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Economics Set 1 2018-2019 HSC Science (General) 12th Board Exam Question Paper Solution

Economics [Set 1]
Marks: 80Academic Year: 2018-2019
Date & Time: 9th March 2019, 11:00 am
Duration: 3h

[15]1
[5]1.A
[1]1.A.1

Fill in the blank using appropriate alternatives given Below

_________ is regarded as the father of 'Economics'.

Prof. Marshall

Adam Smith

Ragner Frisch

Robbins

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

Fill in the blank using appropriate alternatives given below

The demand for perishable goods is _______

elastic

inelastic

unit elastic

perfectly inelastic

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

Fill in the blank with appropriate alternatives given below

 __________ consumption cannot be zero.

Induced

Autonomous

Government

Private

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[1]1.A.4

Fill in the blank using appropriate alternatives given below

The e - banking facility is provided through _________

telephone

debit card

internet

credit card

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[1]1.A.5

Fill in the blank using appropriate alternative given in the brackets

The duration of government budget is _________ years.

One

Two

Five

Ten

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[5]1.B | Match the following words from group 'A' and 'B'.

Match the following words from group 'A' and 'B'.

Group 'A'
Group 'B' 
(a) Prestigious goods
(1) Average cost
(b) Total Revenue / Total Quantity
(2) Transfer payment
(c) Labour
(3) Qualitative credit control.
(d) Unemployment allowance
(4) Rent
(e) Direct action
(5) Quantitative credit control.
 
(6) Exception to the law of demand.
 
(7) Wages
 
(8) Average revenue.
Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[5]1.C | State whether the following statements are True or False :
[1]1.C.1

State whether the following statement is True or False:

Demand for luxurious goods is elastic .

True

False

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

State whether the following statement is TRUE and FALSE.

Stock is the source of supply.

True

False

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[1]1.C.3

State whether the following statement is TRUE and FALSE.

There is no price discrimination under Monopolistic competition.

True

False

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 :

In the initial stage of human civilisation commodity money was used.

True

False

Concept: Monetary Payments
Chapter: [2.04] Money
[1]1.C.5

State whether the following statement is True or False :

Loans given by banks for a period of less than five years is known as long - term loan.

True

False

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.C.6

State whether the following statement is True or False:

The main objective of the Central Bank is to earn a profit.

True

False

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[12]2
[6]2.A | Define 'or' explain the following concepts. (Any Three)
[2]2.A.1

Define or Explain the following concept.

Partial equilibrium

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.A.2

Write Short note on the following.
Ratio method of measuring price elasticity of demand ?

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.A.3

Define 'or' explain the following concept.

Product Differentiation:

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
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[2]2.A.4

Define 'or' explain the following concept.

Fixed capital

Concept: Public Economics - Budget (1 Year)(1 April to 31 March)
Chapter: [2.07] Public Economics
[2]2.A.5

Define 'or' explain the following concept.

Lumping method

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[2]2.A.6

Define 'or' explain the following concept.

Propensity to save

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[6]2.B | Give reasons or explain the following. (Any Three)
[2]2.B.1

Give reason or explain the following.

Clearing house facility by central bank Economises the use of cash.

Concept: Monetary Function of Central Bank
Chapter: [2.06] Central Bank
[2]2.B.2

Give reason or explain the following statement.

Micro economics studies individual economic unit.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.B.3

Give reason or explain the following.

Utility and satisfaction are different concepts.

Concept: Meaning of Utility
Chapter: [1.02] Consumers Behavior
[2]2.B.4

Give reason or explain the following.

Law of supply is not applicable to rare articles.

Concept: Concept of Supply
Chapter: [0.04] Supply Analysis [1.04] Analysis of Supply
[2]2.B.5

Give reason or explain the following statement:

Income from second hand sale of goods is excluded from national income.

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
[2]2.B.6

Give reason or explain the following.

Central bank acts as a banker to the government.

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[12]3
[6]3.A | Distinguish between the following. (Any Three)
[2]3.A.1

Distinguish between the following :

Desire and Demand .

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]3.A.2

Distinguish between the following :

Increase in supply and Decrease in supply.

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[2]3.A.3

Distinguish between the following.

Micro Economics and Macro Economics.

Concept: Difference Between Mirco Economic and Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]3.A.4

Distinguish between the following.

Personal income and Disposable income

Concept: Concept of National Income
Chapter: [0.07] National Income [2.02] National Income
[2]3.A.5

Distinguish between the following.

Standard coins and Token coins.

Concept: Money - Store of Value
Chapter: [2.04] Money
[2]3.A.6

Distinguish between the following.

Direct tax and Indirect tax. 

Concept: Taxable Income
Chapter: [2.07] Public Economics
[6]3.B | Write short notes. (Any Two)
[3]3.B.1

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
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[3]3.B.2

Write short answer for the following question :

Total outlay method of measuring price elasticity of demand.

Concept: Elasticity of Demand
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand
[3]3.B.3

Write short answer for the following question :

Types of monopoly

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
[3]3.B.4

Write short answer for the following question :

Functions of Entrepreneur 

Concept: Assumption of Micro Economic Analysis
Chapter: [1.01] Introduction to Micro Economics
[12]4 | Answer the following questions. (Any Three)
[4]4.A

Answer the following question.
Explain the relationship between Total utility and Marginal utility.

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[4]4.B

What are the features of perfect 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
[4]4.C

Answer in detail:

Explain the concept of Macro economics and its features.

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

Answer the following question:
State the subjective factors determining consumption function?

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[4]4.E

Answer the following question:
Explain various types of deposits. 

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

Explain the types of a government budget.

Concept: Features of Government Budget
Chapter: [2.07] Public Economics
[12]5 | State with reasons whether you 'agree' or 'disagree' with the following statements. (Any Three)
[4]5.A

State with reason whether you 'agree' or 'disagree' with the following statement.

Homogeneity of commodities is the only assumption of the law of diminishing marginal utility.

Agree

Disagree

Concept: Diminishing Marginal Utility
Chapter: [0.02] Utility Analysis [1.02] Consumers Behavior
[4]5.B

State with reason whether you 'agree' or 'disagree' with the following statement.

Demand curve slopes downward from left to right.

Agree

Disagree

Concept: Demand Curve and Its Slope
Chapter: [0.031] Demand Analysis [0.031] Demand Analysis [1.03] Analysis of Demand and Elasticity of Demand
[4]5.C

State with reason whether you 'agree' or 'disagree' with the following statement.

Supply depends on several factors.

Agree 

Disagree

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[4]5.D

State with reason whether you 'agree' or 'disagree' with the following statement.

Barter system did not have any difficulty.

Agree

Disagree

Concept: Difficulties Involved in the Barter Exchange
Chapter: [2.04] Money
[4]5.E

State with reason whether you 'agree' or 'disagree' with the following statement.

Credit creation of commercial banks is based on primary deposits.

Agree 

Disagree

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Central bank is a bank which issues notes.

Agree

Disagree

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[16]6 | Write explanatory answers. (Any Two)
[8]6.A

Write Explanatory answer.

State and explain the law of demand with its exception. 

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[8]6.B

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

Concept: Elasticity of Demand
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand
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[8]6.C

What is National Income ?Explain theoretical or conceptual difficulties of measuring National Income.

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

Answer in detail.
What is Aggregate Supply? Explain the determinants of Aggregate Supply.

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