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Economics 2014-2015 HSC Arts 12th Board Exam Question Paper Solution

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Economics
2014-2015 March
Marks: 80

[16]1
[5]1.1
[1]1.1.1

The terms ‘micro’ and ‘macro’ economics were first used by ............................

(Marshall \ Ragnar Frisch \ Robbins \ Adam Smith)

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

The objective of a seller in monopoly market is...............................

(loss \ profit \ negative profit \ zero profit)

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.1.3

Marginal propensity to consume + marginal propensity to save ......................... '

(zero \ one \ less \ more)

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[1]1.1.4

Method of withdrawing money without going to the bank is by ...................................

(cheque \ demand draft \ ATM \ mail transfer)

Concept: Meaning of Money
Chapter: [2.04] Money
[1]1.1.5

The term 'budget' is derived from the ......................... word 'bougette'.

(Greek / German / French / Latin)

Concept: Meaning of Government Budget
Chapter: [2.07] Public Economics
[5]1.2 | Match the following
  Group 'A'   Group 'B'
a. Pen and ink 1 Quantity-price
b. Revenue 2 Accident
c. Insurable risk 3 Transfer income
d. Unemployment allowance 4 Short period
e. Reverse repo rate 5 Long period
    6 Change in demand
    7 Joint demand
    8 Quantity * price
Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[6]1.3 | State whether the following statements are True or False
[1]1.3.1

Demand for perishable goods is inelastic.

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

Total cost is the total expenditure incurred by a firm.

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

The seller is a price maker in the perfect competition.

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

Cheque is an optional money.

Concept: Type of Money
Chapter: [2.04] Money
[1]1.3.5

A bank is an institution which deals in money and credit.

Concept: Meaning of Money
Chapter: [2.04] Money
[1]1.3.6

The RBI was nationalised in the year 1935.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[12]2
[6]2.1 | Define or explain the following concepts (Any THREE)
[2]2.1.1

Resource allocation

Concept: Meaning and Features of Market
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]2.1.2

Elasticity of supply

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]2.1.3

Meaning and Definition of Market?

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

Labour

Concept: Factors of Production - Labour
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

Meaning and Definition of Central bank?

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[6]2.2 | Give reasons or explain the following (Any THREE)
[2]2.2.1

Give reasons or explain the following statement.

Micro economics studies individual economic unit.

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

Change in the price of substitute goods affects the demand for another goods.

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

In order to avoid double counting, value added approach is used.

Concept: Function of Money - Primary Function
Chapter: [2.04] Money
[2]2.2.4

Effective demand is also called macro economic equilibrium.

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

The Central bank may take direct action against the defaulting commercial banks.

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[2]2.2.6

Unpaid services are not included in national income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[12]3
[6]3.1 | Distinguish between (Any THREE)
[2]3.1.1

Explain Place utility and Time utility?

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[2]3.1.2

Demand curve and Supply curve.

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

Individual supply and Market supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]3.1.4

Slicing method and Lumping method.

Concept: Micro Economics - Slicing Method
Chapter: [1.01] Introduction to Micro Economics
[2]3.1.5

Convertible paper money and Inconvertible paper money.

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

Distinguish between the following.

Revenue expenditure and Capital expenditure.

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[6]3.2 | Write short notes (Any TWO)
[3]3.2.1

Microscopic study

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

Income elasticity of demand.

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

Determination of equilibrium price under perfect competition.

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

Functions 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 law of diminishing marginal utility.

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

Explain the features of monopoly.

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

Explain the features of macro economics.

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

Explain various types of investment expenditure.

Concept: Concept of National Income
Chapter: [2.02] National Income
[4]4.5

Explain the secondary functions of money.

Concept: Function of Money - Secondary Functions
Chapter: [2.04] Money
[4]4.6

Explain different types of loans and advances provided by commercial banks.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any THREE)
[4]5.1

The law of equi-marginal utility is based on certain assumptions.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[4]5.2

Population is the only determinant factor of demand.

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

There are no exceptions to the law of supply.

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

Providing safe deposit vault facility is the only general function of commercial banks.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]5.5

There is no difference between the Central bank and a commercial bank.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[4]5.6

During the period of inflation surplus budget is advisable.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[16]6 | Write explanatory answers (Any TWO)
[8]6.1

Explain in detail ‘saving function’ with schedule and diagram.

Concept: Concept of National Income
Chapter: [2.02] National Income
[8]6.2

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

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

What is ‘national income’? Explain the theoretical difficulties involved in the measurement of national income.

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

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

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