Commerce (English Medium)
Arts (English Medium)
Academic Year: 2017-2018
Date: March 2018
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State one example of positive economics.
Chapter: [1] Introduction
Define fixed cost. Give an example.
Chapter: [3] Production and Costs
When the Average Product (AP) is maximum, the Marginal Product (MP) is: (Choose the correct alternative)
(a) Equal to AP
(b) Less than AP
(c) More than AP
(d) Can be any one of the above
Chapter: [3] Production and Costs
When the total fixed cost of producing 100 units is Rs 30and the average variable cost Rs 3, total cost is : (Choose the correct alternative)
(a) Rs 3
(b) Rs 30
(c) Rs 270
(d) Rs 330
Chapter:
Answer the following question.
Explain the central problem for whom to produce.
Chapter: [1] Introduction
Explain the central problem of "choice of technique".
Chapter: [3] Production and Costs
Compare inelastic demand with perfectly inelastic demand.
Chapter:
Given the price of a good, how does a consumer decide as to how much of the good to buy?
Chapter:
Explain the three properties of the indifference curves.
Chapter:
When the price of a commodity changes from Rs 4 per unit to Rs 5 per unit, its market supply rises from 100 units to 120 units. Calculate the price elasticity of supply. Is supply elastic? Given reason
Chapter:
What is meant by price ceiling? Explain its implications.
Chapter: [4] The Theory of the Firm Under Perfect Competition
Explain the conditions of consumer’s equilibrium using indifference curve analysis.
Chapter:
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Explain the conditions of a producer's equilibrium in terms of marginal cost and marginal revenue. Use diagram.
Chapter:
Which of the characteristics separates it from perfect competition and why?
Chapter:
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Chapter:
Explain the implications of the following in an oligopoly market:
Non-price competition
Chapter:
Which of the following affects national income? (Choose the correct alternative.)
Goods and Service tax
Corporation tax
Subsidies
None of the above
Chapter:
The central bank can increase availability of credit by: (Choose the correct alternative)
(a) Raising repo rate
(b) Raising reverse repo rate
(c) Buying government securities
(d) Selling government securities
Chapter:
Why does consumption curve not start from the origin?
Chapter:
Which among the following are final goods and which are intermediate goods? Give reasons.
1) Milk purchased by a tea stall
2) Bus purchased by a school
3) Juice purchased by a student from the school canteen
Chapter:
Given normal income, how can we find real income? Explain.
Chapter: [2] National Income Accounting
What is the relation between marginal propensity to consume and multiplier?
Chapter:
Calculate the marginal propensity to consume if the value of multiplier.
Chapter:
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Explain the role of the Reserve Bank of India as the “lender of last resort”.
Chapter:
State three measures to reduce inflationary gap.
Chapter:
The value of marginal propensity to consume is 0.6 and initial income in the economy is Rs 100 crores. Prepare a schedule showing Income, Consumption and Saving. Also show the equilibrium level of income by assuming autonomous investment of Rs 80 crores.
Chapter:
Explain 'Revenue Deficit in a Government budget? What does it indicate?
Chapter: [5] Government Budget and the Economy
Define fiscal deficit.
Chapter: [5] Government Budget and the Economy
Explain the role of Government budget in allocation of resources.
Chapter:
Explain the following objective of government budget:
Reducing income inequalities
Chapter:
Explain the impact of rise in exchange rate on national income.
Chapter:
Explain the concept of 'deficit' in the balance of payments.
Chapter:
Calculation (a) Net National Product at market price, and (b) Gross Domestic Product at factor cost:
| (Rs in crores) | ||
| 1 | Rent and Interest | 6000 |
| 2 | Wages and Salaries | 1800 |
| 3 | Undistributed Profit | 400 |
| 4 | Net indirect taxes | 100 |
| 5 | Subsidies | 20 |
| 6 | Corporation tax | 120 |
| 7 | Net factor income to abroad | 70 |
| 8 | Dividends | 80 |
| 9 | Consumption of fixed capital | 50 |
| 10 | Social security contribution by employers | 200 |
| 11 | Mixed income | 1000 |
Chapter:
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CBSE previous year question papers Class 12 Economics with solutions 2017 - 2018
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