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Economics Delhi Set 2 2015-2016 CBSE (Arts) Class 12 Question Paper Solution

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Economics [Delhi Set 2]
Marks: 100Date: 2016-03-31
Duration: 3h

[1]1

There is inverse relation between price and demand for the product of a firm under:

(choose the correct alternative)

(a) Monopoly only

(b) Monopolistic competition only

(c) Both under monopoly and monopolistic competition

(d) Perfect competition only

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]2

Homogenous product’ is a characteristic of : (choose the correct alternative)

(a) Perfect competition only

(b) Perfect oligopoly only

(c) Both (a) and (b)

(d) None of the above

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]3

Suppose total revenue is rising at a constant rate as more units of a commodity are sold, marginal revenue would be:

(a) Greater than average revenue

(b) Equal to average revenue

(c) Less than average revenue

(d) Rising

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

When does ‘increase’ in supply take place?

Concept: Supply Curve and Schedule
Chapter: [0.023] Producer Behaviour and Supply
[1]5

What is the relation between marginal cost and average cost when average cost is constant?

Concept: Total, Average and Marginal Cost
Chapter: [0.023] Producer Behaviour and Supply
[3]6 | Attempt Any One
[3]6.1

What is maximum price ceiling? Explain its implications.

Concept: Price Ceiling
Chapter: [0.024] Forms of Market and Price Determination
[3]6.2

Explain the chain effects, if the prevailing market price is below the equilibrium price.

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

A consumer consumes only two goods X and Y. If marginal utilities of X and Y are 4 and 5 respectively, and if price of X is Rs 5 per unit and that of Y is Rs 4 per unit is the consumer in equilibrium? What will be further reaction of the consumer? Explain.

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]8

Price elasticity of demand of goods X is -2 and goods Y is -3. Which of the two goods is more price elastic and why?

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]9

Price elasticity of supply of a good is 2. A producer supplies 100 units of a good at a price of Rs 20 per unit. At what price will he supply 80 units?

Concept: Concept of Supply
Chapter: [0.023] Producer Behaviour and Supply
[4]10

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]11 | Attempt Any One
[4]11.1

Define production function.

Concept: Meaning of Production Function
Chapter: [0.023] Producer Behaviour and Supply

Distinguish between short run and long run production functions

Concept: Meaning of Production Function
Chapter: [0.023] Producer Behaviour and Supply
[4]11.2

Define cost.

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

Distinguish between fixed and variable costs. Give one example of each.

Concept: Basic Concepts of Cost
Chapter: [0.023] Producer Behaviour and Supply
[6]12 | Attempt Any One
[6]12.1

Explain the implications of the following in a perfectly competitive market:

Large number of buyers

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

Explain the implications of the following in a perfectly competitive market:

Freedom of entry and exit to firms

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[6]12.2

Explain the implications of the following in an oligopoly market:

Inter- dependence between firms

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

Explain the implications of the following in an oligopoly market:

Non-price competition

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[6]13

Explain the distinction between “change in quantity supplied’ and “change in supply”. Use diagram.

Concept: Supply Curve and Schedule
Chapter: [0.023] Producer Behaviour and Supply
[6]14

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

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]15

Assuming that no resource is equally efficient in production of all goods, name the curve which shows production potential of the economy. Explain, giving reasons, its properties.

Concept: Concepts of Production Possibility Frontier
Chapter: [0.021] Introduction
[1]16

Foreign exchange transactions dependent on other foreign exchange transaction are called:(choose the correct alternative)

(a) Current account transactions

(b) Capital account transactions

(c) Autonomous transactions

(d) Accommodating transaction

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[1]17

Fiscal deficit equals :

(a) Interest payments

(b) Borrowings

(c) Interest payments less borrowing

(d) Borrowing less interest payments

Concept: Measures of Government Deficit Or Surpluses
Chapter: [0.016] Government Budget and the Economy
[1]18

Depreciation of fixed capital assets refers to :

(a) Normal wear and tear

(b) Foreseen obsolescence

(c) Normal wear and tear and foreseen obsolescence

(d) Unforeseen obsolescence.

Concept: Meaning of Depreciation
Chapter: [0.012] National Income and Related Aggregates
[1]19

What are revenue receipts in a government budget?

Concept: Classification of Receipts
Chapter: [0.016] Government Budget and the Economy
[1]20

Define stocks.

Concept: Basic Concepts - Stocks and Flows
Chapter: [0.012] National Income and Related Aggregates
[3]21

Suppose marginal propensity to consume is 0.8. How much increase in investment is required to increase national income by Rs. 2000 crore? Calculate.

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

Find net value added at market price:

    (Rs lakh)
(i) Fixed capital good with a life span of 5 years 15
(ii) Raw materials 6
(iii) Sales 25
(iv) Net change in stock (-)2
(v) Taxes on production 1
Concept: Aggregates Related to National Income - Gross Value Added and Net Value Added
Chapter: [0.012] National Income and Related Aggregates
[3]23 | Attempt Any One
[3]23.1

Distinguish between marginal propensity to consume and average propensity to consume. Give a numerical example.

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[3]23.2

Explain the role of taxation in reducing excess demand.

Concept: Problems of Excess Demand and Deficient Demand
Chapter: [0.011000000000000001] Determination of Income and Employment
[4]24

Explain how ‘bank rate' is helpful in controlling credit creation?

Concept: Central Bank Function - Controller of Credit
Chapter: [0.013999999999999999] Money and Banking
[4]25

Government insure expenditure to popularize yoga among the masses. Analyses its impact on gross domestic product and welfare of the people.

Concept: Methods of Calculating National Income - Expenditure Method
Chapter: [0.012] National Income and Related Aggregates
[4]26 | Attempt Any One
[4]26.1

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
[4]26.2

Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?

Concept: Function of Money - Primary Function
Chapter: [0.013999999999999999] Money and Banking
[6]27

Find national income and private income:

    (Rs crore)
(i) Rent 200
(ii) Net current transfer to abroad 10
(iii) National debt interest 60
(iv) Corporate tax 100
(v) Composition of employees 900
(vi) Current transfers from government 150
(vii) Interest 400
(viii) Interest 50
(ix) Undistributed profits 250
(x) Net factor income to abroad (-)10
(xi) Income accruing to government 120
Concept: Aggregates related to National Income - Private Income
Chapter: [0.012] National Income and Related Aggregates
[6]28

(a) In which sub-account and on which side of balance of payments account will foreign investments in India be recorded? Given reasons.

(b)What will be the effect of foreign investments in India on exchange rate? Explain.

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[6]29

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]30 | Attempt any One
[6]30.1

What is government budget?

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

Explain how taxes and subsides can be used to influence allocation of resources.

Concept: Government Budget - Allocation of Resources
Chapter: [0.016] Government Budget and the Economy
[6]30.2

What are revenue receipts in a government budget?

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

Explain how government budget can used to bring in price stability in the economy.

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

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