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Question Paper Solutions for Economics Delhi Set 2 2012-2013 CBSE (Commerce) Class 12

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Economics
Delhi Set 2
2012-2013 March
Marks: 100

[1]1

Give two examples of variable costs.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Cost -variable Cost
[1]2

Given the meaning of market demand.

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

Under which market form a firm's marginal revenue is always equal to price?

Chapter: [1.03] Producer Behaviour and Supply
Concept: Total, Average and Marginal Revenue
[1]4

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

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

Define marginal cost.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Cost - Marginal Cost
[3]6 | Attempt one of the following
[3]6.1

Explain the law of diminishing marginal utility with the help of a total utility schedule.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Diminishing Marginal Utility
[3]6.2

Explain the condition of consumer's equilibrium with the help of utility analysis.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
[3]7

Explain the difference between an inferior good and a normal good.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Change in Quantity Demand
[3]8

A firm’s revenue rises from Rs 400 to Rs 500 when the price of its product rises from Rs 20 per unit to Rs 25 per unit. Calculate the price elasticity of supply.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Measurement of Price Elasticity of Supply - Geometric Method
[3]9

Complete the following table:

Output

(Units)

Average Cost

(Rs)

Marginal Cost

(Rs)

1

12

…….

2

10

……..

3

…….

10

4

10.5

……..

5

11

……..

6

……..

17

Chapter: [1.03] Producer Behaviour and Supply
Concept: Total Product
[3]10

Explain any two features of monopoly market.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Meaning and Features of Market
[4]11

Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.

Chapter: [1.01] Introduction
Concept: Concepts of Production Possibility Frontier
[4]12 | Attempt one of the following
[4]12.1

The demand for good rises by 20 percent as a result of all in its price. Its price elasticity of demand is (−) 0.8. Calculate the percentage fall in price.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Type of Elasticity of Demand
[4]12.2

How is price elasticity of demand affected by:

(i) Number of substitutes of available for the good.

(ii) Nature of the good.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Type of Elasticity of Demand
[4]13

Explain the conditions of producer’s equilibrium with the help of a numerical example.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Producer's Equilibrium
[6]14 | Attempt one of the following
[6]14.1

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

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

Explain the relationship between

(i) Prices of other goods and demand for the given good.

(ii) Income of the buyers and demand for a good. 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Type of Elasticity of Demand
[6]15

Giving reason, state whether the following statement is true or false.
When equilibrium price of a good is less than its market price, there will be competition among the sellers.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Equilibrium Price

Giving reason, state whether the following statement is true or false.

A Monopolist can sell any quantity he likes at a price.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[6]16

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
[1]17

What is government budget?

Chapter: [2.04] Government Budget and the Economy
Concept: Meaning of Government Budget
[1]18

Give two examples of indirect taxes.

Chapter: [2.04] Government Budget and the Economy
Concept: Direct and Indirect Tax
[1]19

Define externalities. Give an example of negative externality. What is its impact on welfare?

Chapter: [2.01] National Income and Related Aggregates
Concept: GDP and Welfare
[1]20

How can increase in foreign direct investment affect the price of foreign exchange?

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[1]21

What are demand deposits?

Chapter: [2.02] Money and Banking
Concept: Currency Held by the Public and Net Demand Deposits Held by Commercial Banks
[3]22

Distinguish between balance of trade and balance on current account?

Chapter: [2.05] Balance of Payments
Concept: Balance of Trade
[3]23

Explain the effect of appreciation of domestic currency on imports.

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[3]24

Explain the problem of double coincidence of wants faced under barter system. How has money solved it?

Chapter: [2.02] Money and Banking
Concept: Difficulties Involved in the Barter Exchange
[3]25

Explain any one objective of Government Budget.

Chapter: [2.04] Government Budget and the Economy
Concept: Objectives of Government Budget
[3]26 | Attempt one of the following
[3]26.1

Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.

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

Distinguish between revenue deficit and fiscal deficit.

Chapter: [2.04] Government Budget and the Economy
Concept: Measures of Government Deficit Or Surpluses
[4]27 | Attempt one of the following
[4]27.1

Giving reasons categories the following into stock and flow:-

(i) Capital

(ii) Saving

(iii) Gross domestic product

(iv) Wealth

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Stocks and Flows
[4]27.2

Explain the circular flow of income.

Chapter: [2.01] National Income and Related Aggregates
Concept: Circular Flow of Income (Two Sector Model)
[4]28

How do commercial banks create deposits? Explain.

Chapter: [2.02] Money and Banking
Concept: Commercial Banks
[4]29

Calculate 'sales' from the following data:-

S. No. Particulars (Rs in laths)
(i) Net value added at factor cost 560
(ii) Depreciation 60
(iii) Change in stock (-)30
(iv) Intermediate cost 1000
(v) Exports 200
(vi) Indirect taxes 60
Chapter: [2.01] National Income and Related Aggregates
Concept: Gross and Net Domestic Product (GDP and NDP)
[6]30

In an economy, S = −100 + 0.6 Y is the saving function, where S is Saving and Y is National Income. If investment expenditure is 1,100, calculate:

(1) Equilibrium level of National Income

(2) Consumption expenditure at equilibrium level of National Income.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[6]31 | Attempt one of the following
[6]31.1

Calculate National Income from the following data:

S.No. Particulars Rs.in crores
(i) Private final consumption expenditure 900
(ii) Profit 100
(iii) Government final consumption expenditure 400
(iv) Net indirect taxes 100
(v) Gross domestic capital formation 250
(vi) Change in stock 50
(vii) Net factor income from abroad (-)40
(viii) Consumption of fixed capital 20
(ix) Net imports 30
Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[6]31.2

Calculate net national disposable income from the following data:-

S.No. Particulars Rs. in crores
(i) Gross domestic product at market price 2000
(ii) Net current transfers to rest of the world (-)200
(iii) Net indirect taxes 150
(iv) Net factor income to abroad 60
(v) National debt interest 70
(vi) Consumption of fixed capital 200
(vii) Current transfers from Government 150
Chapter: [2.01] National Income and Related Aggregates
Concept: National Disposable Income (Gross and Net)
[6]32

Complete the following table:-

Income (Rs) Consumption expenditure (Rs) Marginal propensity to save Average propensity to save
0 80    
100 140 0.4 .......
200 ........ ...... 0
....... 240 ........ 0.20
......... 260 0.8 0.35
Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save

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