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Question Paper Solutions - Economics 2013 - 2014-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education)

Alternate Sets

       

Marks: 100
[1]1

The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier?

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[1]2

Define an indifference curve.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Indifference Curve
[1]3

Define marginal product.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Marginal Product
[1]4

Define market supply.

Chapter: [1.04] Analysis of Supply
Concept: Market Supply
[1]5

What is imperfect oligopoly?

Chapter: [1.04] Forms of Market and Price Determination
Concept: Market Forms - Imperfect Oligopoly
[3]6

Why is Production Possibilities Curve concave? Explain

Chapter: [1.05] Concept of Production and Production Function
Concept: Concept of Production
[3]7

When the price of a good falls from Rs 10 to Rs 8 per unit, its demand rises from 20 units to 24 units. What can you say about price elasticity of demand of the good through the expenditure approach?

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Elasticity of Demand
[3]8 | Attempt Any One
[3]8.1

Explain how technological progress is a determinant of supply of a good by a firm.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
[3]8.2

Explain how input prices are a determinant of supply of a good by a firm.

Chapter: [1.04] Analysis of Supply
Concept: Market Supply
[3]9

Define Average Revenue. Show that Average Revenue and Price are same.

Chapter: [1.06] Cost and Revenue
Concept: Total, Average and Marginal Revenue
[3]10

Why is the number of firms small in oligopoly? Explain.

Chapter: [1.07] Main Market Forms
Concept: Features of Oligopoly
[4]11 | Attempt Any One
[4]11.1

A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. Use utility analysis.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Cardinal Approach (Utility Analysis)
[4]11.2

Given the price of a good, how does a consumer decide as to how much of the good to buy?

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Consumer'S Equilibrium
[4]12

Give the meaning of "inferior" good and explain the same with the help of an example.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Change in Quantity Demand
[4]13

State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour

Chapter: [1.05] Concept of Production and Production Function
Concept: Law of Variable Proportions
[6]14

Explain why an indifference curve is downward sloping from left to right.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Indifference Curve

Explain why is an indifference curve is Convex.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Indifference Curve
[6]15

From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also, find profit at this output

Output (units) Total Revenue
(Rs)
Total Cost (Rs)
1 6 7
2 12 13
3 18 17
4 24 23
5 30 31
Chapter: [1.06] Cost and Revenue
Concept: Total, Average and Marginal Revenue
[6]16

A market for a product is in equilibrium. Demand for the product "decreases." Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram

Chapter: [1.04] Market Mechanism
Concept: Market Equilibrium
[1]17

What are time deposits?

Chapter: [2.02] Money and Banking
Concept: Monetary Payments
[1]18

What is meant by inflationary gap?

Chapter: [1] Understanding Economics
Concept: Concept of Aggregate Demand and Aggregate Supply
[1]19

Give the meaning of full employment. 

Chapter: [2.03] Determination of Income and Employment
Concept: Meaning of Full Employment
[1]20

Define fiscal deficit

Chapter: [2.04] Government Budget and the Economy
Concept: Measures of Government Deficit Or Surpluses
[1]21

Define foreign exchange rate.

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[3]22

Define externalities. Give an example of negative externality. What is its impact on welfare?

Chapter: [2.01] National Income and Related Aggregates
Concept: GDP and Welfare
[3]23 | Attempt Any One
[3]23.1

Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?

Chapter: [2.02] Money and Banking
Concept: Function of Money - Primary Function
[3]23.2

Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter?

Chapter: [2.02] Money and Banking
Concept: Standard of Deferred Payment
[3]24

Is the following a revenue receipt or a capital receipt in the context of government budget and why?

Tax receipts

Chapter: [2.04] Government Budget and the Economy
Concept: Classification of Receipts

Is the following a revenue receipt or a capital receipt in the context of government budget and why?

Disinvestment

Chapter: [2.04] Government Budget and the Economy
Concept: Classification of Receipts
[3]25

Distinguish between 'autonomous' and accommodating' Balance of Payments transactions.

Chapter: [2.05] Balance of Payments
Concept: Concept of Balance of Payments Account
[3]26

The foreign exchange rate in India is on the rise recently. What impact is it likely to have on exports and how?

Chapter: [2.05] Balance of Payments
Concept: Concept of Foreign Exchange Rate
[4]27 | Attempt Any One
[4]27.1

Explain "Banker to the Government" function of the Central Bank.

Chapter: [4.02] Banking
Concept: Central bank Function - Goverment Bank
[4]27.2

Explain bankers bank function of a Central bank.

Chapter: [4.02] Banking
Concept: Central Bank Function - Banker's Bank
[4]28

Calculate Marginal Propensity to Consume from the following data about an economy

Which is an equilibrium:

National income = 2000

Autonomous Consumption expenditure = 200

Investment expenditure = 100

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[4]29

Tax rates on higher income group have been increased. Which economic value does it reflect? Explain.

Chapter: [2.04] Government Budget and the Economy
Concept: Government Budget - Allocation of Resources
[6]30

Calculate 'Net National Product at Factor Cost' and 'Gross National Disposable Income' from the following:

    (Rs in Arab)
1 Social security contributions by employees 90
2 Wages and salaries 800
3 Net current transfers to abroad (-)30
4 Rent and royalty 300
5 Net factor income to abroad 50
6 Social security contributions by employers 100
7 Profit 500
8 Interest 400
9 Consumption of fixed capital 200
10 Net indirect tax 250
Chapter: [6.02] Concepts and Definition
Concept: Aggregates Related to National Income - Net National Product (NNP)
[6]31

How should the following be treated in estimating the national income of a country? You must give a reason for your answer.

Taking care of aged parents

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income

Giving reason explain how should the following be treated in the estimation of national income:

Payment of corporate tax by a firm

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income

How should the following be treated in estimating the national income of a country? You must give the reason for your answer

Expenditure on providing police services by the government

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[6]32 | Attempt Any One
[6]32.1

When is an economy in equilibrium?

Chapter: [2] Theory of Income and Employment
Concept: Equilibrium Output

Explain with the help of Saving and Investment functions. Also, explain the changes that take place in an economy when the economy is not in equilibrium. Use diagram

Chapter: [2] Theory of Income and Employment
Concept: Equilibrium Output
[6]32.2

Given saving curve, derive consumption curve and state the steps in doing so. Use diagram.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
S