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Economics 2013-2014 HSC Science (Computer Science) 12th Board Exam Question Paper Solution

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Economics
2013-2014 March
Marks: 80

[16]1
[5]1.1 | Fill in the blanks using proper alternatives given in the brackets :
[1]1.1.1

Micro economics is a _____________ equilibrium approach. (partial/general/total/multi-variable)

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[1]1.1.2

The demand for salt is _____________.

elastic

inelastic

infinitely elastic

unitary elastic

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

Investment made by the government is _____________ investment.(unplanned/gross/autonomous/induced)

Concept: Concept of National Income
Chapter: [2.02] National Income
[1]1.1.4

 A bank is an institution which deals in money and _____________

(commodity money/credit/barter/standard money)

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.1.5

During depression _____________ budget is preferable. (balanced/surplus deficit/zero)

Concept: Features of Government Budget
Chapter: [2.07] Public Economics
[5]1.2

Match the following : 

  Group 'A'   Group 'B'
1 Tea and coffee a Wages
2 Stock b Flow concept
3 Labour c Central bank
4 National income d Commercial bank
5 Clearinghouse system e Complementary goods
    f Rent
    g Potential supply
    h Substitute Goods
Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[6]1.3 | State whether the following statements are True or False :
[1]1.3.1

A perfectly inelastic demand curve is parallel to 'Y' axis.

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

Supply is inversely related to price.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[1]1.3.3

Price discrimination is possible under monopoly.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.3.4

In the case of token coins, intrinsic value is less than their face value.

Concept: Money - Store of Value
Chapter: [2.04] Money
[1]1.3.5

Credit money is created by the Central bank of a  country.

Concept: Monetary Function of Central Bank
Chapter: [2.06] Central Bank
[1]1.3.6

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

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[12]2
[6]2.1 | Attempt Any Three
[2]2.1.1

Define or explain the following concepts:

Slicing method

Concept: Micro Economics - Slicing Method
Chapter: [1.01] Introduction to Micro Economics
[2]2.1.2

Define or explain the following concepts 

Total output

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

Define or explain the following concepts:

Pure competition

Concept: Meaning and Features of Market
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]2.1.4

Define or explain the following concepts:

Entrepreneur

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[2]2.1.5

Meaning and Definition of Macroeconomics

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.1.6

Define or explain the following concepts

Repo rate

Concept: Repo Rate and Reverse Repo Rate
Chapter: [2.06] Central Bank
[6]2.2 | Attempt Any Three
[2]2.2.1

Give reasons or explain the following

Theories of microeconomics are based on certain assumptions.

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.2.2

Give reasons or explain the following

A utility is a relative concept.

Concept: Features of Utility
Chapter: [1.02] Consumers Behavior
[2]2.2.3

Demand for the commodity having multiple uses has elastic demand.

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.2.4

Give reasons or explain the following 

Old age pension is transfer income.

Concept: Concept of Good Money
Chapter: [2.04] Money
[2]2.2.5

Give reasons or explain the following

The propensity to save depends upon the level of income.

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

Give reasons or explain the following 

Central bank acts as a lender of the last resort of commercial banks.

Concept: Monetary Function of Central Bank
Chapter: [2.06] Central Bank
[12]3
[6]3.1
[2]3.1.1

Distinguish between Individual demand and Market demand.

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

Distinguish between Increase in supply and Decrease in supply.

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[2]3.1.3

Distinguish between Partial equilibrium and General Equilibrium.

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

Distinguish between Gross domestic product at a market price and Gross domestic product at factor cost.

Concept: Equilibrium Price
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.1.5

Distinguish between Legal tender money and Non-legal tender money.

Concept: Type of Money
Chapter: [2.04] Money
[2]3.1.6

Distinguish between Surplus budget and Deficit budget.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[6]3.2 | Attempt Any Two
[3]3.2.1

Explain the subject matter of Micro Economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[3]3.2.2

Write short notes Significance of price elasticity of demand.

Concept: Importance of Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[3]3.2.3

Write short notes Types of monopoly.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[3]3.2.4

Write short notes Types of capital.

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[12]4 | Write short answers for the following questions (Any THREE)
[4]4.1

Explain the types of utility.

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[4]4.2

Features of Monopolistic Competition.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[4]4.3

Explain the subject matter of macroeconomics.

Concept: Meaning and Features of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[4]4.4

State the determinants of aggregate demand.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[4]4.5

Explain the agency function of commercial banks.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]4.6

Explain the budget expenditure of the government.

Concept: Objectives of Government Budget
Chapter: [2.07] Public Economics
[12]5 | Attempt Any Three
[4]5.1

Explain with reasons, whether you agree or disagree with the following statement

The law of 'diminishing marginal utility' is important in practice.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[4]5.2

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

Price is the only determinant of demand

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[4]5.3

Explain with reasons, whether you agree or disagree with the following statement

The supply curve of labour bends backwards

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[4]5.4

Explain with reasons, whether you agree or disagree with the following statement

 Money also performs certain contingent functions.

Concept: Function of Money - Secondary Functions
Chapter: [2.04] Money
[4]5.5

Explain with reasons, whether you agree or disagree with the following statement

Commercial banks can not create credit money.

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[4]5.6

Explain with reasons, whether you agree or disagree with the following statement

Cash reserve ratio is a quantitative measure of credit control.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[16]6 | Write explanatory answers (Any Two)
[8]6.1

State and explain the ‘law of demand’ with its exceptions.

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

Explain any 'two methods' of measuring price elasticity of demand.

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[8]6.3

Explain the practical difficulties involved in the measurement of national income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[8]6.4

What is 'consumption function'?

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

Explain the subjective factors which determine consumption function.

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

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