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Economics 2014-2015 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

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Economics
Marks: 80Academic Year: 2014-2015
Date & Time: 6th October 2015, 4:00 pm
Duration: 3h

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

Fill in the blank using proper alternatives given in the bracket:

Micro economics is a study of ..............

Whole economy

general price level

national output

individual economic unit

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[1]1.A.2

Fill in the blank using proper alternatives given in the bracket:

Demand for salt is ...............

Elastic 

inelastic

infinitely elastic 

unitary elastic

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

Fill in the blank using proper alternatives given in the bracket:

.................consumption cannot be zero.

induced

Autonomous

Government 

private

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.A.4

Fill in the blank using proper alternatives given in the bracket:

The primary function of commercial banks is to ...................

Purchase and sale securities

accept deposits

Provide safe deposit vaults 

issue letter of credit

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.A.5

Fill in the blank using proper alternatives given in the bracket:

During depression .............. budget is preferable.

balanced

surplus

Deficit

zero

Concept: Types of Budget
Chapter: [2.07] Public Economics
[5]1.B

Match the following:

Group A Group B
a. Demand and Price (1) Interest
b. Stock (2) Stock
c. Reward of Capital (3) Reserve Bank of India
d. Unemployment allowance (4) Bank of India
e. Central Bank (5) Direct relation
  (6) Potential Supply
  (7) Transfer Income
  (8) Inverse relation
Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[3]1.C | State whether the following statements are True or False :
[1]1.C.1

State whether the following statement is True or False :

Concept of elasticity of demand is useful for finance minister.

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.C.2

State whether the following statement is  true or false :
Supply of perishable goods is inelastic.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[12]2
[6]2.A |  Define or Explain :
[1]2.A.1

Define or Explain :

Average revenue.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.2
Define or Explain the Selling Cost.
Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.3

Define or Explain the Land.

Concept: Factors of Production - Land
Chapter: [1.06] Factors of Production
[1]2.A.4

Define or Explain the General equilibrium.

Concept: Equilibrium Price
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.5

Define or Explain the Bank Ratev ?

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[1]2.A.6

Define or Explain the Individual economic unit.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[6]2.B
[1]2.B.1

Give reason or explain the following statement:

Micro economic theories based on certain assumptions.

Concept: Assumption of Micro Economic Analysis
Chapter: [1.01] Introduction to Micro Economics
[1]2.B.2

Give reason or explain the following statement:

Utilly is ethically neutral.

Concept: Meaning of Utility
Chapter: [1.02] Consumers Behavior
[1]2.B.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
[1]2.B.4

Give reason or Explain the following statement :

Paid services are included in national income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[1]2.B.5

Explain the subjective factors which determine consumption function.

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[1]2.B.6

Give reason or explain the following statement:

Central Bank acts as a lender of the last resort.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[12]3
[6]3.A | Distinguish between (Any Three).
[1]3.A.1

Distinguish between the following :

Desire and Demand .

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]3.A.2

Distinguish between Gross National Product and Net National Product.

Concept: Concept of National Income
Chapter: [2.02] National Income
[1]3.A.3

Distinguish between the following :

Paper money and Metallic coins.

Concept: Type of Money
Chapter: [2.04] Money
[1]3.A.4

Distinguish between Surplus budget and Deficit budget.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[1]3.A.5

Distinguish between the following.

Micro Economics and Macro Economics.

Concept: Difference Between Mirco Economic and Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[1]3.A.6

Distinguish between :

Stock and Supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[6]3.B
[3]3.B.1 |  Write short notes. (Any Two)

Write short note :

Importance of micro economics ?

Concept: Importance of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[3]3.B.2

Write Short note on the following.
Ratio method of measuring price elasticity of demand ?

Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[3]3.B.3

Write short answer for the following question :

Types of monopoly

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[3]3.B.4

Write short note of Qualities of an Entrepreneur?

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

Write short answer for the following question :

What are the characteristics of utility ?

Concept: Features of Utility
Chapter: [1.02] Consumers Behavior
[4]4.B

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.C

Explain the features of macro economics.

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

Explain the determinants of aggregate supply.

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

Write short Answer for the following question:

Explain various types of Bank Deposits ?

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

Write short Answer for the following question:

Explain the components of government budget ?

Concept: Types of Budget
Chapter: [2.07] Public Economics
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements. (Any Three)
[4]5.A

Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:

Various factors incluence tha demand for a commodity.

Concept: Factors of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]5.B

Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:

The law of 'diminishing marginal utility' is important in the practice?

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[4]5.C

Price is the only determinant of supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[4]5.D

Money performs various functions.

Concept: Meaning of Money
Chapter: [2.04] Money
[4]5.E

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.F

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

Central Bank is a profit making institution ?

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[16]6 |  Write explanatory answer: (Any Two)
[8]6.A

State and explain the law of demand .

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

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

Explain the types of price elasticity of demand .

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[8]6.C

Explain practical difficulties involved in estimation of national income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[8]6.D

State the determinants of aggregate demand.

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

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