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Economics Delhi Set 3 2013-2014 CBSE (Science) Class 12 Question Paper Solution

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Economics [Delhi Set 3]
Marks: 100Date: 2013-2014 March

[1]1

Define marginal revenue.

Concept: Total, Average and Marginal Revenue
Chapter: [0.023] Producer Behaviour and Supply
[1]2

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]3

Give the meaning of returns to a factor.

Concept: Returns to a Factor
Chapter: [0.023] Producer Behaviour and Supply
[1]4

What is perfect oligopoly?

Concept: Market Forms - Perfect Oligopoly
Chapter: [0.024] Forms of Market and Price Determination
[1]5

Define indifference map.

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]6

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]7 | Attempt Any One
[3]7.1

State the relation between marginal revenue and average revenue.

Concept: Total, Average and Marginal Revenue
Chapter: [0.023] Producer Behaviour and Supply
[3]7.2

State the relation between total cost and marginal cost.

Concept: Total, Average and Marginal Cost
Chapter: [0.023] Producer Behaviour and Supply
[3]8

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

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[3]9

Explain the central problem for whom to produce.

Concept: Central Problems of an Economy
Chapter: [0.021] Introduction
[3]10

A consumer buys 30 units of a good at a price of the Rs10per unit. The price elasticity of demand for the good is (-) 1. How many units will the consumer buy at a price of Rs 9 per unit? Calculate.

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]11

Given the meaning of market demand.

Concept: Market Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand

Name the factors determining market demand

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

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
[4]13 | Attempt Any One
[4]13.1

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]13.2

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
[6]14

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]15

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
[6]16 | Attempt Any One
[6]16.1

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

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]16.2

Explain the three properties of the indifference curves.

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

Define aggregate supply?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]18

What is government budget?

Concept: Meaning of Government Budget
Chapter: [0.016] Government Budget and the Economy
[1]19

What is 'devaluation'?

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[1]20

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]21

Define marginal propensity to consume

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[3]22

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]23

How does giving incentives for the exports influence foreign exchange rate? Explain

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[3]24

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]25 | Attempt Any One
[3]25.1

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]25.2

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

Concept: Function of Money - Primary Function
Chapter: [0.013999999999999999] Money and Banking
[3]26

Explain the meaning of balance of payments deficit.

Concept: Balance of Payments Deficit Meaning
Chapter: [0.015] Balance of Payments
[4]27

Calculate investment expenditure from the following data about an economy which is in equilibrium:
National income = 1500
Autonomous consumption expenditure = 300
Investment expenditure = 300

Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates
[4]28

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
[4]29 | Attempt Any One
[4]29.1

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]29.2

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

Concept: Central Bank Function - Banker's Bank
Chapter: [0.013999999999999999] Money and Banking
[6]30

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]31 | Attempt Any One
[6]31.1

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]31.2

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
[6]32

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

    (Rs Arab)
1 Net current transfers to abroad 5
2 Government final consumption expenditure 100
3 Net indirect tax 80
4 Private final consumption expenditure 300
5 Consumption of fixed capital 20
6 Gross domestic fixed capital formation 50
7 Net imports (-)10
8 Closing stock 25
9 Opening stock 25
10 Net factor income to abroad 10
Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates

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