HSC Science (General) १२ वीं कक्षा - Maharashtra State Board Important Questions for Economics

Give an economic term: 

Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.

Complete the correlation:

Pen and ink: ______ :: Tea and Coffee : Substitute goods.

• Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
• Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.

Give economic terms:

Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −

Find the odd word

Exception to law of supply -

State with reason whether you agree or disagree with the following statement:

The supply curve of labour is backward bending.

State with reason whether you agree or disagree with the following statement:

There are many exceptions to the law of supply.

An upward movement along the same supply curve shows ______.

Complete the Correlation:

Price taker : ______ :: Price maker :: Monopoly.

Find the odd word out:

Features of monopoly: Price maker, Entry barriers, Many sellers, Lack of substitutes

Observe the following table and answer the questions:

1. Fill in the blanks in the above schedule.
2. Derive the equilibrium price from the above schedule with the help of a suitable diagram.

State with reasons whether you agree or disagree with the following statement.

Price under perfect competition is decided by the interaction between demand and supply.

Assertion (A): In perfect competition, price is determined by the forces of demand and supply.

Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.

Statements that are incorrect in relation to index numbers:

1. An index number is a geographical tool.
2. Index numbers measure changes in air pressure.
3. Index numbers measure relative changes in an economic variable.
4. Index numbers are specialized averages.

Statements related to limitations of index numbers.

1. Index numbers are not completely reliable.
2. There may be a bias in the data collected.
3. Every formula has some kind of defect.
4. Index numbers ignore changes in the qualities of products.

Statements that highlight the significance of index numbers.

1. Index numbers are useful for making future predictions.
2. Index numbers help in the measurement of inflation.
3. Index numbers help to frame suitable policies.
4. Index numbers can be misused. 

Laaspeyre's index : _________ :: Paasche's index : Current year quantities

Calculate the price index number from the given data:

State with reason whether you agree or disagree with the following statement:

Index numbers measure changes in the price level only.

State with reasons whether you agree or disagree with the following statement:

Index numbers can be constructed without the base year.