A) is correct but (R) is wrong

b) Both (A) and (R) are correct

c) (A) is wrong but (R) is correct

d) Both (A) and (R) are wrong

14. Density of population = ________.

a) Land area / Total population 

b) Land area / Employment

c) Total production / Land area of the region

d) Total Population / Employment

15. Amartya Kumara Sen received the Nobel Prize in Economics in the year ________.

a) 1998 

b) 2000 

c) 2008

d) 2010

16. The main theme of the Twelfth Five Year Plan ________.

a) faster and more inclusive growth

b) growth with social justice

c) socialistic, pattern of society

d) faster more inclusive and sustainable growth

17. First World War started in the year ________.

a) 1914

b) 1814

c) 1941

d) 1841

18. Which of the aforesaid statements are correct?

I. Life expectancy at birth 

II. Real GDP / Per capita

III. Infant mortality

IV. Morbidity

a) I and II are correct 

b) II and III are correct

c) III and IV are correct 

d) All the above

19. Expansion of FDI ________.

a) Foreign Private Investment 

b) Foreign Portfolio

c) Foreign Direct Investment 

d) Forex Private Investment

20. If x + y = 5 and x – y = 3 then, value of x

a) 4 

b) 3 

c) 16 

d) 8


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


21. What are goods?

22. Define Utility.

23. State the Production Function.

24. What is money cost?

25. Draw a curve of a firm for the following:

a) Perfect competition

b) Monopoly

26. Distinguish between real and money wages.

27. List the weaknesses on Green Revolution.

28. What do you mean by Micro Finance?

29. Mention the importance of Chennai in Indian Economy.

30. If 62 = 34 + 4x. What is x?


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


31. Elucidate different features of services.

32. Describe the features of human wants.

33. What are the characteristic of land?

34. State the relationship between Ac and Mc.

35. Differentiate between ‘firm’ and ‘industry’.

36. Explain the kinds of Interest.

37. State Ambedkar’s Economic ideas on agricultural economics.

38. Give a note on Twelfth Five Year Plan.

39. Explain GSDP in Tamil Nadu.

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


Note: Answer all the questions.


41. a) Compare and contrast various definition of Economics.


b) Explain the law of demand and its exceptions.

42. a) List out the properties of ISO-quants with help of diagram.


b) Discuss the short run cost curves with suitable diagram.

43. a) Illustrate price and output determination under monopoly.


b) Elucidate the Loanable funds theory of Interest.

44. a) Write a brief note on the Gandhian economic idea.


b) Explain the role of SSIs in economic development.

45. a) Describe the salient features of Exim Policy (2015-2020).


b) Discuss the problems of Rural Economy.

46. a) Explain the features of Tamil Nadu tourism sector.


b) What are the ideas of information and communication 

technology used in economics?

47. a) What is point elasticity when price is 12 for the demand foundation p = 60 – 39.


b) Mention the features of word processor

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