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Question Paper Solutions - Economics 2013 - 2014-H.S.C-12th Board Exam Maharashtra State Board (MSBSHSE)


Marks: 80
[16]1
[5]1.1 | Fill in the blanks using proper alternatives given in the brackets :
[1]1.1.1

Micro economics is a _____________ equilibrium approach. (partial/general/total/multi-variable)

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

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]1.1.3

Investment made by the government is _____________ investment.(unplanned/gross/autonomous/induced)

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[1]1.1.4

 A bank is an institution which deals in money and _____________

(commodity money/credit/barter/standard money)

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[1]1.1.5

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

Chapter: [2.07] Public Economics
Concept: Features of Government Budget
[5]1.2

Match the following : 

  Group 'A'   Group 'B'
1 Tea and coffee a Wages
2 Stock b Flow concept
3 Labour c Central bank
4 National income d Commercial bank
5 Clearinghouse system e Complementary goods
    f Rent
    g Potential supply
    h Substitute Goods
Chapter: [1.01] Introduction to Micro Economics
Concept: Introduction and Features of Micro Economics
[6]1.3 | State whether the following statements are True or False :
[1]1.3.1

A perfectly inelastic demand curve is parallel to 'Y' axis.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Types of Demand
[1]1.3.2

Supply is inversely related to price.

Chapter: [1.04] Analysis of Supply
Concept: Concept of Supply
[1]1.3.3

Price discrimination is possible under monopoly.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[1]1.3.4

In the case of token coins, intrinsic value is less than their face value.

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

Credit money is created by the Central bank of a  country.

Chapter: [2.06] Central Bank
Concept: Monetary Function of Central Bank
[1]1.3.6

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

Chapter: [4.02] Banking
Concept: Central Bank Function - Banker's Bank
[12]2
[6]2.1 | Attempt Any Three
[2]2.1.1

Define or explain the following concepts:

Slicing method

Chapter: [1.01] Introduction to Micro Economics
Concept: Micro Economics - Slicing Method
[2]2.1.2

Define or explain the following concepts 

Total output

Chapter: [1.02] Elasticity of Demand
Concept: Measurement of Elasticity of Demand - Total Expenditure Method
[2]2.1.3

Define or explain the following concepts:

Pure competition

Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
Concept: Meaning and Features of Market
[2]2.1.4

Define or explain the following concepts:

Entrepreneur

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Organisation
[2]2.1.5

Meaning and Definition of Macroeconomics

Chapter: [2.01] Introduction to Macro Economics
Concept: Meaning and Features of Macro Economic
[2]2.1.6

Define or explain the following concepts

Repo rate

Chapter: [2.06] Central Bank
Concept: Repo Rate and Reverse Repo Rate
[6]2.2 | Attempt Any Three
[2]2.2.1

Give reasons or explain the following

Theories of microeconomics are based on certain assumptions.

Chapter: [1.01] Introduction to Micro Economics
Concept: Importance of Micro Economics
[2]2.2.2

Give reasons or explain the following

A utility is a relative concept.

Chapter: [1.02] Consumers Behavior
Concept: Features of Utility
[2]2.2.3

Demand for the commodity having multiple uses has elastic demand.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Elasticity of Demand
[2]2.2.4

Give reasons or explain the following 

Old age pension is transfer income.

Chapter: [2.04] Money
Concept: Concept of Good Money
[2]2.2.5

Give reasons or explain the following

The propensity to save depends upon the level of income.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[2]2.2.6

Give reasons or explain the following 

Central bank acts as a lender of the last resort of commercial banks.

Chapter: [2.06] Central Bank
Concept: Monetary Function of Central Bank
[12]3
[6]3.1
[2]3.1.1

Distinguish between Individual demand and Market demand.

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

Distinguish between Increase in supply and Decrease in supply.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
[2]3.1.3

Distinguish between Partial equilibrium and General Equilibrium.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Equilibrium Price
[2]3.1.4

Distinguish between Gross domestic product at a market price and Gross domestic product at factor cost.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Equilibrium Price
[2]3.1.5

Distinguish between Legal tender money and Non-legal tender money.

Chapter: [2.04] Money
Concept: Type of Money
[2]3.1.6

Distinguish between Surplus budget and Deficit budget.

Chapter: [2.04] Government Budget and the Economy
Concept: Types of Budget
[6]3.2 | Attempt 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 notes Significance of price elasticity of demand.

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

Write short notes Types of monopoly.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[3]3.2.4

Write short notes Types of capital.

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Capital
[12]4 | Write short answers for the following questions (Any THREE)
[4]4.1

Explain the types of utility.

Chapter: [1] Understanding Economics
Concept: Types of Utility
[4]4.2

Features of Monopolistic Competition.

Chapter: [1.04] Forms of Market and Price Determination
Concept: Main Market Forms
[4]4.3

Explain the subject matter of macroeconomics.

Chapter: [2.01] Introduction to Macro Economics
Concept: Meaning and Features of Macro Economic
[4]4.4

State the determinants of aggregate demand.

Chapter: [1] Understanding Economics
Concept: Concept of Aggregate Demand and Aggregate Supply
[4]4.5

Explain the agency function of commercial banks.

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

Explain the budget expenditure of the government.

Chapter: [2.07] Public Economics
Concept: Objectives of Government Budget
[12]5 | Attempt Any Three
[4]5.1

Explain with reasons, whether you agree or disagree with the following statement

The law of 'diminishing marginal utility' is important in practice.

Chapter: [1.02] Consumers Behavior
Concept: Diminishing Marginal Utility
[4]5.2

Explain with reasons, whether you agree or disagree with the following statement

Price is the only determinant of demand

Chapter: [1] Understanding Economics
Concept: Concept of Aggregate Demand and Aggregate Supply
[4]5.3

Explain with reasons, whether you agree or disagree with the following statement

The supply curve of labour bends backwards

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
[4]5.4

Explain with reasons, whether you agree or disagree with the following statement

 Money also performs certain contingent functions.

Chapter: [2.04] Money
Concept: Function of Money - Secondary Functions
[4]5.5

Explain with reasons, whether you agree or disagree with the following statement

Commercial banks can not create credit money.

Chapter: [4.02] Banking
Concept: Central bank Function - Goverment Bank
[4]5.6

Explain with reasons, whether you agree or disagree with the following statement

Cash reserve ratio is a quantitative measure of credit control.

Chapter: [3.02] Banks
Concept: Central Bank Function - Controller of Credit
[16]6 | Write explanatory answers (Any Two)
[8]6.1

State and explain the ‘law of demand’ with its exceptions.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand Curve and Its Slope
[8]6.2

Explain any 'two methods' of measuring price elasticity of demand.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Elasticity of Demand
[8]6.3

Explain the practical difficulties involved in the measurement of national income.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[8]6.4

What is 'consumption function'?

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

Explain the subjective factors which determine consumption function.

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