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

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.

Complete the correlation.

Personal Income tax : ______ :: Goods and service tax (GST) : Indirect tax.

Explain various sources of public revenue.

Assertion (A): In perfect competition, price is determined by the forces of demand and supply.

Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.

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.

Homogeneous product is a feature of this market.

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

Complete the correlation:

Macro economic theory : Income and employment : : Micro economics : ______

Homogeneous product is a feature of this market.

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

Homogeneous product is a feature of this market.

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

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

The elasticity of demand gets influenced by the nature of the commodity.

Study the following table and answer the questions:

Questions:

1. Complete the above table.
2. Which type of relationship is found between the price of a pen and demand for the pen?