# Question Paper - Economics 2011 - 2012-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education) (CBSE)

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Courses [3]
SubjectEconomics
Year2011 - 2012 (March)

Marks: 100
Q: 1[1]

Give meaning of an economy.

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Q: 2[1]

Given the meaning of market demand.

What is market Demand?

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Q: 3[1]

What is the behaviour of average fixed cost as output is increased? Why is it so?

Explain with reason the behaviour of Average Fixed Cost as output is increased.

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Q: 4[1]

What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

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Q: 5[1]

What is a price taker firm?

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Q: 6[3]

What is opportunity cost? Explain with the help of a numerical example.

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Q: 7[3]

Given price of a goods, how does a consumer decide as to how much of the good to buy?

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Q: 8[3]

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

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Q: 9[3]

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain

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Q: 10 | Attempt Any One[3]
Q: 10.1[3]

Explain ‘large number of buyers and sellers' features of a perfectly competitive market.

Explain the implication of large number of buyers in a perfectly competitive market

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Q: 10.2[3]

Why are the firms said to be interdependent in an oligopoly market? Explain.

Explain why firms are mutually interdependent in an oligopoly market

Explain the implications of the following:

Interdependence between firms in oligopoly.

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Q: 11[4]

Define an indifference curve. Explain why an indifference curve is downward sloping from left to right.

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Q: 12[4]

When price of good is Rs7 per unit a consumer buys 12 units. When price falls to Rs6 per unit he spends Rs72 on the good. Calculate price elasticity of demand by using the percentage method. Comment on the likely shape of demand curve based on this measure of elasticity.

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Q: 13 | Attempt Any One[4]
Q: 13.1[4]

State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour

Explain the Law of Variables Proportions with the help of total product and marginal product curves.

What does the Law of variable Proportions show? State the behaviour of total product
according to this law

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Q: 13.2[4]

Explain how changes in prices of other products influence the supply of a given product.

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Q: 14[6]

Explain how do the following influence demand for a good:
i. Rise in income of the consumer.
ii. Fall in prices of the related goods

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Q: 15[6]

Explain the conditions of a producer's equilibrium in terms of marginal cost and marginal revenue. Use diagram.

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Q: 16 | Attempt Any One[6]
Q: 16.1[6]

Market for a good is in equilibrium. There is simultaneous "increase" both in demand and supply of the good. Explain its effect on market price

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Q: 16.2[6]

Market for a good is in equilibrium. There is simultaneous "decrease" both in demand and supply of the good. Explain its effect on market price

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Q: 17[1]

Define stock variable

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Q: 18[1]

Define capital goods.

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Q: 19[1]

What are demand deposits?

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Q: 20[1]

Define a Tax.

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Q: 21[1]

Give meaning of managed floating exchange rate.

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Q: 22[3]

Calculate Gross Value Added at Factor Cost:

 i Units of output sold (units) 1,000 ii Price per unit of output (Rs) 30 iii. Depreciation (Rs) 1,000 iv. Intermediate cost (Rs) 12,000 v. Closing stock (Rs) 3,000 vi. Opening stock (Rs) 2,000 vii. Excise (Rs) 2,500 viii. Sales tax (Rs) 3,500

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Q: 23[3]

Explain the ‘store of value’ function of money. How has solved the related problem created by barter?

Explain the significance of 'store of value' function of money

Explain the 'store of value' function of money. Flow has it solved the related problem created by barter?

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Q: 24[3]

Given consumption curve, derive saving curve and state the steps taken in the process of derivation. Use diagram.

Outline the steps required to be taken in deriving saving curve from the given consumption curve. Use diagram

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Q: 25[3]

Find national income from the following:

Autonomous consumption = Rs100
Marginal propensity to consume = 0.80
Investment = Rs 50

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Q: 26 | Attempt Any One[3]
Q: 26.1[3]

Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.

What is the difference between revenue expenditure and capital expenditure?

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Q: 26.2[3]

Explain the role of Government budget in allocation of resources.

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Q: 27[4]

Giving reason explain how should the following be treated in estimating national income:

i. Expenditure on fertilizers by a farmer.
ii. Purchase of tractor by a farmer.

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Q: 28 | Attempt Any One[4]
Q: 28.1[4]

Explain the components of Legal reserve Ratio.

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Q: 28.2[4]

Explain 'bankers' bank, function of Central bank.

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Q: 29[4]

Explain 'Revenue Deficit in a Government budget? What does it indicate?

What is revenue deficit in government budget?

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Q: 30[6]

Find out (a) national income and (b) net national disposable income:

S. No.                            Items                                                    (Rs crores)

i.            Factor income from abroad                                                  15
ii.           Private final consumption expenditure                                  600
iii.          Consumption of fixed capital                                                50
iv.          Government final consumption expenditure                         200
v.           Net current transfers to abroad                                           (-) 5
vi.          Net domestic fixed capital formation                                    110
vii.         Net factor income to abroad                                                10
viii.        Net imports                                                                     (-) 20
ix.          Net indirect tax                                                                   70
x.          Change in stocks                                                              (-) 10

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Q: 31 | Attempt Any One[6]
Q: 31.1[6]

Explain the concept of 'excess demand' in macroeconomics. Also explain the role of 'open market operation' in correcting it.

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Q: 31.2[6]

Explain the concept of 'deficient demand' in macroeconomics. Also explain the role of Bank Rate in correcting it

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Q: 32[6]

Explain the distinction between autonomous and accommodating transactions in balance of payments. Also explain the concept of balance of payments 'deficit' in this context

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