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Economics 2010-2011 HSC Science (Computer Science) 12th Board Exam Question Paper Solution

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Economics
Marks: 100Academic Year: 2010-2011
Date: March 2011

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

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

 The law of demand states ________ relation between demand and price. 

1.direct

2.total

3.inverse

4.positive

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.1.2

fill in the blank with appropriate alternatives given in the bracket: 

 Demand for salt is ___________. 

1.elastic

2.inelastic

3.perfectly elastic

4.unitary elastic 

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

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

 ________ is one of the determinants of aggregate supply. 

1.Consumption 

2.Investment 

3.Natural resources 

4.Saving 

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[1]1.1.4

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

The part of income not spent is________. 

1.saving

2.consumption 

3.investment

4.capital

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[1]1.1.5

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

 Commercial banks create __________. 

1.paper money 

2.metallic money 

3.commodity money 

4.credit money

Concept: Commercial Banks
Chapter: [2.05] Commercial 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:  

 Marginal utility increases with increase in consumption. 

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[1]1.2.2

 State whether the following statements are TRUE or FALSE:  

 In deficit budget, expenditure is more than income. 

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[1]1.2.3

Demand for perishable goods is inelastic.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.2.4

 State whether the following statements are TRUE or FALSE:   

Commercial banks play an important role in economic development. 

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.2.5

 State whether the following statements are TRUE or FALSE: 

Saving increases with increase in income.  

Concept: Concept of National Income
Chapter: [2.02] National Income
[5]1.3 |  Choose the correct answer :
[1]1.3.1

 The law of equi-marginal utility is based on the law of _________. 

(a) demand 

(b) diminishing marginal utility 

(c) supply 

(d) consumption 

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[1]1.3.2

 Choose the correct answer :        

 Macro economics studies _________.  

(a) national income 

(b) household income 

(c) firm’s income 

(d) industrial output 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[1]1.3.3

Choose the correct answer :                  

Demand of labour is _______ 

(a) direct demand 

(b) indirect demand 

(c) autonomous demand 

(d) joint demand 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.3.4

Choose the correct answer :                

 Perfectly elastic demand curve is _________. 

(a) parallel to ‘X’ axis 

(b) parallel to ‘Y’ axis 

(c) upward sloping 

(d) downward sloping 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.3.5

 Choose the correct answer :  

 Demand of electricity for domestic purpose is _________. 

(a) derived demand 

(b) complementary demand 

(c) direct demand

(d) composite demand 

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[5]1.4 | Match the following Group ‘A’ with Group ‘B’
[5]1.4.1

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

Group ‘A’

Group ‘B’

(1)

Perfect competition

(a)

Captain of industry

(2)

Micro economics

(b)

Price Discrimination

(3)

Entrepreneur

(c)

Homogeneous product

(4)

Money

(d)

Smallest unit

(5)

Central Bank

(e)

Largest unit

 

 

(f)

Lender of last resort

 

 

(g)

Medium of exchange

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[16]2
[8]2.1 |  Define of Explain the following concepts.
[2]2.1.1

Meaning and Definition of Macroeconomics

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.1.2

Define or explain the following concept.

Bank Rate.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[2]2.1.3

 Define of Explain the following concepts. 

 Macro variables  

 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
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[2]2.1.4

 Define of Explain the following concept: 

Recurring deposit  

 

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]2.1.5

Define of Explain the following concepts.  

Balanced budget  

Concept: Objectives of Government Budget
Chapter: [2.07] Public Economics
[2]2.1.6

Define or explain the following concept.

Unitary elastic demand.

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.1.7

Define of Explain the following concept.  

 Market 

Concept: Analysis of Market Structure
Chapter: [1.01] Introduction to Micro Economics
[2]2.1.8

 Define of Explain the following concept. 

Net earnings from foreign trade  

Concept: Concept of National Income
Chapter: [2.02] National Income
[8]2.2 | State whether the following statements are TRUE or FALSE with reason.
[2]2.2.1

State whether the following statements are TRUE or FALSE with reason.

 Government budget is a family budget.  

Concept: Objectives of Government Budget
Chapter: [2.07] Public Economics
[2]2.2.2

State whether the following statements are TRUE or FALSE with reason:

 Land is a man made factor of production. 

Concept: Factors of Production - Land
Chapter: [1.06] Factors of Production
[2]2.2.3

 State whether the following statements are TRUE or FALSE with reason. 

National income is a flow concept. 

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]2.2.4

 State whether the following statements are TRUE or FALSE: 

Saving increases with increase in income.  

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]2.2.5

State whether the following statements are TRUE or FALSE with reason. 

Cheque is not legal tender money. 

Concept: Function of Money - Primary Function
Chapter: [2.04] Money
[2]2.2.6

Give reason or explain the following statement:

Micro economics is also known as price theory.

Concept: Micro Economics - Price Theory
Chapter: [1.01] Introduction to Micro Economics
[2]2.2.7

State whether the following statements are TRUE or FALSE with reason.

The demand for consumption goods is direct demand. 

 

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.2.8

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

Central Bank works for profit.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[16]3
[8]3.1 | Distinguish between Any FOUR of the following:
[2]3.1.1

Demand curve and Supply curve.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]3.1.2

 Distinguish between Any FOUR of the following :  

 Consumption expenditure and Investment expenditure. 

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.1.3

Distinguish between Any FOUR of the following :  

 Natural monopoly and Legal monopoly. 

Concept: Meaning and Features of Market
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.1.4

Distinguish between Any FOUR of the following :    

Metallic money and Paper money.  

Concept: Type of Money
Chapter: [2.04] Money
[2]3.1.5

 Distinguish between Any FOUR of the following :    

 Utility and Usefulness. 

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[2]3.1.6

Individual supply and Market supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]3.1.7

 Distinguish between Any FOUR of the following :   

 Fixed capital and Fluctuating capital.  

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[2]3.1.8

 Distinguish between Any FOUR of the following :        

 Income method and Expenditure method. 

Concept: Micro Economics - Slicing Method
Chapter: [1.01] Introduction to Micro Economics
[8]3.2 | Give reasons or explain the following statements (Any FOUR) :
[2]3.2.1

Give reasons or Explain the following statements. 

All desires are not demand. 

Concept: Change in Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
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[2]3.2.2

Give reasons or explain the following statement:  

Supply cannot exceed stock. 

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[2]3.2.3

Give reasons or explain the following statement: 

 Income which is not saved is consumption.  

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]3.2.4

 Give reasons or explain the following statement: 

 Micro economic studies individual income. 

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]3.2.5

Give reasons or explain the following statements  

 Demand for basic necessities is inelastic. 

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]3.2.6

Give reasons or explain the following statement:

The concept of national income has an important place in economic development. 

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.2.7

Give reasons or explain the following statement: 

 Every loan creates a deposit.  

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]3.2.8

Give reasons or explain the following statement:

 Tax is a major source of income to the government. 

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

Write short answer for the following question:

What are the features of Micro Ecomomic ? 

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[4]4.1.2

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

What are the main determinants of aggregate demand? 

 

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]4.1.3

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

What are the primary functions of commercial banks?  

 

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]4.1.4

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

 State the components of Government budget. 

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

Write short note of Qualities of an Entrepreneur?

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[4]4.2.2

Write explanatory notes.  

Output method of measurement of national income. 

 

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

Answer the following question.
Explain the secondary functions of money.

Concept: Function of Money - Secondary Functions
Chapter: [2.04] Money
[4]4.2.4

Write explanatory answer:

Explain the subjective and objective factors determining consumption function.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[16]5 |  State with reasons, whether you Agree or Disagree with the following statements. (Any TWO) :
[8]5.1

 State with reasons, whether you Agree or Disagree with the following statements. 

Perfect competition is an imaginary concept. 

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[8]5.2

State with reasons, whether you Agree or Disagree with the following statements.: 

 Market supply depends upon price only. 

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[8]5.3

State with reasons, whether you Agree or Disagree with the following statements. 

 Demand curve slopes downward from left to right. 

Concept: Demand Curve and Its Slope
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[16]6 |  Answer in detail. (Any TWO) :
[8]6.1

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]6.2

 Answer in detail 

State the features of Macro economics. 

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[8]6.3

 Answer in detail. 

 Explain the functions of Central Bank.  

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