Commerce (English Medium)
Arts (English Medium)
Academic Year: 2012-2013
Date: March 2013
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Give two examples of fixed costs.
Chapter: [0.03] Producer Behaviour and Supply
Define marginal cost.
Chapter: [0.03] Producer Behaviour and Supply
When is the demand for a good said to be inelastic?
Chapter: [0.02] Consumer Equilibrium and Demand
Given the meaning of market demand.
Chapter: [0.02] Consumer Equilibrium and Demand
Under which market form a firm's marginal revenue is always equal to price?
Chapter: [0.03] Producer Behaviour and Supply
Explain the difference between an inferior good and a normal good.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the law of diminishing marginal utility with the help of a total utility schedule.
Chapter: [0.02] Consumer Equilibrium and Demand
Explain the condition of consumer's equilibrium with the help of utility analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply.
Chapter: [0.03] Producer Behaviour and Supply
Complete the following table:
| Units of Labour | Average Product (Units) | Marginal Product (Units) |
| 1 | 8 | ............. |
| 2 | 10 | ............ |
| 3 | ............ | 10 |
| 4 | 9 | ........... |
| 5 | ............. | 4 |
| 6 | 7 | ............ |
Chapter: [0.03] Producer Behaviour and Supply
Explain ‘large number of buyers and sellers' features of a perfectly competitive market.
Chapter: [0.04] Forms of Market and Price Determination
Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.
Chapter: [0.01] Introduction
Explain the conditions of producer’s equilibrium with the help of a numerical example.
Chapter: [0.03] Producer Behaviour and Supply
The price elasticity of demand for a good is - 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.
Chapter: [0.02] Consumer Equilibrium and Demand
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Explain any two factors that affect the price elasticity of demand. Give suitable examples.
Chapter: [0.02] Consumer Equilibrium and Demand
Giving reason, state whether the following statement is true or false.
A Monopolist can sell any quantity he likes at a price.
Chapter: [0.04] Forms of Market and Price Determination
Giving reason, state whether the following statement is true or false.
When equilibrium price of a good is less than its market price, there will be competition among the sellers.
Chapter: [0.04] Forms of Market and Price Determination
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
Chapter: [0.03] Producer Behaviour and Supply
Explain the conditions of consumer’s equilibrium using indifference curve analysis.
Chapter: [0.02] Consumer Equilibrium and Demand
Prices of other goods and demand for the given good.
Chapter: [0.02] Consumer Equilibrium and Demand
Income of the buyers and demand for a good.
Chapter: [0.02] Consumer Equilibrium and Demand
How can increase in foreign direct investment affect the price of foreign exchange?
Chapter: [0.06] Open Economy Macroeconomics
What are demand deposits?
Chapter: [0.03] Money and Banking
Define externalities. Give an example of negative externality. What is its impact on welfare?
Chapter: [0.02] National Income and Related Aggregates
Give two examples of indirect taxes.
Chapter: [0.05] Government Budget and the Economy
What is government budget?
Chapter: [0.05] Government Budget and the Economy
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Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.
Chapter: [0.05] Government Budget and the Economy
Distinguish between revenue deficit and fiscal deficit.
Chapter: [0.05] Government Budget and the Economy
Explain any one objective of Government Budget.
Chapter: [0.05] Government Budget and the Economy
Explain the effect of appreciation of domestic currency on imports.
Chapter: [0.06] Open Economy Macroeconomics
Distinguish between balance of trade and balance on current account?
Chapter: [0.06] Open Economy Macroeconomics
Calculate 'sales' from the following data:-
| S. No. | Particulars | (Rs in laths) |
| (i) | Net value added at factor cost | 560 |
| (ii) | Depreciation | 60 |
| (iii) | Change in stock | (-)30 |
| (iv) | Intermediate cost | 1000 |
| (v) | Exports | 200 |
| (vi) | Indirect taxes | 60 |
Chapter: [0.02] National Income and Related Aggregates
Giving reasons categories the following into stock and flow:-
(i) Capital
(ii) Saving
(iii) Gross domestic product
(iv) Wealth
Chapter: [0.02] National Income and Related Aggregates
Explain the circular flow of income.
Chapter: [0.02] National Income and Related Aggregates
Explain "Banker to the Government" function of the Central Bank.
Chapter: [0.03] Money and Banking
C = 100 + 0.4 Y is the Consumption Function of an economy where C is Consumption Expenditure and Y is National Income. Investment expenditure is 1.100. Calculate
(i) Equilibrium level of National Income.
(ii) Consumption expenditure at equilibrium level of national income.
Chapter: [0.02] National Income and Related Aggregates
Complete the following table:-
| Income (Rs) | Consumption expenditure (Rs) | Marginal propensity to save | Average propensity to save |
| 0 | 80 | ||
| 100 | 140 | 0.4 | ....... |
| 200 | ........ | ...... | 0 |
| ....... | 240 | ........ | 0.20 |
| ......... | 260 | 0.8 | 0.35 |
Chapter: [0.04] Determination of Income and Employment
Calculate National Income from the following data:
| S.No. | Particulars | Rs.in crores |
| (i) | Private final consumption expenditure | 900 |
| (ii) | Profit | 100 |
| (iii) | Government final consumption expenditure | 400 |
| (iv) | Net indirect taxes | 100 |
| (v) | Gross domestic capital formation | 250 |
| (vi) | Change in stock | 50 |
| (vii) | Net factor income from abroad | (-)40 |
| (viii) | Consumption of fixed capital | 20 |
| (ix) | Net imports | 30 |
Chapter: [0.02] National Income and Related Aggregates
Calculate net national disposable income from the following data:-
| S.No. | Particulars | Rs. in crores |
| (i) | Gross domestic product at market price | 2000 |
| (ii) | Net current transfers to rest of the world | (-)200 |
| (iii) | Net indirect taxes | 150 |
| (iv) | Net factor income to abroad | 60 |
| (v) | National debt interest | 70 |
| (vi) | Consumption of fixed capital | 200 |
| (vii) | Current transfers from Government | 150 |
Chapter: [0.02] National Income and Related Aggregates
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CBSE previous year question papers Class 12 Economics with solutions 2012 - 2013
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