HSC Science (General) इयत्ता १२ वी - Maharashtra State Board Question Bank Solutions for Economics

Answer the following question :

Explain the importance of concept of Elasticity of Demand for international trade.

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

Various factors influence Elasticity of Demand

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

Total outlay method is one of the methods of measuring Elasticity of Demand.

Write short answer for the following question :

Functions of Entrepreneur 

Explain the role of the money market in India.

Choose the correct option:

Export trends of India’s foreign trade include:

1. Engineering goods
2. Gems and Jewellery
3. Textiles and ready-made garments
4. Gold

Explain the trend in India's imports.

Explain the recent trends in India’s exports.

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

When the price of Giffen goods falls, the demand for it increases.

Distinguish between Trends in imports and Trends in exports of foreign trade

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.

Goods purchased from other countries : ______ :: Goods sold to other countries : Export

Financial (Fiscal) policy is implemented by the ______.

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

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

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

There are no exceptions to the law of demand.

Questions:

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

Questions:

1. Diagram’ A ‘represents _____in demand (1m)
2. Diagram ‘B’ represents _____in demand (1m) 
3. In diagram ‘A’ movement of demand curve is in_____ direction (1m)
4. In diagram ‘B’ movement of demand curve is in______ direction (1m)

PASSAGE

Mona visits a shopping mall near her residence. She shops for monthly groceries which include rice, wheat, sugar, cooking oil and pulses. She purchases additional quantities of sugar much more than her monthly requirement anticipating that prices may rise in the coming days due to festivities.

She observes two different qualities of tur dal out of which one quality is inferior and the other is superior. She does not purchase the low quality tur dal even though its price is comparatively lower. Instead she prefers to buy superior quality tur dal.

1. Identify the exception to the law of demand in the given passage with reference to purchase of additional quantities of sugar much more than monthly requirement anticipating that prices may rise in the coming days due to festivities (1mark)
2. Identify the kind of good with reference to low quality tur dal (1mark)
3. Express your personal opinion based on the above information. (2 marks)

• Assertion (A): The money market economizes the use of cash.
• Reasoning (R): The money market deals with financial instruments that are close substitutes for money.

Assertion (A): Money market economizes use of cash.

Reasoning (R): Money market deals with financial instruments that are close substitutes of money.