HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Question Paper Solutions for Economics 2017-2018 HSC Commerce (Marketing and Salesmanship) 12th Board Exam

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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)

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

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

(Induced / Autonomous / Government / Private)

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

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

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

The demand for salt is _____________    (elastic/inelastic/infinitely elastic/unitary elastic)

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

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[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
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Factors Affecting Price 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.

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

State whether the following statement is  true or false :
Supply of perishable goods is inelastic.

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

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

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

State whether the following statement is true or false :

Credit control is the function of commercial banks.

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

State whether the following statement is true or false:

Central bank also performs commercial banking business.

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

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

Define or explain the following concept :

Marginal utility.

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

Define or explain the following concept :

Elasticity of demand .

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

Define or explain the following concept :

National income .

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

Define or explain the following concept :

Effective demand .

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

Define or explain the following concept :

Budget .

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

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

Give reason or explain the following statement:

A monopolist can control the supply of goods .

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

Give reason or explain the following statement:

The supply of land is inelastic .

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

Give reason or explain the following statement:

Macro economics is different from micro economics.

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

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

Give reason or explain the following statement:

Micro economics is also known as price theory.

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

Distinguish between the following :

Desire and Demand .

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

Slicing method and Lumping method.

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

Distinguish between the following :

Paper money and Metallic coins.

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

Distinguish between the following :

Quantitative and Qualitative measures of credit control.

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

Distinguish between the following :

Output method and Income method of measuring national income. 

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

Distinguish between the following :

Average revenue and Average cost.

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

Explain the subject matter of Micro Economics.

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

Write short note :

Geometric method of measuring price elasticity of demand.

 

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Factors Affecting Price Elasticity of Demand
[3]3.2.3

Write short notes on Price determination under perfect competition.

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

Write short note :

Features of labour.

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

Answer the following question :

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

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

Answer the following question :

What are the features of monopolistic competition ?

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

Answer the following question :

What are the features of macroeconomics ?

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

Answer the following question :

Explain the types of investment expenditure.

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

Answer the following question :

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

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

Answer the following question :

Explain the development and non-development expenditures of government .

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

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

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

There are many types of demands.

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

There are no exceptions to the law of supply.

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

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

Barter system had many difficulties.

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

Central Bank has the sole power of issuing currency notes.

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

Chapter: [2.04] Money
Concept: Standard of Transfer Payment
[16]6 | Write explanatory answer : (any two)
[4]6.1

Explain the law of demand with its assumptions.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand Curve and Its Slope
[4]6.2

Write explanatory answer :

What is price elasticity of demand ?

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

Write explanatory answer

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

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

Write explanatory answer:

Explain the output method of measuring national income.

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

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