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

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Economics
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GNP(fc) = GNP(mp) - ______.

[6.02] Concepts and Definition
Chapter: [6.02] Concepts and Definition
Concept: Aggregates Related to National Income - Gross National Product (GNP)

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

[0.012] Elasticity of Demand
Chapter: [0.012] Elasticity of Demand
Concept: Elasticity of Demand

Medium of exchange and measure of value is ______.

[0.031] Money
Chapter: [0.031] Money
Concept: Function of Money - Primary Function

Briefly explain two reasons for the adverse Balance of Payments in any economy.

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

Draw a well labelled diagram of two sector model of a circular flow of income including the financial sector.

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

Explain the steps involved in calculating the National income by Income method.

[6.03] Methods of Measuring National Income
Chapter: [6.03] Methods of Measuring National Income
Concept: Methods of Measurement of National Income > Income Method

How is the rate of exchange determined in a flexible exchange rate system?

[4.01] Balance of Payment
Chapter: [4.01] Balance of Payment
Concept: Concept of Foreign Exchange Rate

Read the given extract carefully and answer the following questions.

Mr. X wanted to buy an expensive motorcycle for his son but he did not have sufficient money to buy it. He approached a public sector commercial bank for the loan. The bank asked Mr. X to deposit 20% cash of the loan amount and rest 80% of the loan amount was given by the bank.
  1. Briefly explain a Commercial Bank.
  2. What is the regulation of consumer credit in selective credit control?
  3. Name the bank which controls all the commercial banks and financial institutions in the country.
[0.032] Banks
Chapter: [0.032] Banks
Concept: Money Creation Or Credit Creation by the Commercial Banking System

Give one difference between a Direct tax and an Indirect tax.

[0.051] Fiscal Policy
Chapter: [0.051] Fiscal Policy
Concept: Direct and Indirect Tax

How is it determined by using Saving and Investment approach?

[0.02] Theory of Income and Employment
Chapter: [0.02] Theory of Income and Employment
Concept: Concept of Aggregate Demand and Aggregate Supply

Transfer earning in National income refers to ______.

[6.03] Methods of Measuring National Income
Chapter: [6.03] Methods of Measuring National Income
Concept: Precautions and Difficulties of Measuring National Income Method

A consumer spending on the purchase of goods regardless of the income in possession is an example of _______ consumption.

[0.02] Theory of Income and Employment
Chapter: [0.02] Theory of Income and Employment
Concept: Consumption Function and Propensity to Save

Complete the following schedule -

Y C APC MPC
100 90 ? ?
120 108 ? ?
[0.02] Theory of Income and Employment
Chapter: [0.02] Theory of Income and Employment
Concept: Consumption Function and Propensity to Save

What is meant by the following function of the Central bank:

Clearing house

[0.032] Banks
Chapter: [0.032] Banks
Concept: Function of Central Bank - Bank of Issue

What is meant by the following function of the Central bank:

Lender of the last resort

[0.032] Banks
Chapter: [0.032] Banks
Concept: Function of Central Bank - Bank of Issue

Distinguish between:

Cash Reserve Ratio and Statutory Liquidity Ratio

[0.032] Banks
Chapter: [0.032] Banks
Concept: Central Bank Function - Banker's Bank

Firm A sells flour to firm B for ₹ 100/- Firm B sells biscuits to the wholesaler C for ₹ 160/- and Firm C sells biscuits to consumers for ₹ 200/-. Hence, the gross value added is ______.

[6.02] Concepts and Definition
Chapter: [6.02] Concepts and Definition
Concept: National Disposable Income (Gross and Net)

Differentiate between Cash Credit and Outright Loans.

[0.032] Banks
Chapter: [0.032] Banks
Concept: Central Bank Function - Controller of Credit

Discuss the mechanism of investment multiplier with the help of a numerical.

[0.02] Theory of Income and Employment
Chapter: [0.02] Theory of Income and Employment
Concept: Investment Multiplier and Its Mechanism

Explain the following method of redemption of Public Debt:

Debt conversion

[0.051] Fiscal Policy
Chapter: [0.051] Fiscal Policy
Concept: Public Debt - Redemption
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