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Economics 2015-2016 HSC Science (Computer Science) 12th Board Exam Question Paper Solution

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Economics
Marks: 80Academic Year: 2015-2016
Date: July 2016

[16]1
[5]1.A | Fill in the blanks with proper alternatives given in the brackets:
[1]1.A.1

Fill in the blank with proper alternatives given in the bracket:

Micro Economics is a study of _____________ .

Whole economy

general price level

national output

individual economic unit

Concept: Importance of Micro Economics
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
[1]1.A.2

Fill in the blank with proper alternatives given in the bracket:

Indirect demand is also known as _______ demand.

derived

direct

composite

joint

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.A.3

Fill in the blank with proper alternatives given in the bracket:

Under monopoly there is existence of ______________ .

single buyer

several buyers

single seller

several sellers

Concept: Main Market Forms
Chapter: [0.04] Supply Analysis [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.A.4

Fill in the blank with proper alternatives given in the bracket:

Produced means of production is known as ______________ .

land

labour

capital

entrepreneur

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[1]1.A.5

Fill in the blank with proper alternatives given in the bracket:

Budget is the _________________ of the revenue and expenditure of the coming year. 

exact value

estimate

planning of private sector

planning of  co - operative sector

Concept: Types of Budget
Chapter: [2.07] Public Economics
[5]1.B

Match the following Group ‘A’ with Group ‘B’

Group A Group B
(a) Electricity (1) Inelastic demand
(b) Complementary goods (2) Share brokers
(c) Pension (3) Elastic demand
(d) D - mat account (4) Composite demand
(e) Central Bank 5) Transfer income
  (6) Primary function of Commercial Banks
  (7) ATM facility
 
(8) Apex banking institution
Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[6]1.C
[1]1.C.1

State whether the following statement is true or false.

Perfectly inelastic demand curve is parallel to ‘X’ axis.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.C.2

State whether the following statement is true or false.

Micro Economic theory assumes full employment.

Concept: Assumption of Micro Economic Analysis
Chapter: [1.01] Introduction to Micro Economics
[1]1.C.3

State whether the following statement is true or false.

There is no product differentiation under monopolistic competition.

Concept: Main Market Forms
Chapter: [0.04] Supply Analysis [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.C.4

State whether the following statement is true or false.

Labour is a perishable factor of production.

Concept: Factors of Production - Labour
Chapter: [1.06] Factors of Production
[1]1.C.5

State whether the following statement is true or false.

Investment made by the government is autonomous investment.

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
[1]1.C.6

State whether the following statement is true or false.

The Cash Reserve Ratio does not affect the lending capacity of the commercial banks.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[12]2 | Define or Explain the following concepts (Any Three)
[6]2.A
[1]2.A.1

Define Microeconomics? 

Concept: Meaning of Micro and Macro Economics
Chapter: [1.01] Introduction to Micro Economics
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[1]2.A.2

Define or explain the following concept.

Service utility.

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[1]2.A.3

Define or explain the following concept.

Market Demand .

Concept: Demand Curve and Its Slope
Chapter: [0.031] Demand Analysis [0.031] Demand Analysis [1.03] Analysis of Demand and Elasticity of Demand
[1]2.A.4

Define or explain the following concept.

Induced Consumption expenditure.

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
[1]2.A.5

Define or explain the following concept.

Token coins.

Concept: Money - Store of Value
Chapter: [2.04] Money
[1]2.A.6

Define or explain the following concept.

Government budget.

Concept: Meaning of Government Budget
Chapter: [2.07] Public Economics
[12]3 |  Distinguish between the following.
[6]3.A
[2]3.A.1

Distinguish between Average Revenue and Average Cost.

Concept: Main Market Forms
Chapter: [0.04] Supply Analysis [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.A.2

Distinguish between the following.

Land and capital.

Concept: Factors of Production - Land
Chapter: [1.06] Factors of Production
[2]3.A.3

Distinguish between the following.

Partial equilibrium and General equilibrium.

Concept: Analysis of Market Structure
Chapter: [1.01] Introduction to Micro Economics
[2]3.A.4

Distinguish between the following.

Metallic Money Paper Money.

Concept: Type of Money
Chapter: [2.04] Money
[2]3.A.5

Distinguish between the following.

Commercial Bank and Central Bank.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]3.A.6

Distinguish between the following.

Revenue expenditure and Capital expenditure.

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[6]3.B |  Write short notes on (Any Two)
[3]3.B.1

Write short note on :

Giffen's paradox.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[3]3.B.2

Income elasticity of demand.

Concept: Type of Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[3]3.B.3

Write short note on :

Difficulties in Barter Exchange (Barter System) .

Concept: Concept of Barter Exchange
Chapter: [2.04] Money
[3]3.B.4

Write short note on :

Credit Creation.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
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[12]4 | Write short answers for the following questions. (Any Three)
[4]4.A

Write short answer for the following question.

Explain the Law of Demand.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]4.B

Write short answer for the following question :

Explain the increase in supply and decrease in supply.

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[4]4.C

Write short answer for the following question :

What is the importance of the study of Micro Economics?

Concept: Importance of Micro Economics
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
[4]4.D

Write short answer for the following question :

Explain the Fectors Determinants of Elastacity of Demand?

Concept: Type of Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]4.E

Write a short answer to the following question :

Explain the features of National Income.

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
[4]4.F

Write short answer for the following question :

Explain qualitative meansures of credit contorl adopted by the Central Bank.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[12]5
[4]5.A

Explain with reason, whether you agree or disagree with the following statement.

Price is the only determinant of demand

Agree

Disagree

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates
[4]5.B

Explain with reason, whether you agree or disagree with the following statement:

Price elasticity of demand can not be measured by using geometric method.

Concept: Importance of Price Elasticity of Demand
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand
[4]5.C

Explain with reason, whether you agree or disagree with the following statement:

There is direct relationship between price and quantity supplied.

Concept: Concept of Supply
Chapter: [0.04] Supply Analysis [1.04] Analysis of Supply
[4]5.D

Explain with reason, whether you agree or disagree with the following statement:

Aggregate supply is influenced only by availability of natural resources.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates
[4]5.E

Explain with reason, whether you agree or disagree with the following statement:

Commercial banks perform agency functions to earn profit.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]5.F

Explain with reason, whether you agree or disagree with the following statement:

There is difference between Micro Economics and Macro Economics.

Concept: Difference Between Mirco Economic and Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[16]6 | Write explanatory answers.
[8]6.A

State and explain in detail the Law of Diminishing Marginal Utility  ?

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior

Assumption to the Law of diminishing Marginal util.

Concept: Diminishing Marginal Utility
Chapter: [0.02] Utility Analysis [1.02] Consumers Behavior

Exceptions to the Law of diminishing Marginal Util.

Concept: Diminishing Marginal Utility
Chapter: [0.02] Utility Analysis [1.02] Consumers Behavior
[8]6.B

Write explanatory answer.

Define perfect competition and explain price determination under perfect competition.

Concept: Equilibrium Price
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[8]6.C

Write explanatory answer:

Explain the output method of measuring national income.

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
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[8]6.D

Write explanatory answer:

What is Aggregate demand ? Explain the determinants of Aggregate demand.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates
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