Complete the Correlation (Weightage 5 Marks)
1. Introduction to Micro and Macro Economics
1) Micro economics : Slicing method : : Macro economics : …………….
Ans:- Lumping method
2) Micro economics : Tree : : Macro economics : …………
Ans:-Forest
3) Macro economic theory : Income and employment : : Micro economics :………….
Ans:- Price Theory
4) Makros : Macro economics : : Mikros :…………………..
Ans:- Micro Economics
5) General equilibrium : Macro economics :: …………………… : Micro economics
Ans:- Partial Equilibrium
2. Utility Analysis
No Textual Question
3 A Demand Analysis
No Textual Question
3 B Elasticity of Demand
1) Perfectly elastic demand : Ed = ∞ :: …………..: Ed = 0
Ans:- perfectly inelastic
2) Rectangular hyperbola : ………….. :: Steeper demand curve : Relatively inelastic demand.
Ans:- Unitary elastic
3) Straight line demand curve : Linear demand curve :: ………… : non-linear demand curve.
Ans:- demand curve is convex to the origin
4) Pen and ink : ……….. :: Tea and Coffee : Substitutes
Ans:- Complementary
5) Ratio method : Ed = %△Q/%△P :: ……………………. : Ed = Lower segment/ Upper segment
Ans:- Percentage change in quantity demanded/Percentage change in price
4. Supply Analysis
1) Expansion of supply : Price rises :: Contraction of supply :……………
Ans:-Price fall.
2) Total revenue : ……. :: Average revenue : TR/TQ
Ans:- P×Q
3) Total cost : TFC + TVC :: Average revenue :………..
Ans:-TC/TQ
4) Demand curve : ……….. :: Supply curve : Upward.
Ans:- downward
5) Demand curve : ………. :: Supply curve : Upward.
Ans:- downward
5. Forms of Market
1. Perfect competition : Free entry and exit :: ………… : Barriers to entry.
Ans:- Monopoly
2. Price taker : …………… :: Price maker :: Monopoly.
Ans:- Perfect competition
3. Single price : Perfect competition :: Discriminated prices : ……….
Ans:- Monopoly.
6. Index Numbers
1. Price Index : Inflation :: …………. : Agricultural production.
Ans:- Quantity Index
2. …….: Base year prices :: p1 : Current year prices
Ans:- P0
3. Laaspeyre’s index : ………….. :: Paasche’s index : Current year quantities.
Ans:- Base year quantities
4. …………..: Single variable :: Composite index : Group of variables
Ans:- univariate index
7. National Income
1. …… : C + I + G + (X-M) :: GNP : C + I + G + (X-M) + (R-P).
Ans:- GDP
2. Output method : ………. :: Income method : Factor cost method
Ans:- product method or inventory method
3. Theoretical difficulty : Transfer payments :: ………: Valuation of Inventories
Ans:- Practical Difficulty
8. Public Finance in India
No Textual Question
9. Money Market and Capital Market
1. Money market : Short term funds :: ……………. : Long term funds.
Ans:-Capital market
2. …….. : Central Bank :: SBI : Commercial Bank
Ans:- RBI
3. Co-operative banks : Organized sector :: Indigenous bankers : …………….. .
Ans:- Unorganized sector
4. Primary market : ………. :: Secondary market : Old issues.
Ans:- New issues
10. Foreign Trade in India
No Textual Question