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Economics Delhi Set 1 2013-2014 CBSE (Arts) Class 12 Question Paper Solution

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Economics [Delhi Set 1]
Marks: 100Academic Year: 2013-2014
Date: March 2014

[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.

Concept: Unemployment
Chapter: [0.011000000000000001] Determination of Income and Employment [0.0207] Employment: Growth, Informalisation and Other Issues
[1]2

Define budget set.

Concept: Consumer's Budget
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]3

What is meant by revenue in microeconomics?

Concept: Total, Average and Marginal Revenue
Chapter: [0.023] Producer Behaviour and Supply
[1]4

Give the meaning of returns to a factor.

Concept: Returns to a Factor
Chapter: [0.023] Producer Behaviour and Supply
[1]5

What is perfect oligopoly?

Concept: Market Forms - Perfect Oligopoly
Chapter: [0.024] Forms of Market and Price Determination
[3]6

Answer the following question.
Explain the central problem for whom to produce.

Concept: Central Problems of an Economy
Chapter: [0.021] Introduction
[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.

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]8 | Attempt Any One
[3]8.1

State the relation between marginal revenue and average revenue.

Concept: Total, Average and Marginal Revenue
Chapter: [0.023] Producer Behaviour and Supply
[3]8.2

State the relation between total cost and marginal cost.

Concept: Total, Average and Marginal Cost
Chapter: [0.023] Producer Behaviour and Supply
[3]9

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

Concept: Cost - Average Fixed Cost
Chapter: [0.023] Producer Behaviour and Supply
[3]10

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

Concept: Features of Oligopoly
Chapter: [0.024] Forms of Market and Price Determination
[4]11 | Attempt Any One
[4]11.1

A consumer consumes only two goods. Explain consumer's equilibrium with the help of utility analysis.

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[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

Concept: Consumer'S Equilibrium
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]12

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

Concept: Determinants of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]13

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

Concept: Law of Variable Proportions
Chapter: [0.023] Producer Behaviour and Supply
[6]14 | Attempt Any One
[6]14.1

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

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]14.2

Explain the three properties of the indifference curves.

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[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

 

Concept: Concept of Producer's Equilibrium
Chapter: [0.023] Producer Behaviour and Supply
[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.

Concept: Demand Curve and Its Slope
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]17

What are demand deposits?

Concept: Currency Held by the Public and Net Demand Deposits Held by Commercial Banks
Chapter: [0.013999999999999999] Money and Banking
[1]18

What is involuntary unemployment?

Concept: Voluntary Unemployment and Involuntary Unemployment
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]19

Define marginal propensity to consume

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]20

What is government budget?

Concept: Meaning of Government Budget
Chapter: [0.016] Government Budget and the Economy
[1]21

Give meaning of balance of trade.

Concept: Balance of Trade
Chapter: [0.015] Balance of Payments
[3]22

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

Concept: GDP and Welfare
Chapter: [0.012] National Income and Related Aggregates
[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?

Concept: Money - Store of Value
Chapter: [0.013999999999999999] Money and Banking
[3]23.2

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

Concept: Function of Money - Primary Function
Chapter: [0.013999999999999999] Money and Banking
[3]24

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

Expenditure on a collection of taxes.

Concept: Classification of Expenditure
Chapter: [0.016] Government Budget and the Economy

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

Expenditure on purchasing computers

Concept: Classification of Expenditure
Chapter: [0.016] Government Budget and the Economy
[3]25

Explain the meaning of balance of payments deficit.

Concept: Balance of Payments Deficit Meaning
Chapter: [0.015] Balance of Payments
[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?

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[4]27 | Attempt Any one
[4]27.1

Define money supply

Concept: Changes in Government Spending Taxes and Money Supply
Chapter: [0.011000000000000001] Determination of Income and Employment

Explain money supply components.

Concept: Changes in Government Spending Taxes and Money Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[4]27.2

Answer the following question.
Explain the 'lender of last resort' function of central bank.

Concept: Central Bank Function - Banker's Bank
Chapter: [0.013999999999999999] Money and Banking
[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

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[4]29

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

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[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

Concept: National Disposable Income (Gross and Net)
Chapter: [0.012] National Income and Related Aggregates
[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.

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates

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.

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates

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.

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates
[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

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[6]32.2

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

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment

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