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ECONOMICS
Class XII
Time allowed: 3 hours
General Instructions:
a) All questions are compulsory.
b) The question paper comprises of two sections, A and B. You are to attempt both the sections.
c) Questions 1 to 5 in section A and 16 to 18 in section B are MCQs of one mark each. Choose
the correct option.
d) Questions 6 to 8 in section A and 19 to 23 in section B are three marks questions. These are
to be answered in about 30 words each.
e) Questions 9 to 11 in section A and 24 to 25 in section B are four marks questions. These are
to be answered in about 50 words each.
f) Questions 12 to 15 in section A and 26 to 29 in section B are six marks questions. These are
to be answered in about 70 words each.
Section A
1.
2.
3.
b)
c)
d)
b)
c)
d)
When demand for a good falls due to rise income of the comsumer, what is the change in
demand called?
4.
5.
6.
7.
a)
Expansion of demand
b)
Contraction of demand
c)
Increase in demand
d)
Decrease in demand
MRT is diminishing
b)
Constant MRT
c)
Increasing MRT
d)
b)
Increases
Remains constant
c)
Falls
d)
Output (units)
TC (Rs.)
60
56
60
64
8.
When is the supply of a commodity said to be (i) elastic (ii) inelastic (iii) unitary elastic?
9.
10.
Draw Total Fixed Cost and Average Fixed Cost curves. Explain their shape.
11.
As a result of high wage settlement in New York City due to taxi strike of several years
ago, taxi owners increased taxi fares. Was this the right decision?
12.
13.
14.
At the market price of Rs 10, a firm supplies 4 units of output. The market price increases to
30. The price elasticity of firms supply is 1.25. what quantity will the firm supply at the new
price?
15.
Explain with the help of diagrams the effect of the following changes on the demand of a
commodity
:
(i) An unfavourable change in the taste of the buyer for a commodity.
(ii) A fall in the income of its buyer if the commodity is inferior.
SECTION B
16.
17.
18.
19.
(iii) under
employment equilibrium.
20.
21.
What is effective demand? How will you derive the autonomous expenditure multiplier when
price of final goods and rate of investment are given?
22.
23.
From the following, calculate gross value added at factor cost by it:
(Rs. In lakhs)
Net indirect taxes
20
Purchase of intermediate products
120
Purchase of machines
300
Sales
250
Consumption of fixed capital
20
Change in stock
30
24.
25.
If you were the finance minister of India, which taxes would you prefer : direct or
indirect taxes and why ?
26.
Define (i) Currency Deposit Ratio (Cdr) (ii) Reserve Deposit Ratio (rdr) (iii) High Powered
Money (iv) Money Multiplier.
27.
Explain the steps involved in estimating national income by Income method. Also, explain
some of the precautions taken in the income method.
28.
What is foreign exchange rate? Distinguish between fixed and flexible exchange rate. State
two merits each of fixed and flexible exchange rate.
29.
Given MPC = 0.8 and investment at all levels of income is Rs 40 crores, complete the
following table:
Income
consumption
60
Savings
Investment
AD
100
200
300
400
500
600
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