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

Define 'or' explain the following concept.

Lumping method

Give reason or explain the following.

Clearing house facility by central bank Economises the use of cash.

Define or explain the following concept.
Macro economic variables.

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

Demand curve slopes downward from left to right.

Answer the following question.
What is the subject matter of macro economics?

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 ______.

Distinguish between the following concepts:

Developmental expenditure and non-developmental expenditure.

Find the odd word out:

Quantitative Tools of credit control:

Distinguish between Expansion of Supply and Increase in Supply.

Distinguish between Contraction of Supply and Decrease in Supply.

Types of foreign trade:

1. Import trade
2. Export trade
3. Entrepot trade
4. Internal trade

Identify and explain the concept from the given illustration:

India purchased petroleum from Iran.

Identify and explain the concept from the given illustration:

England imported cotton from India, made readymade garments from it and sold them to Malaysia.

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

Exceptions to the law of supply:

1. Constant cost of production
2. Constant technique of production
3. Does not apply to agricultural goods
4. No change in weather conditions

Give economic terms:

Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −