… · 2019-03-11 · PADASALAI NET’S –MARCH – 2019 PUBLIC EXAM – KEY ANSWER +1 ECONOMICS...
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PADASALAI NET’S –MARCH – 2019 PUBLIC EXAM – KEY ANSWER +1 ECONOMICS [EM] SECTION - I CHOOSE THE CORRECT ANSWER 20 X 1 = 20 1 D Adam Smith 11 D Benham 2 D Want satisfying capacity of goods and services 12 A Bengaluru 3 A 447 13 A Total Population/Land Area of the Region 4 A Organizer 14 C Cotton 5 D It is Mobile 15 C 2012 - 2017 6 B Constant returns to scale 16 C Fruits 7 D TVC / Q 17 C Mahatma Gandhi 8 B (1)-(iv) (2)-(i) (3)-(ii) (4)-(iii) 18 B RRB 9 D Joan Robinson 19 D Knitting city - Karur 10 A There is product differentiation 20 D Giovanni Ceva SECTION – II ANSWER ANY 7 QUESTIONS, IN WHICH QUESTION NO.30 IS COMPULSORY 7 X 2 = 14 21. Consumer Surplus - Alfred Marshall’s definition: According to Alfred Marshall “The excess of a price which a person would be willing to pay a thing rather than go without the things, over that which be actually does pay is the economic measure of this surplus of satisfaction. This may be called as consumers’s surplus”. 22. Sunk Cost: A cost incurred in the past and cannot be recovered in future is called as Sunk Cost. This is historical but irrelevant for future business decisions. It is called as sunk because, they are unalterable, unrecoverable, and if once invested it should be treated as drowned or disappeared. 23. Kinds of Profit : Gross Profit Net Profit Normal Profit Super Normal Profit Explanation: Gross Profit ✤ Gross profit is the surplus which accrues to a firm its total expenditure it subtracts from it total revenue. Net Profit ✤ Net/Pure/Economic/True profit is the residual left with entrepreneur after deducting all expenses. ✤ Net Profit = Gross Profit – Implicit Cost. Normal Profit ✤ It refers to the minimum expected return to stay in business. Super Normal Profit ✤ Super Normal Profit are over and above the normal profit. 24. NITI Aayog Meaning: The Planning Commission has been replaced by the NITI Aayog on 1st January, 2015. NITI (NationalInstitution for Transforming India) It includes the matters of national and international importance on the economic front, dissemination of best practices from within the country and from other nations, the infusion of new policy ideas and specific issue-based support. Funtions of NITI Aayog: Aayog will monitor, coordinate and ensure implementation of the accepted sustainable development goals. NITI Aayog serves as a knowledge hub and monitors progress in the implementation of policies and programmes of the Government of India. In order to understand the achievements of the NITI Aayog, researches need to be done then and there. A.Vennila, M.Com., MBA., M.Phil., B.Ed., Principal Mydeen Matric. Hr. Sec. School, Melacauvery, Kumbakonam – 612 002. Mobile No. 8220179521, 8608481579 “Padasalai Guru – 2019 – Awardee” www.Padasalai.N www.Padasalai.N www.Padasalai.N www.Padasalai.N www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. t www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai. www.Padasalai.N www.Padasalai.N www.Padasalai.N www.Padasalai.N www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.Net www.Padasalai.N www.Padasalai.Net www.TrbTnpsc.com https://goo.gl/44xiXX
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PADASALAI NET’S –MARCH – 2019 PUBLIC EXAM – KEY ANSWER
+1 ECONOMICS [EM]
SECTION - I
CHOOSE THE CORRECT ANSWER 20 X 1 = 20 1 D Adam Smith 11 D Benham
2 D Want satisfying capacity of goods and services 12 A Bengaluru
3 A 447 13 A Total Population/Land Area of the Region
4 A Organizer 14 C Cotton
5 D It is Mobile 15 C 2012 - 2017
6 B Constant returns to scale 16 C Fruits
7 D TVC / Q 17 C Mahatma Gandhi
8 B (1)-(iv) (2)-(i) (3)-(ii) (4)-(iii) 18 B RRB
9 D Joan Robinson 19 D Knitting city - Karur
10 A There is product differentiation 20 D Giovanni Ceva
SECTION – II
ANSWER ANY 7 QUESTIONS, IN WHICH QUESTION NO.30 IS COMPULSORY 7 X 2 = 14
21. Consumer Surplus - Alfred Marshall’s definition:
According to Alfred Marshall “The excess of a price which a person would be willing to pay a thing
rather than go without the things, over that which be actually does pay is the economic measure of this
surplus of satisfaction. This may be called as consumers’s surplus”.
22. Sunk Cost:
A cost incurred in the past and cannot be recovered in future is called as Sunk Cost.
This is historical but irrelevant for future business decisions.
It is called as sunk because, they are unalterable, unrecoverable, and if once invested it should be treated as drowned or
disappeared.
23. Kinds of Profit :
Gross Profit
Net Profit
Normal Profit
Super Normal Profit
Explanation:
Gross Profit
✤ Gross profit is the surplus which accrues to a firm its total expenditure it subtracts from it total revenue.
Net Profit
✤ Net/Pure/Economic/True profit is the residual left with entrepreneur after deducting all expenses.
✤ Net Profit = Gross Profit – Implicit Cost.
Normal Profit
✤ It refers to the minimum expected return to stay in business.
Super Normal Profit
✤ Super Normal Profit are over and above the normal profit.
24. NITI Aayog Meaning:
The Planning Commission has been replaced by the NITI Aayog on 1st January, 2015.
NITI (NationalInstitution for Transforming India)
It includes the matters of national and international importance on the economic front, dissemination of best practices
from within the country and from other nations, the infusion of new policy ideas and specific issue-based support.
Funtions of NITI Aayog:
Aayog will monitor, coordinate and ensure implementation of the accepted sustainable development goals.
NITI Aayog serves as a knowledge hub and monitors progress in the implementation of policies and programmes of the
Government of India.
In order to understand the achievements of the NITI Aayog, researches need to be done then and there.
A.Vennila, M.Com., MBA., M.Phil., B.Ed., Principal Mydeen Matric. Hr. Sec. School,
Melacauvery, Kumbakonam – 612 002.
Mobile No. 8220179521, 8608481579
“Padasalai Guru – 2019 – Awardee”
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25. Features of Development Economy:
1. High National Income
2. High percapita Income
3. High Standard of Living
4. Full Employment of Resources
26. Disinvestment Meaning:
Disinvestment means selling of government securities of Public Sector Undertakings (PSUs) to other PSUs or private
sectors or banks.
27. Cottage Industry:
Cottage Industries are generally associated with agriculture and provide both part time and full time jobs in rural areas.
Charateristics of Cottage Industry:
1. These industries are generally hereditary and traditional in character.
2. No or little power is used.
28. Crop Insurance:
Agriculture in India is highly prone to risks like droughts and floods.
It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season.
For this purpose, the Government of India introduced many agricultural schemes throughout the country.
The Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) was launched on 18 February 2016.
29. Value of he determinant for the Matrix A = 3 4
10 -2
Solution:
Given matrix A = 3 4 then, the
10 -2
Determinant
A = 3 4 = 3(-2) – 10(4)
10 -2
• • 6 • 40 • • 46 is the value of the determinant.
30. Mineral Resources of Tamil Nadu – Short notes:
Tamil Nadu has a few mineral resources based on Titanium, Lignite, Magnesite, Graphite, limestone, Granite and Baxite.
The Neyveli Lignite Corporation that has led development of large industrial complex around Neyveli in Cuddalore
district with Thermal power plants, Fertilizer and Carbonisation plants.
Megnesite mining is done at salem firm which mining of Bauxite ores are carried out at Yercaud and this region is also
rich in Iron ore at Kanjamalai.
Molybdenum is found in Dharmapuri, and is the only source in the country.
SECTION – III
ANSWER ANY 7 QUESTIONS, IN WHICH QUESTION NO.40 IS COMPULSORY 7 X 3 = 21
31. Difference between micro-economics and macro-economics:
Micro Economics
Macro Economics
1. It takes into account small components of the whole
economy.
1. It takes into consideration the economy of the country as a
whole.
2. It deals with the process of price determination in case of
individual products and factors of production
2. It deals with general price-level in any economy.
3. It is known as price theory 3. It is also known as the income theory.
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32. Features of Human Wants:
1. Wants are unlimited:
Human wants are countless in number and various in kinds.
When one want is satisfied another want crops up.
Human wants multiply with the growth of civilization and development.
2. Wants become habits:
Wants become habits; for example, when a man starts reading news paper in the morning, it becomes a habit.
Same is the case with drinking tea or chewing pans.
3. Wants are Alternative:
There are alternative ways to satisfy a particular want eg. Idly, dosa or chappathi.
33. Marginal Product and Average Product Table :
Units of
variable
factor
Total
Product
(TPL)
Marginal
Product
(MPL)
Average
Stages
1 2 2 2
2 6 4 3 I
3 12 6 4
4 16 4 4 II 5 18 2 3.6
6 18 0 3 III 7 16 –2 2.28
34. Opportunity Cost:
It refers to the cost of next best alternative use.
In other words, it is the value of the next best alternative foregone.
Opportunity Cost is also called as ‘Alternative Cost’ or ‘Transfer Cost’.
For example, a farmer can cultivate both paddy and sugarcane in a farm land.
If he cultivates paddy, the opportunity cost of paddy output is the amount of sugarcane output given up.
35. Monopsony:
Monopsony is a market structure in which there is only one buyer of a good or service.
If there is only one customer for a certain good, that customer has monopsony power in the market for that good.
Monopsony is analogous to monopoly, but monopsony has market power on the demand side rather than on the supply side.
36. Types of Natural Resources:
1. Water Resources
2. Mineral Resources
1.Water Resources:
Tamil Nadu is not endowed with rich natural resources compared to other States.
It accounts for three per cent of water sources, four per cent of land area against six per cent of population.
North East monsoon is the major source of rainfall followed by South West monsoon.
There are 17 river basins in Tamil Nadu.
The main rivers are Palar, Cheyyar, Ponnaiyar, Cauvery, Bhavani, Vaigai, Chittar, Tamiraparani, Vellar, Noyyal
Siruvani, Gundar, Vaipar, Valparai etc.
Wells are the largest source of irrigation in Tamil Nadu (56%).
2. Mineral Resources:
Tamil Nadu has a few mining projects based on Titanium, Lignite, Magnesite, Graphite, Limestone, Granite and
Bauxite.
The first one is the Neyveli Lignite Corporation that has led development of large industrial complex around
Neyveli in Cuddalore district with Thermal power plants, Fertilizer and Carbonisation plants. Magnesite mining is at
Salem from which mining of Bauxite ores are carried out at Yercaud and this region is also rich in Iron Ore at
Kanjamalai.
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Molybdenum is found in Dharmapuri, and is the only source in the country.
37. Objectives of MUDRA BANK:
Regulate the lender and the borrower of microfinance and bring stability to the microfinance system .
Register all MFIs and introduce a system of performance rating and accreditation for the first time.
Offer a Credit Guarantee scheme for providing guarantees to loans being offered to micro businesses.
Introduce appropriate technologies to assist in the process of efficient lending, borrowing and monitoring of distributed
capital.
38. Development of textile industry in Tamil Nadu:
(i) Tamil Nadu is the largest textile hub of India.
(ii) Tamil Nadu is known as the “Yarn Bowl” of the country accounting for 41% of India’s cotton yarn production.
(iii) The textile industry plays a significant role in the Indian economy by providing direct employment to an estimated 35 million
people, and thereby contributing 4% of GDP and 35% of gross export earnings.
(iv) The textile sector contributes to 14% of the manufacturing sector.
(v) From spinning to garment manufacturing, entire textile production chain facilities are in Tamil Nadu.
39. Calculation of x quantity demanded if 16x – 4 = 68 + 7x:
16x – 4 = 68 + 7x
16x – 7x = 68 + 4
9x = 72
x = 72 / 9
` x = 8
40. Difference between Rent and Quasi-Rent:
Sl.No Rent Quasi-Rent
1 Rent accrues to land Quasi-Rent accrues to manmade appliances.
2 The supply of land is fixed forever. The supply of manmade appliances is fixed for a short period only.
3 It enters into price It does not enter into price
SECTION – IV
ANSWER ALL THE QUESTIONS 7 X 5 = 35
41.a) Basic problems of the economy with the help of production possibility curve:
The problem of choice between relatively scarce commodities due to limited productive resources with the society can be
illustrated with the help of a geometric device, is known as production possibility curve.
Assumptions :
(i) The time period does not change. It remains the same throughout the curve.
(ii) Techniques of production are fixed.
(iii) There is full employment in the economy.
(iv) Resources of production are fully mobile.
(v) The law of diminishing returns operates in production.
(vi) To draw this curve we take the help of production possibilities schedule, as shown below.
Production possibilities schedule
Production Possibilities Quantity of food production in tons No. of Car Production
I 0 25
II 100 23
III 200 20
IV 300 15
V 400 8
VI 500 0
This schedule suggests that if all resources are thrown in to the production of food, a maximum of 500 tons of food can be
produced, given the existing technology.
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Explanation:
We can obtain a production possibility curve by drawing production possibilities schedule graphically.
The quantity of food is shown on x-axis and the number of cars is shown on y-axis, the different six production possibilities
are being shown as point P1 P2 P3 P4 P5 & P6 [OR]
41.b) Public Transport system in Tamil Nadu:
Transport:
Tamil Nadu has a well established transportation system that connects all parts of the State.
This is partly responsible for the investment in the State.
Tamil Nadu is served by an extensive road network in terms of its spread and quality, providing links between urban
centres, agricultural market-places and rural habitations in the countryside. However, there is scope for improvement.
a. Road:
There are 28 national highways in the State, covering a total distance of 5,036 km.
The State has a total road length of 167,000 km, of which 60,628 km are maintained by Highways Department.
b. Rail:
Tamil Nadu has a well-developed rail network as part of Southern Railway, Headquartered at Chennai.
Tamil Nadu has a total railway track length of 6,693 km and there are 690 railway stations in the State.
The system connects it with most major cities in India.
c. Air:
Tamil Nadu has four major international airports.
Chennai International Airport is currently the third largest airport in India after Mumbai and Delhi.
Other international airports in Tamil Nadu include Coimbatore International Airport, Madurai International Airport and
Tiruchirapalli International Airport.
It also has domestic airports at Tuticorin, Salem, and Madurai.
d. Ports:
Tamil Nadu has three major ports; one each at Chennai, Ennore, and Tuticorin, as well as one intermediate port in
Nagapattinam, and 23 minor ports.
The ports are currently capable of handling over 73 million metric tonnes of cargo annually (24 per cent share of India).
All the minor portsare managed by the Tamil Nadu Maritime Board, Chennai Port.
It is currently being upgraded to have a dedicated terminal for cars capable of handling 4,00,000 vehicles.
42. a) Law of Demand :
The Law of Demand was first stated by Augustin Cournot in 1838. Later it was refined and elaborated by Alfred
Marshall. Definitions :
The Law of Demand says as “the quantity demanded increases with a fall in price and diminishes with a rise in
price”.
Assumptions :-
(i) The income of the consumer remains constant.
(ii) The taste, habit and preference of the consumer remain the same.
(iii) The price of other related goods should not change.
(iv) No substitute for the commodity.
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(v) Demand for the commodity must be continuous.
(vi) No change in the quality of the commodity.
If there is change in one of these above assumptions the law will not operate.
Demand Schedule
Price Quantity Demanded
5 1
4 2
3 3
2 4
1 5
Explanation: Quantity demanded and Y axis represents the price of the commodity.
DD is the demand curve, which has a negative slope.
Slope downward from left to right which indicates that when price falls, the demand expands and when price rises, the
demand contracts.
Conclusion
Therefore, the law of demand states that there is an inverse relationship between the price and the quantity demanded of
a commodity.
[OR]
42. b) Ricardian Theory of Rent:
Definition
According to Ricardo,“Rent is that portion of the produce of the earth which is paid to the landlord for the use of the original
and indestructible powers of the soil”.
Assumption 1. Land differs in fertility.
2. The law of diminishing returns operates in agriculture.
3. Rent depends upon fertility and location of land.
4. Theory assumes perfect competition
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Table
Grades of Lands Production (in
bags)
Surplus (i.e., Rent
in bags)
A 40 40-20=20
B 30 30-20= 10
C 20 20-20= 0
Diagram:
Explanation
✤ In diagram, X axis represents various grades of land and Y axis represents yield per acre (in bags).
✤ OA, AB and BC are the ‘A’ grade, ‘B’ grade and ‘C’ grade lands respectively.
✤ The application of equal amount of labour and capital on each of them gives a yield represented by the rectangles standing
just above the respective bases.
✤ The ‘C’ grade land is the “no–rent land” ‘A’ and ‘B’ grade lands are “intra – marginal lands”.
43.a) Properties of Iso-quant with the help of diagrams:
Meaning
✤ An iso-quant curve can be defined as the locus of points representing various combinations of two inputs capital and
labour yielding the same output.
✤ The iso-quant is also called as the “Equal Product Curve” or the “Product Indifference Curve
Properties of Iso-quant Curve
1. The iso-quant curve has negative slope.
2. Convex to the origin.
3. Non inter-section of Iso-quant curves.
4. An upper iso-quant curve represents a higher level of output.
5. Iso-quant curve does not touch either X axis or Y axis.
Diagram 3.5
X L5
L3
Labour
L2
D C
B K
4
K3
K2
5
A
Y
K
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[OR]
43. b) Industry Clusters in Tamil Nadu:
(i) Chennai is sometimes referred to as the Health Capital of India or the Banking Capital of India, having attracted
investments from International Finance Corporations and the World Bank. It is also called as Detroit of Asia.
(ii) Tamil Nadu has a network of about 110 industrial parks/estates that offer developed plots with supporting infrastructure.
Also, the Government is promoting other industrial parks like Rubber Park, Apparel Park, Floriculture Park, TICEL Park
for Biotechnology, Siruseri IT Park and Agro Export Zones.
(iii) The heavy engineering manufacturing companies are centered around the suburbs of Chennai. Chennai boasts of global car
manufacturing giants as well as home grown companies. Karur is known for its bus body building which contributes 80%
of South Indian bus body building.
(iv) TNPL is the Asia’s largest eco-friendly paper mill. Salem is called as steel city and has many sago producing units and
mineral wealth. Sivakasi is the leader in printing, fireworks, safety matches production in India. It contributes to 80% of
India’s total safety matches production and 90% of India’s total fireworks production.
(v) Thoothukudi is the gateway of Tamil Nadu. It is a major chemical producer next only to Chennai.
RANIPET : Leather
AMBUR : Leather
VANIYAMBADI : Leather
SALEM : Powerlooms, Home textiles, Steel, Sago
SANKAGIRI : Lorry fleet operators
TIRUCHENGODE : Borewell drilling services
NAMAKKAL : Transportation, Poultry
KARUR : Coach-building, Powerlooms
ERODE : Powerlooms, Turmeric
COIMBATORE : Spinning mills, Engineering industries
TIRUPUR : Knitwear, Readymade garments
RAJAPALAYAM : Surgical cotton products
SIVAKASI : Safety matches, Fireworks, Printing
44(a) Relationship between AR and MR Curves:
(i) If a firm is able to sell additional units at the same price then AR and MR will be constant and equal.
(ii) If the firm is able to sell additional units only by reducing the price, then both AR and MR will fall and be different .
Constant AR and MR (at Fixed Price)
When price remains constant or fixed, the MR will be also constant and will coincide with AR.
Under perfect competition as the price is uniform and fixed, AR is equal to MR and their shape will be a straight line
horizontal to X axis. The AR and MR Schedule under constant price is given in Table and in the diagram.
TR, AR, MR - Constant price
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y
5 AR
Price
0 1 2 3 4 5 6 x
Output
Declining AR and MR (at Declining Price):
When a firm sells large quantities at lower prices both AR and MR will fall but the fall in MR will be more steeper than the
fall in the AR.
It is to be noted that MR will be lower than AR. Both AR and MR will be sloping downwards straight from left to right.
The MR curve divides the distance between AR Curve and Y axis into two equal parts.
The decline in AR need not be a straight line or linear. If the prices are declining with the increase in quantity sold, the AR
can be non-linear, taking a shape of concave or convex to the origin as shown in the diagram.
AR and MR
Y 10 1) It is to be noted that MR will be lower than AR
8 2) The MR curve divides the distance between AR curve
6 and Y axis into equal parts.
4 3) The decline in AR need not be a straight line or linear, if
2 AR the prices are declining with increase in quantity sold.
0 4) The AR can be non-liner taking a shape of concave or
-2 1 2 3 4 5 6 7 8 9 10 X convex to the origin as shown in the diagram.
-4
-6 MR
-8
Quantity
Sold
(Q)
Price
(P)Rs.
Total
Revenue
(TR) Rs.
Average
Revenue
(AR)Rs.
Marginal
Revenue
(MR) Rs.
1 5 5 5 5
2 5 10 5 5
3 5 15 5 5
4 5 20 5 5
5 5 25 5 5
6 5 30 5 5
Quantity
Sold
(Q)
Price (P)/Average
Revenue (AR)
Rs.
Total Revenue
(TR)
Rs.
Marginal Revenue
(MR)
Rs.
1 10 10 10
2 9 18 8
3 8 24 6
4 7 28 4
5 6 30 2
6 5 30 0
7 4 28 -2
8 3 24 -4
9 2 18 -6
10 1 10 -8
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[OR] 44 (b)Demand function is P=35-2x-x2 and the demand x0 is 3, What will be the consumer’s surplus:
Given demand function,
P = 35 - 2x - x2
for x = 3
P = 35 - 2(3) –( 32)
= 35 - 6 - 9
= 35-15
P = 20
Therefore,
CS = (Area of the curve below the demand curve from 0 to 3) Area of the rectangle (20 x 3 = 60)
CS =∫ (35 − 2𝑥 − 𝑥2)𝑑𝑥 = (20𝑥3 = 60)3
0
=[35𝑥 − 2 𝑥2
2 −
𝑥3
3 ] − 60
= 35(3) – 2(32/2)-3/3-60
=105-9-9-60
=105-78
Cs= 27 Units
45 (a) Features of Oligopoly :
1. Few large firms:
Very few big firms own the major control of the whole market by producing major portion of the market demand.
2. Interdependence among firms:
The price and quality decisions of a particular firm are dependent on the price and quality decisions of the rival
firms.
3. Group behaviuor:
The firms under oligopoly realise the importance of mutual co-operation.
4. Advertisement cost:
The oligopolist could raise sales either by advertising or improving the quality of the product.
5. Nature of product:
Perfect oligopoly means homogeneous products and imperfect oligopoly deals with heterogeneous products.
6. Price rigidity:
It implies that prices are difficult to be changed. The oligopolistic firms do not change their prices due to the fear of
rivals’ reaction.
[OR]
45(b)Gandhian Economic ideas:
(i) Gandhian Economics is based on ethical foundations.
(ii) In 1921, Gandhi wrote,“Economics that hurts themoral well-being of anindividual or a nation is immoral, and therefore,
sinful.” Again in 1924, he repeated the same belief: “that economy is untrue which ignores or disregards moral values”.
Salient Features of Gandhian Economic Thought :
1. Village Republics:
To Gandhi, India lives in villages.
He was interested in developing the villages as selfsufficient units.
He opposed extensive use of machinery, urbanization and industrialization.
2. On Machinery:
Gandhi described machinery as ‘Great sin’.
He said that “Books could be written to demonstrate its evils”…
It is necessary to realize that machinery is bad.
3. Industrialism:
Gandhi considered industrialism as a curse on mankind.
He thought industrialism depended entirely on a country’s capacity to exploit.
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4. Decentralization:
He advocated a decentralized economy, i.e., production at a large number of places on a small scale or production in
the people’s homes.
5. Village Sarvodaya:
According to Gandhi, “Real India was to be found in villages and not in towns or cities.”
So, he suggested the development of self sufficient, self-dependent villages.
46. (a) Objectives of Nationalization of commercial banks:
The Government of India nationalized the commercial banks to achieve the following objectives.
1. The main objective of nationalization was to attain social welfare. Sectors such as agriculture, small and village
industries were in need of funds for their expansion and further economic development.
2. Nationalization of banks helped to curb private monopolies in order to ensure a smooth supply of credit to socially
desirable sections.
3. In India, nearly 70% of population lived in rural areas. Therefore it was needed to encourage the banking habit among
the rural population.
4. Nationalization of banks was required to reduce the regional imbalances where the banking facilities were not available.
5. Before Independence, the numbers of banks were certainly inadequate. After nationalization, new bank branches were
opened in both rural and urban areas.
6. Banks created credit facilities mainly to the agriculture sector and its allied activities after nationalization
[OR]
46(b)Information and Communication Technologies (ICT) used in economics:
(i) Information and Communication Technology (ICT) is the infrastructure that enables computing faster and accurate.
(ii) The following table gives an idea of range of technologies that fall under the category of ICT.
S.No Information Technologies
1 Creation Personal Computers, Digital Camera, Scanner, Smart Phone.
2 Processing Calculator, PC, Smart Phone.
3 Storage CD, DVD, Pen Drive, Microchip, Cloud
4 Display PC, TV, Projector, Smart Phone.
5 Transmission Internet, Teleconference, Video conferencing, Mobile
Technology, Radio
6 Exchange E mail, Cell phone
47 (a)Explain the objectives and characteristics of Special Economic Zones (SEZ).
Major Objectives of SEZs:
1. To enhance foreign investment, especially to attract foreign direct investment (FDI) and thereby increasing GDP.
2. To increase shares in Global Export (International Business).
3. To generate additional economic activity.
4. To create employment opportunities.
5. To develop infrastructure facilities.
6. To exchange technology in the global market.
Main Characteristics of SEZ:
a. Geographically demarked area with physical security
b. Administrated by single body/ authority
c. Streamlined procedures
d. Having separate custom area
e. Governed by more liberal economic laws.
f. Greater freedom to the firms located in SEZs. As a result, they need not respect the Government’s rules and regulations.
[OR]
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47.b) Analization of the causes for Rural Indebtedness:
1. Rural indebtedness refers to the situation of the rural people unable to repay the loan accumulated over a period.
2. Existence of the rural indebtedness indicates the weak financial infrastructure of our country, in reaching the needy farmers,
landless people and the agricultural labourers.
3. Indebtedness is attributed to the causes like poverty, ancestral debt, illiteracy and ignorance.
4. Indebtedness has the harmful impacts such as low standard of living, health problem, decline in productivity, suicides etc.
5. Due to lower income, the villagers are unable to repay the loans or pay the pending interest on the principal amount.
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