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Economics 2017-2018 HSC Arts 12th Board Exam Question Paper Solution

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Economics
2017-2018 March
Marks: 80

[15]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

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

(Induced / Autonomous / Government / Private)

Concept: Consumption Demand
Chapter: [2.03] Determinants of Aggregates
[1]1.1.3

During depression _____________ budget is preferable. (balanced/surplus deficit/zero)

Concept: Features of Government Budget
Chapter: [2.07] Public Economics
[1]1.1.4

The demand for salt is _____________.

elastic

inelastic

infinitely elastic

unitary elastic

Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.1.5

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

............................... is a primary function of commercial bank.

Purchase and sell securities

Accept deposits

Safe deposit vault

Letter of credit

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[5]1.2

Match the following :

 

Group 'A' Group 'B'
(a) Demand and price (1) wages
(b) Perfectly elastic supply (2) Vertical supply curve
(c) Land (3) Transfer income
(d) Unemployment allowance (4) Horizontal supply curve
(e) Reserve Bank of India (5) Inverse relation
  (6) Rent
  (7) 1935
  (8) Direct relation
Concept: Factors Affecting Price Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[5]1.3 | State whether the following statements are true or false :
[1]1.3.1

State whether the following statement is  true or false :

Concept of ‘elasticity of demand’ is useful for the finance minister.

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

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
[1]1.3.3

State whether the following statement is true or false :

Under perfect competition price is determined by equilibrium of demand and supply.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[1]1.3.4

State whether the following statement is true or false :

Token coins are such coins whose face value is greater than their intrinsic value.

Concept: Money - Store of Value
Chapter: [2.04] Money
[1]1.3.5

State whether the following statement is true or false :

Credit control is the function of commercial banks.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[1]1.3.6

State whether the following statement is true or false:

Central bank also performs commercial banking business.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[12]2
[6]2.1 |  Define or explain the following concepts : (any three
[2]2.1.1

Define or explain the following concept :

Individual economic unit

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

Define or explain the following concept :

Marginal utility.

Concept: Diminishing Marginal Utility
Chapter: [1.02] Consumers Behavior
[2]2.1.3

Define or explain the following concept :

Elasticity of demand .

Concept: Measurement of Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.1.4

Define or explain the following concept :

National income .

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

Define or explain the following concept :

Effective demand .

Concept: Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[2]2.1.6

Define or explain the following concept :

Budget .

Concept: Types of Budget
Chapter: [2.07] Public Economics
[6]2.2 | Give reasons or explain the following statements : (any three)
[2]2.2.1

Give reason or explain the following statement:

The supply of agriculture commodity is relatively inelastic.

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]2.2.2

Give reason or explain the following statement:

A monopolist can control the supply of goods .

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]2.2.3

Give reason or explain the following statement:

The supply of land is inelastic .

Concept: Concept of Supply
Chapter: [1.04] Analysis of Supply
[2]2.2.4

Give reason or explain the following statement:

Macro economics is different from micro economics.

Concept: Introduction and Features of Micro Economics
Chapter: [1.01] Introduction to Micro Economics
[2]2.2.5

Give reason or explain the following statement:

As a banker for the government, the central bank transfers government funds.

Concept: Central bank Function - Goverment Bank
Chapter: [2.06] Central Bank
[2]2.2.6

Give reason or explain the following statement:

Micro economics is also known as price theory.

Concept: Micro Economics - Price Theory
Chapter: [1.01] Introduction to Micro Economics
[12]3
[6]3.1 | Distinguish between the following : (any three)
[2]3.1.1

Distinguish between the following :

Desire and Demand .

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

Slicing method and Lumping method.

Concept: Micro Economics - Slicing Method
Chapter: [1.01] Introduction to Micro Economics
[2]3.1.3

Distinguish between the following :

Paper money and Metallic coins.

Concept: Type of Money
Chapter: [2.04] Money
[2]3.1.4

Distinguish between the following :

Quantitative and Qualitative measures of credit control.

Concept: Commercial Banks
Chapter: [2.05] Commercial Bank
[2]3.1.5

Distinguish between the following :

Output method and Income method of measuring national income. 

Concept: Concept of National Income
Chapter: [2.02] National Income
[2]3.1.6

Distinguish between the following :

Average revenue and Average cost.

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[6]3.2 | Write short notes : (any two)
[3]3.2.1

Explain the subject matter of Micro Economics.

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

Write short note :

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
[3]3.2.3

Write short notes on Price determination under perfect competition.

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

Write short note :

Features of labour.

Concept: Factors of Production - Labour
Chapter: [1.06] Factors of Production
[12]4 |  Answers the following questions (any three) :
[4]4.1

Answer the following question :

Explain the relationship between ‘total utility’ and ‘marginal utility’.

Concept: Total Utility and Marginal Utility
Chapter: [1.02] Consumers Behavior
[4]4.2

Answer the following question :

What are the features of monopolistic competition ?

Concept: Main Market Forms
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[4]4.3

Answer the following question :

What are the features of macroeconomics ?

Concept: Meaning of Micro and Macro Economics
Chapter: [1.01] Introduction to Micro Economics
[4]4.4

Answer the following question :

Explain the types of investment expenditure.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[4]4.5

Answer the following question :

What are the different types of loans provided by commercial banks ?

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

Answer the following question :

Explain the development and non-development expenditures of government .

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[12]5 | Explain with reasons whether you 'agree' or 'disagree' with the following statements : (any three)
[4]5.1

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

Law of diminishing marginal utility depends upon various assumptions.

Concept: Law of Equi-marginal Utility
Chapter: [1.02] Consumers Behavior
[4]5.2

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

There are many types of demands.

Concept: Types of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]5.3

There are no exceptions to the law of supply.

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

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

Barter system had many difficulties.

Concept: Concept of Barter Exchange
Chapter: [2.04] Money
[4]5.5

Central Bank has the sole power of issuing currency notes.

Concept: Central Bank Function - Controller of Credit
Chapter: [2.06] Central Bank
[4]5.6

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

Overdraft facility is not provided to the current account holders.

Concept: Standard of Transfer Payment
Chapter: [2.04] Money
[16]6 | Write explanatory answer : (any two)
[4]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
[4]6.2

Write explanatory answer :

What is price elasticity of demand ?

Concept: Type of Elasticity of Demand
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[4]6.3

Write explanatory answer

State and explain J.M. Keynes's ‘psychological law of consumption’.

Concept: Consumption Function and Propensity to Save
Chapter: [1.02] Consumers Behavior
[4]6.4

Write explanatory answer:

Explain the output method of measuring national income.

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

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