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

Answer the following Questions. [Any Three] 

Explain the  imprtance of elasticity of demand.

Give reasons or explain the following statements  

 Demand for basic necessities is inelastic. 

State whether the following statements are TRUE or FALSE :  

The demand of foodgrains is inelastic. 

Give reasons or explain the following statements (Any Four): 

The demand curve is sloping down from left to right. 

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

Demand elasticity can be measured from demand curve by ___________ method. 

Fill in the blank with appropriate alternatives given below:

Income elasticity of demand for inferior goods is __________.

Define the following concept:

Cross Elasticity of Demand

Write short answer for the following question :

Total outlay method of measuring price elasticity of demand.

Give an economic term: 

Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.

Complete the correlation:

Pen and ink: ______ :: Tea and Coffee : Substitute goods.

• Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
• Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.

Explain the concept of price elasticity of demand.

Give economic terms:

Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −

Find the odd word

Exception to law of supply -

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

The supply curve of labour is backward bending.

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

There are many exceptions to the law of supply.

An upward movement along the same supply curve shows ______.

Complete the Correlation:

Price taker : ______ :: Price maker :: Monopoly.

Find the odd word out:

Features of monopoly: Price maker, Entry barriers, Many sellers, Lack of substitutes

Observe the following table and answer the questions:

1. Fill in the blanks in the above schedule.
2. Derive the equilibrium price from the above schedule with the help of a suitable diagram.