Solved papers for 12th Class Economics Solved Paper - Economics 2011 Outside Delhi Set-I

done Solved Paper - Economics 2011 Outside Delhi Set-I Total Questions - 32

• question_answer1) What is a planned economy?
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• question_answer2) When a firm is called price maker?
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• question_answer3) Define a budget line.
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• question_answer4) What is 'decrease' in supply?
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• question_answer5) Define Production Function.
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• question_answer6) How is production possibility curve affected by unemployment in the economy? Explain.
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• question_answer7) When price of a good is Rs. 13 per unity the consumer buys 11 units of that good. When price rises to Rs. 15 per unit, the consumer continues to buy 11 units. Calculate price elasticity of demand.
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• question_answer8) Distinguish between explicit cost and implicit cost and give examples.
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• question_answer9) Draw in a single diagram the average revenue and marginal revenue curves of a firm which can sell any quantity of the good at a given price. Explain.
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• question_answer10) 

  Explain the implications of the feature 'large number of buyers' in a perfectly competitive market.

  Or

  Explain the implications of the feature 'homogeneous products' in a perfectly competitive market.

   
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• question_answer11) A consumer consumes only two goods X and K At a consumption level of these two goods, he finds that the ratio of marginal utility to price in case of X is higher than in case of K Explain the reaction of the consumer.
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• question_answer12) Explain how rise in income of a consumer affects the demand of a good. Give examples.
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• question_answer13) 

  Define marginal cost. Explain its relation with average cost.

  Or

  Define variable cost. Explain the behaviour of total variable cost as output increases.

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• question_answer14) What is producer's equilibrium? Explain the conditions of producer's equilibrium through the 'marginal cost and marginal revenue' approach. Use diagram.
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• question_answer15) Explain the conditions of consumer's equilibrium with the help of the Indifference Curve Analysis.
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• question_answer16) 

  Market for a good is in equilibrium. There is ?increase? in supply of the good. Explain the chain of effects of this change. Use diagram.

  Or

  Distinguish between ?non-collusive? ad ?collusive? oligopoly. Explain the following features of oligopoly:

  (i) Few firms

  (ii) Non-price competition

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• question_answer17) What are stock variables?
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• question_answer18) Define 'Depreciation'.
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• question_answer19) Define 'Statutory Liquidity Ratio'.
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• question_answer20) Define Money.
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• question_answer21) What is foreign exchange?
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• question_answer22) Which transactions determine the balance of trade? When is balance of trade in surplus?
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• question_answer23) Explain how 'non-monetary exchanges' are a limitation in taking gross domestic product as an index of welfare.
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• question_answer24) In an economy the marginal propensity to consume is 0.75 investment expenditure in the economy increases by Rs. 75 crore. Calculate the total increase in national income.
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• question_answer25) Explain the distinction between voluntary and involuntary unemployment.
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• question_answer26) 

  When price of a foreign currency falls, the demand for that foreign currency rises. Explain why.

  Or

  When price of a foreign currency falls, the supply of that foreign currency also falls. Explain? Why?

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• question_answer27) 

  Explain the 'redistribution of income' objective of a government budget.

  Or

  Explain the 'economy stability' objective of a government budget.

   
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• question_answer28) 

  From the following data about a government budget find (a) Revenue deficit, (b) fiscal deficit and (c) primary deficit
  S. No.	Items	(Rs. Arab)
  (i)	Tax revenue	47
  (ii)	Capital receipts	34
  (iii)	Non-tax revenue	10
  (iv)	Borrowings	32
  (v)	Revenue expenditure	80
  (vi)	Interest payments	20

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• question_answer29) 

  Giving reasons, explain the treatment assigned to the following while estimating National Income:

  (i) Family members working free on the farm owned by the family.

  (ii) Payment of interest on borrowings by general government.

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• question_answer30) 

  Explain the role of the following in correcting the inflationary gap in an economy:

  (i) Legal reserves

  (ii) Bank rate

  Or

  Explain the role of the following in correcting the deflationary gap in an economy:

  (i) Open market operations

  (ii) Margin requirements

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• question_answer31) 

  Explain the following functions of the central bank:

  (i) Bank of issue

  (ii) Banker's bank

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• question_answer32) 

  Calculate (a) 'Net Domestic Product at Factor Cost'from the following:
  (Rs. crores)
  (i)	Domestic product accruing to government	300
  (ii)	Wages and salaries	1,000
  (iii)	Net current transfers to abroad	(-) 20
  (iv)	Rent	100
  (v)	Interest paid by the production units	130
  (vi)	National debt interest	30
  (vii)	Corporation tax	50
  (viii)	Current transfers by government	40
  (ix)	Contribution to social security schemes by employees	200
  (x)	Dividends	100
  (xi)	Undistributed profits	20
  (xii)	Net factor income to abroad	0

   
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