HSC Arts (English Medium) 12th Standard Board Exam - Maharashtra State Board Question Bank Solutions for Economics

Choose the correct option: 

Statement indicating consumer equilibrium:

a) MU is greater than price

b) MU is equal to price

c) MU is less than price

d) Price is less than one

Give economic term:

Elasticity resulting from infinite change in quantity demanded.

Give an economic term: 

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

Non-tax sources of revenue:

1. Direct and Indirect Tax
2. Direct Tax and Fees
3. Fees
4. Special Levy

Identify the right group of pairs from the given options.

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.

Distinguish between the following concept:

Direct tax and Indirect tax.

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

Fines and penalties are a major source of revenue for the Government.

Homogeneous product is a feature of this market.

1. Monopoly
2. Monopolistic competition
3. Perfect competition
4. Oligopoly

Complete the Correlation:

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

Essential characteristics of a tax:

1. It is a voluntary contribution to the government.
2. Every citizen of the country is legally bound to pay the tax imposed upon him.
3. Tax is imposed on income, property or commodities or services.
4. The tax payer receives direct and proportionate benefits from the government in return for the tax.

Non tax revenue sources:

1. Special assessment
2. Fines and penalties
3. Goods and Services tax
4. Gifts, grants and donations

Income tax: Direct tax :: GST : ______.

Tax paid at the time of production or sale and purchase of a commodity or service −

Find the odd word

Non-tax revenue -

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

Identify & explain the concept from the given illustration.

Prakash paid an income tax of ₹ 62,000/- during the accounting year 2018-2019.

Explain any four non-tax sources of public revenue.

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

1. Complete the table (2m)
2. Identify any two Intra Marginal Units (1m)
3. Identify any two Extra Marginal Units (1m)

Complete the correlation:

Macro Economics : ______ :: Micro Economics : Price theory.