# Question Paper - Economics 2014 - 2015-H.S.C-12th Board Exam Maharashtra State Board (MSBSHSE)

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SubjectEconomics
Year2014 - 2015 (March)

Marks: 80
Q: 1[16]
Q: 1.1[5]
Q: 1.1.1[1]

The terms ‘micro’ and ‘macro’ economics were first used by ............................

(Marshall \ Ragnar Frisch \ Robbins \ Adam Smith)

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Q: 1.1.2[1]

The objective of a seller in monopoly market is...............................

(loss \ profit \ negative profit \ zero profit)

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Q: 1.1.3[1]

Marginal propensity to consume + marginal propensity to save ......................... '

(zero \ one \ less \ more)

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Q: 1.1.4[1]

Method of withdrawing money without going to the bank is by ...................................

(cheque \ demand draft \ ATM \ mail transfer)

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Q: 1.1.5[1]

The term 'budget' is derived from the ......................... word 'bougette'.

(Greek / German / French / Latin)

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Q: 1.2 | Match the following[5]
 Group 'A' Group 'B' a. Pen and ink 1 Quantity-price b. Revenue 2 Accident c. Insurable risk 3 Transfer income d. Unemployment allowance 4 Short period e. Reverse repo rate 5 Long period 6 Change in demand 7 Joint demand 8 Quantity * price
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Q: 1.3 | State whether the following statements are True or False[6]
Q: 1.3.1[1]

Demand for perishable goods is inelastic.

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Q: 1.3.2[1]

Total cost is the total expenditure incurred by a firm.

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Q: 1.3.3[1]

The seller is a price maker in the perfect competition.

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Q: 1.3.4[1]

Cheque is an optional money.

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Q: 1.3.5[1]

A bank is an institution which deals in money and credit.

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Q: 1.3.6[1]

The RBI was nationalised in the year 1935.

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Q: 2[12]
Q: 2.1 | Define or explain the following concepts (Any THREE)[6]
Q: 2.1.1[2]

Resource allocation

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Q: 2.1.2[2]

Elasticity of supply

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Q: 2.1.3[2]

Meaning and Definition of Market?

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Q: 2.1.4[2]
Q: 2.1.5[2]

Meaning and Definition of Macro economics

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Q: 2.1.6[2]

Meaning and Definition of Central bank?

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Q: 2.2 | Give reasons or explain the following (Any THREE)[6]
Q: 2.2.1[2]

Micro economics studies individual economic unit.

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Q: 2.2.2[2]

Change in the price of substitute goods affects the demand for another goods.

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Q: 2.2.3[2]

In order to avoid double counting, value added approach is used.

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Q: 2.2.4[2]

Effective demand is also called macro economic equilibrium.

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Q: 2.2.5[2]

The Central bank may take direct action against the defaulting commercial banks.

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Q: 2.2.6[2]

Unpaid services are not included in national income.

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Q: 3[12]
Q: 3.1 | Distinguish between (Any THREE)[6]
Q: 3.1.1[2]

Explain Place utility and Time utility?

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Q: 3.1.2[2]

Demand curve and Supply curve.

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Q: 3.1.3[2]

Individual supply and Market supply.

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Q: 3.1.4[2]

Slicing method and Lumping method.

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Q: 3.1.5[2]

Convertible paper money and Inconvertible paper money.

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Q: 3.1.6[2]

Revenue expenditure and Capital expenditure.

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Q: 3.2 | Write short notes (Any TWO)[6]
Q: 3.2.1[3]

Microscopic study

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Q: 3.2.2[3]

Income elasticity of demand.

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Q: 3.2.3[3]

Determination of equilibrium price under perfect competition.

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Q: 3.2.4[3]

Functions of an Entrepreneur.

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Q: 4 | Write short answers for the following questions (Any THREE)[12]
Q: 4.1[4]

Explain the law of diminishing marginal utility.

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Q: 4.2[4]

Explain the features of monopoly.

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Q: 4.3[4]

Explain the features of macro economics.

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Q: 4.4[4]

Explain various types of investment expenditure.

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Q: 4.5[4]

Explain the secondary functions of money.

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Q: 4.6[4]
Q: 5 | Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any THREE)[12]
Q: 5.1[4]

The law of equi-marginal utility is based on certain assumptions.

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Q: 5.2[4]

Population is the only determinant factor of demand.

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Q: 5.3[4]

There are no exceptions to the law of supply.

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Q: 5.4[4]
Q: 5.5[4]

There is no difference between the Central bank and a commercial bank.

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Q: 5.6[4]

During the period of inflation surplus budget is advisable.

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Q: 6 | Write explanatory answers (Any TWO)[16]
Q: 6.1[8]

Explain in detail ‘saving function’ with schedule and diagram.

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Q: 6.2[8]

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

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Q: 6.3[8]

What is ‘national income’? Explain the theoretical difficulties involved in the measurement of national income.

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Q: 6.4[8]

State and explain the ‘law of demand’ with its exceptions.

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