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Question Paper - Economics 2012 - 2013-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education)

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SubjectEconomics
Year2012 - 2013 (March)

 Topics
 Marks
 Topics
 Marks

Marks: 100
Q: 1[1]

Give two examples of fixed costs.

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Q: 2[1]

Define marginal cost.

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Q: 3[1]

When is the demand for a good said to be inelastic?

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Q: 4[1]

Given the meaning of market demand.

What is market Demand?

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Q: 5[1]

Under which market form a firm's marginal revenue is always equal to price?

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Q: 6[3]

Explain the difference between an inferior good and a normal good.

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Q: 7 | Attempt any ONE[3]
Q: 7.1[3]

Explain the law of diminishing marginal utility with the help of a total utility schedule.

Explain the Law of Diminishing Marginal Utility

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Q: 7.2[3]

Explain the condition of consumer's equilibrium with the help of utility analysis.

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Q: 8[3]

When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply.

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Q: 9[3]

Complete the following table:

Units of Labour
Average Product (Units)
Marginal Product (Units)
18.............
210............
3............10
49...........
5.............4
67............
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Q: 10[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: 11[4]

Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.

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Q: 12[4]

Explain the conditions of producer’s equilibrium with the help of a numerical example.

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Q: 13 | Attempt any ONE[4]
Q: 13.1[4]

The price elasticity of demand for a good is - 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.

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Q: 13.2[4]

Explain any two factors that affect the price elasticity of demand. Give suitable examples.

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Q: 14 | Giving reasons, state whether the following statements are true or false.[6]
Q: 14.1[3]

A Monopolist can sell any quantity he likes at a price.

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Q: 14.2[3]

When equilibrium price of a good is less than its market price, there will be competition among the sellers.

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Q: 15[6]

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: 16 | Attempt any ONE[6]
Q: 16.1[6]

Explain the conditions of consumer’s equilibrium using indifference curve analysis.

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Q: 16.2 | Explain the relationship between[6]
Q: 16.2.1[3]

Prices of other goods and demand for the given good.

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Q: 16.2.2[3]

Income of the buyers and demand for a good.

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Q: 17[1]

How can increase in foreign direct investment affect the price of foreign exchange?

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Q: 18[1]

What are demand deposits?

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Q: 19[1]

Define externalities. Give an example of negative externality. What is its impact on welfare?

Give one example of '-externality' which reduces welfare of the people.

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Q: 20[1]

Give two examples of indirect taxes.

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Q: 21[1]

What is government budget?

Define government budget.

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Q: 22[3]

Explain the problem of double coincidence of wants faced under barter system. How has money solved it?

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Q: 23 | Attempt any ONE[3]
Q: 23.1[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: 23.2[3]

Distinguish between revenue deficit and fiscal deficit.

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Q: 24[3]

Explain any one objective of Government Budget.

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Q: 25[3]
Q: 26[3]
Q: 27[4]

Calculate 'sales' from the following data:-

S. No.Particulars(Rs in laths)
(i)Net value added at factor cost560
(ii)Depreciation60
(iii)Change in stock(-)30
(iv)Intermediate cost1000
(v)Exports200
(vi)Indirect taxes60
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Q: 28 | Attempt any ONE[4]
Q: 28.1[4]

Giving reasons categories the following into stock and flow:-

(i) Capital

(ii) Saving

(iii) Gross domestic product

(iv) Wealth

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Q: 28.2[4]

Explain the circular flow of income.

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Q: 29[4]

Explain "Banker to the Government" function of the Central Bank.

Explain 'government’s bank' function of central bank.

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Q: 30[6]

C = 100 + 0.4 Y is the Consumption Function of an economy where C is Consumption Expenditure and Y is National Income. Investment expenditure is 1.100. Calculate

(i) Equilibrium level of National Income.

(ii) Consumption expenditure at equilibrium level of national income.

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Q: 31[6]

Complete the following table:-

Income (Rs)Consumption expenditure (Rs)Marginal propensity to saveAverage propensity to save
080  
1001400.4.......
200..............0
.......240........0.20
.........2600.80.35
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Q: 32[6]
Q: 32.1[6]

Calculate National Income from the following data:

S.No.ParticularsRs.in crores
(i)Private final consumption expenditure900
(ii)Profit100
(iii)Government final consumption expenditure400
(iv)Net indirect taxes100
(v)Gross domestic capital formation250
(vi)Change in stock50
(vii)Net factor income from abroad(-)40
(viii)Consumption of fixed capital20
(ix)Net imports30
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Q: 32.2[6]

Calculate net national disposable income from the following data:-

S.No.ParticularsRs. in crores
(i)Gross domestic product at market price2000
(ii)Net current transfers to rest of the world(-)200
(iii)Net indirect taxes150
(iv)Net factor income to abroad60
(v)National debt interest70
(vi)Consumption of fixed capital200
(vii)Current transfers from Government150
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