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Economics 2016-2017 HSC Science (Electronics) 12th Board Exam Question Paper Solution

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Economics
2016-2017 March
Marks: 80

[16]1
[5]1.A | Fill in the blank using proper alternative given in the bracket:
[1]1.A.1

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

Market demand is a total demand of...............buyers.

Concept: Demand Curve and Its Slope
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.A.2

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

Perfectly inelastic demand curve is.....................................................

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

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

Other factors remaining constant, when price of a commodity raises there is ................. of supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[1]1.A.4

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

 National income is ........ concept.

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

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

......................... is the apex body of the monetary and banking system of the nation’s economy.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[5]1.B

                                                 Match the following: 

Group 'A' Group 'B'
(1) Adam Smith (1)Private monopoly
(2) Railway   (2) Father of economics.
(3) Legal tender money  (3) Public monopoly 
(4) D-mat account  (4) Principles of economics
(5) Bank rate (5)Buying and selling of shares.
  (6) Quantitative tool of credit control.
  (7) Fiat money
  (8) Selective method of credit control
Concept: Method of Credit Control - Quantitative
Chapter: [2.06] Central Bank
[6]1.C |  State whether the following statements are True or False:
[1]1.C.1

State whether the following statement is True or False 

Total Revenue = Total quantiry x Price .

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

State whether the following statement is True or False :

Demand for necessary goods is inelastic.

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

State whether the following statement is True or False :

 Capital is a natural factor of production .

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[1]1.C.4

State whether the following statement is True or False :

Consumption expenditure is the only component of aggregate demand.

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[1]1.C.5

Credit money is created by the Central bank of a  country.

Concept: Monetary Function of Central Bank
Chapter: [2.06] Central Bank
[1]1.C.6

State whether the following statement is True or False :

Budget is a monthly statement - False.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[12]2
[6]2.A | Define or explain the following concepts Any THREE):
[2]2.A.1

Define Microeconomics? 

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

Define or explain the following concept.

Service utility.

Concept: Types of Utility
Chapter: [1.02] Consumers Behavior
[2]2.A.3

Define or explain the following concept.

Unitary elastic demand.

Concept: Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.A.4

Define or explain the following concept.

Disposable income.

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

Define or explain the following concept.

Autonomous Consumption.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]2.A.6

Define or explain the following concept.

Bank Rate.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[6]2.B | Give reasons or explain the following (Any THREE):
[2]2.B.1

Give reason or explain the following.

Supply is directly related to price.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]2.B.2

Give reason or explain the following.

Price discrimination is possbile under monopoly.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]2.B.3

Give reason or explain the following.

Labour cannot be stored.

Concept: Factors of Production - Labour
Chapter: [1.06] Factors of Production
[2]2.B.4

Give reason or explain the following.

Macro economics is the study of aggregates.

 

Concept: Improtance of Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]2.B.5

Give reason or explain the following.

Cash reserve ratio (CRR) affects the lending capacity of banks.

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[2]2.B.6

Give reason or explain the following.

Microeconomics deals with allocation of resources.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[12]3 |  Distinguish between (Any THREE):
[6]3.A
[2]3.A.1

Distinguish between.

Increase in demand decrease in demand.

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

Distinguish between Partial equilibrium and General Equilibrium.

Concept: Equilibrium Price
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.A.3

Distinguish between.

Personal income and National Income.

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.A.4

Distinguish between the following.

Standard coins and Token coins.

Concept: Money - Store of Value
Chapter: [2.04] Money
[2]3.A.5

Distinguish between the following.

Direct tax and Indirect tax.

Concept: Taxable Income
Chapter: [2.07] Public Economics
[2]3.A.6

Distinguish between the following.

Extension of supply and contraction of supply. 

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

Write short note on :

Importance and usefulness of Micro Economics :

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

Write short note on:

factors determining elasticity of demand .

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

Explain any two features of monopoly market.

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

Write short notes Types of capital.

Concept: Factors of Production - Capital
Chapter: [1.06] Factors of Production
[12]4 | Write short answers 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

Write short answer for the following question :

Features of Pure Competition.

Concept: Meaning and Features of Market
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[4]4.C

Write short answer for the following question:

What are the features of Micro Ecomomic ? 

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

Explain the primary functions of commercial banks.

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

Write short answer for the following question:

What are the Typing of Budget.

Concept: Types of Budget
Chapter: [2.07] Public Economics
[4]4.F

What are the determinats of Aggregate demand ?

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[12]5 | State with reasons. Whether you ‘agree’ or ‘disagree’ with the following statements (Any Three)
[4]5.A

State with reason. 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.B

State with reason. Whether you ‘agree’ or ‘disagree’ with the following statement: 

Commercial bank can credit on the basis of primary deposit.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[4]5.C

State with reason. Whether you ‘agree’ or ‘disagree’ with the following statement: 

Central Bank is called as the bankers' bank .

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[4]5.D

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.E

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

General acceptability is the only quality of good money.

Concept: Concept of Good Money
Chapter: [2.04] Money
[4]5.F

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

Law of Diminishing Marginal utility is important in practice.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[16]6 | Write explanatory answers: (Any two)
[8]6.A

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

Write explanatory answer:

Explain Ratio method and Geometric method of measuring price elasticity of demand.

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

Write explanatory answer:

What is National Income ?Explain theoretical or conceptual difficulties of measuring National Income.

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

Write explanatory answer:

Explain the subjective and objective factors determining consumption function.

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

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