HSC Arts (English Medium) इयत्ता १२ वी - Maharashtra State Board Important Questions for Economics

Explain the diagram:

1. The diagram represents _______ in demand.
2. In the diagram, A movement of the demand curve is in ______ direction.

Explain the diagram:

1. The diagram represents ______ in demand.
2. In the diagram, the movement of the demand curve is in ______ direction.

Statements that explain Giffen’s paradox:

1. It is an exception to the law of demand.
2. It is applicable to inferior or low quality goods.
3. Demand increases when the prices of inferior goods fall
4. It was identified by Prof. Alfred Marshall.

Statements related to decrease in demand

1. It is a type of change in demand
2. It takes place due to unfavourable changes in other factors like tastes, income etc.
3. Price remains constant
4. Demand curve shifts to the right hand side of the original demand curve

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

When the prices of Giffen goods falls, demand for such goods rises.

Questions:

1. Demand Curve D₁D₁indicates ______ (1m)
2. Demand Curve D₂D₂indicates______ (1m)
3. Name the above diagram and explain. (2m)

Complete the correlation.

Direct demand : Food and Mobiles : ______ : Land and Labour.

Distinguish between:

Joint/complementary demand and competitive demand.

Explain the concepts of variation and changes in demand with the help of diagrams.

Find the odd word out:

Types of demand:

Income elasticity of demand for inferior goods is negative.

Write short notes Significance of price elasticity of demand.

Explain any 'two methods' of measuring price elasticity of demand.

Write short notes on the Proportional method of measuring the elasticity of demand.

Write a short note on factors determining elasticity of demand.

Explain with reason, whether you agree or disagree with the following statement:

Price elasticity of demand can not be measured by using geometric method.

State whether the following statement is True or False :

Concept of elasticity of demand is useful for finance minister.

Define or explain the following concepts (Any THREE): 

Cross elasticity of demand 

State whether the following statement isTrue or False with reason:                            

The concept of elasticity of demand is useful in economic theory.