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

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

‘A few big sellers’ is a characteristics of : (choose the correct alternative)

a. Perfect competition

b. Monopolistic competition

c. Oligopoly

d. None of the above

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

Marginal revenue of a firm is constant throughout under : (choose the correct alternative)

a. Perfect competition

b. Monopolistic competition

c. Oligopoly

d. All the above

Concept: Total, Average and Marginal Revenue
Chapter: [0.03] Producer Behaviour and Supply
[1] 3

A producer starts the business in the building owned by him and borrows money for running it. Identify implicit cost.

Concept: Basic Concepts of Cost
Chapter: [0.03] Producer Behaviour and Supply
[1] 4

A firm is able to sell more quantity of a good only by lowering the price. The firm’s marginal revenue, as he goes on selling, would 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

What is price-maker firm?

Concept: Main Market Forms
Chapter: [0.04] Forms of Market and Price Determination
[3] 6

Price elasticity of demand for the two goods X and Y are zero and (–) 1 respectively. Which of the two is more elastic and why?

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

Market of a commodity is in equilibrium. Demand for the commodity "increases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.

Concept: Demand Curve and Its Slope
Chapter: [0.02] Consumer Equilibrium and Demand
[3] 8

A consumer consumes only two goods X and Y. Marginal rate of substitution is 3 and per unit prices of X and Y is Rs 4 and Rs 2 respectively. Is the consumer in equilibrium? What will be the further reaction of the consumer? Give reasons

Concept: Marginal Rate of Substitution (MRS)
Chapter: [0.02] Consumer Equilibrium and Demand
[4] 9 | Attempt Any One
[4] 9.1

What type of production function is this in which only one input is increased and others kept constant? State the behaviour of total product in this production function.

Concept: Production Function - Short-run
Chapter: [0.03] Producer Behaviour and Supply
[4] 9.2

Define cost. State the behaviour of (a) Total Fixed Cost and (b) Total Variable Cost as output is increased.

Concept: Basic Concepts of Cost
Chapter: [0.03] Producer Behaviour and Supply
[4] 10

A producer supplies 100 units of a good at a price of Rs 20 per unit. Price elasticity of supply is 2. At what price will he supply 50 units? 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
[6] 12

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

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [0.02] Consumer Equilibrium and Demand
[6] 13
[6] 13.1

Explain the implications of the following : Product differentiation in monopolistic competition.

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

Explain the implications of the following : Perfect knowledge in perfect competition.

Concept: Features of Perfect Competition
Chapter: [0.04] Forms of Market and Price Determination
[6] 13.2

Answer the following question.
Why are the firms said to be interdependent in an oligopoly market? Explain.

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

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
[6] 14

Explain the concepts of Opportunity Cost and Marginal Rate of Transformation using a production possibility schedule based on the assumption that no resource is equally efficient in production of all goods.

Concept: Concept of Opportunity Cost
Chapter: [0.01] Introduction [0.03] Producer Behaviour and Supply
[6] 15

Explain the difference between “Shift of Supply Curve” and “Movement along Supply Curve”. State one factor responsible for each. Use diagrams.

Concept: Movements Along and Shifts in Supply Curve
Chapter: [0.03] Producer Behaviour and Supply
[1] 16

Disinvestment by government means: (choose the correct alternative)

a. Selling of its fixed capital assets

b. Selling of shares of public enterprises held by it.

c. Selling of its buildings

d. All the above

Concept: Meaning of Disinvestment
Chapter: [0.05] Government Budget and the Economy
[1] 17

Balance of Payments ‘deficit’ is the excess of: (choose the correct alternative)

a. Current account payments over current account receipts.

b. Capital account payments over capital account receipts.

c. Autonomous payments over autonomous receipts.

d. Accommodating payments over a accommodating receipts.

Concept: Balance of Payments Deficit Meaning
Chapter: [0.06] Balance of Payments
[1] 18

Define Gross Investment.

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

Unforseen obsolescence of fixed capital assets during production is: (Choose the correct alternative)

a. Consumption of fixed capital

b. Capital loss

c. Income loss

d. None of the above

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

What is capital expenditure?

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

Distinguish between marginal propensity to consume and average propensity to consume. Give a numerical example.

Concept: Consumption Function and Propensity to Save
Chapter: [0.04] Determination of Income and Employment
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[3] 21.2

Explain how government spending can be helpful in removing deficient demand.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.04] Determination of Income and Employment
[3] 22

An economy is in equilibrium. Find autonomous consumption expenditure:

National Income =1,600

Investment Expenditure = 300

Marginal Propensity to Consume= 0.8

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

If nominal income is Rs 600 and price index is 100, find real income.

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

Explain the ‘unit of accounts’ 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 bankers bank function of a Central bank.

Concept: Central Bank Function - Banker's Bank
Chapter: [0.03] Money and Banking
[4] 26

Government spends on child immunization programme. Analyse its impact on Gross Domestic Product and welfare of the people.

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

Indian investors borrow from abroad. Answer the following:

a. In which sub-account and on which side of the Balance of Payments Account will this borrowing be recorded? Give reason.

b. Explain what is the impact of this borrowing on exchange rate.

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

What are revenue receipts in a government budget?

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

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

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

What is government budget?

Concept: Meaning of Government Budget
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

Find National Income and Personal Disposable Income:

    (Rs crore)
(i) Undistributed profits 70
(ii) Gross National Disposable Income 1,000
(iii) Net current transfers to abroad 20
(iv) Consumption of fixed capital 100
(v) Corporation tax 200
(vi) Indirect tax 250
(vii) Current transfers from government 50
(viii) Subsidies 60
(ix) Private income 800
(x) Personal tax 150

 

Concept: Aggregates Related to National Income - Personal Disposable Income
Chapter: [0.02] National Income and Related Aggregates
[6] 30

Derive the two alternative conditions of expressing national income equilibrium. Show these equilibrium conditions on a single diagram.

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

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