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Economics Set 1 2021-2022 ISC (Science) Class 12 Question Paper Solution

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Economics [Set 1]
Marks: 40 Academic Year: 2021-2022
Date: April 2022
Duration: 1h30m
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Note :

  1. Candidates are allowed an additional 10 minutes for only reading the paper.
  2. They must NOT start writing during this time.
  3. Answer all questions in Section A, Section B and Section C.
  4. The intended marks for questions or parts of questions are given in brackets. [ ]

SECTION - A
[8] 1
[1] 1.i

Firm A sells flour to firm B for ₹ 100/- Firm B sells biscuits to the wholesaler C for ₹ 160/- and Firm C sells biscuits to consumers for ₹ 200/-. Hence, the gross value added is ______.

₹ 460/-

₹ 305/-

₹ 244/-

₹ 200/-

Concept: National Disposable Income (Gross and Net)
Chapter: [6.02] Concepts and Definition
[1] 1.ii

Medium of exchange and measure of value is ______.

Primary functions of money

Secondary functions of money

Tertiary functions of money

Contingent functions of money

Concept: Function of Money - Primary Function
Chapter: [0.031] Money
[1] 1.iii

Aggregate supply is equal to ______.

C + I

C + S

I + C

S1 + S2

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.02] Theory of Income and Employment
[1] 1.iv

Transfer earning in National income refers to ______.

transfer of income from one person to another.

income received by selling goods.

unilateral payment received not related to any production.

earning received by offering services.

Concept: Precautions and Difficulties of Measuring National Income Method
Chapter: [6.03] Methods of Measuring National Income
[1] 1.v

A consumer spending on the purchase of goods regardless of the income in possession is an example of _______ consumption.

Concept: Consumption Function and Propensity to Save
Chapter: [0.02] Theory of Income and Employment
[1] 1.vi

______ is the creation of new currency to fill the gap between Government revenue and Government expenditure of the country.

Concept: Meaning of Deficit Financing
Chapter: [0.051] Fiscal Policy
[1] 1.vii

GNP(fc) = GNP(mp) - ______.

Concept: Aggregates Related to National Income - Gross National Product (GNP)
Chapter: [6.02] Concepts and Definition
[1] 1.viii

Give one difference between a Direct tax and an Indirect tax.

Concept: Direct and Indirect Tax
Chapter: [0.051] Fiscal Policy
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SECTION - B
[2] 2 | Answer the following questions briefly.

Distinguish between:

Cash Reserve Ratio and Statutory Liquidity Ratio

Concept: Central Bank Function - Banker's Bank
Chapter: [0.032] Banks
[2] 3

Briefly explain two reasons for the adverse Balance of Payments in any economy.

Concept: Concept of Balance of Payments Account
Chapter: [4.01] Balance of Payment
[2] 4

Draw a well labelled diagram of two sector model of a circular flow of income including the financial sector.

Concept: Circular Flow of Income (Two Sector Model)
Chapter: [6.01] Circular Flow of Income.
[2] 5

Complete the following schedule -

Y C APC MPC
100 90 ? ?
120 108 ? ?
Concept: Consumption Function and Propensity to Save
Chapter: [0.02] Theory of Income and Employment
[2] 6
[2] 6.i

Differentiate between Cash Credit and Outright Loans.

Concept: Central Bank Function - Controller of Credit
Chapter: [0.032] Banks
OR
[2] 6.ii

Differentiate between devaluation and depreciation.

Concept: Devaluation of a Currency
Chapter: [4.01] Balance of Payment [4.01] Balance of Payment
[2] 7
[1] 7.i

What is meant by the following function of the Central bank:

Clearing house

Concept: Function of Central Bank - Bank of Issue
Chapter: [0.032] Banks
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[1] 7.ii

What is meant by the following function of the Central bank:

Lender of the last resort

Concept: Function of Central Bank - Bank of Issue
Chapter: [0.032] Banks
SECTION - C
[4] 8
[4] 8.i

What is meant by Equilibrium income?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.02] Theory of Income and Employment

How is it determined by using Saving and Investment approach?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.02] Theory of Income and Employment
[4] 8.ii

Discuss the mechanism of investment multiplier with the help of a numerical.

Concept: Investment Multiplier and Its Mechanism
Chapter: [0.02] Theory of Income and Employment
[4] 9

How is the rate of exchange determined in a flexible exchange rate system?

Concept: Concept of Foreign Exchange Rate
Chapter: [4.01] Balance of Payment
[4] 10

Explain the steps involved in calculating the National income by Income method.

Concept: Methods of Measurement of National Income - Income Method
Chapter: [6.03] Methods of Measuring National Income
[4] 11
[2] 11.i

Explain the following method of redemption of Public Debt:

Debt conversion

Concept: Public Debt - Redemption
Chapter: [0.051] Fiscal Policy
[2] 11.ii

Explain the following method of redemption of Public Debt:

Sinking fund

Concept: Public Debt - Redemption
Chapter: [0.051] Fiscal Policy
[4] 12

Read the given extract carefully and answer the following questions.

Mr. X wanted to buy an expensive motorcycle for his son but he did not have sufficient money to buy it. He approached a public sector commercial bank for the loan. The bank asked Mr. X to deposit 20% cash of the loan amount and rest 80% of the loan amount was given by the bank.
  1. Briefly explain a Commercial Bank.
  2. What is the regulation of consumer credit in selective credit control?
  3. Name the bank which controls all the commercial banks and financial institutions in the country.
Concept: Money Creation Or Credit Creation by the Commercial Banking System
Chapter: [0.032] Banks

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