Third Semester B.A. LL.B. Five Years Course (C.B.S.) Examination Economics-Iii Compulsory Paper-4

AHK/KW/19/5783
Third Semester B.A. LL.B. Five Years Course (C.B.S.) Examination

ECONOMICS—III
Compulsory Paper—4
Time : Three Hours] [Maximum Marks : 80
Note :— (1) Attempt ALL Sections.
Section A carries 10 marks.
Section B carries 30 marks.
Section C carries 40 marks.
(2) Follow the instructions given in each Section.
SECTION—A
(Multiple Choice Question)
1. Choose the correct alternative (any ten) :— 1×10=10
(i) A rise in minimum wage has all of the following consequences EXCEPT which one ?
(a) Equilibrium (b) Higher prices
(c) Higher unemployment (d) Decrease in quality
(ii) When the intrinsic value of money and its face value are equal, it is called :
(a) Token money (b) Full-bodied money
(c) Quasi-money (d) Fiat money
(iii) The quantity theory of money implies that an increase in the price level will be associated
with :
(a) An increase in output (b) An increase in money supply
(c) Decrease in money supply (d) Both (a) and (b)
(iv) Fisher’s quantity theory of money has mainly been criticised because :
(a) It does not tell us as to how the change in the quantity of money influence the price
level
(b) It over emphasises the demand of money by assuming supply of money as being
constant
(c) It analyses short term variations in the value of money
(d) It emphasis too much on the price level
(v) The correct sequence of the stage through which a trade cycle in an economy passes is
______.
(a) Depression, Inflation, Reflation, Disinflation
(b) Reflation, Disinflation, Inflation, Depression
(c) Depression, Reflation, Inflation, Disinflation
(d) Inflation, Depression, Disinflation, Reflation
CC—11548 1 (Contd.)
(vi) Which of the following is a flow concept ?
(a) Wealth (b) Money
(c) Total Saving (d) Income
(vii) The cause of deflation is :
(a) Lack of goods and services as compared to money supply
(b) Lack of imports as compared to exports
(c) Lack of money supply as compared to supply of goods and services
(d) None of these
(viii) Direct exchange of goods against goods is called :
(a) Charter (b) Money
(c) Barter (d) None
(ix) A very rapid growth in prices in which money loses its value to the point where even barter
may be preferable is known as _____.
(a) Inflation (b) Deflation
(c) Hyper-inflation (d) Disinflation
(x) What is not a benefit of the division of labour ?
(a) Increased flexibility of the workforce
(b) Increased efficiency of workers
(c) Reduced total cost of producing goods and services
(d) Food surpluses
(xi) Appointment of Welfare Officer under Factories Act, 1948 is compulsory where ______
employees are employed.
(a) 50 (b) 500
(c) 1000 (d) 100
(xii) Under the Maternity Benefit Act, a woman worker is eligible for ______ weeks leave with
wages.
(a) 6 (b) 24
(c) 15 (d) 12
(xiii) One’s right to enjoy the necessary services of government loosely called _______.
(a) Duties (b) Rights
(c) Social Services (d) None of these
(xiv)______ appended to a statute form part of it and must read together with it for all purpose
of construction.
(a) Illustration (b) Explanations
(c) Schedules (d) Marginal notes
(xv) The statement given in the question is true and brings out the _______ in true perspective.
(a) The mischief rule (b) Rule of renewable construction
(c) Rule of harmonious construction (d) Primary rule
CC—11548 2 AHK/KW/19/5783
SECTION—B
(Short Answer Questions)
Note :— Both the questions in this section are compulsory.
2. Answer the following (any three) :— 5×3=15
(a) Explain types of wage differential.
(b) Distinguish between standard money and token money.
(c) Explain difficulties of Barter System.
(d) Distinguish between reflation and disinflation.
3. Write short notes on the following (any three) :— 5×3=15
(a) Market failure
(b) Types of division of labour
(c) Inflationary gap
(d) Pigou’s equation.
SECTION—C
(Long Answer Questions)
Note :— Answer any five questions of the following. 8×5=40
4. What is quantity theory of money ? Explain the Fisher’s version of the theory.
5. Explain economic legislation ? Why does the need of industrial legislation arise.
6. Explain functions of money.
7. Define and explain wage. What are the types of wages ?
8. What is inflation ? Explain its effect on the economy of any country.
9. What is the role of money in capitalistic economy ?
10. What do you mean by industrial disputes ? Explain the measures for prevention and settlement
of industrial disputes.
11. Discuss the advantages and disadvantages of division of labour.
CC—11548 3 AHK/KW/19/5783

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Third Semester B.A. LL.B. Five Years Course (C.B.S.) Examination

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