Paper I

1. (D) Inferior goods have a negative income elasticity of demand.
2. (B)
3. (D) Sum of MPC and MPS equals to 1 (THE KEYNESIAN MODEL)
4. (C) not sure
5. (B)
6. (B)
7. (C)
8. (B)
9. (C)
10. (C)
11. ---
12. (A)
13. ---
14. (C)
15. (B)
16. (C)
17. ---
18. (B)
19. (C)
20. (D) GNP = GDP + Net factor income from abroad

Paper II

1. (C)
2. $1323 (2011-12) $1380 (2012-13)
3. (A)
4. (A)
5. 21.4 % (2012-13)
6. ---
7. (A)
8. (d)
9. (B)
10. (A)
11. ---
12. ---
13. (D)
14. (A)
15. A)
16. (B)
17. (B)
18. (B)
19. (D)
20. (B) 5.6%

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If you don't have option(s), you are an option.