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Economics All India Set 3 2014-2015 CBSE (Arts) Class 12 Question Paper Solution

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Economics [All India Set 3]
Marks: 100Date: 2014-2015 March

[1]1

If due to fall in the price of good X, demand for good Y rises, the two goods are : (Choose the correct alternative)

a. Substitutes
b. Complements
c. Not related
d. Competitive

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]2

If Marginal Rate of Substitution is increasing throughout, the Indifference Curve will be: (Choose the correct alternative)

a. Downward sloping convex
b. Downward sloping concave
c. Downward sloping straight line
d. Upward sloping convex

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]3

Define indifference map.

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]4 | Attempt Any One
[3]4.1

What is likely to be the impact of "Make in India" appeal to the foreign investors by the Prime Minister of India, on the production possibilities frontier of India? Explain

Concept: Concept of Production
Chapter: [0.023] Producer Behaviour and Supply
[3]4.2

What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain

Concept: Unemployment
Chapter: [0.011000000000000001] Determination of Income and Employment [0.0207] Employment: Growth, Informalisation and Other Issues
[3]5

Distinguish between cooperative and non-cooperative oligopoly

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

What is maximum price ceiling? Explain its implications.

Concept: Price Ceiling
Chapter: [0.024] Forms of Market and Price Determination
[3]7

The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]8

Giving reason comment on the shape of Production Possibilities curve based on the following schedule :

Good X (units) Good Y (units)
0 10
1 9
2 7
3 4
4 0

 

Concept: Concept of Production
Chapter: [0.023] Producer Behaviour and Supply
[4]9

A consumer spends Rs 400 on a good priced at Rs 8 per unit. When its price rises by 25  percent, the consumer spends Rs 500 on the good. Calculate the price elasticity of demand by the Percentage method.

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]10 | Attempt Any One
[4]10.1

What is the behaviour of (a) Average Fixed Cost and (b) Average Variable Cost as more and more units of a good are produced?

Concept: Cost - Fixed Cost
Chapter: [0.023] Producer Behaviour and Supply
[4]10.2

Define Average Revenue. Show that Average Revenue and Price are same.

Concept: Total, Average and Marginal Revenue
Chapter: [0.023] Producer Behaviour and Supply
[6]11

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]12

A market for a good is in equilibrium. The demand for the good 'increases'. Explain the chain of effects of this change.

Concept: Market Equilibrium
Chapter: [0.024] Forms of Market and Price Determination
[6]13 | Attempt Any One
[6]13.1

A consumer consumes only two goods X and Y, both priced at Rs 2 per unit. If the consumer chooses a combination of the two goods with Marginal Rate of Substitution equal to 2, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Explain.

Concept: Consumer'S Equilibrium
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]13.2

A consumer consumes only two goods X and Y whose prices are Rs 5 and Rs 4 respectively. If the consumer chooses a combination of the two goods with marginal utility of X equal to 4 and that of Y equal to 5, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Use utility analysis

Concept: Consumer'S Equilibrium
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]14

Explain why will a producer not be in equilibrium if the conditions of equilibrium are not met.

Concept: Concept of Producer's Equilibrium
Chapter: [0.023] Producer Behaviour and Supply
[1]15

Other things remaining the same, when in a country the market price of the foreign currency falls, national income is likely (Choose the correct alternative)

a. to rise
b. to fall
c. to rise or to fall
d. to remain unaffected

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[1]16

Primary deficit in a government budget is : (Choose the correct alternative)

a. Revenue expenditure - Revenue receipts
b. Total expenditure - Total receipts
c. Revenue deficit - Interest payments
d. Fiscal deficit - Interest payments

Concept: Deficit Budget - Primary Deficit
Chapter: [0.016] Government Budget and the Economy
[1]17

A direct tax is called direct because it is collected directly from (Choose the correct alternative)

a. The producers on goods produced

b. The sellers on goods sold

c. The buyers of goods

d. The income earners

Concept: Direct and Indirect Tax
Chapter: [0.016] Government Budget and the Economy
[1]18

What is aggregate demand?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]19

If MPC = 1, the value of the multiplier is: (Choose the correct alternative)

a. 0
b. 1
c. Between 0 and 1
d. Infinity

Concept: Investment Multiplier and Its Mechanism
Chapter: [0.011000000000000001] Determination of Income and Employment
[3]20 | Attempt Any One
[3]20.1

What are fixed and flexible exchange rates?

Concept: Systems of Exchange Rates
Chapter: [0.015] Balance of Payments
[3]20.2

Give meaning of managed floating exchange rate.

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[3]21

Where is 'borrowings from abroad' recorded in the Balance of Payments Accounts? Give reasons.

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

If the Nominal GDP is Rs 600 and Price Index (base = 100) is 120, calculate the Real GDP.

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates
[4]23

Currency is issued by the central bank, yet we say that commercial banks create money. Explain. How is this money creation by commercial banks likely to affect the national income? Explain

Concept: Function of Central bank - Bank of Issue
Chapter: [0.013999999999999999] Money and Banking
[4]24

An economy is in equilibrium. Calculate the National Income from the following :
Autonomous Consumption = 120
Marginal Propensity to Save = 0.2
Investment Expenditure = 150

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[4]25 | Attempt Any One
[4]25.1

Explain bankers bank function of a Central bank.

Concept: Central Bank Function - Banker's Bank
Chapter: [0.013999999999999999] Money and Banking
[4]25.2

Explain the ‘bank of issue’ function of central bank.

Concept: Function of Central bank - Bank of Issue
Chapter: [0.013999999999999999] Money and Banking
[6]26 | Attempt Any One
[6]26.1

Explain the concept of 'deficient demand' in macroeconomics.

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

explain the role of Bank Rate in correcting deficient demand?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[6]26.2

What is 'excess demand'?

Concept: Repo Rate and Reverse Repo Rate
Chapter: [0.013999999999999999] Money and Banking

Explain the role of 'Reverse Repo Rate' in removing it.

Concept: Repo Rate and Reverse Repo Rate
Chapter: [0.013999999999999999] Money and Banking
[6]27

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

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[6]28

Giving reason explain how the following should be treated in the estimation of national income:

Payment of interest by a firm to a bank

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

Giving reason explain how the following should be treated in the estimation of national income:

Payment of interest by a bank to an individual

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

Giving reason explain how the following should be treated in the estimation of national income:

Payment of interest by an individual to a bank

Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates
[6]29

Calculate 'Net Domestic Product at Market Price' and 'Gross National Disposable Income':

    (Rs crores)
1 Private final consumption expenditure 400
2 Opening stock 10
3 Consumption of fixed capital 25
4 Imports 15
5 Government final consumption expenditure 90
6 Net current transfers to rest of the world 5
7 Gross domestic fixed capital formation 80
8 Closing stock 20
9 Exports 10
10 Net factor income to abroad (-)5

 

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

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