Economics Official 2022-2023 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Micro Economics is also called as ______. 

Income theory

Price theory

Growth theory

Employment theory

The money market faces a shortage of funds due to ______.

inadequate savings

growing demand for cash

presence of unorganized sector

financial mismanagement

MU of the commodity becomes negative when TU of a commodity is ______.

rising

constant

falling

zero

Public expenditure of any government shows ______.

constant trend

increasing trend

decreasing trend

fluctuating demand

Complete the following statement:

The relationship between income and demand for inferior goods is ______.

direct

inverse

no effect

can be direct and inverse

Find the odd word out:

Revenue concepts:

Total Revenue

Average Revenue

Total Cost

Marginal Revenue

Find the odd word out:

Quantitative Tools of credit control:

Bank rate

Open market operations

Foreign Exchange rate

Variable reserve ratios

Find the odd word out:

Scope of Micro Economics:

Theory of product pricing

Theory of factor pricing

Theory of Economic growth and Development

Theory of Economic welfare

Find the odd word out:

Non-tax revenue:

Fees

Penalty

Wealth tax

Special levy

Find the odd word out:

Types of Simple Index Number:

Laspeyre’s Price Index Number

Price Index Number

Quantity Index Number

Value Index Number

Give economic term:

The volume of commodities and services turned out during a given period counted without duplication.

Give an economic term:

A desire which is backed by willingness to purchase and ability to pay.

Give economic terms:

Degree of responsiveness of a change of quantity demanded of a good to a change in its price.

Give economic term:

Very realistic competition in nature.

Give economic term:

Swati purchased raincoat for her father in rainy season.

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.

(A) is true, but (R) is false.

(A) is false, but (R) is true.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): A change in quantity demanded of one commodity due to a change in the price of another commodity is cross elasticity.

Reasoning (R): Changes in consumer income lead to a change in the quantity demanded.

(A) is true, but (R) is false.

(A) is false, but (R) is true.

Both (A) and (R) are true and (R) is the correct explanation of (A).

Both (A) and (R) are true and (R) is not the correct explanation of (A).

Assertion (A): Production for self-consumption is not accounted for in the national income.

Reasoning (R): The products kept for self consumption do not enter the market.

(A) is true, but (R) is false.

(A) is false, but (R) is true.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): Foreign exchange management and control is undertaken by commercial banks.

Reasoning (R): RBI has to maintain the official rate of exchange of the rupee and ensure its stability.

(A) is True, but (R) is False.

(A) is False, but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): Supply is a relative term.

Reasoning (R): Supply is always expressed in relation to price, time and quantity.

(A) is true, but (R) is false

(A) is false, but (R) is true.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Identify and explain the following concept:

A table seller sold the table for ₹ 2,000 per price. In this way he sold 15 tables and earned ₹ 30,000.

Identify and explain the concept from the given illustration:

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

Identify and explain the following concept:

Ashok paid the tax on his income and property.

Identify and explain the following concept:

Raju’s father invests his money in a market for long term funds both equity and debt raised within and outside the country.

Identify and explain the following concept:

A poor person wants to buy a car.

Distinguish between:

Unitary elastic demand and Relatively elastic demand

Distinguish between:

Output method of measuring national income and Income method of measuring national income.

Distinguish between:

Demand deposit and Time deposit

Distinguish between:

Simple Index Numbers and Weighted Index Numbers.

Distinguish between:

Stock and Supply

Explain any four points of importance of Micro economics.

Explain the Ratio or percentage method of measuring price elasticity of demand.

Explain any four features of national income.

Explain the problems faced by the money market in India.

Explain any four exceptions of the law of Diminishing marginal utility.

There are no exceptions to the law of supply.

Agree

Disagree

Balance of Trade and Balance of Payment are two different concepts.

Agree

Disagree

Index numbers are very significant/important in economics.

Agree

Disagree

There are no theoretical difficulties in the measurement of National Income.

Agree

Disagree

Macro economics is different from micro economics.

Agree

Disagree

Observe the given table and answer the questions given below it:

Questions:

1. Complete the above table.
2. a. When the total utility is maximum, marginal utility is - `square`
   b. When total utility falls, the marginal utility becomes - `square`

In the following diagram, AE is the linear demand curve of a commodity. On the basis of the given diagram state whether the following statement is True or False. Give a reason for your answer.

Demand at point ‘C’ is relatively elastic demand.

True

False

In the following diagram, AE is the linear demand curve of a commodity. On the basis of the given diagram state whether the following statement is True or False. Give a reason for your answer.

Demand at point ‘B’ is unitary elastic demand.

True

False

In the following diagram, AE is the linear demand curve of a commodity. On the basis of the given diagram state whether the following statement is True or False. Give a reason for your answer.

Demand at point ‘D’ is perfectly inelastic demand.

True

False

In the following diagram, AE is the linear demand curve of a commodity. On the basis of the given diagram state whether the following statement is True or False. Give a reason for your answer.

Demand at point ‘A’ is perfectly elastic demand.

True

False

Read the given passage and answer the questions:

1. Explain the meaning of Index Number.
2. To whom the Index Number is useful?
3. Express your opinion about the given passage.

State and explain the ‘law of demand’ with its exceptions.

Explain the meaning of Monopoly with its features.

Explain various reasons for the growth of public expenditure.