HSC Science (Electronics) 12th Board ExamMaharashtra State Board
Account
It's free!

User


Login
Create free account


      Forgot password?
Share
Notifications

View all notifications
Books Shortlist
Your shortlist is empty

Question Paper Solutions - Economics 2014 - 2015 HSC Science (Electronics) 12th Board Exam


Marks: 80
[16]1
[5]1.1
[1]1.1.1

The terms ‘micro’ and ‘macro’ economics were first used by ............................

(Marshall \ Ragnar Frisch \ Robbins \ Adam Smith)

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

The objective of a seller in monopoly market is...............................

(loss \ profit \ negative profit \ zero profit)

Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
Concept: Main Market Forms
[1]1.1.3

Marginal propensity to consume + marginal propensity to save ......................... '

(zero \ one \ less \ more)

Chapter: [1.02] Consumers Behavior
Concept: Consumption Function and Propensity to Save
[1]1.1.4

Method of withdrawing money without going to the bank is by ...................................

(cheque \ demand draft \ ATM \ mail transfer)

Chapter: [2.04] Money
Concept: Meaning of Money
[1]1.1.5

The term 'budget' is derived from the ......................... word 'bougette'.

(Greek / German / French / Latin)

Chapter: [2.07] Public Economics
Concept: Meaning of Government Budget
[5]1.2 | Match the following
  Group 'A'   Group 'B'
a. Pen and ink 1 Quantity-price
b. Revenue 2 Accident
c. Insurable risk 3 Transfer income
d. Unemployment allowance 4 Short period
e. Reverse repo rate 5 Long period
    6 Change in demand
    7 Joint demand
    8 Quantity * price
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand
[6]1.3 | State whether the following statements are True or False
[1]1.3.1

Demand for perishable goods is inelastic.

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

Total cost is the total expenditure incurred by a firm.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Measurement of Elasticity of Demand
[1]1.3.3

The seller is a price maker in the perfect competition.

Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
Concept: Main Market Forms
[1]1.3.4

Cheque is an optional money.

Chapter: [2.04] Money
Concept: Type of Money
[1]1.3.5

A bank is an institution which deals in money and credit.

Chapter: [2.04] Money
Concept: Meaning of Money
[1]1.3.6

The RBI was nationalised in the year 1935.

Chapter: [2.06] Central Bank
Concept: Definition - Central Bank
[12]2
[6]2.1 | Define or explain the following concepts (Any THREE)
[2]2.1.1

Resource allocation

Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
Concept: Meaning and Features of Market
[2]2.1.2

Elasticity of supply

Chapter: [1.04] Analysis of Supply
Concept: Concept of Supply
[2]2.1.3

Meaning and Definition of Market?

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

Labour

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Labour
[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

Meaning and Definition of Central bank?

Chapter: [2.06] Central Bank
Concept: Definition - Central Bank
[6]2.2 | Give reasons or explain the following (Any THREE)
[2]2.2.1

Micro economics studies individual economic unit.

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

Change in the price of substitute goods affects the demand for another goods.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Factors of Demand
[2]2.2.3

In order to avoid double counting, value added approach is used.

Chapter: [2.04] Money
Concept: Function of Money - Primary Function
[2]2.2.4

Effective demand is also called macro economic equilibrium.

Chapter: [2.01] Introduction to Macro Economics
Concept: Meaning and Features of Macro Economic
[2]2.2.5

The Central bank may take direct action against the defaulting commercial banks.

Chapter: [2.06] Central Bank
Concept: Central Bank Function - Banker's Bank
[2]2.2.6

Unpaid services are not included in national income.

Chapter: [2.02] National Income
Concept: Concept of National Income
[12]3
[6]3.1 | Distinguish between (Any THREE)
[2]3.1.1

Explain Place utility and Time utility?

Chapter: [1.02] Consumers Behavior
Concept: Types of Utility
[2]3.1.2

Demand curve and Supply curve.

Chapter: [1.03] Analysis of Demand and Elasticity of Demand
Concept: Demand
[2]3.1.3

Individual supply and Market supply.

Chapter: [1.04] Analysis of Supply
Concept: Concept of Supply
[2]3.1.4

Slicing method and Lumping method.

Chapter: [1.01] Introduction to Micro Economics
Concept: Micro Economics - Slicing Method
[2]3.1.5

Convertible paper money and Inconvertible paper money.

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

Revenue expenditure and Capital expenditure.

Chapter: [2.01] Introduction to Macro Economics
Concept: Allocation of Resource and Economic Variable
[6]3.2 | Write short notes (Any TWO)
[3]3.2.1

Microscopic study

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

Income elasticity of demand.

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

Determination of equilibrium price under perfect competition.

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

Functions of an Entrepreneur.

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

Explain the law of diminishing marginal utility.

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

Explain the features of monopoly.

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

Explain the features of macro economics.

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

Explain various types of investment expenditure.

Chapter: [2.02] National Income
Concept: Concept of National Income
[4]4.5

Explain the secondary functions of money.

Chapter: [2.04] Money
Concept: Function of Money - Secondary Functions
[4]4.6

Explain different types of loans and advances provided by commercial banks.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any THREE)
[4]5.1

The law of equi-marginal utility is based on certain assumptions.

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

Population is the only determinant factor of demand.

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

Providing safe deposit vault facility is the only general function of commercial banks.

Chapter: [2.05] Commercial Bank
Concept: Commercial Banks
[4]5.5

There is no difference between the Central bank and a commercial bank.

Chapter: [2.06] Central Bank
Concept: Definition - Central Bank
[4]5.6

During the period of inflation surplus budget is advisable.

Chapter: [2.07] Public Economics
Concept: Types of Budget
[16]6 | Write explanatory answers (Any TWO)
[8]6.1

Explain in detail ‘saving function’ with schedule and diagram.

Chapter: [2.02] National Income
Concept: Concept of National Income
[8]6.2

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

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

What is ‘national income’? Explain the theoretical difficulties involved in the measurement of national income.

Chapter: [2.02] National Income
Concept: Concept of National Income
[8]6.4

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

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