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

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.

State with reasons whether you agree or disagree with the following statement.

Price under perfect competition is decided by the interaction between demand and supply.

Assertion (A): In perfect competition, price is determined by the forces of demand and supply.

Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.

Statements that are incorrect in relation to index numbers:

1. An index number is a geographical tool.
2. Index numbers measure changes in air pressure.
3. Index numbers measure relative changes in an economic variable.
4. Index numbers are specialized averages.

Statements related to limitations of index numbers.

1. Index numbers are not completely reliable.
2. There may be a bias in the data collected.
3. Every formula has some kind of defect.
4. Index numbers ignore changes in the qualities of products.

Statements that highlight the significance of index numbers.

1. Index numbers are useful for making future predictions.
2. Index numbers help in the measurement of inflation.
3. Index numbers help to frame suitable policies.
4. Index numbers can be misused. 

Laaspeyre's index : _________ :: Paasche's index : Current year quantities

Calculate the price index number from the given data:

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

Index numbers measure changes in the price level only.

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

Index numbers can be constructed without the base year.

Statements related to weighted index number:

1. Suitable weights are assigned to various commodities.
2. It gives relative importance to the commodity in the group.
3. In most cases, quantities are used as weights.
4. Laaspeyre’s Price index and Paasche’s Price Index are methods of constructing weighted index number.

Find the odd word

Types of index numbers -

Assertion (A): Generally, arithmetic mean is used in the construction of index numbers.

Reasoning (R): Arithmetic mean is simple to compute compared to other averages.

Identify & explain the concept from the given illustration.

Bombay Stock Exchange has developed “Sensex” as a stock market index for reflecting the share prices of listed companies.

Construct Quantity index number from the given data:

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

Any year can be selected as the base year

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

1. Complete the above table (1m)
2. Construct Price Index number from the above data (3m)

Assertion and reasoning question:

• Assertion (A): The index number considers all factors.
• Reasoning (R): The index number is based on samples.