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Economics Foreign Set 1 2013-2014 CBSE (Commerce) Class 12 Question Paper Solution

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Economics [Foreign Set 1]
Marks: 100Academic Year: 2013-2014
Date: March 2014

[1]1

A large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.

Concept: Concepts of Production Possibility Frontier
Chapter: [0.021] Introduction
[1]2

Define utility.

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

Define variable cost.

Concept: Cost -variable Cost
Chapter: [0.023] Producer Behaviour and Supply
[1]4

Define production function.

Concept: Meaning of Production Function
Chapter: [0.023] Producer Behaviour and Supply
[1]5

What is meant by collusive oligopoly?

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

Why is a production possibilities curve downward sloping? Explain

Concept: Concept of Production
Chapter: [0.023] Producer Behaviour and Supply
[3]7
[3]8

How does change in per unit tax influence the supply of a good by a firm? Explain.

Concept: Supply Curve and Schedule
Chapter: [0.023] Producer Behaviour and Supply
[3]9

Under what market condition does Average Revenue always equal Marginal Revenue? Explain.

Concept: Features of Perfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[3]10

Explain ‘large number of buyers and sellers' features of a perfectly competitive market.

Concept: Features of Perfect Competition
Chapter: [0.024] Forms of Market and Price Determination
[4]11 | Attempt one of the following
[4]11.1
[4]11.2

A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X falls, demand for good X rises. Use Utility Analysis.

Concept: Cardinal Approach (Utility Analysis)
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]12

Explain the difference between an inferior good and a normal good.

Concept: Change in Quantity Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
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[4]13

State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram

Concept: Law of Variable Proportions
Chapter: [0.023] Producer Behaviour and Supply
[6]14 | Attempt one of the following
[6]14.1

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

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]14.2

Explain the three properties of the indifference curves.

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

From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also, find profit at this output.

Output (units) Total Revenue
(Rs)
Total Cost (Rs)
1 8 10
2 16 18
3 24 23
4 32 31
5 40 41
Concept: Cost - Marginal Cost
Chapter: [0.023] Producer Behaviour and Supply
[6]16
[1]17

What is a central bank? 

Concept: Definition - Central Bank
Chapter: [0.013999999999999999] Money and Banking
[1]18

Explain the concept of 'deficient demand' in macroeconomics.

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

Define aggregate supply?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]20

What is primary deficit?

Concept: Deficit Budget - Primary Deficit
Chapter: [0.016] Government Budget and the Economy
[1]21
[3]22

What are non-monetary exchanges? Give an example. Explain their impact on the use of a gross domestic product as an index of the welfare of the people.

Concept: Systems of Exchange Rates
Chapter: [0.015] Balance of Payments
[3]23 | Attempt one of the following
[3]23.1

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
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[3]23.2

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
[3]24

Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget:

Expenditure on scholarships

Concept: Classification of Expenditure
Chapter: [0.016] Government Budget and the Economy
[3]25

How is balance of payment 'deficit' measured? Explain.

Concept: Concept of Balance of Payments Account
Chapter: [0.015] Balance of Payments
[3]26
[4]27 | Attempt one of the following
[4]27.1

State the meaning and components of the money supply.

Concept: Meaning of Supply of Money
Chapter: [0.013999999999999999] Money and Banking
[4]27.2

Explain the 'currency authority' function of a central bank.

Concept: Central Bank Function - Controller of Credit
Chapter: [0.013999999999999999] Money and Banking
[4]28
[4]29

The government has started spending more on providing free services like education and health to the poor. Explain the economic value it reflects.

Concept: Classification of Expenditure
Chapter: [0.016] Government Budget and the Economy
[6]30
[6]31

How should the following be treated while estimating national income? You must give the reason in support of your answer.

Bonus paid to employees

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

How should the following be treated while estimating national income? You must give the reason in support of your answer.

Purchase of taxi by a taxi driver.

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

How should the following be treated while estimating national income? You must give the reason in support of your answer.

Addition to stocks during a year

Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates
[6]32 | Attempt one of the following
[6]32.1

Explain national income determination through the two alternative approaches. Use Diagram.

Concept: Concept of National Income
Chapter: [0.012] National Income and Related Aggregates
[6]32.2

Given saving curve, derive consumption curve and state the steps in doing so. Use diagram.

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