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Question Paper Solutions for Economics All India Set 1 2011-2012 CBSE (Arts) Class 12

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Marks: 100
[1]1

Define Microeconomics? 

Chapter: [1.01] Introduction
Concept: Meaning of Micro and Macro Economics
[1]2

Give one reason for shift in demand curve.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[1]3

What is the behaviour of Total Variable Cost, as output increases? 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Diminishing Marginal Utility
[1]4

What is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given price?

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Marginal Rate of Substitution (MRS)
[1]5

What is price-maker firm?

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[3]6

Define Production Possibilities Curve. Explain why it is downward sloping from left to right. 

Chapter: [1.01] Introduction
Concept: Concepts of Production Possibility Frontier
[3]7

A consumer consumes only two goods X and Y and is in equilibrium. Price of X falls. Explain the reaction of the consumer through the Utility Analysis.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
[3]8

Draw total Variable Cost, Total Cost, and Total Fixed Cost curves in a single diagram.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Cost - Total Variable Cost
[3]9

A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.

Chapter: [1.01] Introduction
Concept: Concept of Opportunity Cost

A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Opportunity Cost
[3]10 | Attempt any one of the following
[3]10.1

Explain the implications of large number of sellers in a perfectly competitive market.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Market Forms - Imperfect Competition
[3]10.2

Explain why there are only a few firms in an oligopoly market. 

Chapter: [1.04] Forms of Market and Price Determination
Concept: Market Forms - Imperfect Competition
[4]11

Define an indifference map. Why does indifference curve to the right show more utility? Explain. 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Indifference Curve
[4]12

A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information. 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Elasticity of Demand
[4]13 | Attempt any one of the following
[4]13.1

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

Chapter: [1.03] Producer Behaviour and Supply
Concept: Law of Variable Proportions
[4]13.2

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

Chapter: [1.04] Forms of Market and Price Determination
Concept: Effects of Shifts in Demand and Supply
[6]14

Explain the difference between (i) inferior goods and normal goods and (ii) cardinal utility and ordinal utility. Give example in each case.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Movement Along and Shifts in the Demand Curve
[6]15

Explain the distinction between “change in quantity supplied’ and “change in supply”. Use diagram.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
[6]16 | Attempt any one of the following
[6]16.1

Market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply but there is no change in market price. Explain with the help of a schedule how it is possible.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer'S Equilibrium
[6]16.2

Market for a good is in equilibrium. Explain the chain of reactions in the market if the price is (i) higher than equilibrium price and (ii) lower than equilibrium price. 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer'S Equilibrium
[1]17

Define flow variable. 

Chapter: [1.01] Introduction
Concept: Concepts of Production Possibility Frontier
[1]18

Define Consumption Goods.

Chapter: [1.01] Introduction
Concept: Central Problems of an Economy
[1]19

What are time deposits?

Chapter: [2.02] Money and Banking
Concept: Monetary Payments
[1]20

Define a ‘Direct tax’. 

Chapter: [2.04] Government Budget and the Economy
Concept: Direct and Indirect Tax
[1]21

What is a fixed exchange rate? 

Chapter: [2.05] Balance of Payments
Concept: Systems of Exchange Rates
[3]22

Find Net Value added at Market Price: 

S.No

         Items

  Amount

(i)

Depreciation (Rs)

700

(ii)

Output sold (units)

900

(iii)

Price per unit of output (Rs)

40

(iv)

Closing stock (Rs)

1,000

(v)

Opening stocks (Rs)

800

(vi)

Sales tax (Rs)

3,000

(vii)

Intermediate cost (Rs)

20,000

 

Chapter: [1.01] Introduction
Concept: Central Problems of an Economy
[3]23

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

Chapter: [2.02] Money and Banking
Concept: Standard of Deferred Payment
[3]24

Outline the steps taken in deriving Consumption Curve from the Saving Curve. Use diagram. 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Movement Along and Shifts in the Demand Curve
[3]25

Find Consumption Expenditure from the following:

National Income

= Rs 5,000

Autonomous Consumption

= Rs 1,000

Marginal propensity to consume

= 0.80

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer's Budget
[3]26 | Attempt any one of the following
[3]26.1

Distinguish between revenue receipts and capital receipts in a government budget. Give example in each case.

Chapter: [2.04] Government Budget and the Economy
Concept: Classification of Receipts
[3]26.2

Explain the role of government budget in bringing stability in the economy.

Chapter: [2.04] Government Budget and the Economy
Concept: Objectives of Government Budget
[4]27

Should the following be treated as final expenditure or intermediate expenditure? Give reasons for your answer.

(i) Purchase of furniture by a firm.

(ii) Expenditure on maintenance by a firm.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
[4]28 | Attempt any one of the following
[4]28.1

Explain the 'lender of last resort' function of central bank.

Chapter: [2.02] Money and Banking
Concept: Central Bank Function - Banker's Bank
[4]28.2

Explain ‘government’s banker’ function of the central bank.

Chapter: [2.04] Government Budget and the Economy
Concept: Government Budget - Allocation of Resources
[4]29

Explain the concept of ‘fiscal deficit’ in a government budget. What does it indicate?

Chapter: [2.04] Government Budget and the Economy
Concept: Objectives of Government Budget
[6]30

Find out (i) Gross National Product at Market Price and (ii) Net Current Transfers from Abroad:

S. No.

                                Items

(Rs Crore)

(i)

Private final consumption expenditure

1000

(ii)

Depreciation

100

(iii)

Net national disposable income

1500

(iv)

Closing stock

20

(v)

Government final consumption expenditure

300

(vi)

Net Indirect tax

50

(vii)

Opening stock

20

(viii)

Net domestic fixed capital formation

110

(ix)

Net exports

15

(x)

Net factor income to abroad

(–) 10

 

Chapter: [2.01] National Income and Related Aggregates
Concept: Gross and Net Domestic Product (GDP and NDP)
[6]31 | Attempt any one of the following
[6]31.1

Explain the concept of ‘inflationary gap’. Also explain the role of ‘legal reserves’ in reducing it.

Chapter: [2.02] Money and Banking
Concept: Money Creation Or Credit Creation by the Commercial Banking System
[6]31.2

Explain the concept of Deflationary Gap

Chapter: [2.03] Determination of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply

Also explain the role of ‘margin requirements’ in reducing it.

Chapter: [2.01] National Income and Related Aggregates
Concept: Aggregates Related to National Income - Net National Product (NNP)
[6]32

Give the meaning of ‘foreign exchange’ and ‘foreign exchange rate’. Giving reason, explain the relation between foreign exchange rate and demand for foreign exchange.

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate

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