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Question Paper Solutions - Economics 2016 - 2017-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education)

Alternate Sets

      

Marks: 100
[1]1

Any statement above demand for a good is considered complete only when the following is/are mentioned in it. ( choose the correct alternative)

a) Price of the good

b) Quantity of good

c) Period of time

d) All of the above

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[1]2

Demand for a good is termed inelastic through the expenditure approach when if (choose the correct alternative)

a) Price of good falls, expenditure on it rises

b) Price of the good falls, expenditure in it falls

c) Price of the good falls, expenditure on it remains unchanged

d) Price of the good rises, expenditure in it falls

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

Define an indifference curve.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Indifference Curve
[1]4

A seller cannot influence the market price under (choose the correct alternative)

a) Perfect competition

b) Monopoly

c) Monopolistic competition

d) All of the above

Chapter: [1.07] Main Market Forms
Concept: Features of Perfect Competition
[1]5

Features of Monopolistic Competition.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[3]6

Give the meaning and characteristics of production possibility frontier.

Chapter: [1] Understanding Economics
Concept: Concepts of Production Possibility Frontier
[3]7

Explain the problem of how to produce.

Chapter: [1] Understanding Economics
Concept: Meaning of Micro and Macro Economics
[3]8 | Attempt Any One
[3]8.1

Distinguish between ‘increase in demand’ and increase in quantity demanded of a good.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[3]8.2

Explain the meaning of Budget set 

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

Explain the meaning of  Budget line

Chapter: [2.04] Government Budget and the Economy
Concept: Types of Budget
[4]9

Explain the meaning of diminishing marginal rate of substitution with the help of an example.

Chapter: [1.02] Consumers Behavior
Concept: Diminishing Marginal Utility
[4]10 | Attempt Any One
[4]10.1

Define market supply.

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

Explain the factor Input prices that can cause a change in supply.

Chapter: [1.04] Analysis of Supply
Concept: Market Supply
[4]10.2

Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Total Product
[4]11

Explain Perfect knowledge about the markets feature of perfect competition.

Chapter: [1.07] Main Market Forms
Concept: Features of Perfect Competition
[6]12

When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Elasticity of Demand
[6]13

Complete the following table:

Output

(Units)

Average Fixed Cost

(Rs )

Marginal Cost

(Rs)

Average Variable Cost

(Rs)

Average Cost

(Rs)

1 60 20 ... ...
2 ... ... 19 ...
3 20 ... 18 ...
4 ... 18 ... ...
5 12 ... ... 31
Chapter: [1.03] Producer Behaviour and Supply
Concept: Basic Concepts of Cost
[6]14

From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be is equilibrium. Give reasons for your answer.

Output
(Units)
Total Revenue
(Rs )
Total Cost
(Rs )
1 10 8
2 18 15
3 24 21
4 28 25
5 30 33
Chapter: [1.03] Producer Behaviour and Supply
Concept: Basic Concepts of Cost
[6]15 | Attempt Any One
[6]15.1

Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[6]15.2

Explain the meaning of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Equilibrium Price
[1]16

Demand deposits include (choose the correct alternative)

(a) Saving account deposits and fixed deposits

(b) Saving account deposits and current account deposits

(c) Current account deposits and fixed deposits

(d) All types of deposits

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[1]17

Define marginal propensity to consume

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[1]18

If the marginal propensity to consume is greater than marginal propensity to save, the value of the multiplier will be (Choose the correct alternative)

(a) greater than 2

(b) less than 2

(c) equal to 2

(d) equal to 5

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[1]19

What is government budget?

Chapter: [5.02] Government Budget
Concept: Meaning of Government Budget
[1]20

What is meant by the depreciation of domestic currency?

Chapter: [2.05] Balance of Payments
Concept: Concept of Balance of Payments Account
[3]21

Distinguish between final goods and intermediate goods. Give an example of each.

Chapter: [2.01] National Income and Related Aggregates
Concept: Basic Concepts - Final Goods
[3]22 | Attempt Any One
[3]22.1

Explain difficulty in storing wealth problem faced in the barter system of exchange

Chapter: [2.04] Money
Concept: Concept of Barter Exchange
[3]22.2

Explain the significance of 'medium of exchange' function of money

Chapter: [2.02] Money and Banking
Concept: Function of Money - Primary Function
[3]23

Distinguish between direct taxes and indirect taxes. Give an example of each

Chapter: [5.01] Fiscal Policy
Concept: Direct and Indirect Tax
[4]24 | Attempt Any One
[4]24.1

Explain bankers bank function of a Central bank.

Chapter: [4.02] Banking
Concept: Central Bank Function - Banker's Bank
[4]24.2

Explain the process of credit creation by commercial banks.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[4]25

An economy is in equilibrium. From the following data, calculate the marginal propensity to save:

1) Income = 10,000

2) Autonomous consumption = 500

3) Consumption expenditure = 8,000

Chapter: [2.03] Determination of Income and Employment
Concept: Consumption Function and Propensity to Save
[4]26

Explain how government budget can be helpful in bringing economic stabilization in the economy.

Chapter: [2.07] Public Economics
Concept: Objectives of Government Budget
[6]27

Distinguish between current account and capital account

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

Distinguish between an autonomous transaction and accommodating transactions of the balance of payments account.

Chapter: [2.05] Balance of Payments
Concept: Concept of Balance of Payments Account
[6]28 | Attempt Any One
[6]28.1

Explain the precautions that should be taken while estimating national income by expenditure method.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[6]28.2

Will the following be included in the domestic product of India? Give reasons for your answer.

Profit earned by foreign companies in India

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

Will the following be included in the domestic product of India? Give reasons for your answer.

Salaries of Indians working in the Russian Embassy in India

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

Will the following be included in the domestic product of India? Give reasons for your answer.

Profit earned by a branch of State Bank of India in Japan

Chapter: [2.05] Balance of Payments
Concept: Concept of Balance of Payments Account
[6]29

Calculate (a) National Income, and (b) Net National Disposable Income:

  (Rs In crores)
(i) Compensation of employees 2,000
(ii) Rent 400
(iii) Profit 900
(iv) Dividend 100
(v) Interest 500
(vi) Mixed income of self- employed 7,000
(vii) Net factor income to abroad 50
(viii) Net export 60
(ix) Net indirect taxes 300
(x) Depreciation 150
(xi) Net current transfers to aboard 30
Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[6]30

Given consumption curve, derive saving curve and state the steps taken in the process of derivation. Use Diagram.

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