HSC Arts (English Medium) 12th Standard Board Exam - Maharashtra State Board Important Questions for Economics

Explain the concept of price elasticity of demand.

Determination of equilibrium price under perfect competition.

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

Write explanatory answer.

Define perfect competition and explain price determination under perfect competition.

Define or Explain the General equilibrium.

 Give reasons or explain the following statements : 

The Entrepreneur is called as a leader of the organisation. 

 State whether the following statements are TRUE or FALSE:  

 Marginal utility increases with increase in consumption. 

 State whether the following statements are TRUE or FALSE:  

 In deficit budget, expenditure is more than income. 

Choose the correct answer :      

The capacity of a commodity to satisfy human want is known as _________. 

Do you agree with the following statements? Give reasons. 

Marginal utility and Total utility is same. 

Fill in the blanks with appropriate alternatives given in the bracket.  

 Marginal consumption function is always ________. 

Exceptions to the law of diminishing marginal utility:

1. Cardinal measurement
2. Hobbies
3. Miser
4. Money

Unit at which MU (Marginal Utility) becomes equal with market price is ______.

Assertion (A): MU curve slopes upwards.

Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.

Identify & explain the concept from the given illustration.

Kavita consumed an additional unit of bread to satisfy her hunger.

State with reason whether you agree or disagree with the following statement

When total utility is maximum, marginal utility is zero.

State with reason whether you agree or disagree with the following statement

Marginal utility curve slopes downwards.

Study the following table, figure, passage and answer the question below it:

1. Complete the table ______ (1m )
2. When Total utility falls Marginal utility is_______ (1m)
3. Draw total utility and marginal utility curve______ (2m)

Give economic terms:

Additional utility derived by a consumer from an additional unit consumed.