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Economics All India Set 2 2016-2017 CBSE (Commerce) Class 12 Question Paper Solution

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Economics [All India Set 2]
Marks: 100Date: 2017-04-16
Duration: 3h

[1]1

Define an indifference curve.

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

A seller cannot influence the market price under (choose the correct alternative)

a) Perfect competition

b) Monopoly

c) Monopolistic competition

d) All of the above

Concept: Features of Perfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[1]3

Any statement above demand for a good is considered complete only when the following is/are mentioned in it. ( choose the correct alternative)

a) Price of the good

b) Quantity of good

c) Period of time

d) All of the above

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]4

Features of Monopolistic Competition.

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]5

Demand for a good is termed inelastic through the expenditure approach when if (choose the correct alternative)

a) Price of good falls, expenditure on it rises

b) Price of the good falls, expenditure in it falls

c) Price of the good falls, expenditure on it remains unchanged

d) Price of the good rises, expenditure in it falls

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]6 | Attempt Any One
[3]6.1

Distinguish between ‘increase in demand’ and increase in quantity demanded of a good.

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]6.2

Explain the meaning of Budget set 

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

Explain the meaning of  Budget line

Concept: Types of Budget
Chapter: [0.016] Government Budget and the Economy
[3]7

Explain the central problem for whom to produce.

Concept: Central Problems of an Economy
Chapter: [0.021] Introduction
[3]8

Give the meaning and characteristics of production possibility frontier.

Concept: Concepts of Production Possibility Frontier
Chapter: [0.021] Introduction
[4]9 | Attempt Any One
[4]9.1

Define market supply.

Concept: Market Supply
Chapter: [0.023] Producer Behaviour and Supply

Explain the factor Input prices that can cause a change in supply.

Concept: Market Supply
Chapter: [0.023] Producer Behaviour and Supply
[4]9.2

Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant.

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

Explain Perfect knowledge about the markets feature of perfect competition.

Concept: Features of Perfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[4]11

Explain the meaning of diminishing marginal rate of substitution with the help of an example.

Concept: Diminishing Marginal Utility
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]12 | Attempt Any One
[6]12.1

Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.

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

Explain the meaning of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price.

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

Complete the following table:

Output
(Units)
Average Fixed Cost
(Rs )
Marginal Cost
(Rs )
Average Variable Cost
(Rs )
Average Cost
(Rs )
0 30      
1 ... ...   30
2 78 ... ... ...
3 ... 23 ... 10
4 ... ... 23 ...
5 150 ... ... 6
Concept: Basic Concepts of Cost
Chapter: [0.023] Producer Behaviour and Supply
[6]14

From the following table find out the level of output at which the producer will be in equilibrium (use marginal cost and marginal revenue approach).Give reasons for your answer.

Output
(Units)
Total Revenue
(Rs )
Total Cost
(Rs )
1 16 14
2 30 27
3 42 39
4 52 49
5 60 61
Concept: Basic Concepts of Cost
Chapter: [0.023] Producer Behaviour and Supply
[6]15

When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]16

Define marginal propensity to consume

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]17

What is government budget?

Concept: Meaning of Government Budget
Chapter: [0.016] Government Budget and the Economy
[1]18

What is meant by the depreciation of domestic currency?

Concept: Concept of Balance of Payments Account
Chapter: [0.015] Balance of Payments
[1]19

Demand deposits include (choose the correct alternative)

(a) Saving account deposits and fixed deposits

(b) Saving account deposits and current account deposits

(c) Current account deposits and fixed deposits

(d) All types of deposits

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]20

If the marginal propensity to consume is greater than marginal propensity to save, the value of the multiplier will be (Choose the correct alternative)

(a) greater than 2

(b) less than 2

(c) equal to 2

(d) equal to 5

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[3]21

Explain the circular flow of income.

Concept: Circular Flow of Income (Two Sector Model)
Chapter: [0.012] National Income and Related Aggregates
[3]22

Distinguish between direct taxes and indirect taxes. Give an example of each

Concept: Direct and Indirect Tax
Chapter: [0.016] Government Budget and the Economy
[3]23 | Attempt Any One
[3]23.1

Explain difficulty in storing wealth problem faced in the barter system of exchange

Concept: Concept of Barter Exchange
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
[4]24

Explain how government budget can be helpful in bringing economic stabilization in the economy.

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[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 process of credit creation by commercial banks.

Concept: Commercial Banks
Chapter: [0.013999999999999999] Money and Banking
[4]26

An economy is in equilibrium. From the following data, calculate the marginal propensity to save:

1) Income = 10,000

2) Autonomous consumption = 500

3) Consumption expenditure = 8,000

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[6]27

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]28 | Attempt Any One
[6]28.1

Explain the precautions that are taken while estimating additional income by the value-added method.

Concept: Methods of Calculating National Income - Value Added Or Product Method
Chapter: [0.012] National Income and Related Aggregates
[6]28.2

Will the following be included in the national income of India? Give reasons for your answer

Financial assistance to flood victims

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

Will the following be included in the national income of India? Give reasons for your answer

Profit earned by the branches of a foreign bank in India

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

Will the following be included in the national income of India? Give reasons for your answer

Salaries of Indians working in the American Embassy in India

Concept: Concept of Balance of Payments Account
Chapter: [0.015] Balance of Payments
[6]29

Calculate the (a) Net National product as markets price. and (b) Gross National Disposable Income:

  (Rs In crores)
(i) Mixed income of self – employed 8,000
(ii) Rent 400
(iii) Profit 900
(iv) Dividend 100
(v) Interest 500
(vi) Mixed income of self- employed 7,000
(vii) Net factor income to abroad 50
(viii) Net export 60
(ix) Net indirect taxes 300
(x) Depreciation 150
Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates
[6]30

Distinguish between current account and capital account

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

Distinguish between an autonomous transaction and accommodating transactions of the balance of payments account.

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

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