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Economics All India Set 3 2015-2016 CBSE (Commerce) Class 12 Question Paper Solution

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Economics [All India Set 3]
Marks: 100 Academic Year: 2015-2016
Date & Time: 31st March 2016, 11:00 am
Duration: 3h
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[1] 1

Differentiated products is a characteristic of: (Choose the correct alternative):

(a) Monopolistic competition only

(b) Oligopoly only

(c) Both monopolistic competition and oligopoly

(d) Monopoly

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination
[1] 2

Demand curve of a firm is perfectly elastic under: (Choose the correct alternative)

(a) Perfect competition

(b) Monopoly

(c) Monopolistic competition

(d) Oligopoly

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination
[1] 3

What happens to the difference between Total Cost and Total Variable Cost as output is increased?

Concept: Cost - Total Cost
Chapter: [0.03] Producer Behaviour and Supply
[1] 4

A firm is able to sell any quantity of a good at a given price. The firm's marginal revenue will be : (Choose the correct alternative):

(a) Greater than Average Revenue

(b) Less than Average Revenue

(c) Equal to Average Revenue

(d) Zero

Concept: Total, Average and Marginal Revenue
Chapter: [0.03] Producer Behaviour and Supply
[1] 5

When does 'shift' in supply curve take place?

Concept: Movements Along and Shifts in Supply Curve
Chapter: [0.03] Producer Behaviour and Supply
[3] 6

What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.

Concept: Elasticity of Demand
Chapter: [0.02] Consumer Equilibrium and Demand
[3] 7 | Attempt Any One
[3] 7.1

What is minimum price ceiling? Explain its implications.

Concept: Price Ceiling
Chapter: [0.04] Forms of Market and Price Determination
[3] 7.2

If the prevailing market price is above the equilibrium price, explain its chain of effects.

Concept: Equilibrium Price
Chapter: [0.04] Forms of Market and Price Determination
[3] 8

A consumer consumes only two goods X and Y. The marginal utilities of X and of Y is 3. Prices of X and Y are Rs 2 and Rs 1 respectively. Is consumer in equilibrium? What will be further reaction of the consumer?

Give reasons.

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [0.02] Consumer Equilibrium and Demand
[4] 9 | Attempt Any One
[4] 9.1

Define fixed cost. Give an example.

Concept: Cost - Fixed Cost
Chapter: [0.03] Producer Behaviour and Supply

What is the behaviour of average fixed cost as output is increased? Why is it so?

Concept: Cost - Average Fixed Cost
Chapter: [0.03] Producer Behaviour and Supply
[4] 9.2

Define marginal product.

Concept: Marginal Product
Chapter: [0.03] Producer Behaviour and Supply

State the behaviour of marginal product when only one input is increased and other inputs are hold constant.

Concept: Marginal Product
Chapter: [0.03] Producer Behaviour and Supply
[4] 10

When price of a good rises from Rs 8 per unit to Rs 10 per unit, producer supplies 40 units more. Price elasticity of supply is 2. What is the quantity supplied before the price change? Calculate

Concept: Concept of Supply
Chapter: [0.03] Producer Behaviour and Supply
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[4] 11

Define demand. Name the factors affecting market demand.

Concept: Demand
Chapter: [0.02] Consumer Equilibrium and Demand

Distinguish between individuals demand and market demand.

Concept: Demand Curve and Its Slope
Chapter: [0.02] Consumer Equilibrium and Demand
[6] 12

Explain the three properties of the indifference curves.

Concept: Indifference Curve
Chapter: [0.02] Consumer Equilibrium and Demand
[6] 13 | Attempt Any One
[6] 13.1

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

Large number of sellers

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination

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

Homogeneous products.

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination
[6] 13.2

Explain the implications of the following in an oligopoly market: Barriers to entry of new firms

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination

Explain the implications of the following in an oligopoly market: A few or a few big sellers

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination
[6] 14

Why do central problems of an economy arise?

Concept: Central Problems of an Economy
Chapter: [0.01] Introduction

Answer the following question.
Explain the central problem for whom to produce.

Concept: Central Problems of an Economy
Chapter: [0.01] Introduction
[6] 15

Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X, on the supply curve. Use diagrams.

Concept: Supply Curve and Schedule
Chapter: [0.03] Producer Behaviour and Supply
[1] 16

Primary deficit equals : (Choose the correct alternative)

(a) Borrowings

(b) Interest payments

(c) Borrowings less interest payments

(d) Borrowings and interest payments both

Concept: Deficit Budget - Primary Deficit
Chapter: [0.05] Government Budget and the Economy
[1] 17

Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called ______.

Current transactions

Capital transactions

Autonomous transactions

Accommodating transactions

Concept: Concept of Balance of Payments Account
Chapter: [0.06] Balance of Payments
[1] 18

Define flows.

Concept: Basic Concepts - Stocks and Flows
Chapter: [0.02] National Income and Related Aggregates
[1] 19

National income is the sum of factor incomes accruing to : (Choose the correct alternative)

(a) Nationals

(b) Economic territory

(c) Residents

(d) Both residents and non-residents

Concept: Concept of National Income
Chapter: [0.02] National Income and Related Aggregates
[1] 20

What are capital receipts in a government budget

Concept: Classification of Receipts
Chapter: [0.05] Government Budget and the Economy
[3] 21 | Attempt Any One
[3] 21.1

What is aggregate demand?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.04] Determination of Income and Employment

State components of Aggregate demand ?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.04] Determination of Income and Employment
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[3] 21.2

Explain how controlling money supply is helpful in reducing excess demand.

Concept: Cash Reserve Ratio (CRR)
Chapter: [0.03] Money and Banking
[3] 22

An economy is in equilibrium. Find investment expenditure: 

National Income =1,000

Autonomous Consumption =100

Marginal propensity to consume =0.8

Concept: Consumption Function and Propensity to Save
Chapter: [0.04] Determination of Income and Employment
[3] 23

If real income is Rs 400 and price index is 105, calculate nominal income.

Concept: Concept of National Income
Chapter: [0.02] National Income and Related Aggregates
[4] 24 | Attempt Any One
[4] 24.1

Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?

Concept: Function of Money - Primary Function
Chapter: [0.03] Money and Banking
[4] 24.2

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: [0.03] Money and Banking
[4] 25

Explain how 'Repo Rate' can be helpful in controlling credit creation.

Concept: Repo Rate and Reverse Repo Rate
Chapter: [0.03] Money and Banking
[4] 26

Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare.

Concept: GDP and Welfare
Chapter: [0.02] National Income and Related Aggregates
[6] 27

Indian investors lend abroad. Answer the following questions :

(a) In which sub-account and on which side of the Balance of Payments Account such lending is recorded? Give reasons.

(b) Explain the impact of the lending on market exchange rate.

Concept: Concept of Balance of Payments Account
Chapter: [0.06] Balance of Payments
[6] 28 | Attempt Any One
[6] 28.1

Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.

Concept: Classification of Expenditure
Chapter: [0.05] Government Budget and the Economy

Explain how taxes and government expenditure can be used to influence revenue expenditure and capital expenditure?

Concept: Classification of Expenditure
Chapter: [0.05] Government Budget and the Economy
[6] 28.2

What is the difference between direct tax and indirect tax?

Concept: Direct and Indirect Tax
Chapter: [0.05] Government Budget and the Economy

Answer the following question.
Explain the role of government budget in influencing the allocation of resources.

Concept: Government Budget - Allocation of Resources
Chapter: [0.05] Government Budget and the Economy
[6] 29

Calculate National Income and Personal Disposable Income:

    (Rs crore)
(i) Corporate tax 100
(ii) Private final consumption expenditure 900
(iii) Personal Income tax 120
(iv) Government final consumption expenditure 200
(v) Undistributed profits 50
(vi) Change in stocks (-)20
(vii) Net domestic fixed capital formation 120
(viii) Net imports 10
(ix) Net indirect tax 150
(x) Net factor income from abroad (-)10
(xi) Private income 1000
Concept: Aggregates Related to National Income - Personal Disposable Income
Chapter: [0.02] National Income and Related Aggregates
[6] 30

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

Concept: Supply Curve and Schedule
Chapter: [0.03] Producer Behaviour and Supply

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