Question Paper - Economics 2015 - 2016-H.S.C-12th Board Exam Maharashtra State Board (MSBSHSE)



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Marks: 80
Q: 1[16]
Q: 1.1 | Fill in the blanks using proper alternatives given in the brackets[5]
Q: 1.1.1[1]

The terms Micro and Macro Economics were first used by..........................

(Adam Smith / Robbins / Ragner Frisch / Marshall)

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Q: 1.1.2[1]

Demand for necessaries is................

(elastic / inelastic / infinitely elastic / unitary elastic)

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Q: 1.1.3[1]

................ consumption can not be zero.

(Induced / Autonomous / Government / Private)

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Q: 1.1.4[1]
Q: 1.1.5[1]

In India budget is presented in the Parliament by the ............................................

(Prime Minister / Finance Minister / Chief Minister / Defence Minister)


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Q: 1.2 | Match the following[5]
Q: 1.2.1[5]



 Group "A"


 Group "B"


Demand for electricity




Perfectly elastic supply                             


Transfer income




Dear money policy




Composite demand




Horizontal supply curve




Part of national income




Vertical supply curve




Cheap money policy

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Q: 1.3 | State whether the following statements are True or False [6]
Q: 1.3.1[1]

Income elasticity of demand for inferior goods is negative.

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Q: 1.3.2[1]

If price falls, the supply curve will shift to the left.

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Q: 1.3.3[1]

Product differentiation is the most distinguishing feature of monopolistic competition.

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Q: 1.3.4[1]

In the case of token coins, intrinsic value is less than their face value.

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Q: 1.3.5[1]
Q: 1.3.6[1]

Clearing house system economises the use of cash.

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

Meaning and Definition of Micro Economics?

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Q: 2.1.2[2]

Relatively elastic supply

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Q: 2.1.3[2]

Price discrimination

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Q: 2.1.4[2]

National income

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Q: 2.1.5[2]

General equilibrium

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Q: 2.1.6[2]

Reverse Repo Rate

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

Micro Economics studies behaviours of individual economic unit.

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Q: 2.2.2[2]

Utility has no ethical consideration.

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Q: 2.2.3[2]

Demand for the commodity having multiple uses has elastic demand.

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Q: 2.2.4[2]

An entrepreneur is called a leader of the organization.

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Q: 2.2.5[2]

With the increase in income, both consumption and savings increase.

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Q: 2.2.6[2]

Central Bank is a banker to the government.

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

Expansion of demand and Increase in demand.

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Q: 3.1.2[2]

Total Cost and Total Revenue.

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Q: 3.1.3[2]

Micro Economics and Macro Economics.

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Q: 3.1.4[2]

Gross National Product and Net National Product.

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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]

Surplus budget and Deficit budget.

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

Features of Micro Economics.

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Q: 3.2.2[3]

Total expenditure method of measuring Elasticity of Demand.

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Q: 3.2.3[3]

Features of Monopolistic Competition.

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Q: 3.2.4[3]

Features of Land.

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

Explain the relationship between Total utility and Marginal utility.

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Q: 4.2[4]

What are the features of perfect competition.

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Q: 4.3[4]

Explain the subject matter of Micro Economics.

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Q: 4.4[4]

State the determinants of aggregate demand.

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Q: 4.5[4]
Q: 4.6[4]

What are the main components of budget.

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

The law of diminishing marginal utility can be explained with the help of schedule and diagram.

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Q: 5.2[4]

There are no exceptions to the Law of Demand.

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Q: 5.3[4]

Price is the only determinant of supply.

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Q: 5.4[4]

Money performs various functions.

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Q: 5.5[4]

Commercial banks can not create credit money.

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Q: 5.6[4]

Bank rate is a quantitative measure of credit control.

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

State and explain the law of demand with its assumptions.

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Q: 6.2[8]

What are the types of Elasticity of Demand.

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Q: 6.3[8]

Explain the various methods of measuring national income.

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Q: 6.4[8]

What is aggregate supply? Explain the determinants of aggregate supply.

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