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Economics 2013-2014 HSC Arts 12th Board Exam Question Paper Solution

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Economics
2013-2014 October
Marks: 80

[16]1
[5]1.1 | Fill in the blanks with proper alternatives given in the brackets:
[1]1.1.1
Microeconomics is a study of ____________
[whole economy/ individual economic unit / general price level/ national output]
Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[1]1.1.2
The slope of demand curve is ___________ in the case of relatively inelastic demand.
[flatter/ steeper/ horizontal / vertical]
Concept: Demand Curve and Its Slope
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.1.3
The book ‘The General Theory of Employment, Interest and Money’ was written by __________
[Marshall/ Keynes / Smith/ Ricardo]
Concept: Meaning of Money
Chapter: [2.04] Money
[1]1.1.4
Every loan creates a ___________
[loss/ profit / deposit/ credit]
Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.1.5
_____________ is an example of direct tax.
[Excise duty/ Income tax / Sales tax / Gifts]
Concept: Taxable Income
Chapter: [2.07] Public Economics
[5]1.2

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

Group A Group B
Inferior Goods Average Cost (AC)
Reward of capital 1st April to 31st March
Financial year Quantitative measure of credit control
Bank rate Marginal cost
Total Cost (TC) / Total Quantity (TQ) 1st January to 31st December
  Profit
  Interest
  Giffen 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

Demand for electricity is elastic.

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

Supply is directly related to price.

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

In monopolistic completion, goods have no close substitutes. 

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

Barter system did not have any difficulty.

Concept: Concept of Barter Exchange
Chapter: [2.04] Money
[1]1.3.5

D-mat account is useful to investors who deal in shares.

Concept: Money - Store of Value
Chapter: [2.04] Money
[1]1.3.6

Clearing house system economises the use of cash.

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

Microeconomics

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

Define or Explain the following  concepts

Average revenue

Concept: Micro Economic - Price Determination
Chapter: [1.01] Introduction to Micro Economics
[2]2.1.3

Define or Explain the following  concepts

Monopoly

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

Define or Explain the following  concepts

Land

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

Define or Explain the following  concepts

Macroeconomic variables

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

Meaning and Definition of Central bank?

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[6]2.2
[2]2.2.1

Give reasons or Explain the following statements

Microeconomics is useful to the government.

Concept: Micro Economics - Useful to Government
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

Give reason or Explain the following statement :

Demand for habitually used goods is inelastic.

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

Give reasons or Explain the following statements

Services of housewives are excluded from national income.

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

 Give reasons or Explain the following statement

Autonomous investment is not directly linked with profit.

Concept: Investment Demand
Chapter: [2.03] Determinants of Aggregates
[2]2.2.6

Central Bank has the sole power of issuing currency notes.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[12]3
[6]3.1 | Attempt Any Three
[2]3.1.1

Distinguish between the following

Direct demand and Indirect demand.

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

Distinguish between the following.

Percentage method of measuring the elasticity of supply and Geometric method of measuring the elasticity of supply.

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

Distinguish between microeconomics and macroeconomics.

Concept: Meaning of Micro and Macro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]3.1.4

Distinguish between Gross National Product and Net National Product.

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.1.5

Distinguish between the following.

Standard coins and Token coins.

Concept: Money - Store of Value
Chapter: [2.04] Money
[2]3.1.6

Distinguish between the following

Revenue budget and Capital budget.

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

Write a short notes Historical review of microeconomics.

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

Write short notes on the Proportional method of measuring the elasticity of demand.

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

Write short notes on Price determination under perfect competition.

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

Write short notes on Risk and uncertainty-bearing function of an entrepreneur.

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

Explain the importance of the law of Diminishing Marginal Utility.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[4]4.2

What are the features of perfect competition.

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

Explain the features of macroeconomics.

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

Explain the determinants of aggregate supply.

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

Explain the various types of deposits.

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

Explain the types of a government budget.

Concept: Features 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

There is no relationship between marginal utility and total utility.

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[4]5.2

Explain, with reasons, whether you Agree or Disagree with the following statement

There are no exceptions to the Law of Demand.

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]5.3

Explain, with reason, whether you Agree or Disagree with the following statement

There is a difference between stock and supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[4]5.4

Explain, with reasons, whether you Agree or Disagree with the following statements

Good money has many qualities.

Concept: Concept of Good Money
Chapter: [2.04] Money
[4]5.5

Explain, with reason, whether you Agree or Disagree with the following statement.

Commercial banks provide many general utility services.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]5.6

Explain, with reasons, whether you Agree or Disagree with the following statements

Central Bank does not work as a banker to the government

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[16]6 | Write explanatory answers. (Any Two)
[8]6.1

Explain the law of demand with its assumptions.

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

State and explain the law of demand .

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

Explain the types of price elasticity of demand .

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

What is the elasticity of demand?

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

Explain the various methods of measuring national income.

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

Explain the Keynesian psychological law of consumption.

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

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