# Question Paper - Economics 2015 - 2016-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education) (CBSE)

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SubjectEconomics
Year2015 - 2016 (March)

#### Alternate Sets

Marks: 100
Q: 1[1]

What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero?

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Q: 2[1]

A firm is able to sell any quantity of a good at a given price. The firm's marginal revenue will be : (Choose the correct alternative):

(a) Greater than Average Revenue

(b) Less than Average Revenue

(c) Equal to Average Revenue

(d) Zero

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Q: 3[1]

When does 'change in demand' take place?

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Q: 4[1]

Differentiated products is a characteristic of: (Choose the correct alternative):

(a) Monopolistic competition only

(b) Oligopoly only

(c) Both monopolistic competition and oligopoly

(d) Monopoly

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Q: 5[1]

Demand curve of a firm is perfectly elastic under: (Choose the correct alternative)

(a) Perfect competition

(b) Monopoly

(c) Monopolistic competition

(d) Oligopoly

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Q: 6[3]

A consumer consumes only two goods X and Y. Marginal utilities of X and Y is 3 and 4 respectively. Prices of X and Y are Rs 4 per unit each. Is consumer in equilibrium? What will be further reaction of the consumer? Give reasons.

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Q: 7[3]

What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.

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Q: 8 | Attempt any ONE[3]
Q: 8.1[3]

What is minimum price ceiling? Explain its implications.

Explain the meaning of ‘minimum’ price ceiling and its implications.

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Q: 8.2[3]

If the prevailing market price is above the equilibrium price, explain its chain of effects.

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Q: 9[4]

Define demand. Name the factors affecting market demand.

Name the factors affecting demand for a good by an individual.

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Q: 10 | Attempt any ONE[4]
Q: 10.1[4]

Define fixed cost. Give an example.

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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: 10.2[4]

Define marginal product.

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State the behaviour of marginal product when only one input is increased and other inputs are hold constant.

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Q: 11[4]

When price of a commodity falls from Rs 12 per unit to Rs 9 per unit, the producer supplies 75 percent less output. Calculate price elasticity of supply.

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Q: 12[6]

Why do central problems of an economy arise?

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Explain the central problem 'for whom to produce.

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Q: 13[6]

Explain the three properties of the indifference curves.

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Q: 14[6]

Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X, on the supply curve. Use diagrams.

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Q: 15 | Attempt any ONE[6]
Q: 15.1[6]
Q: 15.1.1[3]

Explain the implications of the following in a perfectly competitive market :

Large number of sellers

Explain the implications of the following:

Large number of sellers in perfect competition.

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Q: 15.1.2[3]

Explain the implications of the following in a perfectly competitive market :

Homogeneous products.

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Q: 15.2[6]
Q: 15.2.1[3]

Explain the implications of the following in an oligopoly market:

Barriers to entry of new firms

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Q: 15.2.2[3]

Explain the implications of the following in an oligopoly market:

A few or a few big sellers

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Q: 16[1]

Define flows.

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Q: 17[1]

National income is the sum of factor incomes accruing to : (Choose the correct alternative)

(a) Nationals

(b) Economic territory

(c) Residents

(d) Both residents and non-residents

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Q: 18[1]

What are revenue receipts in a government budget?

Define Revenue receipts in government budget.

What are revenue receipts?

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Q: 19[1]

Primary deficit equals : (Choose the correct alternative)

(a) Borrowings

(b) Interest payments

(c) Borrowings less interest payments

(d) Borrowings and interest payments both

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Q: 20[1]

Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called : (Choose the correct alternative)

(a) Current transactions

(b) Capital transactions

(c) Autonomous transactions

(d) Accommodating transactions

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Q: 21[3]

Assuming real income to be Rs 200 crore and price index to be 135, calculate nominal income.

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Q: 22 | Attempt any ONE[3]
Q: 22.1[3]

What is aggregate demand?

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State components of Aggregate demand ?

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Q: 22.2[3]

Explain how controlling money supply is helpful in reducing excess demand.

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Q: 23[3]

An economy is in equilibrium. Calculate Marginal Propensity to Consume :

National income = 1000

Autonomous consumption expenditure = 200

Investment expenditure = 100

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Q: 24[4]

Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare.

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Q: 25 | Attempt any ONE[4]
Q: 25.1[4]

Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?

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Q: 25.2[4]

Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter?

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Q: 26[4]

Explain how 'Repo Rate' can be helpful in controlling credit creation.

Explain the role of Reverse Repo Rate in controlling credit creation.

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Q: 27 | Attempt any ONE[6]
Q: 27.1[6]

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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Explain how taxes and government expenditure can be used to influence revenue expenditure and capital expenditure?

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Q: 27.2[6]

What is the difference between direct tax and indirect tax?

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Explain the role of government budget in influencing allocation of resources.

Explain the role of government budget in influencing allocation of resources in the economy.

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Q: 28[6]

Given saving curve, derive consumption curve and state the steps in doing so. Use diagram.

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Q: 29[6]

Indian investors lend abroad. Answer the following questions :

(a) In which sub-account and on which side of the Balance of Payments Account such lending is recorded? Give reasons.

(b) Explain the impact of the lending on market exchange rate.

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Q: 30[6]

Find Gross National Product at Market Price and Private Income:

 Rs. in crore 1 Private final consumption expenditure 800 2 Net Current transaction to abroad 20 3 Net factor income to abroad (-)10 4 Government final consumption expenditure 300 5 Net indirect tax 150 6 Net domestic capital formation 200 7 Current transfer to government 40 8 Depreciation 100 9 Net imports 30 10 Income accruing to government 90 11 National debt interest 50
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#### Other Solutions

NCERT Chemistry Textbook for Class 12 Part 1
NCERT Chemistry Textbook for Class 12 Part 2
NCERT Mathematics Textbook for Class 12 Part 1
NCERT Physics Textbook for Class 12 Part 1
NCERT Physics Textbook for Class 12 Part 2
R.D. Sharma Mathematics Vol. 1 & 2 Class - 12
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