HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Economics 2012-2013 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

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Economics
2012-2013 March
Marks: 80

(i) All questions are compulsory. 
(ii) Draw tables/diagrams wherever necessary. 
(iii) Figures to the right indicate full marks. 
(iv) Write answer of every new question on a new page. 


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

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

_________________ is the power of commodity to fulfill human wants.

utility

usefulness 

productivity

unproductivity

Concept: Meaning of Utility
Chapter: [1.02] Consumers Behavior
[5]1.B |  Write whether the following statements are True or False:
[1]1.B.1

Write whether the following statement is True or False:

Price theory is the base of micro economic analysis.

Concept: Micro Economics - Price Theory
Chapter: [1.01] Introduction to Micro Economics
[1]1.B.2

Write whether the following statement is True or False:

Demand curve has a positive slope.

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

Write whether the following statement is True or False:

Demand for commodities depends upon various factors.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.B.4

Write whether the following statement is True or False: 

Salt has elastic demand.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.B.5

Write whether the following statement is True or False: 

Macro economic depends upon many assumptions.

Concept: Improtance of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[5]1.C |  Choose the correct answer:
[1]1.C.1
The utility derived from all units of the given commodity is called _____________.
(a) average utility
(b) marginal utility
(c) place utility
(d) total utility
Concept: Meaning of Utility
Chapter: [1.02] Consumers Behavior
[1]1.C.2
Choose the correct answer:        
Demand for habitual commodity is _____________.
(a) more elastic demand
(b) less elastic demand
(c) zero elastic demand
(d) unitary elastic demand
Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.C.3
Choose the correct answer:      
When income increases, the consumption expenditure _________.
(a) increases
(b) decreases
(c) becomes equal
(d) becomes zero
Concept: Concept of National Income
Chapter: [2.02] National Income
[1]1.C.4
Choose the correct answer:     
The account in which certain amount of money is deposited every month regularly for a fixed duration is a _____________.
(a) saving account
(b) current account
(c) recurring account
(d) fixed deposit account
Concept: Type of Money
Chapter: [2.04] Money
[1]1.C.5
Budget where total revenue equals to total expenditure is called _____________.
(a) balanced budget
(b) surplus budget
(c) deficit budget
(d) annual budget
Concept: Types of Budget
Chapter: [2.07] Public Economics
[5]1.D

Match the following Group 'A' with Group 'B':   

Group 'A' Group 'B'
(a) Electricity (1) Joint demand
(b) Perfectly elastic demand (2) Lord Keynes
(c) Aggregate supply (3) Prof. Pigou
(d) Propensity to consume (4) Fixed deposits
(e) Higher interest rate (5) Composite demand
  (6) Demand curve parallel to 'X' axis
  (7) Natural resources
Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[8]2
[16]2.A | Define or explain the following concepts (Any FOUR):
[2]2.A.1

Define or explain the of concept Micro economics .

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

Define or explain the concept of Demand schedule.

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

 Define or explain the concept Labour.

Concept: Factors of Production - Labour
Chapter: [1.06] Factors of Production
[2]2.A.4

Define or explain the following concept :

National income .

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

Define or explain the concept Average propensity to save .

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]2.A.6

Define or explain the concept of Overdraft .

Concept: Method of Credit Control - Quantitative
Chapter: [2.06] Central Bank
[2]2.A.7

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

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[2]2.A.8

Define or explain the concept of Deficit budget .

Concept: Components of Budget
Chapter: [2.07] Public Economics
[8]2.B | State whether the following statements are True or False with reasons (Any FOUR):
[2]2.B.1

State whether the following statement isTrue or False with reason:                            

The concept of elasticity of demand is useful in economic theory.

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

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

Macro economics studies whole economy.

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.B.4

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

The government budget is for uncertain time period.

Concept: Meaning of Government Budget
Chapter: [2.07] Public Economics
[2]2.B.5

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

Autonomous consumption expenditure cannot be zero.

Concept: Taxable Income
Chapter: [2.07] Public Economics
[2]2.B.6

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

Commercial Banks cannot give interest on deposits.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]2.B.7

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
[2]2.B.8

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

Macro economics studies single unit.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[16]3
[8]3.A |  Distinguish between Any FOUR of the following:
[2]3.A.1

Micro Economics and Macro Economics.

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

 Distinguish between :

 Individual demand schedule and Market demand schedule.

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

Distinguish between :

Percentage method of counting elasticity of demand and Geometric method of counting elasticity of demand.

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[2]3.A.4

Individual supply and Market supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]3.A.5

Distinguish between :

Output method and Expenditure method.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.A.6

Distinguish between :

Propensity to consume and Propensity to save.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]3.A.7

Distinguish between :

Current deposits and Fixed deposits.

Concept: Type of Money
Chapter: [2.04] Money
[2]3.A.8

Distinguish between Surplus budget and Deficit budget.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[16]4
[8]4.A |  Write answers in 'one' or 'two' paragraphs each (Any TWO):
[4]4.A.1

 Write answer in 'one' or 'two' paragraph :

 Write the functions of an entrepreneur.

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[4]4.A.2

Write answer in 'one' or 'two' paragraph :

What are the difficulties in the measurement of national income?

Concept: Concept of National Income
Chapter: [2.02] National Income
[4]4.A.3

Write answer in 'one' or 'two' paragraph .

Explain the primary functions of money.

Concept: Function of Money - Primary Function
Chapter: [2.04] Money
[4]4.A.4
Write answer in 'one' or 'two' paragraph.
What are the determinants of saving functions?
Concept: Function of Money - Primary Function
Chapter: [2.04] Money
[8]4.B | Write explanatory notes (Any TWO):
[4]4.B.1

Features of Micro Economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[4]4.B.2

Write explanatory note.

Government expenditure.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[5]4.B.3

 Write explanatory note.

Primary functions of commercial bank.

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

Write explanatory note.

Components of Government budget.

Concept: Features of Government Budget
Chapter: [2.07] Public Economics
[16]5
[8]5.A | Answer with reasons, whether you agree or disagree with the following statements (Any TWO):

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

The law of diminishing marginal utility depends upon assumptions.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[8]5.B

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

Macro economics is different form micro economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[8]5.C

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

The Central bank has control over credit creation.

 

Concept: Method of Credit Control - Quantitative
Chapter: [2.06] Central Bank
[16]6 |  Answer in detail (Any TWO):
[8]6.A

Explain the law of demand with its assumptions.

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

Answer in detail :

Explain the law of supply. Write its exceptions.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[8]6.C

 Answer in detail :

What is monopoly? Explain the features of monopoly.

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

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