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Economics 2009-2010 HSC Commerce 12th Board Exam Question Paper Solution

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Economics
2009-2010 March
Marks: 100

[20]1
[5]1.1 | Fill in the blanks with appropriate alternatives given in the brackets.
[1]1.1.1

Fill in the blanks with appropriate alternatives given in the bracket.  

 If the price of the inferior goods falls, the demand for them will ________. 

1.increase

2.decrease

3.remain constant

4.become zero

Concept: Micro Economics - Price Theory
Chapter: [1.01] Introduction to Micro Economics
[1]1.1.2

Fill in the blanks with appropriate alternatives given in the bracket.

Demand elasticity can be measured from demand curve by ___________ method. 

1.Total outlay

2.Percentage

3.Geometric

4.Mathematical

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.1.3

Fill in the blanks with appropriate alternatives given in the bracket.  

________economics can study the problem of inflation in the country. 

1.Micro

2.Macro

3.Static

4.Dynamic

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[1]1.1.4

Fill in the blanks with appropriate alternatives given in the bracket.  

 Marginal consumption function is always ________. 

1.zero 

 

2.one

3.more than one

4.less than one

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[1]1.1.5

Fill in the blanks with appropriate alternatives given in the bracket.  

To increase credit creation Central Bank __________ the debentures. 

1.purchases

2.sells

3..borrows

4.stocks

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[5]1.2 | State Whether the following statements are TRUE or FALSE:
[1]1.2.1

State Whether the following statements are TRUE or FALSE:  

 Demand will not increase by coming of new customers. 

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.2.2

State Whether the following statements are TRUE or FALSE: 

Demand elasticity concept is useful for labour unions. 

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.2.3

State Whether the following statements are TRUE or FALSE: 

 Due to the use of modern production technique supply will decrease. 

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[1]1.2.4

State Whether the following statements are TRUE or FALSE: 

There is no price discrimination in the monopolistic competition. 

Concept: Meaning and Features of Market
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.2.5

State Whether the following statements are TRUE or FALSE: 

Due to Government expenditure demand increases.

Concept: Effect of Population of Consumption Expediture
Chapter: [2.03] Determinants of Aggregates
[5]1.3 | Choose the correct answer :
[1]1.3.1

Choose the correct answer :            

In the period of scarcity of a particular commodity _________. 

(a)price becomes less

(b) demand becomes less

(c) price and demand increases

(d) price and demand decreases 

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.3.2

Choose the correct answer :       

Demand elasticity of habitual goods is _________. 

(a) more elastic 

(b) less elastic 

(c) zero elastic 

(d) unitary elastic

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.3.3

 Choose the correct answer :                

 In the long term supply becomes _________. 

(a) active

(b) inactive

(c) zero

(d) negative

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[1]1.3.4

Choose the correct answer :   

 When income increases consumption and saving will _________.

(a) increase

(b) decrease

(c) be constant

(d) be equal

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[1]1.3.5

Choose the correct answer :   

Currency rate of India to other currency means _________. 

(a) interest rate 

(b) exchange rate

(c) tax rate

(d) profit rate

Concept: Monetary Function of Central Bank
Chapter: [2.06] Central Bank
[5]1.4

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

Group ‘A’

Group ‘B’

(a)
 
Economics (1) not steady
(b)
 
Reward of capital (2) 1 April, 1935
(c)
 
Value of money (3) Social science
(d)
 
Establishment of Central Bank (4) Income from commodity tax
(e) Sales tax (5) Natural science
 
    (6) Interest
 
    (7) 1 April, 1939
Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[16]2
[8]2.1 |  Define or Explain the concepts (Any Four) :
[2]2.1.1

Define or Explain the concept 

Micro economics 

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.1.2

Define or Explain the concept 

 Perfectly elastic demand  

Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.1.3

Define or explain the following concepts:

Entrepreneur

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[2]2.1.4

Define or explain the following concept :

National income .

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]2.1.5

 Define or Explain the concept

Real investment 

Concept: Investment Demand
Chapter: [2.03] Determinants of Aggregates
[2]2.1.6

Define or Explain the concept

Current deposit

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]2.1.7

Define or explain the concept of Lender of the last resort .

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[2]2.1.8

Define or Explain the concept: 

 Budget 

Concept: Meaning of Government Budget
Chapter: [2.07] Public Economics
[8]2.2 | State whether the following statements are True or False with reasons (Any Four):
[2]2.2.1

State whether the following statements are True or False with reasons :  

 Utility of the same commodity for two persons is different.

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[2]2.2.2

State whether the following statements are True or False with reason: 

Demand for medicine is inelastic. 

 

Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.2.3

State whether the following statements are True or False with reason: 

No monopolistic competition is found in real life. 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.2.4

State whether the following statements are True or False with reason: 

After the world depression importance of macro economics study increased. 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.2.5

State whether the following statements are True or False with reason: 

Ten years period is considered for measuring National Income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]2.2.6

State whether the following statements are True or False with reason: 

Income earned from foreign investment is considered for aggregate demand. 

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[2]2.2.7

State whether the following statements are True or False with reason: 

 Interest rate is more for fixed deposits. 

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]2.2.8

State whether the following statements are True or False with reason: 

Due to clearing house of the Central Bank cash money is saved. 

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[16]3
[8]3.1 |  Distinguish between Any Four of the following :
[2]3.1.1

Distinguish between  Marginal utility and Total utility.

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[2]3.1.2

Distinguish between  Joint demand and Composite demand. 

Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]3.1.3

Distinguish between  Percentage method and Total outlay method. 

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]3.1.4

Distinguish between  Man-made factors and Natural factors.

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[2]3.1.5

Distinguish between Illegal income and Transfer income. 

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.1.6

Distinguish between Average propensity to consume and Marginal propensity to consume.

 

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]3.1.7

Distinguish between Any Four of the following :  

Bank rate and Interest rate. 

Concept: Repo Rate and Reverse Repo Rate
Chapter: [2.06] Central Bank
[2]3.1.8

Distinguish between the following.

Direct tax and Indirect tax.

Concept: Taxable Income
Chapter: [2.07] Public Economics
[8]3.2 | Give reasons or explain the following statements (Any Four):
[2]3.2.1

 Give reasons or explain the following statement: 

Assumptions of micro economics are unrealistic. 

Concept: Assumption of Micro Economic Analysis
Chapter: [1.01] Introduction to Micro Economics
[2]3.2.2

Give reasons or explain the following statement: 

It is more appropriate to tax the rich in excess than the poor. 

Concept: Taxable Income
Chapter: [2.07] Public Economics
[2]3.2.3

Give reasons or explain the following statement: 

Due to speedy transport supply increases. 

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[2]3.2.4

Give reason or explain the following statement:

A monopolist can control the supply of goods .

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]3.2.5

Give reasons or explain the following statement: 

Macro economics is comprehensive in nature. 

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[2]3.2.6

Give reasons or explain the following statement: 

In a rich country marginal propensity to consume is less.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[2]3.2.7

Give reasons or explain the following statement:

 Invention of money is the most important invention of human economic history. 

Concept: Monetary Payments
Chapter: [2.04] Money
[2]3.2.8

Give reasons or explain the following statement: 

 For the period of inflation surplus budget is prepared. 

Concept: Types of Budget
Chapter: [2.07] Public Economics
[16]4 | Write answers in ‘one’ or ‘two’ paras each (Any TWO) :
[8]4.1
[4]4.1.1

Answer in brief.

State the features of Capital. 

 

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[4]4.1.2

Write answers in ‘one’ or ‘two’ paras each : 

Explain the concept of saving function. 

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[4]4.1.3

Explain the secondary functions of money.

Concept: Function of Money - Secondary Functions
Chapter: [2.04] Money
[4]4.1.4

Write answers in ‘one’ or ‘two’ paras each : 

Explain the types of Government budget. 

Concept: Features of Government Budget
Chapter: [2.07] Public Economics
[8]4.2 | Write explanatory notes (Any Two) :
[4]4.2.1

Features of Micro Economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[4]4.2.2

Write explanatory note:

Difficulties in the estimation of the National income. 

Concept: Concept of National Income
Chapter: [2.02] National Income
[4]4.2.3

Write explanatory note.

Government expenditure.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[4]4.2.4

Write explanatory note: 

 Qualitative credit control methods of the Central Bank.

Concept: Method of Credit Control - Quantitative
Chapter: [2.06] Central Bank
[16]5 |  Answer with reasons whether you agree or disagree with the following statements (Any Two):
[8]5.1

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

The supply curve slopes downward from left to right. 

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[8]5.2

State whether the following statement is True or False with reason:    

Perfect competition means pure competition.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[8]5.3

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

The commercial banks perform many useful works for the people. 

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[16]6 | Answer in detail. (Any Two) :
[8]6.1

Explain the types of price elasticity of demand .

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[8]6.2

Explain the law of diminishing marginal utility with the help of a total utility schedule.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[8]6.3

 Answer in detail 

State the features of Macro economics. 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics

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