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Economics Set 1 2014-2015 ISC (Commerce) Class 12 Question Paper Solution

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Economics [Set 1]
Marks: 80 Academic Year: 2014-2015
Date: March 2015
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  • Answer Question 1 (Compulsory) from Part I and five questions from Part II.

Part I
[20] 1 | Answer briefly each of the questions (i) 10 (x).
[2] 1.i

Answer the following question. 
Define marginal utility. When can it be negative?

Concept: Total Utility and Marginal Utility
Chapter: [1.01] Demand
[2] 1.ii

Answer the following question.
What is meant by production function?

Concept: Production Function
Chapter: [1.05] Concept of Production and Production Function
[2] 1.iii

Answer the following question.
Name the market where average revenue is equal to marginal revenue. Give a reason for your answer.

Concept: Total, Average and Marginal Revenue
Chapter: [1.06] Cost and Revenue
[2] 1.iv

Answer the following question.
Give one difference between accounting cost and opportunity cost.

Concept: Concept of Opportunity Cost
Chapter: [1.06] Cost and Revenue
[2] 1.v

Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?

Concept: Main Market Forms
Chapter: [1.07] Main Market Forms
[2] 1.vi

Answer the following question.
What is meant by a propensity to consume?

Concept: Consumption Function and Propensity to Save
Chapter: [2] Theory of Income and Employment
[2] 1.vii

Answer the following question.
Explain discounting bills of exchange as one of the functions of the banks.

Concept: Function of Commercial Banks
Chapter: [3.02] Banks
[2] 1.viii

Answer the following question.
Differentiate between revaluation of currency and appreciation of the currency.

Concept: Concepts of Appreciation
Chapter: [4.01] Balance of Payment
[2] 1.ix

Answer the following question.
How can gross domestic product at factor cost be obtained from the gross national product at market price?

Concept: Gross and Net Domestic Product (GDP and NDP)
Chapter: [6.02] Concepts and Definition
[2] 1.x

Answer the following question.
What is meant by revenue deficit? Explain its implications.

Concept: Implications of Revenue Deficit, Fiscal Deficit, Primary Deficit
Chapter: [5.02] Government Budget
[12] 2
[3] 2.i

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

Concept: Demand
Chapter: [1.01] Demand [2] Theory of Income and Employment
[3] 2.ii

Answer the following question.
Differentiate between the extension of demand and an increase in demand, using diagrams.

Concept: Movement Along and Shifts in the Demand Curve
Chapter: [1.01] Demand
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[6] 2.iii

Answer the following question.
Explain with the help of a diagram the consumer’s equilibrium through utility approach.

Concept: Conditions of Consumer's Equilibrium Using Marginal Utility Analysis
Chapter: [1.01] Demand
[12] 3
[3] 3.i

Answer the following question.
Discuss any two properties of the indifference curve. 

Concept: Properties of Indifference Curve
Chapter: [1.01] Demand
[3] 3.ii

Answer the following question.
Draw diagrams to show the elasticity of demand when it is:
(i) Greater than one
(ii) Less than one
(iii) Unity

Concept: Elasticity of Demand
Chapter: [1.02] Elasticity of Demand
[6] 3.iii

Answer the following question.
Explain the geometric method of calculating the elasticity of supply.

Concept: Degrees of Elasticity of Demand
Chapter: [1.02] Elasticity of Demand
[12] 4
[3] 4.i

Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a fall in the price of substitute goods.

Concept: Market Equilibrium
Chapter: [1.04] Market Mechanism

Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a rise in the prices of inputs.

Concept: Market Equilibrium
Chapter: [1.04] Market Mechanism
[3] 4.ii

Answer the following question.
The cost function of a firm is given below

Output 0 1 2 3 4
Total cost 100 250 370 550 740

Calculate:
(i) AFC
(ii) AVC
(iii) MC

Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
Chapter: [1.06] Cost and Revenue
[6] 4.iii

Answer the following question.
Explain the law of variable proportions with the help of a diagram.

Concept: Law of Variable Proportions
Chapter: [1.05] Concept of Production and Production Function
[12] 5
[3] 5.i

Answer the following question.
Discuss two features of monopoly.

Concept: Features of Monopoly
Chapter: [1.07] Main Market Forms
[3] 5.ii

Answer the following question.
Show with the help of a diagram, how a perfectly competitive firm earns normal profit in short-run equilibrium.

Concept: Features of Perfect Competition
Chapter: [1.07] Main Market Forms
[6] 5.iii

Answer the following question.
Explain how a producer can maximize profit by using MR and MC curves.

Concept: Concept of Opportunity Cost
Chapter: [1.06] Cost and Revenue
[12] 6
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[3] 6.i

Answer the following question.
Find the value of additional investment made by the government, when MPC 05 and the increase in income (ΔY) = ₹ 1000.

Concept: Investment Multiplier and Its Mechanism
Chapter: [2] Theory of Income and Employment
[3] 6.ii

Answer the following question.
What is meant by autonomous consumption? Explain with the help of a diagram.

Concept: Consumption Function and Propensity to Save
Chapter: [2] Theory of Income and Employment
[6] 6.iii

Answer the following question.
Explain the concept of deficient demand with the help of aggregate demand and aggregate supply curves. Discuss one physical and one monetary measure to correct it.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2] Theory of Income and Employment
[12] 7
[3] 7.i

Answer the following question.
Discuss two qualitative methods of credit control.

Concept: Central Bank Function - Controller of Credit
Chapter: [3.02] Banks
[3] 7.ii

Answer the following question. 
Explain any two secondary functions of money.

Concept: Function of Money - Secondary Functions
Chapter: [3.01] Money
[6] 7.iii

Answer the following question.
Discuss the various components of the current account of the balance of payment.

Concept: Concept of Balance of Payments Account
Chapter: [4.01] Balance of Payment
[12] 8
[3] 8.i

Answer the following question.
Highlight two differences between sales tax and income tax.

Concept: Direct and Indirect Tax
Chapter: [5.01] Fiscal Policy
[3] 8.ii

Answer the following question.
What is meant by 
(i) Union budget
(ii) State budget

Concept: Types of Budget - Union
Chapter: [5.02] Government Budget
[6] 8.iii

Answer the following question.
Explain four ways of Redemption of Public Debt.

Concept: Public Debt - Redemption
Chapter: [5.01] Fiscal Policy
[12] 9
[3] 9.i

Answer the following question.
With the help of a diagram, show the circular flow of income in a two-sector model with Savings and Investment.

Concept: Circular Flow of Income (Two Sector Model)
Chapter: [6.01] Circular Flow of Income.
[3] 9.ii

Answer the following question.
The growth of the Gross Domestic Product is not a real indicator of economic welfare. Discuss two reasons to justify the given statement.

Concept: Real GDP and Nominal GDP
Chapter: [6.02] Concepts and Definition
[6] 9.iii

Answer the following question.
From the follow ing data, calculate GNPMP and NNPFC by Expenditure Method.

(i) Mixed-income of self-employed 450 crores
(ii) Compensation of employees 550 crores
(iii) Private final consumption expenditure 1000 crores
(iv) Net factor income from abroad -20 crores
(v) Net indirect taxes 150 crores
(vi) Consumption of fixed capital 170 crores
(vii) Net domestic capital formation 380 crores
(viii) Net exports -30 crores
(ix) Profits 400 crores
(x) Rent 150 crores
(xi) Interest 200 crores
(xii) Government final consumption expenditure 550 crores
Concept: Methods of Calculating National Income - Expenditure Method
Chapter: [6.03] Methods of Measuring National Income
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