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

Explain any four exceptions of the law of Diminishing marginal utility.

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

When government expenditure is greater than government revenue, it is called Surplus Budget. 

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

Demand curve slopes downward from left to right.

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. 

In the law of diminishing marginal utility, Alfred Marshall assumes that the marginal utility of money ______.

As per the law of diminishing marginal utility, the measurement of utility is assumed to be _____.

When MU is falling, TU is ______.

Explain the significance of index numbers in economics.

Explain various reasons for the growth of public expenditure.

Distinguish between:

Demand deposit and Time deposit

Choose the correct option:

The role of foreign trade is:

1. To earn foreign exchange
2. To encourage investment
3. Lead to the division of labour
4. Bring change in the composition of exports

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

Foreign trade leads to division of labour and specialization at world level.

Explain the meaning of foreign trade.

Identify and explain the concept from the given illustration:

Tina deposited a lumpsum amount of ₹ 50,000 in the bank for a period of one year.

Identify and explain the concept from the given illustration:

ABC bank provides a Demat facility, safe deposit lockers, and internet banking facilities to its customers.

Exceptions to the law of diminishing marginal utility:

1. Cardinal measurement
2. Hobbies
3. Miser
4. Money

Criticisms to the law of diminishing marginal utility:

1. Based on unrealistic assumptions
2. Not applicable to indivisible and bulky goods
3. The law is restricted to satisfaction of a single want.
4. In reality, cardinal measurement of utility not possible.

Statements related to decrease in demand

1. It is a type of change in demand
2. It takes place due to unfavourable changes in other factors like tastes, income etc.
3. Price remains constant
4. Demand curve shifts to the right hand side of the original demand curve

Find the odd word

Exception to law of Diminishing Marginal Utility -

Assertion (A): MU curve slopes upwards.

Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.