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Question Bank Solutions for ISC (Commerce) Class 12 - CISCE - Economics

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What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

[1.02] Elasticity of Demand
Chapter: [1.02] Elasticity of Demand
Concept: Elasticity of Demand

Answer the following question.
What is meant by production function?

[1.05] Concept of Production and Production Function
Chapter: [1.05] Concept of Production and Production Function
Concept: Production Function

Answer the following question.
Explain discounting bills of exchange as one of the functions of the banks.

[3.02] Banks
Chapter: [3.02] Banks
Concept: Function of Commercial Banks

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

[1.01] Demand
Chapter: [1.01] Demand
Concept: Demand

Answer the following question.
Draw diagrams to show the elasticity of demand when it is:
(i) Greater than one
(ii) Less than one
(iii) Unity

[1.02] Elasticity of Demand
Chapter: [1.02] Elasticity of Demand
Concept: Elasticity of Demand

Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a fall in the price of substitute goods.

[1.04] Market Mechanism
Chapter: [1.04] Market Mechanism
Concept: Market Equilibrium

Answer the following question.
Discuss the various components of the current account of the balance of payment.

[4.01] Balance of Payment
Chapter: [4.01] Balance of Payment
Concept: Concept of Balance of Payments Account

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With the help of a diagram, show the circular flow of income in a two-sector model with Savings and Investment.

[6.01] Circular Flow of Income.
Chapter: [6.01] Circular Flow of Income.
Concept: Circular Flow of Income (Two Sector Model)

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

[1.04] Market Mechanism
Chapter: [1.04] Market Mechanism
Concept: Market Equilibrium

Answer the following question.
Show with the help of a diagram, how a perfectly competitive firm earns normal profit in short-run equilibrium.

[1.07] Main Market Forms
Chapter: [1.07] Main Market Forms
Concept: Features of Perfect Competition

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How can gross domestic product at factor cost be obtained from the gross national product at market price?

[6.02] Concepts and Definition
Chapter: [6.02] Concepts and Definition
Concept: Gross and Net Domestic Product (GDP and NDP)

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

[2] Theory of Income and Employment
Chapter: [2] Theory of Income and Employment
Concept: Demand

Answer the following question. 
Explain any two secondary functions of money.

[3.01] Money
Chapter: [3.01] Money
Concept: Function of Money - Secondary Functions

Answer the following question.
From the follow ing data, calculate GNPMP and NNPFC by Expenditure Method.

(i) Mixed-income of self-employed 450 crores
(ii) Compensation of employees 550 crores
(iii) Private final consumption expenditure 1000 crores
(iv) Net factor income from abroad -20 crores
(v) Net indirect taxes 150 crores
(vi) Consumption of fixed capital 170 crores
(vii) Net domestic capital formation 380 crores
(viii) Net exports -30 crores
(ix) Profits 400 crores
(x) Rent 150 crores
(xi) Interest 200 crores
(xii) Government final consumption expenditure 550 crores
[6.03] Methods of Measuring National Income
Chapter: [6.03] Methods of Measuring National Income
Concept: Methods of Calculating National Income - Expenditure Method

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

[1.06] Cost and Revenue
Chapter: [1.06] Cost and Revenue
Concept: Total, Average and Marginal Revenue

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Explain the concept of deficient demand with the help of aggregate demand and aggregate supply curves. Discuss one physical and one monetary measure to correct it.

[2] Theory of Income and Employment
Chapter: [2] Theory of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply

Answer the following question.
Highlight two differences between sales tax and income tax.

[5.01] Fiscal Policy
Chapter: [5.01] Fiscal Policy
Concept: Direct and Indirect Tax

Answer the following question.
What is meant by 
(i) Union budget
(ii) State budget

[5.02] Government Budget
Chapter: [5.02] Government Budget
Concept: Types of Budget - Union

Answer the following question.
What is meant by a propensity to consume?

[2] Theory of Income and Employment
Chapter: [2] Theory of Income and Employment
Concept: Consumption Function and Propensity to Save

Answer the following question.
Differentiate between the extension of demand and an increase in demand, using diagrams.

[1.01] Demand
Chapter: [1.01] Demand
Concept: Movement Along and Shifts in the Demand Curve
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Question Bank Solutions for ISC (Commerce) Class 12 CISCE Economics. You can further filter Question Bank Solutions by subjects and topics. Solutions for most of the questions for CISCE can be found here on Shaalaa.com. You can use these solutions to prepare for your studies and ace in exams. Solving questions is a great way to practice and with Shaalaa.com, you can answer a question and then also check your answer with the solutions provided.
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