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Question Paper Solutions - Economics 2015 - 2016-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

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

Demand for necessaries is................

(elastic / inelastic / infinitely elastic / unitary elastic)

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[1]1.1.3

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

(Induced / Autonomous / Government / Private)

Chapter: [2.03] Determinants of Aggregates
Concept: Consumption Demand
[1]1.1.4

Accepting deposits from the public is the................................. function of Commercial Bank.

(secondary / general / primary / incidental)

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

In India budget is presented in the Parliament by the ............................................

(Prime Minister / Finance Minister / Chief Minister / Defence Minister)

 

Chapter: [2.07] Public Economics
Concept: Objectives of Government Budget
[5]1.2 | Match the following
[5]1.2.1

 

 

 Group "A"

 

 Group "B"

(a)

Demand for electricity

(1)

Rent

(b)

Perfectly elastic supply                             

(2)

Transfer income

(c)

Land

(3)

Dear money policy

(d)

Pension

(4)

Composite demand

(e)

Inflation

(5)

Horizontal supply curve

 

 

(6)

Part of national income

 

 

(7)

Vertical supply curve

 

 

(8)

Cheap money policy

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

Income elasticity of demand for inferior goods is negative.

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

If price falls, the supply curve will shift to the left.

Chapter: [1.03] Producer Behaviour and Supply
Concept: Supply Curve and Schedule
[1]1.3.3

Product differentiation is the most distinguishing feature of monopolistic competition.

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

Overdraft facility is provided to saving account holders.

Chapter: [2.06] Central Bank
Concept: Method of Credit Control - Quantitative
[1]1.3.6

Clearing house system economises the use of cash.

Chapter: [4.02] Banking
Concept: Central Bank Function - Banker's Bank
[12]2
[6]2.1 | Define or explain the following concepts (Any THREE)
[2]2.1.1

Meaning and Definition of Micro Economics?

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

Relatively elastic supply

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

Price discrimination

Chapter: [1.04] Analysis of Supply
Concept: Market Supply
[2]2.1.4

National income

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[2]2.1.5

General equilibrium

Chapter: [2.01] Introduction to Macro Economics
Concept: Improtance of Macro Economic
[2]2.1.6

Reverse Repo Rate

Chapter: [2.06] Central Bank
Concept: Repo Rate and Reverse Repo Rate
[6]2.2 | Give reasons or explain the following (Any THREE):
[2]2.2.1

Micro Economics studies behaviours of individual economic unit.

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

Utility has no ethical consideration.

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

An entrepreneur is called a leader of the organization.

Chapter: [1.06] Factors of Production
Concept: Factors of Production - Organisation
[2]2.2.5

With the increase in income, both consumption and savings increase.

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

Central Bank is a banker to the government.

Chapter: [4.02] Banking
Concept: Central bank Function - Goverment Bank
[12]3
[6]3.1 | Distinguish between (Any THREE)
[2]3.1.1

Expansion of demand and Increase in demand.

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

Total Cost and Total Revenue.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[2]3.1.3

Micro Economics and Macro Economics.

Chapter: [2.01] Introduction to Macro Economics
Concept: Difference Between Mirco Economic and Macro Economic
[2]3.1.4

Distinguish between Gross National Product and Net National Product.

Chapter: [2.01] National Income and Related Aggregates
Concept: Concept of National Income
[2]3.1.5

Convertible paper money and Inconvertible paper 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 | Write short notes (Any TWO)
[3]3.2.1

Features of Micro Economics.

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

Total expenditure method of measuring Elasticity of Demand.

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

Features of Monopolistic Competition.

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

Features of Land.

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

Explain the relationship between Total utility and Marginal utility.

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

What are the features of perfect competition.

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

Explain the subject matter of Micro Economics.

Chapter: [1.01] Introduction to Micro Economics
Concept: Introduction and Features of Micro Economics
[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 primary functions of commercial banks.

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

What are the main components of budget.

Chapter: [2.07] Public Economics
Concept: Components of Budget
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree* with the following statements (Any THREE)
[4]5.1

The law of diminishing marginal utility can be explained with the help of schedule and diagram.

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

Explain, with reasons, whether you Agree or Disagree with the following statement

There are no exceptions to the Law of Demand.

Chapter: [1.02] Consumer Equilibrium and Demand
Concept: Demand
[4]5.3

Price is the only determinant of supply.

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

Money performs various functions.

Chapter: [2.02] Money and Banking
Concept: Meaning of Money
[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

Bank rate is a quantitative measure of credit control.

Chapter: [2.06] Central Bank
Concept: Method of Credit Control - Quantitative
[16]6 | Write explanatory answers (Any TWO)
[8]6.1

State and explain the law of demand with its assumptions.

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

What are the types of Elasticity of Demand.

Chapter: [1.02] Elasticity of Demand
Concept: Type of Elasticity of Demand
[8]6.3

Explain the various methods of measuring national income.

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

What is aggregate supply? 

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

Explain the determinants of aggregate supply.

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