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Economics Set 1 2017-2018 HSC Science (Computer Science) 12th Board Exam Question Paper Solution

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Economics [Set 1]
Marks: 80Academic Year: 2017-2018
Date: July 2018

[16]1
[5]1.A
[1]1.A.1

Fill in the blank with appropriate alternative given below.

Micro Economics is also called as ________________. 

Income theory

Price theory

Growth theory

Employment theory

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

Fill in the blank with appropriate alternatives given below:

Income elasticity of demand for inferior goods is __________.

positive

negative

zero

greater than one

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

Fill in the blank with appropriate alternatives given below

That part of income, which is not spent on consumption, is called __________. 

expenditure

saving

investment

publicdebt

Concept: Concept of Aggregate Demand and Aggregate Supply
Chapter: [2.03] Determinants of Aggregates
[1]1.A.4

Fill in the blank with appropriate alternatives given below

 __________ is an example of direct tax.

Excise duty

Wealth tax

Sales tax

Gifts

Concept: Taxable Income
Chapter: [2.07] Public Economics
[1]1.A.5
Every loan creates a ___________
[loss/ profit / deposit/ credit]
Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[5]1.B

Match the following words from group 'A' and 'B'

Group 'A'
Group 'B'
(a) Production
(1) Average Expenditure
(b) Tea and coffee
(2) Personal Income - Direct taxes.
(3) Stock
(3) Substitute goods.
(4) Disposable income
(4) Central bank
(5) Credit control
(5) Complementary goods.
 
(6) Potential supply
 
(7) Commercial bank
 
(8) Creation of utility.
Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[6]1.C
[1]1.C.1

State whether the following statement is True or False:

Demand for luxurious goods is elastic .

True

False

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

State whether the following statement is TRUE and FALSE.

Supply is indirectly related to price.

True

False

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[1]1.C.3

State whether the following statement is true or false. 

Metallic coins are easily portable than paper notes. 

True

False

Concept: Meaning of Money
Chapter: [2.04] Money
[1]1.C.4

State whether the following statement is TRUE and FALSE.

In a monopoly market, firm and industry are the same.

True

False

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.C.5

State whether the following statement is True or False. 

Commercial banks are the backbone of modern economy. 

True

False

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.C.6

State whether the following statement is True or False:

The main objective of the Central Bank is to earn a profit.

True

False

Concept: Central Bank Function - Banker's Bank
Chapter: [2.06] Central Bank
[12]2
[6]2.A | Attempt Any three
[2]2.A.1

Define or explain the following concept.
Macro economic variables.

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[2]2.A.2

Define or explain the following concept
Marginal Cost.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]2.A.3

Define or explain the following concept:

Monopolistic Competition

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]2.A.4

Define or Explain the following concept.

Partial equilibrium

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.A.5

Define or explain the following concept:

Entrepreneur

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[2]2.A.6

Define or Explain the following concept.

Moral suasion 

Concept: Definition - Central Bank
Chapter: [2.06] Central Bank
[6]2.B | Attempt Any three
[2]2.B.1

Give reason or explain the following statement.

Micro Economic theories are based on certain assumptions.

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

Give reason or explain:

Utility is a subjective concept.

Concept: Meaning of Utility
Chapter: [1.02] Consumers Behavior
[2]2.B.3

Give reason or explain the following statement
Demand for necessary goods is inelastic.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[2]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
[2]2.B.5

Give reason or explain.

There are many subjective factors determining consumption function.

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[2]2.B.6

Give reason or explain.

Central Bank acts as a lender of the last resort. 

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[12]3
[6]3.A | Attempt any three
[2]3.A.1

Distinguish between the following
Extension of Demand contraction of Demand

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

Distinguish between the following.

Micro Economics and Macro Economics.

Concept: Difference Between Mirco Economic and Macro Economic
Chapter: [2.01] Introduction to Macro Economics
[2]3.A.3

Distinguish between:
Output method of measuring national income and Income method of measuring national income.

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

Distinguish between -
Commodity money and metallic money

Concept: Type of Money
Chapter: [2.04] Money
[2]3.A.5

Distinguish between:

Deficit budget and balanced budget 

Concept: Types of Budget
Chapter: [2.07] Public Economics
[2]3.A.6

Distinguish between the following:

Individual Supply and Market Supply

Concept: Supply Curve and Schedule
Chapter: [1.04] Analysis of Supply
[6]3.B | Attempt Ant Two
[2]3.B.1

Write short note on the following.
Features of Micro Economics.

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

Write short note on the following:

 Types of monopoly

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[2]3.B.4

Write short note on the following:

Qualities of an entrepreneur

Concept: Factors of Production - Organisation
Chapter: [1.06] Factors of Production
[12]4 | Attempt Any three
[4]4.A

Answer the following question .
Explain the types of utility.

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

Answer the following question
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

Answer the following question.
What is the subject matter of macro economics?

Concept: Allocation of Resource and Economic Variable
Chapter: [2.01] Introduction to Macro Economics
[4]4.D

Answer the following question.
State the objective factors determining consumption function.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[4]4.E

Answer the following question:
Explain various types of deposits. 

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

Answer the following question.
What are the sources of non - tax revenue ? 

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[12]5 | Attempt Any Three
[4]5.A

State with reason whether you agree or disagree:

There are no real exceptions to the law of Diminishing Marginal Utility.

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

Do you agree with the following statement? Give reason

Many factors influence the demand for a commodity.

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Barter system did not have any difficulty.

Agree

Disagree

Concept: Difficulties Involved in the Barter Exchange
Chapter: [2.04] Money
[4]5.D

Do you agree or disagree with the following statement? Give reason.

Price is the only determinant of supply.

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

State with reason whether you agree or disagree with the following statement.

Commercial banks perform many general utility services.

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

State with reason Whether you 'agree' or 'disagree' with the following statement .
Central bank works as a banker to the goverment.

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[16]6 | Attempt any Two
[8]6.A

Write Explanatory answer.

State and explain the law of demand with its exception. 

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

Write an explanatory answer :

What is the price elasticity of demand? Explain the types of price elasticity of demand.

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

Write explanatory answer.

Explain the practical (statistical) difficulties involved in the estimation of national income.

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

Write explanatory answer.
What is 'aggregate supply'? Explain the determinants of aggregate supply.

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

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