Brief Summary
Alright, so this video is basically a crash course for your Economics exam, whether you're in Commerce, Science, or Arts. The main idea is to get you prepped by going through previous year question papers, like from 2023 all the way back to 2019. Doing these PYQs is super important 'cause, you know, the exam often has questions straight from them.
- Focus on previous year questions from 2023 to 2019.
- Covers both Commerce/Science and Arts papers.
- Key topics include production possibilities, market structures, and macroeconomics concepts.
Introduction
Okay, so the speaker is saying that if you're in Commerce or Science, your Economics exam is on February 10th, and if you're in Arts, it's on February 17th. To help you out, he's gonna go through previous year question papers. He's stressing that doing these past papers is really, really important for the Jharkhand Academic Council (JAC) board exams. He's planning to cover papers from 2023, 2022, 2020, and 2019. If you do these MCQs, you're pretty much guaranteed to see some of these questions in your exam.
Problem of Technology Choice
The first question is about which problem in an economy relates to choosing the technology for production. The answer is "How to produce." There are three main problems: what to produce, how to produce, and for whom to produce. The "how to produce" problem is all about the choice of technology.
Utility and its Types
Next up, the capacity of a commodity to satisfy human wants is called utility. Then, who came up with the ordinal utility analysis? That would be Hicks and Allen. If it was cardinal utility, the answer would be Marshall.
Perfectly Elastic Demand
There's a graph showing price on the y-axis and demand on the x-axis. The price is constant, but the demand is increasing. This represents perfectly elastic demand.
Inferior Goods
If a consumer's income increases, the demand for which type of commodity decreases? The answer is inferior goods. If you're earning more, you're gonna buy better stuff, not the cheap stuff.
Long Run Production Function
The long-run production function is related to returns to scale.
Production Function Formula
The production function is expressed by a formula. The trick to remember it is that "function" starts with "F," so look for the option with "F" in it.
Average Fixed Cost
If the fixed cost of production is ₹60, what will be the average fixed cost of producing 10 units? Average cost is total cost divided by quantity. So, 60 divided by 10 equals 6.
Telegram Channel
The speaker mentions that all the Economics-related stuff, like PDFs, are available on the Rahul Commerce Academy Telegram channel.
Isoquant Curves
What does the distance between two isoquant curves represent? It represents the difference in production level.
Total Variable Cost Formula
Which of the following is correct? The formula is: Total Variable Cost = Total Cost - Total Fixed Cost.
Fixed Cost and Output
Which cost does not change with a change in output? That would be total fixed cost.
Shape of Average Cost Curve
The shape of the average cost curve is U-shaped.
AR and MR in Perfect Competition
In which market is Average Revenue (AR) equal to Marginal Revenue (MR)? That's in a perfect competition market.
Differentiated Goods
In which type of market are differentiated goods produced? That's in a monopolistic market.
Firm's Equilibrium
The basic condition for a firm's equilibrium is when Marginal Revenue (MR) equals Marginal Cost (MC).
Supply Creates its Own Demand
Who said that supply creates its own demand? That was J.B. Say.
Lump Sum Tax
What is the effect of a lump sum tax on the supply of goods? Supply diminishes.
Market Price
Market price is defined as a short-run market.
Excess Demand
If there is excess demand, then the price tends to increase.
Price Determination
The price of a good is determined at a point where demand and supply are equal.
Macroeconomics
From question 21 onwards, it's all about macroeconomics.
General Theory of Employment
Who wrote "The General Theory of Employment, Interest, and Money"? That would be J.M. Keynes.
GNP and NNP
What is the relationship between GNP and NNP? NNP = GNP - Depreciation.
Stock Variable
An example of a stock variable is capital.
Double Counting
Including the value of goods or services more than once while calculating national income is called double counting.
Intermediate Goods
Wheat is an intermediate good in the manufacturing of which of the following goods? All of them: bread, biscuits, and chapati.
Functions of Money
The function of money is all of the above: medium of exchange, store of value, and measure of value.
What Money Does
Who said, "Money is what money does"? That was Hartley.
Central Bank of India
The central bank of India is the Reserve Bank of India (RBI).
Main Function of Central Bank
The main function of a central bank is all of the above: banker to the government, bank of banks, and issuing currency notes.
Autonomous Consumption
In the consumption function C = A + bY, the autonomous consumption is A.
Recession
Recession is a state when employment and production levels fall.
Multiplier Value
If the value of MPS in an economy is 0.2, then what will be the value of the multiplier? The multiplier is 1/MPS, so 1/0.2 = 5.
Investment Multiplier
The investment multiplier formula can be expressed in a couple of ways.
Determining Factors of Investment
Which is the determining factor of investment? Both marginal efficiency of capital and interest rate.
Indirect Tax
Which of the following is an example of an indirect tax? Sales tax and excise duty.
Revenue Deficit
What is the difference between revenue expenditure and revenue receipts called? It's called revenue deficit.
Foreign Exchange Rate
The foreign exchange rate is determined by demand and supply in the foreign exchange market.
Balance of Trade
Balance of trade means the difference between import and export of goods.
Component of Current Account
Which of the following items is a component of the current account of the balance of payments? Export of goods.
Economic Reason for Imbalance
Which of the following is the economic reason for the imbalance of the balance of payments? Business cycle.
Arts Exam 2023
Now, let's move on to the Arts exam from 2023.
Technology Choice (Arts)
Which problem of an economy is related to the choice of technology of production? How to produce.
Total Utility (Arts)
The total utility is maximum when the value of marginal utility is zero.
Indifference Curve (Arts)
Generally, an indifference curve is concave to the origin.
Slope of Demand Curve (Arts)
Generally, the slope of a demand curve is negative.
Price Elasticity (Arts)
The price elasticity of demand at the midpoint of a straight-line demand curve is one.
Inverted U-Shape (Arts)
Which of the following curves is inverted U-shaped? Average product.
Return to Scale (Arts)
The measurement of return to scale in production functions is Alpha + Beta.
Marginal and Average Cost (Arts)
Marginal cost and average cost are equal when average cost becomes minimum.
Parallel Curve (Arts)
Which of the following curves is parallel to the output axis? Total fixed cost.
Perfect Competition (Arts)
Which type of goods are produced in a perfect competition market? Homogeneous goods.
Elasticity of Supply (Arts)
If the supply increased by 6% and the price increased by 5%, the elasticity of supply is 1.2.
Loss in Perfect Competition (Arts)
In the short run, a perfectly competitive firm suffers a loss when MR is smaller than MC.
Market Equilibrium (Arts)
When the market equilibrium can be shown by which of the following situation? All of these.
Excess Supply (Arts)
In the situation of excess of supply, the tendency of price of a goods decreases.
Free Entry and Exit (Arts)
In the situation of free entry and exist of farm, the market price is always equal to average variable cost.
Maximum Fixed Price (Arts)
Due to maximum fixed price, the situation of excess supply arises in the market.
Number of Firms (Arts)
What is the number of farm in monopoly? One.
Monopolistic Control (Arts)
A monopolistic can control both price and quantity.
Two Firm Market (Arts)
The market structure in which there are only two farm is called Duopoly.
Cartel Formation (Arts)
In which market structure formation of cartel is possible? Perfect competition.
General Theory Author (Arts)
Who is the author of the book "The General Theory of Employment Interest and Money"? JM Keynes.
GDP and NDP (Arts)
What is the relationship between GDP and NDP? GDP = NDP + Depreciation.
Intermediate Good (Arts)
Wheat is an intermediate good for all of the above.
GDP Calculation (Arts)
Which of the following item is not included in the calculation of GDP in a year? Used car.
GDP Calculation Method (Arts)
GDP can be calculated by which of the following method? All of the above.
Demonetization (Arts)
In the demonetization, which notes were discontinued? 500 and 1000.
Barter System (Arts)
Which of the following is a defect to barter system of exchange? Lack of double coincidence of wants.
Central Bank (Arts)
Which of the following is the central bank of India? Reserve Bank of India.
Decrease in Supply (Arts)
In which of the following situation there can be decrease in supply of money? All of the above.
Autonomous Consumption (Arts)
The autonomous conjunction function is A.
Value of MPC (Arts)
Which of the following statement is true regarding the value of MPC? 0 < MPC < 1.
Value of MPS (Arts)
If the value of MPC if an economy is 0.6, then what will be the value of MPS? 0.4.
Increase in MPS (Arts)
If there is increase in MPS in an economy, then the total revenue always increases.
Financial Year (Arts)
The time period of financial year in India is 1st April to 31st March.
Direct Tax (Arts)
Which of the following is an example direct tax? Corporate tax.
Revenue Deficit (Arts)
Revenue Deficit is Revenue Expenditure - Revenue Receipt.
No Rivalry (Arts)
In which type of goods there is no rivalry in consumption? Private goods.
World Bank (Arts)
When was World Bank is established? 1944.
Foreign Exchange (Arts)
When the foreign exchange rate of a country is determined by market forces, then what is type of exchange rate is called? Floating exchange rate.
Component of Balance (Arts)
Which of the following is a component of current account of the balance of payment? Import of goods.
2022 and 2019
Now moving on to 2022 and 2019 papers.
2022 Paper
Starting with the 2022 paper.
Welfare Definition
Who gave the definition of economy related to welfare? Marshall.
Mixed Economy
Which economy has a co-existence of private and public sector? Mixed economy.
Micro and Macro
Which economist first used the world micro and macro in economy? Ragner Frisch.
Production Possibility Curve
The reason of which the size of the production possibility curve toward the origin is the point? Diminishing marginal utility.
Opportunity Cost
The alternative name of opportunity cost is economic cost.
Consumer Behaviour
Consumers behavior is situated in microeconomics.
Marginal Utility
How do we calculate marginal utility? Delta TU / Delta Q.
Ordinal Utility
Who propounded the ordinal utility of theory? Hicks and Allen.
Indifference Curve
Indifference curve is concave to the origin.
Substitute Goods
Demand of gulab jamun due to low price in rasgulla is substitute goods.
Budget Line
Budget line indicate price ratio.
Marginal Rate
Marginal rate of substitution includes slopes of indifference curve.
Income Increase
If the increase in income of consumer reduces the demand of commodity X, the commodity will be Giffen goods.
Demand Line
If the demand line of an object is parallel to the price axis, what will be the value of price elasticity of demand will be? Zero.
Consumer Equilibrium
Consumers equilibrium take a point where MU = Price.
Giffen Goods
For Giffen goods, price elasticity demand is positive.
Production Function
For the two instruments labor K and capital K, what will be the form of production function?
Factors of Production
What is or are factor or factors of production? All of the above.
Total Product
When total product is maximum, then the marginal product is zero.
Production Factors
At which time all the factors of product production may be changed? Long run production.
Isoquants
Each point of the of the isopoeds to the combination of two instruments that zero object of the product.
Variable Ratio
At what level of production diet a judicious product producer want to produce according to the law of variable ratio?
Average Cost
Short term average cost curve is of the size of U.
Total Cost
Which statement is true regarding the relation of total cost, total fixed cost and total variable cost?
Farm Equilibrium
For a farm equilibrium, MR = MC.
Break Even Point
Break even point raise when T = TC.
Supply and Demand
Supply creates is one demand who said that? JB Say.
Price Increase
If the price of the goods raise by 40% but supply increase by only 10%, then the supply of such goods will be inelastic.
Demand is State
Demand is a state of excess when demand is higher than supply.
Market Product
In which market product.
Competitive Market
What types of goods do all the farm produce in a fully competitive market? Homogeneous.
AR and MC
What is the relation between the AR curve and the MC curve under monopoly?
Market Structure
In which types of market structure is there one and only one producer of an article?
Total Amount
What will be the total amount of intake received of received by a seller from the sale of 50 units of an article of prop si per unit?
Correct Formula
Which of the following is correct?
Marginal Revenue
MR is s as.
Demand Curve
Demand curve is a farm is perfectly elasticity under.
Goods in Market
Price of a goods in the market is determined at the point of where where demand and supply are equal.
Numerical Question
Numerical question.
Market Price
Market price is found in short period market.
2020 and 2019
2020 and 2019 last.
2020 Paper
2020 paper.
Father of Economics
Who is the father of economy? Adam Smith.
Opportunity Cost
The alternative name of opportunity cost is economic cost.
Market Price
Market price is defined as short period.
Farm Equilibrium
Farm equilibrium is MC = MR.
Numerical Type
Numerical type question.
Secondary Sector
Which one is included in secondary sector?
General Theory
General theory of employment interest ind money name pustak ke lekhak kaun hai?
APC and APS
APC + APS = 1.
Tax Revenue
Sarkar ke kar rajasv ke antargat nimn likhit mein se kaun shamil hai?
One Rupee Note
Bharat mein ₹1 ka note kaun jari karta hai?
2019 MCQ
2019 MCQ.
Total Utility
Jab kul upyogita adhiktam hoti hai tab simant upyogita kya hoti hai?
Arthik Samasya
Vah vakra jo arthik samasya darshata hai kya kahlata hai?
Average Aay
Kis bajar mein ausat aay simant aay ke barabar hota hai?
Chakriya Parvah
Nimn likhit mein se kaun sa chakriya parwah mein shamil hai
