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Question Paper Solutions for Economics Set 1 2016-2017 HSC Commerce (Marketing and Salesmanship) 12th Board Exam

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Marks: 100
[16]1
[5]1.1 |  Fill in the blanks using proper alternatives given in the brackets.
[1]1.1.1

Fill in the blanks using proper alternatives given in the brackets. 

Demand for car and petrol is ____________ de 

1. Direct 

2.Indirect 

3.Joint 

4.Composite 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand
[1]1.1.2
[1]1.1.3

Fill in the blanks using proper alternatives given in the brackets 

Personal Income - Direct Tax = ________________ 

1.Private income 

2.Disposable income

3.National Income 

4. Total Income 

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

Fill in the blanks using proper alternatives given in the bracket 

____________ bank has the monopoly of note issue. 

1.Commercial 

2.Co - operative 

3.Central 

4.Industrial

Chapter: [2.06] Central Bank
Concept: Definition - Central Bank
[1]1.1.5

Fill in the blanks using proper alternatives given in the bracket. 

When Government revenue exceeds government expenditure. It is known as a _______________ budget. 

1.Surplus

2.balanced 

3.deficit 

4. unbalanced

Chapter: [1.01] Introduction to Micro Economics
Concept: Micro Economics - Useful to Government
[5]1.2

Match the following: 

  Group ‘A’   Group ‘B’
a) Marginal utility 1) Price Discrimination
b) Medicines 2) Legal tender money
c) Monopoly 3) Government bank
d) Currency Notes 4) Utility from last unit.
e) Central Bank 5) Inelastic demand
    6) Commercial bank
    7) Utility of all units
    8) Elastic demand

 

Chapter: [1.01] Introduction to Micro Economics
Concept: Use of Marginalism Principle in Micro Economics
[6]1.3 | State whether the following statements are ‘True’ or ‘False’.
[1]1.3.1

State whether the following statements are True or False: 

Adam Smith is known as the 'Father of Economics.' 

Chapter: [1.01] Introduction to Micro Economics
Concept: Introduction and Features of Micro Economics
[1]1.3.2

State whether the following statements are True or False: 

Better transport facility increases supply at the same price.

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

State whether the following statements are ‘True’ or ‘False’.

There is no need of advertisement in monopolistic competition. 

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

State whether the following statements are ‘True’ or ‘False’. 

Depreciation is included in net investment. 

Chapter: [2.03] Determinants of Aggregates
Concept: Investment Demand
[1]1.3.5

State whether the following statements are True or False: 

Central Bank acts as a lender of the last resort.

 

 

Chapter: [2.06] Central Bank
Concept: Definition - Central Bank
[1]1.3.6

State whether the following statements are True or False: 

Budget is not prepared for each and every year.

Chapter: [2.07] Public Economics
Concept: Meaning of Government Budget
[12]2
[6]2.1 | Define or explain the following concepts (Any THREE):
[1]2.1.1

Define or explain the following concepts (Any THREE): 

Individual demand 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Types of Demand
[1]2.1.2

Define or explain the following concepts (Any THREE): 

Cross elasticity of demand 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Importance of Price Elasticity of Demand
[1]2.1.3

Define or explain the following concepts (Any THREE): 

Stock

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Factors Affecting Price Elasticity of Demand
[1]2.1.4

Define or explain the following concepts:

Entrepreneur

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Organisation
[1]2.1.5

Define or explain the following concept :

Effective demand .

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand
[1]2.1.6

Define or explain the following concepts.

Clearing house

Chapter: [2.06] Central Bank
Concept: Central Bank Function - Controller of Credit
[1]2.2 | Give reasons or Explain the following statements. (Any Three)
[1]2.2.1

Give reasons or Explain the following statements. 

All desires are not demand. 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Change in Demand
[1]2.2.2

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

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Types of Demand
[1]2.2.3

Give reasons or Explain the following statements. (Any Three) 

Agricultural goods are exceptions to the law of supply. 

 

Chapter: [1.04] Analysis of Supply
Concept: Market Supply
[1]2.2.4

Give reasons or Explain the following statements. (Any Three) 

Macro Economic is also known as income and employement theory.

Chapter: [2.01] Introduction to Macro Economics
Concept: Meaning and Features of Macro Economic
[1]2.2.5

Give reason or explain the following statement:

Rate of interest on fixed deposit is high.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[1]2.2.6

Give reasons or Explain the following statements. (Any Three) 

During the [eriod of depression deficit budgets is used.

Chapter: [2.07] Public Economics
Concept: Components of Budget
[12]3
[6]3.1 | Distinguish between (Any Three)
[2]3.1.1

Distinguish between (Any Three) 

From Utility and Time Utility. 

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

Distinguish between (Any Three) 

Increase in demand and Decrease in Demand.

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

Distinguish between (Any Three) 

Relatively more elastic demand and relatively less elastic demand.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Measurement of Elasticity of Demand
[2]3.1.4

Micro Economics and Macro Economics.

Chapter: [2.01] Introduction to Macro Economics
Concept: Difference Between Mirco Economic and Macro Economic
[2]3.1.5

Distinguish between the following.

Standard coins and Token coins.

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

Distinguish between the following.

Commercial Bank and Central Bank.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[6]3.2 |  Write short notes (Any Two)
[2]3.2.1

Write short notes (Any Two) 

Feature of micro Economic.

Chapter: [1.01] Introduction to Micro Economics
Concept: Introduction and Features of Micro Economics
[2]3.2.2

Explain the importance of the law of Diminishing Marginal Utility.

Chapter: [1.02] Consumers Behavior
Concept: Diminishing Marginal Utility
[2]3.2.3

Write short notes (Any Two) 

Types of loans of commercial bank.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[2]3.2.4

Write short notes (Any Two)

Revenue Receipts

Chapter: [2.07] Public Economics
Concept: Types of Budget
[12]4 |  Answer the following Questions. [Any Three]
[4]4.1

Answer the following Questions. [Any Three] 

Explain the impotance of Micro Economic.

Chapter: [1.01] Introduction to Micro Economics
Concept: Introduction and Features of Micro Economics
[4]4.2

Answer the following Questions. [Any Three]

Explain features of utility.

Chapter: [1.02] Consumers Behavior
Concept: Features of Utility
[4]4.3

Answer the following Questions. [Any Three] 

Explain the  imprtance of elasticity of demand.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Importance of Price Elasticity of Demand
[4]4.4

Explain the features of macro economics.

Chapter: [2.01] Introduction to Macro Economics
Concept: Meaning and Features of Macro Economic
[4]4.5

Answer the following Questions. [Any Three]

Explain the cirular flow of bational income 

Chapter: [2.02] National Income
Concept: Concept of National Income
[4]4.6

Explain the agency function of commercial banks.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[12]5 |  State with reason whether you agree or disagree with the following statements. (any Three)
[4]5.1
State with reason whether you agree or disagree with the following statements. (any Three) 
Vrious factors influence Elasticity of Demand.
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Factors Affecting Price Elasticity of Demand
[4]5.2

State with reason whether you agree or disagree with the following statements. (any Three)

Supply curve slope upward from left to right. 

 

Chapter: [1.04] Analysis of Supply
Concept: Supply Curve and Schedule
[4]5.3

State with reason whether you agree or disagree with the following statements. (any Three) 

There are many feature of labour. 

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Labour
[4]5.4

State with reason whether you agree or disagree with the following statements. (any Three) 

Aggregate demand  depand only on the consumption expenture. 

Chapter: [2.03] Determinants of Aggregates
Concept: Concept of Aggregate Demand and Aggregate Supply
[4]5.5

Barter system did not have any difficulty.

Chapter: [2.04] Money
Concept: Concept of Barter Exchange
[4]5.6
State with reason whether you agree or disagree with the following statements. (any Three) 
Central Bank do not adopt quantitative mesures of credit control.
Chapter: [2.06] Central Bank
Concept: Method of Credit Control - Quantitative
[16]6 |  Write Explanatory answer. (Any Two )
[8]6.1

Write Explanatory answer. (Any Two ) 

State and explain the law of demand with its exception. 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand
[8]6.2
Write Explanatory answer. (Any Two )
What is perfect competitaion ? Explain price determination under perfect competition.
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
Concept: Main Market Forms
[8]6.3

Write Explanatory answer. (Any Two ) 

What is national income. Explain how national income is mesured by output method 

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

Write Explanatory answer. (Any Two ) 

What do you mean by aggregate supply? Explain deteminants of aggregate supply?

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

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