HSC Arts (English Medium) इयत्ता १२ वी - Maharashtra State Board Question Bank Solutions for Economics

Distinguish between Expansion of Supply and Increase in Supply.

Distinguish between Contraction of Supply and Decrease in Supply.

Types of foreign trade:

1. Import trade
2. Export trade
3. Entrepot trade
4. Internal trade

Identify and explain the concept from the given illustration:

India purchased petroleum from Iran.

Identify and explain the concept from the given illustration:

England imported cotton from India, made readymade garments from it and sold them to Malaysia.

Exceptions to the law of diminishing marginal utility:

1. Cardinal measurement
2. Hobbies
3. Miser
4. Money

Criticisms to the law of diminishing marginal utility:

1. Based on unrealistic assumptions
2. Not applicable to indivisible and bulky goods
3. The law is restricted to satisfaction of a single want.
4. In reality, cardinal measurement of utility not possible.

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

Exceptions to the law of supply:

1. Constant cost of production
2. Constant technique of production
3. Does not apply to agricultural goods
4. No change in weather conditions

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 Diminishing Marginal Utility -

Find the odd word

Exception to law of supply -

Downward movement along the same supply curve should ______.

Assertion (A): MU curve slopes upwards.

Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.

Assertion (A): Under exceptional cases, demand curve has a positive slope.

Reasoning (R): In exceptional cases, consumer buys more when the price of a commodity rises and buys less when the price of commodity falls.

Assertion (A): The supply curve of labour slopes downwards.

Reasoning (R): After a certain point of time, when wage rate rises, the supply of labour (hours of work) tends to fall.

Distinguish Between:

Import Trade and Export Trade

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

There are no exceptions to the law of diminishing marginal utility.

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

Marginal utility curve slopes downwards.

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

The supply curve of labour is backward bending.