# ISC (Arts) Class 12 - CISCE Important Questions for Economics

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Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a rise in the prices of inputs.

Appears in 1 question paper
Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Rate of interest on savings account is more than that on recurring account.

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Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Explain Price Ceiling with the help of a diagram:

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Chapter: [0.013999999999999999] Market Mechanism
Concept: Price Ceiling

What is meant by production function?

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Chapter: [0.015] Concept of Production and Production Function
Concept: Production Function

Explain the law of variable proportions with the help of a diagram.

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Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?

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Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

When the Marginal Product turns negative, Total Product will ______.

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Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Why is the AVC curve U-shaped?

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Chapter: [0.015] Concept of Production and Production Function
Concept: Law of Variable Proportions

Give any two differences between returns to a factor and returns to scale.

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Chapter: [0.015] Concept of Production and Production Function
Concept: Returns to a Factor

Name the market where average revenue is equal to marginal revenue. Give a reason for your answer.

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Chapter: [0.016] Cost and Revenue
Concept: Total, Average and Marginal Revenue

Give one difference between accounting cost and opportunity cost.

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Chapter: [0.016] Cost and Revenue
Concept: Concept of Opportunity Cost

The cost function of a firm is given below

 Output 0 1 2 3 4 Total cost 100 250 370 550 740

Calculate:
(i) AFC
(ii) AVC
(iii) MC

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Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

Explain how a producer can maximize profit by using MR and MC curves.

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Chapter: [0.016] Cost and Revenue
Concept: Concept of Opportunity Cost

What is meant by accounting cost?

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Chapter: [0.016] Cost and Revenue
Concept: Concept of Producer's Equilibrium

Calculate Total variable cost and Marginal cost from the data given below.

 Output (units) 0 1 2 3 Total cost 40 60 78 97
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Chapter: [0.016] Cost and Revenue
Concept: Cost - Marginal Cost

What is meant by the break-even point?

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Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

Draw a well-labelled diagram to show the break-even point.

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Chapter: [0.016] Cost and Revenue
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost

What is the reason for an indeterminate demand curve under Oligopoly?

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Chapter: [0.017] Main Market Forms
Concept: Forms of Market

Discuss two features of monopoly.

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Chapter: [0.017] Main Market Forms
Concept: Features of Monopoly