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Question Paper Solutions for Economics Delhi Set 1 2017-2018 CBSE (Commerce) Class 12

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Economics
Delhi Set 1
2017-2018 March
Marks: 80

[1]1

Define opportunity cost.

Chapter: [1.01] Introduction
Concept: Concept of Opportunity Cost

Define opportunity cost.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Opportunity Cost
[1]2

At what level of production is total cost equal to total fixed cost?

 

Chapter: [1.03] Producer Behaviour and Supply
Concept: Cost - Total Fixed Cost
[1]3

Which of the following does not cause shift of supply curve of a good?
(Choose the correct alternative)
(a) Price of input
(b) Price of the good
(c) Goods and services tax
(d) Subsidy

Chapter: [1.03] Producer Behaviour and Supply
Concept: Movements Along and Shifts in Supply Curve
[1]4

Which of the following measures of price elasticity shows elastic supply?(Choose the correct alternative)

0

0.5

1.0

1.5

Chapter: [1.03] Producer Behaviour and Supply
Concept: Measurement of Price Elasticity of Supply - Geometric Method
[3]5 | Attempt one of the following
[3]5.1

Explain the central problem of "What is produced and in what quantities.".

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Production
[3]5.2

In what circumstances may the production possibility frontier shift away from the origin? Explain.

 

 
Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Production
[3]6

A consumer buys 200 units of a good at a price of Rs 20 per unit. Price elasticity of deamnd is (–) 2. At what price will he be willing to purchase 300 units? Calculate.

 

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer's Budget
[4]7 | Attempt one of the following
[4]7.1

Write a budget line equation of a consumer if the two goods purchased by the consumer, Good X and Good Y are priced at Rs 10 and Rs 5 respectively and the consumer's income is Rs 100.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer's Budget
[4]7.2

Define marginal rate of substitution. Explain its behaviour along an indifference curve.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Marginal Rate of Substitution (MRS)
[4]8

Explain the conditions of producer's equilibrium under perfect competition.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Concept of Producer's Equilibrium
[4]9

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

Freedom of entry and exit to firms

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[6]10

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

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
[6]11

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

State the relation between MC curve and AVC and ATC curves.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
[6]12 | Attempt one of the following
[6]12.1

Define price floor. Explain the implications of price floor.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Price Floor
[6]12.2

Market of a good is in equilibrium. If the demand for the good 'decreases'. Explain the chain of effects of this change.

 

 
Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Market Demand
[1]13

Give one example of negative externalities.

 

 
Chapter: [1.01] Introduction
Concept: A Simple Economy
[1]14

Credit creation by commercial banks is determined by (Choose the correct alternative)

Cash Reserve Ratio (CRR)

Statutory Liquidity Ratio (SLR)

Initial Deposits

All the above

Chapter: [2.02] Money and Banking
Concept: Money Creation Or Credit Creation by the Commercial Banking System
[1]15

State the two components of M1 measure of Money Supply.

 

Chapter: [2.03] Determination of Income and Employment
Concept: Changes in Government Spending Taxes and Money Supply
[1]16

Define aggregate supply?

Chapter: [2.03] Determination of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply
[3]17 | Attempt one of the following
[3]17.1

Distinguish between stock and flow variables with suitable examples.

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Stocks and Flows
[3]17.2

What are capital goods? 

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Capital Goods

How are capital goods different from consumption goods?

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Consumption Goods
[3]18

Define investment multiplier.

Chapter: [2.03] Determination of Income and Employment
Concept: Investment Multiplier and Its Mechanism

How is investment multiplier related to marginal propensity to consume?

Chapter: [2.03] Determination of Income and Employment
Concept: Investment Multiplier and Its Mechanism
[4]19

What is monetary policy?

Chapter: [2.02] Money and Banking
Concept: Monetary Payments

State any three instruments of monetary policy.

Chapter: [2.02] Money and Banking
Concept: Monetary Payments
[4]20 | Attempt one of the following
[4]20.1

Define full employment in an economy.

Chapter: [2.03] Determination of Income and Employment
Concept: Meaning of Full Employment

Discuss the situation when aggregate demand is more than aggregate supply at full employment income level.

Chapter: [2.03] Determination of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply
[4]20.2

What are two alternative ways of determining equilibrium level of income? How are these related?

 

 
Chapter: [1.04] Forms of Market and Price Determination
Concept: Determination of Market Equilibrium
[4]21

What is ex-Ante consumption?

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Consumption Goods

Distinguish between autonomous consumption and induced consumption.

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Consumption Goods
[6]22 | Attempt one of the following
[6]22.1

What is government budget?

Chapter: [2.04] Government Budget and the Economy
Concept: Meaning of Government Budget

Explain the major components of government budget.

Chapter: [2.04] Government Budget and the Economy
Concept: Types of Budget
[6]22.2

Explain the role of Government budget in allocation of resources.

Chapter: [2.04] Government Budget and the Economy
Concept: Government Budget - Allocation of Resources

Explain the economic stability as objectives of government budget.

 

 
Chapter: [2.04] Government Budget and the Economy
Concept: Objectives of Government Budget
[6]23

Discuss briefly the meaning of Fixed Exchange Rate.

Chapter: [2.05] Balance of Payments
Concept: Systems of Exchange Rates

Discuss briefly the meaning of Flexible Exchange Rate.

Chapter: [2.05] Balance of Payments
Concept: Systems of Exchange Rates

Discuss briefly the meaning of Managed Floating Exchange Rate.

Chapter: [2.05] Balance of Payments
Concept: Systems of Exchange Rates
[6]24

Calculate (a) Operating Surplus, and (b) Domestic Income :
 

    (Rs in crores)
(i) Compensation of employees 2,000
(ii) Rent and interest 800
(iii) Indirect taxes 120
(iv) Corporation tax 460
(v) Consumption of fixed capital 100
(vi) Subsidies 20
(vii) Dividend 940
(viii) Undistributed profits 300
(ix) Net factor income to abroad 150
(x) Mixed income 200
Chapter: [2.01] National Income and Related Aggregates
Concept: Aggregates Related to National Income - Domestic Income (NDP)

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