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Economics All India Set 1 2012-2013 CBSE (Arts) Class 12 Question Paper Solution

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Economics
All India Set 1
2012-2013 March
Marks: 100

[1]1

Define marginal revenue.

Concept: Total, Average and Marginal Revenue
Chapter: [1.03] Producer Behaviour and Supply
[1]2

What does a rightward shift of demand curve indicate?

 

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

Under which market form is a firm a price taker? 

 

 
Concept: Features of Perfect Competition
Chapter: [1.04] Forms of Market and Price Determination
[1]4

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

Concept: Change in Quantity Demand
Chapter: [1.02] Consumer Equilibrium and Demand
[1]5

Give one reason for an “increase” in supply of a commodity. 

Concept: Concept of Supply
Chapter: [1.03] Producer Behaviour and Supply
[3]6

How is the demand for a good affected by a rise in the prices of other goods? Explain.

Concept: Effects of Shifts in Demand and Supply
Chapter: [1.04] Forms of Market and Price Determination
[3]7

A firm supplies 10 units of a good at a price of Rs 5 per unit. Price elasticity of supply is 1.25. What quantity will the firm supply at a price of Rs 7 per unit?

Concept: Concept of Supply
Chapter: [1.03] Producer Behaviour and Supply
[3]8

Explain the meaning of diminishing marginal rate of substitution with the help of an example.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumer Equilibrium and Demand
[3]9

From the following table, find out the level of output at which the producer will be in equilibrium. Give reasons for your answer.

Output

(units)

Marginal Revenue

Rs

Marginal Cost

Rs

1

8

10

2

8

8

3

8

7

4

8

8

5

8

9

Concept: Concept of Producer's Equilibrium
Chapter: [1.03] Producer Behaviour and Supply
[3]10 | attempt one of the following
[3]10.1

Why can a firm not earn abnormal profits under perfect competition in the long run? Explain.

Concept: Features of Perfect Competition
Chapter: [1.04] Forms of Market and Price Determination
[3]10.2

Why is the demand curve of a firm under monopolistic competition more elastic than under monopoly? Explain.

Concept: Effects of Shifts in Demand and Supply
Chapter: [1.04] Forms of Market and Price Determination
[4]11

Equilibrium price of an essential medicine is too high. Explain what possible steps can be taken to bring down the equilibrium price but only through the market forces. Also explain the series of changes that will occur in the market.

 

Concept: Equilibrium Price
Chapter: [1.04] Forms of Market and Price Determination
[4]12 | Attempt one of the following
[4]12.1

Explain the meaning of opportunity cost with the help of production possibility schedule.

Concept: Concepts of Production Possibility Frontier
Chapter: [1.01] Introduction
[4]12.2

Explain the central problem for whom to produce.

Concept: Central Problems of an Economy
Chapter: [1.01] Introduction
[4]13

A 5 percent fall in the price of a good raises its demand from 300 units to 318 units. Calculate its price elasticity of demand.

 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.02] Consumer Equilibrium and Demand
[6]14 | Attempt one of the following
[6]14.1

Explain the three properties of the indifference curves.

Concept: Indifference Curve
Chapter: [1.02] Consumer Equilibrium and Demand
[6]14.2

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

Concept: Indifference Curve
Chapter: [1.02] Consumer Equilibrium and Demand
[6]15

If equilibrium price of a good is greater than its market price, explain all the changes that will take place in the market. Use diagram.

Concept: Consumer'S Equilibrium
Chapter: [1.02] Consumer Equilibrium and Demand
[6]16

Giving reasons, state whether the following statements are true or false: 

(i) Average product will increase only when marginal product increases.

(ii) With increase in level of output, average fixed cost goes on falling till it reaches zero.

(iii) Under diminishing returns to a factor, total product continues to increase till marginal product reaches zero

Concept: Average Product
Chapter: [1.03] Producer Behaviour and Supply
[1]17

Give two examples of intermediate goods.

Concept: Basic Concepts - Intermediate Goods
Chapter: [2.01] National Income and Related Aggregates
[1]18

State the components of supply of money.

Concept: Concept of Supply
Chapter: [1.03] Producer Behaviour and Supply
[1]19

What one step can be taken through market to reduce the consumption of a product harmful for health?

Concept: Basic Concepts - Consumption Goods
Chapter: [2.01] National Income and Related Aggregates
[1]20

How can Reserve Bank of India help in bringing down the foreign exchange rate which is very high?

Concept: Function of Central bank - Bank of Issue
Chapter: [2.02] Money and Banking
[1]21

Explain 'Revenue Deficit in a Government budget? What does it indicate?

Concept: Measures of Government Deficit Or Surpluses
Chapter: [2.04] Government Budget and the Economy
[3]22 | Attempt one of the following
[3]22.1

Explain the significance of 'medium of exchange' function of money

Concept: Function of Money - Primary Function
Chapter: [2.02] Money and Banking
[3]22.2

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

Concept: Central Bank Function - Banker's Bank
Chapter: [2.02] Money and Banking
[3]23

Distinguish between revenue receipts and capital receipts. Give an example of each. 

Concept: Meaning of Investment
Chapter: [2.01] National Income and Related Aggregates
[3]24

Explain how the government can use the budgetary policy in reducing inequalities in incomes.

Concept: Objectives of Government Budget
Chapter: [2.04] Government Budget and the Economy
[3]25

Explain the effect of depreciation of domestic currency on exports.

Concept: Meaning of Depreciation
Chapter: [2.01] National Income and Related Aggregates
[3]26

How is exchange rate determined in the foreign exchange market? Explain. 

Concept: Determination of Exchange Rate in a Free Market
Chapter: [2.05] Balance of Payments
[4]27

Calculate ‘Sales’ from the following data:

   

(Rs  in lakhs)

(i)

Subsidies

200

 

(ii)

Opening stock

100

 

(iii)

Closing stock

600

 

(iv)

Intermediate consumption

3,000

 

(v)

Consumption of fixed capital

700

 

(vi)

Profit

750

 

(vii)

Net value added at factor cost

2,000

Concept: Aggregates Related to National Income - Gross Value Added and Net Value Added
Chapter: [2.01] National Income and Related Aggregates
[4]28 | Attempt one of the following
[4]28.1

Distinguish between “real” gross domestic product and “nominal” gross domestic product. Which of these is a better index of welfare of the people and why? 

Concept: Real and Nominal GDP
Chapter: [2.01] National Income and Related Aggregates
[4]28.2

Distinguish between stocks and flows. Give two examples of each.

Concept: Basic Concepts - Stocks and Flows
Chapter: [2.01] National Income and Related Aggregates
[4]29

Explain the credit creation role of commercial banks with the help of a numerical example.

Concept: Money Creation Or Credit Creation by the Commercial Banking System
Chapter: [2.02] Money and Banking
[6]30

From the data given below about an economy, calculate (a) investment expenditure and (b) consumption expenditure.

(i)

Equilibrium level of income

5,000

(ii)

Autonomous consumption

500

(iii)

Marginal propensity to consume

0.4

Concept: Methods of Calculating National Income - Expenditure Method
Chapter: [2.01] National Income and Related Aggregates
[6]31

Explain the meaning of under-employment equilibrium. Explain two measures by which full-employment equilibrium can be reached.

Concept: Unemployment
Chapter: [2.03] Determination of Income and Employment
[6]32 | Attempt one of the following
[6]32.1

Calculate “Gross National Product at Market Price” from the following data:

S.No.

Particulars

(Rs  in crores)

(i)

Compensation of employees

2,000

 

(ii)

Interest

500

 

(iii)

Rent

700

 

(iv)

Profits

800

 

(v)

Employer’s contribution to social security schemes

200

 

(vi)

Dividends

300

 

(vii)

Consumption of fixed capital

100

 

(viii)

Net indirect taxes

250

 

(ix)

Net exports

70

 

(x)

Net factor income to abroad

150

 

(xi)

Mixed income of self-employed

1,500

Concept: Aggregates Related to National Income - Gross National Product (GNP)
Chapter: [2.01] National Income and Related Aggregates
[6]32.2

Calculate “Gross National Disposable Income” from the following data:

S.No.

Particulars

(Rs  in crores)

(i)

Net domestic product at factor cost

3,000

 

(ii)

Indirect taxes

300

 

(iii)

Net current transfers from rest of the world

250

 

(iv)

Current transfers from the government

100

 

(v)

Net factor income to abroad

150

 

(vi)

Consumption of fixed capital

200

 

(vii)

Subsidies

100

Concept: National Disposable Income (Gross and Net)
Chapter: [2.01] National Income and Related Aggregates

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