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Economics 2015-2016 HSC Commerce 12th Board Exam Question Paper Solution

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Economics
2015-2016 March
Marks: 80

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

The terms Micro and Macro Economics were first used by..........................

(Adam Smith / Robbins / Ragner Frisch / Marshall)

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

Demand for necessaries is................

(elastic / inelastic / infinitely elastic / unitary elastic)

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

................ consumption can not be zero.

(Induced / Autonomous / Government / Private)

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[1]1.1.4

Accepting deposits from the public is the................................. function of Commercial Bank.

(secondary / general / primary / incidental)

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

In India budget is presented in the Parliament by the ............................................

(Prime Minister / Finance Minister / Chief Minister / Defence Minister)

 

Concept: Objectives of Government Budget
Chapter: [2.07] Public Economics
[5]1.2 | Match the following
[5]1.2.1

 

 

 Group "A"

 

 Group "B"

(a)

Demand for electricity

(1)

Rent

(b)

Perfectly elastic supply                             

(2)

Transfer income

(c)

Land

(3)

Dear money policy

(d)

Pension

(4)

Composite demand

(e)

Inflation

(5)

Horizontal supply curve

 

 

(6)

Part of national income

 

 

(7)

Vertical supply curve

 

 

(8)

Cheap money policy

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

Income elasticity of demand for inferior goods is negative.

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

If price falls, the supply curve will shift to the left.

True

False

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[1]1.3.3

Product differentiation is the most distinguishing feature of monopolistic competition.

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

Overdraft facility is provided to saving account holders.

Concept: Method of Credit Control - Quantitative
Chapter: [2.06] Central Bank
[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 | Define or explain the following concepts (Any THREE)
[2]2.1.1

Meaning and Definition of Micro Economics?

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

Relatively elastic supply

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

Price discrimination

Concept: Market Supply
Chapter: [1.04] Analysis of Supply
[2]2.1.4

National income

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]2.1.5

General equilibrium

Concept: Improtance of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.1.6

Reverse Repo Rate

Concept: Repo Rate and Reverse Repo Rate
Chapter: [2.06] Central Bank
[6]2.2 | Give reasons or explain the following (Any THREE):
[2]2.2.1

Micro Economics studies behaviours of individual economic unit.

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

Utility has no ethical consideration.

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

An entrepreneur is called a leader of the organization.

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[2]2.2.5

With the increase in income, both consumption and savings increase.

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

Central Bank is a banker to the government.

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[12]3
[6]3.1 | Distinguish between (Any THREE)
[2]3.1.1

Expansion of demand and Increase in demand.

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

Total Cost and Total Revenue.

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.1.3

Micro Economics and Macro Economics.

Concept: Difference Between Mirco Economic and Macro Economic
Chapter: [2.01] Introduction to Macro 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

Convertible paper money and Inconvertible paper 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 | Write short notes (Any TWO)
[3]3.2.1

Features of Micro Economics.

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

Total expenditure method of measuring Elasticity of Demand.

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

Features of Monopolistic Competition.

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

Features of Land.

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

Explain the relationship between Total utility and Marginal utility.

Concept: Total Utility and 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 subject matter of Micro Economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro 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 primary functions of commercial banks.

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

What are the main components of budget.

Concept: Components of Budget
Chapter: [2.07] Public Economics
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree* with the following statements (Any THREE)
[4]5.1

The law of diminishing marginal utility can be explained with the help of schedule and diagram.

Concept: Diminishing Marginal 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

Price is the only determinant of supply.

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

Money performs various functions.

Concept: Meaning of Money
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

Bank rate is a quantitative measure of credit control.

Concept: Method of Credit Control - Quantitative
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
[8]6.2

What are the types of Elasticity of Demand.

Concept: Type of 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

What is aggregate supply? 

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

Explain the determinants of aggregate supply.

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

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