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Economics All India Set 1 2011-2012 CBSE (Commerce) Class 12 Question Paper Solution

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Economics [All India Set 1]
Marks: 100Academic Year: 2011-2012
Date: March 2012

[1]1

Define Microeconomics? 

Concept: Meaning of Micro and Macro Economics
Chapter: [0.021] Introduction
[1]2

Give one reason for shift in demand curve.

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

What is the behaviour of Total Variable Cost, as output increases? 

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

What is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given price?

Concept: Marginal Rate of Substitution (MRS)
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]5

What is price-maker firm?

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

Define Production Possibilities Curve. Explain why it is downward sloping from left to right. 

Concept: Concepts of Production Possibility Frontier
Chapter: [0.021] Introduction
[3]7

A consumer consumes only two goods X and Y and is in equilibrium. Price of X falls. Explain the reaction of the consumer through the Utility Analysis.

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

Draw total Variable Cost, Total Cost, and Total Fixed Cost curves in a single diagram.

Concept: Cost - Total Variable Cost
Chapter: [0.023] Producer Behaviour and Supply
[3]9

A producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.

Concept: Concept of Opportunity Cost
Chapter: [0.021] Introduction [0.023] Producer Behaviour and Supply
[3]10 | Attempt any one of the following
[3]10.1

Explain the implications of large number of sellers in a perfectly competitive market.

Concept: Market Forms - Imperfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[3]10.2

Explain why there are only a few firms in an oligopoly market. 

Concept: Market Forms - Imperfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[4]11

Define an indifference map. Why does indifference curve to the right show more utility? Explain. 

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

A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information. 

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
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[4]13 | Attempt any one of the following
[4]13.1

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]13.2

Explain how changes in prices of other products influence the supply of a given product.

Concept: Effects of Shifts in Demand and Supply
Chapter: [0.024] Forms of Market and Price Determination
[6]14

Explain the difference between (i) inferior goods and normal goods and (ii) cardinal utility and ordinal utility. Give example in each case.

Concept: Movement Along and Shifts in the Demand Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]15

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]16 | Attempt any one of the following
[6]16.1

Market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply but there is no change in market price. Explain with the help of a schedule how it is possible.

Concept: Consumer'S Equilibrium
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]16.2

Market for a good is in equilibrium. Explain the chain of reactions in the market if the price is (i) higher than equilibrium price and (ii) lower than equilibrium price. 

Concept: Consumer'S Equilibrium
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]17

Define flow variable. 

Concept: Concepts of Production Possibility Frontier
Chapter: [0.021] Introduction
[1]18

Define Consumption Goods.

Concept: Central Problems of an Economy
Chapter: [0.021] Introduction
[1]19

What are time deposits?

Concept: Monetary Payments
Chapter: [0.013999999999999999] Money and Banking
[1]20

Define a ‘Direct tax’. 

Concept: Direct and Indirect Tax
Chapter: [0.016] Government Budget and the Economy
[1]21

What is a fixed exchange rate? 

Concept: Systems of Exchange Rates
Chapter: [0.015] Balance of Payments
[3]22

Find Net Value added at Market Price: 

S.No

         Items

  Amount

(i)

Depreciation (Rs)

700

(ii)

Output sold (units)

900

(iii)

Price per unit of output (Rs)

40

(iv)

Closing stock (Rs)

1,000

(v)

Opening stocks (Rs)

800

(vi)

Sales tax (Rs)

3,000

(vii)

Intermediate cost (Rs)

20,000

 

Concept: Central Problems of an Economy
Chapter: [0.021] Introduction
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[3]23

Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter?

Concept: Standard of Deferred Payment
Chapter: [0.013999999999999999] Money and Banking
[3]24

Outline the steps taken in deriving Consumption Curve from the Saving Curve. Use diagram. 

Concept: Movement Along and Shifts in the Demand Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]25

Find Consumption Expenditure from the following:

National Income

= Rs 5,000

Autonomous Consumption

= Rs 1,000

Marginal propensity to consume

= 0.80

Concept: Consumer's Budget
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]26 | Attempt any one of the following
[3]26.1

Distinguish between revenue receipts and capital receipts in a government budget. Give example in each case.

Concept: Classification of Receipts
Chapter: [0.016] Government Budget and the Economy
[3]26.2

Explain the role of government budget in bringing stability in the economy.

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[4]27

Should the following be treated as final expenditure or intermediate expenditure? Give reasons for your answer.

(i) Purchase of furniture by a firm.

(ii) Expenditure on maintenance by a firm.

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]28 | Attempt any one of the following
[4]28.1

Answer the following question.
Explain the 'lender of last resort' function of central bank.

Concept: Central Bank Function - Banker's Bank
Chapter: [0.013999999999999999] Money and Banking
[4]28.2

Explain ‘government’s banker’ function of the central bank.

Concept: Government Budget - Allocation of Resources
Chapter: [0.016] Government Budget and the Economy
[4]29

Explain the concept of ‘fiscal deficit’ in a government budget. What does it indicate?

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[6]30

Find out (i) Gross National Product at Market Price and (ii) Net Current Transfers from Abroad:

S. No.

                                Items

(Rs Crore)

(i)

Private final consumption expenditure

1000

(ii)

Depreciation

100

(iii)

Net national disposable income

1500

(iv)

Closing stock

20

(v)

Government final consumption expenditure

300

(vi)

Net Indirect tax

50

(vii)

Opening stock

20

(viii)

Net domestic fixed capital formation

110

(ix)

Net exports

15

(x)

Net factor income to abroad

(–) 10

 

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates
[6]31 | Attempt any one of the following
[6]31.1

Explain the concept of ‘inflationary gap’. Also explain the role of ‘legal reserves’ in reducing it.

Concept: Money Creation Or Credit Creation by the Commercial Banking System
Chapter: [0.013999999999999999] Money and Banking
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[6]31.2

Explain the concept of Deflationary Gap

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

Also explain the role of ‘margin requirements’ in reducing it.

Concept: Aggregates Related to National Income - Net National Product (NNP)
Chapter: [0.012] National Income and Related Aggregates
[6]32

Give the meaning of ‘foreign exchange’ and ‘foreign exchange rate’. Giving reason, explain the relation between foreign exchange rate and demand for foreign exchange.

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