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

Answer in detail:

Explain in detail the output method of measuring national income

Give an economic term:

The gross market value of all final goods and services produced within the domestic territory of a country during a period of a year.

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.

Study the following table and answer the questions given below it.

1. Calculate GDP (Gross Domestic Product) on the basis of the above table.
2. Calculate NDP (Net Domestic Product) on the basis of the above table.

Identify and explain the following concept:

Ashok paid the tax on his income and property.

Complete the correlation:

Inflation: Surplus budget : : ______ : Deficit budget

Study the following table and answer the questions:

Questions:

1. Calculate the value of net exports on the basis of the above table.
2. Calculate the value of depreciation on the basis of the above table.

Study the following diagram and answer the questions:

Questions:

1. Prepare a hypothetical schedule for market demand and supply for the given market.
2. State the equilibrium price and corresponding market demand and market supply for the given market.

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

It is not essential to decide the purpose of an index number while constructing it.

Explain why the demand curve slopes downwards.

Explain the steps in constructing a price index number.

• Assertion (A): The demand curve slopes downwards.
• Reasoning (R): A fall in the price of goods increases the real income of the consumer enabling him/her to buy more.

Find the odd word out:

Development financial institutions:

Explain essential characteristics of tax.

Find the odd word out:

Types of budget:

Complete the correlation:

C : Consumption Expenditure : : ______ : Net Exports.

Identify and explain the concept from the given illustration:

Bhavesh had to pay less income tax when his income was low, but now he has to pay more income tax due to an increase in income.

Distinguish between:

Net National Product and Net Domestic Product

Study the following table and answer the questions:

Questions:

1. Complete the above table.
2. State whether the following statements are True or False.
   (a) Market supply has a direct relation to price.
   (b) As the price rises from ₹50 to ₹250, market supply rises from 7 to 39. This indicates an increase in supply.

Study the following diagram and answer the questions:

Questions:

1. In which direction does the demand curve slope?
2. What is the reason for the fall in demand of rice from Q₀ to Q₁?