Economics Official 2023-2024 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

The method adopted in microeconomic analysis:

1. Lumping method
2. Aggregative method
3. Slicing method
4. Inclusive method

a, c and d

a, b and d

Only c

Only a

b, c and d

a, b, c, and d

National income is a/an ______ concept.

1. stock
2. final
3. intermediate
4. flow

a and b

only d

b and c

a, b and c

The source of India’s petroleum import.

1. Kuwait
2. Saudi Arabia
3. China
4. Singapore

a and b

c and d

a, b and c

b, c and d

Obligatory functions of the Government include:

1. Provision of employment
2. Maintaining internal law and order
3. Welfare measures
4. Exporting goods and services

c and d

a and b

only b

a, c and d

a, b and c

Commercial banks act as intermediaries in the financial system to ______.

1. make profits
2. accelerate the country's economic growth
3. mobilise the saving and allocating them to various sectors of the economy
4. control the credit

only a

a and b

b and c

a, b, c and d

Complete the correlation:

Money market : Short-term funds : : ______ : Long-term funds.

Complete the correlation:

Table chair : Form utility : : Information about Computer : ______.

Complete the correlation:

______ : cloth : : Indirect demand : Labour.

Complete the Correlation:

Theoretical difficulty : Transfer payments :: ______ : Valuation of Inventories.

Complete the correlation:

Government expenditure > Government receipt : Deficit budget : : Government expenditure = Government receipt : ______.

Find the odd word out:

Necessary goods:

Food grains

Medicines

Car

Books

Find the odd word out:

Types of index Number:

Weighted index number

Price index number

Quantity index number

Value index number

Find the odd word out:

Infrastructural facility:

Transport

Communication

Water supply

Subsidies

Find the odd word out:

Types of Bank Accounts

Savings account

D-mat account

Recurring account

Current account

Find the odd word out:

Theory of factor pricing:

Profit

interest

unemployment allowance

rent

MU of the commodity becomes negative when TU of a commodity is ______.

rising

constant

falling

zero

Symbolically, the functional relationship between Demand and Price can be expressed as ______.

D_x = f(P_x)

D_x = f(P_z)

D_x = f(y)

D_x = f(T)

D_x = f(T_x)

Export trends of India’s foreign trade include ______.

Petroleum

Engineering goods

Gold

Fertilizers

Demand curve is parallel to ‘Y’-axis in the case of ______.

Perfectly elastic demand 

Perfectly inelastic demand

Relatively elastic demand

Relatively inelastic demand

Net addition made to the total revenue by selling an extra unit of a commodity is ______.

total revenue

marginal revenue

average revenue

marginal cost

Identify and explain the following concept:

When the price of apples falls by 10%, Vinay increases his demand for apples by 10%.

Identify and explain the following concept:

Ramakant paid an income tax of ₹ 80,000 during the financial year 2021-2022.

Identify and explain the following concept:

Madhuri deposited a lumpsum amount of ₹ 1,00,000 in the bank for the period of five years.

Identify and explain the following concept:

Sunita receives a monthly pension of ₹ 30,000 from the state government.

Identify and explain the concept from the given illustration:

India purchased petroleum from Iran.

Distinguish between Desire and Demand.

Distinguish between Internal trade and International trade.

Distinguish between:

Price Index and Quantity Index.

Differentiate between the money market and the capital market.

Distinguish between Oligopoly and Monopoly.

Explain any four features of macroeconomics.

Explain any four types of demand.

Explain the determinants of supply.

Explain the classification of public expenditure.

Explain any four limitations of an index number.

State with reasons whether you agree or disagree with the following statement:

Large number of buyers and sellers is the only feature of perfect competition.

Agree

Disagree

State with reasons whether you agree or disagree with the following statement:

Money market plays an important role in India.

State with reasons whether you agree or disagree with the following statement:

Theory of welfare economics is studied in microeconomics.

Agree

Disagree

State with reasons whether you agree or disagree with the following statements. 

Supply curve slopes upward from left to right.

Agree

Disagree

State with reasons whether you agree or disagree with the following statement:

Index numbers can be constructed without the base year.

Agree

Disagree

Study the following table and answer the questions below it: 

Questions:

1. Write the short form for goods and services tax.       [1]
2. What is the percentage of SGST and CGST in the above bill?       [1]
3. What is the basic price of pen in the above bill?       [1]
4. What is the GST No. of the seller?       [1]

Observe the following figure/diagram and answer the questions below it: 

Questions:

1. What is represented on ‘X’-axis in the above diagram?      [1]
2. Which price shows equilibrium price of demand and supply?      [1]
3. What is represented on ‘Y’-axis in the above diagram?      [1]
4. Which point represents the demand and supply equilibrium point in the above diagram?      [1]

Study the following passage and answer the questions below it:

On-Demand Economy:

Questions:

1. What is on-demand economy sometimes referred as?     (1)
2. Write any two examples based according to on-demand economy?     (1)
3. Write your opinion on the above passage.     (2)

Explain the various methods of measuring national income.

Explain the law of diminishing marginal utility.

State and explain the assumptions of the law of diminishing marginal utility.

Explain the concept of price elasticity of demand.

Explain the types of price elasticity of demand.