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Economics Delhi Set 1 2016-2017 CBSE (Arts) Class 12 Question Paper Solution

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Economics [Delhi Set 1]
Marks: 100Academic Year: 2016-2017
Date & Time: 16th April 2017, 12:30 pm
Duration: 3h

[1]1

The demand of a commodity, when measured through the expenditure approach, is inelastic. A fall in its price will result in : (choose the correct alternative)

(a) No change in expenditure on it.

(b) Increase in expenditure on it.

(c) Decrease in expenditure on it.

(d) Anyone of the above.

Concept: Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]2

As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)

(a) remains unchanged

(b) goes on falling

(c) goes on rising

(d) falls initially then rises

 

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

Given the meaning of market demand.

Concept: Market Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[1]4

Average revenue and Price are always equal under:(choose the correct alternative)

(a) Perfect competition only

b) Monopolistic competition only

(c) Monopoly only

(d) All market forms

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[1]5

State any one feature of oligopoly

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

Distinguish between microeconomics and macroeconomics.

Concept: Meaning of Micro and Macro Economics
Chapter: [0.021] Introduction
[3]7

State the meaning and properties of production possibilities frontier.

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]8 | Attempt Any One
[3]8.1

Show that demand of a commodity is inversely related to its price. Explain with the help of utility analysis.

Concept: Determinants of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[3]8.2

Why is an indifference curve negatively sloped? Explain.

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]9

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

Concept: Indifference Curve
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[4]10 | Attempt Any One
[4]10.1

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]10.2

Explain the geometric method of measuring price elasticity of supply. Use Diagram.

Concept: Measurement of Price Elasticity of Supply - Percentage-change Method
Chapter: [0.023] Producer Behaviour and Supply
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[4]11

Explain the 'free entry and exit of firms' feature of monopolistic competition.

Concept: Main Market Forms
Chapter: [0.024] Forms of Market and Price Determination
[6]12

When the price of a commodity X falls by 10 percent. Its demand rises from 150 units to 180
units. Calculate is price elasticity of demand. How much should be the percentage fall in its
price so that its demand rises from 150 to 210 units?

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Consumer Equilibrium and Demand
[6]13

Complete the following table:

Output units Total cost Rs Average variable cost Rs Marginal cost Rs Average fixed cost Rs
0 30      
1 - - 20 -
2 68 - - -
3 84 18 - -
4 - - 18 -
5 125 19 - 6

 

Concept: Cost - Total Cost
Chapter: [0.023] Producer Behaviour and Supply
[6]14 | Attempt Any One
[6]14.1

Good Y is a substitute of good X. The price of Y falls. Explain the chain of effects of this change in the market of X.

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

Explain the chain of effects of excess supply of a good on its equilibrium price

Concept: Equilibrium Price
Chapter: [0.024] Forms of Market and Price Determination
[6]15

Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all levels of output is Rs12. Using marginal cost and marginal revenue approach, find out the level of equilibrium output. Give reasons for your answer

Output (units) 1 2 3 4 5 6
Average Cost (Rs.) 12 11 10 10 10.4 11
Concept: Concept of Producer's Equilibrium
Chapter: [0.023] Producer Behaviour and Supply
[1]16

The ratio of total deposits that a commercial bank has to keep with Reserve Bank of India is
called:( choose the correct alternative)

(a) Statutory liquidity ratio

(b) Deposit ratio

(c) Cash reserve ratio

(d) Legal reserve ratio

Concept: Commercial Banks
Chapter: [0.013999999999999999] Money and Banking
[1]17

Aggregate demand can be increased by (choose the correct alternative)

(a) increasing bank rate

(b) selling government securities by Reserve Bank of India

(c) increasing cash reserve ratio

(d) None of the above?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]18

What is involuntary unemployment?

Concept: Voluntary Unemployment and Involuntary Unemployment
Chapter: [0.011000000000000001] Determination of Income and Employment
[1]19

What is primary deficit?

Concept: Deficit Budget - Primary Deficit
Chapter: [0.016] Government Budget and the Economy
[1]20

Give the meaning of balance of payments.

Concept: Concept of Balance of Payments Account
Chapter: [0.015] Balance of Payments
[3]21

Distinguish between final goods and intermediate goods. Give an example of each.

Concept: Basic Concepts - Final Goods
Chapter: [0.012] National Income and Related Aggregates
[3]22 | Attempt Any One
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[3]22.1

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]22.2

State the meaning and components of the money supply.

Concept: Meaning of Supply of Money
Chapter: [0.013999999999999999] Money and Banking
[3]23

Explain the basis of classifying taxes into the direct and indirect tax. Give examples.

Concept: Direct and Indirect Tax
Chapter: [0.016] Government Budget and the Economy
[4]24 | Attempt Any One
[4]24.1

Explain "Banker to the Government" function of the Central Bank.

Concept: Central bank Function - Goverment Bank
Chapter: [0.013999999999999999] Money and Banking
[4]24.2

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

Concept: Repo Rate and Reverse Repo Rate
Chapter: [0.013999999999999999] Money and Banking
[4]25

Explain how government budget can be used to influence the distribution of income?

Concept: Objectives of Government Budget
Chapter: [0.016] Government Budget and the Economy
[4]26

An economy is in equilibrium. From the following data about an economy calculate autonomous consumption.

1) Income = 500

2) Marginal propensity to save = 0.2

3) Investment expenditure = 800

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
[6]27

Why does the demand for foreign currency fall and supply rise when its price rises? Explain.

Concept: Concept of Foreign Exchange Rate
Chapter: [0.015] Balance of Payments
[6]28 | Attempt Any One
[6]28.1

Explain non-monetary exchanges as a limitation of using the gross domestic product as an index of the welfare of a country

Concept: Methods of Calculating National Income - Income Method
Chapter: [0.012] National Income and Related Aggregates
[6]28.2

How will you treat the following while estimating domestic product of a country? Give reasons for your answer:

Profits earned by branches of country's bank in other countries

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates

How will you treat the following while estimating domestic product of a country? Give reasons for your answer:

Gifts are given by an employer to his employees on Independence Day

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates

How will you treat the following while estimating domestic product of a country? Give reasons for your answer:

Purchase of goods by foreign tourists

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [0.012] National Income and Related Aggregates
[6]29

Calculate (1) net domestic product at factor cost and (2) gross national disposable income

    (Rs in crores)
1 Private final consumption expenditure 8000
2 Government final consumption expenditure 1000
3 Exports 70
4 Imports 120
5 Consumption of fixed capital 60
6 Gross domestic fixed capital formation 500
7 Change in stock 100
8 Factor income to abroad 40
9 Factor income from abroad 90
10 Indirect taxes 700
11 Subsidies 50
12 Net current transfers to abroad (-) 30
13    
Concept: Aggregates Related to National Income - Net National Product (NNP)
Chapter: [0.012] National Income and Related Aggregates
[6]30

Assuming that increase in investment is Rs1000 crore and marginal propensity to consume is 0.9, explain the working of the multiplier.

Concept: Consumption Function and Propensity to Save
Chapter: [0.011000000000000001] Determination of Income and Employment
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