12th Class Economics Sample Paper

done Economics - Sample Paper-10 Total Questions - 24    [Download]

• question_answer1)
  The sovereignity of a consumer is maintained in
  A)
  free economy                
  done clear
  B)
  mixed economy    
  done clear
  C)
  controlled economy
  done clear
  D)
                Both [a] and [b]
  done clear
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• question_answer2)
  A firm can sell any number of quantities of commodity Z at the prevailing market price. What will be the shape of average revenue curve of this firm?
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• question_answer3)
  Average cost falls only when marginal cost falls. The given statement is
  A)
  true                              
  done clear
  B)
    false
  done clear
  C)
  partially true                  
  done clear
  D)
    None of these
  done clear
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• question_answer4)
  Let production function of firm Z be\[Q=6{{L}^{1/3}}{{K}^{2/3}}\].Find out maximum possible output that the firm can produce with 1,000 units of labour and 729 units of K.
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• question_answer5)
  Given below is the utility schedule of a consumer for commodity X. The price of the commodity is Rs.3 per unit. How many units should the consumer consume to maximize satisfaction? Assume that utility is expressed in utils and 1 util = Rs.1. Give reasons for your answer.

  Consumption (units)	1	2	3	4	5
  Total Utility (utils)	8	15	20	23	25

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• question_answer6)

  Explain the likely impact of Sarva Shiksha Abhiyan on transformation line in India. Given reason in support of your answer.

  or

  Explain the central problem of what to produce.

   
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• question_answer7)
  Let there be four firms in a perfectly competitive market. All these firms have similar supply. Calculate the market supply.

  Price (Rs.)	10	20	30	40	50	60	70	80
  Supply of Individual Firm (kg)	0	5	10	15	20	65	30	35

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• question_answer8)

  A consumer's budget is Rs.50. He is buying good 1 and good 2. The price of good 1 is Rs.12 per unit and of good 2 is Rs.5 per unit. Draw a budget on basis of information given and also explain the concept of Marginal Rate of Substitution (MRS),

  or

  Differentiate between increase in demand and expansion in demand.

   
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• question_answer9)
  How is the equilibrium price of a good determined? Explain with the help of a diagram between situation when both demand and supply curves shift to the right but equilibrium price remains the same.                                                           
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• question_answer10)
  Explain the relationship using diagrams, between                                

  (i) Marginal Revenue (MR) and Total Revenue (TR)

  (ii) Marginal Revenue (MR) and Average Revenue (AR).

  or Explain the relationship between Marginal Product (MP) and Total Product (TP) the help of a diagram. 
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• question_answer11)

  (i) Explain the concept of price elasticity of demand.

  (ii) When price of a good falls by 10%, its quantity demanded rises from 40 to 50 units

   
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• question_answer12)
  Calculate Price Elasticity of Demand by percentage method.                 Indian Railways has the largest network of railways in Asia. It is owned, managed and operated by the Government of India through the Ministry of Railways. Give reasons support of your answer that Indian Railways is a monopoly of Government of India Also explain the characteristics of a monopoly.                                             
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• question_answer13)
  Expenditure on relief of earthquake victims is                                  
  A)
  plan expenditure            
  done clear
  B)
  non-plan expenditure  
  done clear
  C)
  Both [a] and [b] 
  done clear
  D)
    None of these
  done clear
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• question_answer14)
  Give two examples of public goods.                                       
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• question_answer15)
  What are the other names by which CRR is known as?                      
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• question_answer16)
  ...........involves discounting or purchasing of commercial bills arising out of credit sales.
  A)
  Cash Credit                   
  done clear
  B)
    Bill Financing      
  done clear
  C)
  Overdraft                      
  done clear
  D)
    None of these
  done clear
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• question_answer17)
  Explain the meaning of equilibrium level of income and output with the help of saving and investment curves. If planned expenditure is less than planned output in country 'R', then what changes will take place in the economy? Which value stands affected?
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• question_answer18)

  Give the differences between ex-ante savings and ex-post savings.

  or

  What do you understand by frictional unemployment and structural unemployment? Explain briefly.

   
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• question_answer19)
  The value of nominal GNP of an economy in a particular year is Rs. 2,800 crore. The value of GNP of that country during the same year evaluated at the prices of the base year was Rs. 3,200 crore. Calculate the value of the GNP deflator of the year in percentage terms. Has the price level risen between the base year and the year under consideration?
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• question_answer20)
  Differentiate between Central Bank and commercial bank.
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• question_answer21)

  Briefly discuss about the impact of budget.

  or

  Categorise the following government receipts into revenue and capital receipts. Give reasons for your answer.

   

  (i) Receipts from sale of shares of public sector undertaking.

  (ii) Borrowings from public.

  (iii) Profits of public sector undertaking.

  (iv) Income tax received by government.

   
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• question_answer22)
  Why are exports included in the estimation of domestic product by the expenditure method? Can Gross Domestic Product (GDP) be greater than Gross National Product (GNP)? Explain.                                                                          Or From the following data, calculate National Income by income method and expenditure method.                                                                   

  S. No.	Items	(Rs.) in crores
  (i)	Government Final Consumption Expenditure	100
  (ii)	Subsidies	10
  (iii)	Rent	200
  (iv)	Wages and Salaries	600
  (v)	Indirect tax	60
  (vi)	Private Final Consumption Expenditure	800
  (vii)	Gross Domestic Capital Formation	120
  (viii)	Social Security Contributions by Employer	55
  (ix)	Royalty	25
  (x)	Net Factor Income Paid to Abroad	30
  (xi)	Interest	20
  (xii)	Net Domestic Capital Formation	110
  (xiii)	Profits	130
  (xiv)	Net Export	70

             
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• question_answer23)
  An increase of Rs. 250 crore in investment in an economy resulted in total increase in income of Rs. 1,000 crore. Calculate the following:

  (i) Value of Multiplier (K)

  (ii) Marginal Propensity to Consume (MPC)

  (ii) Change in Consumption Expenditure (AC)

  (iv) Change in Saving (AS)

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• question_answer24)

  (i) Explain the effect of depreciation of domestic currency on exports.

  (ii) Explain the effect of appreciation of domestic currency on imports.

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