Commerce (English Medium)
Arts (English Medium)
Academic Year: 2018-2019
Date: मार्च 2019
Duration: 3h
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(ii) Marks for questions are indicated against each question.
(iv) Question Nos. 5 - 6 and 17 - 18 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.
(vi) Question Nos. 10 - 12 and 22 - 24 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each.
Fill in the blank.
If the market supply of a commodity X changes due to improvement in technology, the market supply curve will ___________.
Chapter: [0.03] Producer Behaviour and Supply
Fill in the blank.
If the market supply of a commodity X changes due to a rise in the price of factor input, the market supply curve will ____________.
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct alternative from given options:
The average product curve in the input-output plane, will be ____________.
an 'S' shaped curve
an inverse 'S' shaped curve
a 'U' shaped curve
an inverse 'U' shaped curve
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct alternative from given options:
Average fixed cost curve ____________.
is a straight line parallel to X-axis.
is straight line parallel to Y-axis.
falls, as more units are produced
rises, as more units are produced
Chapter: [0.03] Producer Behaviour and Supply
MCN = TFCn – TFCN – 1
MCN = ACN – ACN – 1
MCN = AVCN – AVCn – 1
MCN = TCn – TCN – 1
Chapter: [0.03] Producer Behaviour and Supply
Choose the correct alternative from given options:
In the given figure, the movement on the production possibility curve from point A to point B shows _____________.
Growth of all the resources in the economy.
Underutilisation of resources.
Production of more units of Good X and less units of Good Y.
Production of more units of Good Y and less units of Good X.
Chapter: [0.01] Introduction
Identify and discuss the nature of the following newspaper reports in terms of positive or normative economic analysis:
(i) "India jumped 23 points in the World Bank's ease of doing business index to 77th place, highest in 2 years." – The Economic Times
(ii) "Government should further liberalise the business rules." – The Economic Times
Chapter: [0.01] Introduction
Good X and Good Y are substitute goods. If price of Good X increases, discuss briefly its likely impact on the demand for Good Y.
Chapter: [0.02] Consumer Equilibrium and Demand
If the income of a consumer increases, discuss briefly its likely impact on the demand for a inferior good, Good X.
Chapter: [0.02] Consumer Equilibrium and Demand
Complete the following cost schedule :
| Quantity (in Units) | 0 | 1 | 2 | 3 | 4 |
| Total cost (in ₹) | 200 | ....... | ....... | ....... | ....... |
| Total variable cost (in ₹) | 0 | ....... | 180 | ....... | ....... |
| Average variable cost (in ₹) | ....... | 100 | ....... | 80 | ....... |
Chapter: [0.03] Producer Behaviour and Supply
Answer the following question.
In the given diagram, OP is the market-determined price, and OP1 is the price fixed by the government.
Chapter: [0.04] Forms of Market and Price Determination
Suppose the demand and supply equations of a commodity X in a perfectly competitive market are given by :
Qd = 1700 – 2P
Qs = 1300 + 3P
Calculate the value of equilibrium price and equilibrium quantity of the commodity X.
Chapter: [0.04] Forms of Market and Price Determination
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Answer the following question:
Explain the law of diminishing marginal utility using a hypothetical schedule.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question:
What is the budget line? Why the budget line is left to right downward sloping?
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
What is meant by "diminishing returns to a factor"? Discuss any two reasons for the operation of diminishing returns to a factor.
Chapter: [0.02] Consumer Equilibrium and Demand
Elaborate three main features of an oligopoly form of market.
Chapter: [0.04] Forms of Market and Price Determination
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
Chapter: [0.04] Forms of Market and Price Determination
Define price elasticity of demand.
Chapter: [0.02] Consumer Equilibrium and Demand
Answer the following question.
If the price of a commodity rises by 40% and its quantity demanded falls from150 units to 120 units, calculate the coefficient of price elasticity of demand for the commodity.
Chapter: [0.02] Consumer Equilibrium and Demand
What is primary deficit?
Chapter: [0.05] Government Budget and the Economy
Define fiscal deficit
Chapter: [0.05] Government Budget and the Economy
Answer the following question.
Give any two examples of the flow concept.
Chapter: [0.02] National Income and Related Aggregates
Define the term 'tax'.
Chapter: [0.05] Government Budget and the Economy
Suppose in a hypothetical economy, the income rises from ₹ 5,000 crores to ₹ 6,000 crores. As a result, the consumption expenditure rises from ₹ 4,000 crores to ₹ 4,600 crores. Marginal propensity to consume in such a case would be __________.
0.8
0.4
0.2
0.6
Chapter: [0.04] Determination of Income and Employment
If in an economy :
Change in initial Investment (∆I) = ₹ 700 crores
Marginal Propensity to Save (MPS) = 0.2
(a) Investment Multiplier (k)
(b) Change in final income (∆Y)
Chapter: [0.04] Determination of Income and Employment
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Answer the following question.
Define the problem of double counting in the computation of national income. State any two approaches to correct the problem of double counting.
Chapter: [0.02] National Income and Related Aggregates
Answer the following question.
Gross Domestic Product (GDP) Does Not Give Us a Clear Indication of Economic Welfare of a Country. "Defend Or Refute the Given Statement with Valid Reason.
Chapter: [0.02] National Income and Related Aggregates
Discuss the working of the adjustment mechanism in the following situations:
Aggregate demand is greater than the aggregate supply.
Chapter: [0.04] Determination of Income and Employment
Discuss the working of the adjustment mechanism in the following situation:
Ex Ante Investments are lesser than Ex Ante Savings.
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
How are capital expenditure different from Revenue expenditure? Discuss briefly.
Chapter: [0.05] Government Budget and the Economy
Answer the following question.
State and discuss the components of Aggregate Demand in a two-sector economy.
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
In the given figure, what does the gap 'KT' represent? State any two fiscal measures to correct the situation.
Chapter: [0.05] Government Budget and the Economy
Answer the following question.
State any two components of the M1 measure of the money supply.
Chapter: [0.03] Money and Banking
Answer the following question.
Elaborate any two instruments of Credit Control, as exercised by the Reserve Bank of India.
Chapter: [0.03] Money and Banking
Answer the following question.
What role does it play in determining the credit creation power of the banking system? Use a numerical illustration to explain.
Chapter: [0.03] Money and Banking
Given the following data, find the missing values of 'Private Final Consumption Expenditure' and 'Operating Surplus'.
| S.No. | Particulars | Amount (In ₹ crores) |
| (i) | National Income | 50,000 |
| (ii) | Net Indirect Taxes | 1,000 |
| (iii) | Private Final Consumption Expenditure | ? |
| (iv) | Gross Domestic Capital Formation | 17,000 |
| (v) | Profits | 1,000 |
| (vi) | Government Final Consumption Expenditure | 12,500 |
| (vii) | Wages & Salaries | 20,000 |
| (viii) | Consumption of Fixed Capital | 700 |
| (ix) | Mixed Income of Self Employed | 13,000 |
| (x) | Operating Surplus | ? |
| (xi) | Net Factor Income from Abroad | 500 |
| (xii) | Net Exports | 2,000 |
Chapter: [0.04] Determination of Income and Employment
Answer the following question.
Define "Trade surplus". How is it different from "Current account surplus"?
Chapter: [0.06] Open Economy Macroeconomics
Answer the following question.
"Indian Rupee (₹) plunged to an all-time low of ₹ 74.48 against the US Dollar ($)".
− The Economic Times
In light of the above report, discuss the impact of the situation on Indian Imports.
Chapter: [0.04] Determination of Income and Employment
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CBSE previous year question papers Class 12 Economics with solutions 2018 - 2019
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