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Question Paper Solutions for Economics Delhi Set 1 2013-2014 CBSE (Science) Class 12

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Marks: 100
[1]1

Unemployment is reduced due to the measures were taken by the government. State its economic value in the context of production possibilities frontier.

Chapter: [2.03] Determination of Income and Employment
Concept: Unemployment
[1]2

Define budget set.

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

What is meant by revenue in microeconomics?

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

Give the meaning of returns to a factor.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Returns to a Factor
[1]5

What is perfect oligopoly?

Chapter: [1.04] Forms of Market and Price Determination
Concept: Market Forms - Perfect Oligopoly
[3]6

Explain the central problem for whom to produce.

Chapter: [1.01] Introduction
Concept: Central Problems of an Economy
[3]7

A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the good is (–) 1. How many units the consumer will buy at a price of Rs 10 per unit? Calculate.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Elasticity of Demand
[3]8 | Attempt Any One
[3]8.1

State the relation between marginal revenue and average revenue.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Total, Average and Marginal Revenue
[3]8.2

State the relation between total cost and marginal cost.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Total, Average and Marginal Cost
[3]9

What is the behaviour of average fixed cost as output is increased? Why is it so?

Chapter: [1.03] Producer Behaviour and Supply
Concept: Cost - Average Fixed Cost
[3]10

Why are the firms said to be interdependent in an oligopoly market? Explain.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[4]11 | Attempt Any One
[4]11.1

A consumer consumes only two goods. Explain 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
[4]11.2

A consumer consumes only two goods A and B and is in equilibrium. Show that when price of good B falls, demand for B rises. Answer this question with the help of utility analysis

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer'S Equilibrium
[4]12

What happens to the demand of a good when consumer's income changes? Explain

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

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
[6]14 | Attempt Any One
[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 three properties of the indifference curves.

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

From the following information about a firm, find the firms equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output

Output (units) Total Revenue (Rs) Total Cost (Rs)
1 7 8
2 14 15
3 21 21
4 28 28
5 35 36

 

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Producer's Equilibrium
[6]16

Market of a commodity is in equilibrium. Demand for the commodity "increases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand Curve and Its Slope
[1]17

What are demand deposits?

Chapter: [2.02] Money and Banking
Concept: Currency Held by the Public and Net Demand Deposits Held by Commercial Banks
[1]18

What is involuntary unemployment?

Chapter: [2.03] Determination of Income and Employment
Concept: Voluntary Unemployment and Involuntary Unemployment
[1]19

Define marginal propensity to consume

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[1]20

What is government budget?

Chapter: [2.04] Government Budget and the Economy
Concept: Meaning of Government Budget
[1]21

Give meaning of balance of trade.

Chapter: [2.05] Balance of Payments
Concept: Balance of Trade
[3]22

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
[3]23 | Attempt Any One
[3]23.1

Explain the ‘store of value’ function of money. How has solved the related problem created by barter?

Chapter: [2.02] Money and Banking
Concept: Money - Store of Value
[3]23.2

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

Chapter: [2.02] Money and Banking
Concept: Function of Money - Primary Function
[3]24

Is the following revenue expenditure or capital expenditure in the context of government budget? Give reason.

Expenditure on a collection of taxes.

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

Is the following revenue expenditure or capital expenditure in the context of government budget? Give reason.

Expenditure on purchasing computers

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

Explain the meaning of balance of payments deficit.

Chapter: [2.05] Balance of Payments
Concept: Balance of Payments Deficit Meaning
[3]26

Recently Government of India has doubled the import duty on gold. What impact is it likely to have on foreign exchange rate and how?

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[4]27 | Attempt Any one
[4]27.1

Define money supply

Chapter: [2.03] Determination of Income and Employment
Concept: Changes in Government Spending Taxes and Money Supply

Explain money supply components.

Chapter: [2.03] Determination of Income and Employment
Concept: Changes in Government Spending Taxes and Money Supply
[4]27.2

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

Calculate investment expenditure from the following data about an economy which is in equilibrium:
National income = 1000
Marginal propensity to save = 0.25
Autonomous consumption expenditure = 200

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[4]29

Government raises its expenditure on producing public goods. Which economic value does it reflect? Explain.

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

Calculate national income and gross national disposable income from the following:

                                                                                                   (Rs Arab)

i. Net current transfers to abroad                                                       (-) 15
ii. Private final consumption expenditure                                               600
iii. Subsidies                                                                                        20
iv. Government final consumption expenditure                                       100
v. Indirect tax                                                                                     120
vi. Net imports                                                                                     20
vii. Consumption of fixed capital                                                            35
viii. Net change in stocks                                                                    (-)10
ix. Net factor income to abroad                                                              5
x. Net domestic capital formation                                                          110

Chapter: [2.01] National Income and Related Aggregates
Concept: National Disposable Income (Gross and Net)
[6]31

Giving reason explain how should the following be treated in estimating gross domestic product at market price?

Fees to a mechanic paid by a firm.

Chapter: [2.01] National Income and Related Aggregates
Concept: Gross and Net Domestic Product (GDP and NDP)

Giving reason explain how should the following be treated in estimating gross domestic product at market price?

Interest paid by an individual on a car loan taken from a bank.

Chapter: [2.01] National Income and Related Aggregates
Concept: Gross and Net Domestic Product (GDP and NDP)

Giving reason explain how should the following be treated in estimating gross domestic product at market price?

Expenditure on purchasing a car for use by a firm.

Chapter: [2.01] National Income and Related Aggregates
Concept: Gross and Net Domestic Product (GDP and NDP)
[6]32 | Attempt Any One
[6]32.1

Explain national income equilibrium through aggregate demand and aggregate supply. Use diagram. Also explain the changes that take place in an economy when the economy is not in equilibrium

Chapter: [2.03] Determination of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply
[6]32.2

Given consumption curve, derive saving curve and state the steps taken in the process of derivation. Use Diagram.

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

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