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Economics 2014-2015 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

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Economics
Marks: 80 Maharashtra State Board
HSC Commerce (English Medium)
HSC Science (General)
HSC Arts (English Medium)
HSC Science (Electronics)
HSC Science (Computer Science)
HSC Commerce: Marketing and Salesmanship

Academic Year: 2014-2015
Date & Time: 6th October 2015, 4:00 pm
Duration: 3h
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[16]1 | Fill in the blanks using proper alternatives given in the brackets:
[5]1.A
[1]1.A.1

Fill in the blank using proper alternatives given in the bracket:

Micro economics is a study of ..............

Whole economy

general price level

national output

individual economic unit

Concept: undefined - undefined
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
[1]1.A.2

Fill in the blank using proper alternatives given in the bracket:

Demand for salt is ...............

Elastic 

inelastic

infinitely elastic 

unitary elastic

Concept: undefined - undefined
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]1.A.3

Fill in the blank using proper alternatives given in the bracket:

.................consumption cannot be zero.

induced

Autonomous

Government 

private

Concept: undefined - undefined
Chapter: [2.05] Commercial Bank
[1]1.A.4

Fill in the blank using proper alternatives given in the bracket:

The primary function of commercial banks is to ...................

Purchase and sale securities

accept deposits

Provide safe deposit vaults 

issue letter of credit

Concept: undefined - undefined
Chapter: [2.05] Commercial Bank
[1]1.A.5

Fill in the blank using proper alternatives given in the bracket:

During depression .............. budget is preferable.

balanced

surplus

Deficit

zero

Concept: undefined - undefined
Chapter: [0.08] Public Finance in India [2.07] Public Economics
[5]1.B

Match the following:

Group A Group B
a. Demand and Price (1) Interest
b. Stock (2) Stock
c. Reward of Capital (3) Reserve Bank of India
d. Unemployment allowance (4) Bank of India
e. Central Bank (5) Direct relation
  (6) Potential Supply
  (7) Transfer Income
  (8) Inverse relation
Concept: undefined - undefined
Chapter: [2.06] Central Bank
[3]1.C | State whether the following statements are True or False :
[1]1.C.1

State whether the following statement is True or False :

Concept of elasticity of demand is useful for finance minister.

Concept: undefined - undefined
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand
[1]1.C.2

State whether the following statement is  true or false :
Supply of perishable goods is inelastic.

Concept: undefined - undefined
Chapter: [0.04] Supply Analysis [1.04] Analysis of Supply
[12]2
[6]2.A |  Define or Explain :
[1]2.A.1

Define or Explain :

Average revenue.

Concept: undefined - undefined
Chapter: [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.2
Define or Explain the Selling Cost.
Concept: undefined - undefined
Chapter: [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.3

Define or Explain the Land.

Concept: undefined - undefined
Chapter: [1.06] Factors of Production
[1]2.A.4

Define or Explain the General equilibrium.

Concept: undefined - undefined
Chapter: [1.05] Types of Market and Price Determination Under Perfect Competition
[1]2.A.5

Define or Explain the Bank Ratev ?

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[1]2.A.6

Define or Explain the Individual economic unit.

Concept: undefined - undefined
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
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[6]2.B
[1]2.B.1

Give reason or explain the following statement:

Micro economic theories based on certain assumptions.

Concept: undefined - undefined
Chapter: [1.01] Introduction to Micro Economics
[1]2.B.2

Give reason or explain the following statement:

Utilly is ethically neutral.

Concept: undefined - undefined
Chapter: [1.02] Consumers Behavior
[1]2.B.3

Give reason or Explain the following statement :

Demand for habitually used goods is inelastic.

Concept: undefined - undefined
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]2.B.4

Give reason or Explain the following statement :

Paid services are included in national income.

Concept: undefined - undefined
Chapter: [0.07] National Income [2.02] National Income
[1]2.B.5

Explain the subjective factors which determine consumption function.

Concept: undefined - undefined
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates
[1]2.B.6

Give reason or explain the following statement:

Central Bank acts as a lender of the last resort.

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[12]3
[6]3.A | Distinguish between (Any Three).
[1]3.A.1

Distinguish between Desire and Demand.

Concept: undefined - undefined
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[1]3.A.2

Distinguish between Gross National Product and Net National Product.

Concept: undefined - undefined
Chapter: [0.07] National Income [2.02] National Income
[1]3.A.3

Distinguish between the following :

Paper money and Metallic coins.

Concept: undefined - undefined
Chapter: [2.04] Money
[1]3.A.4

Distinguish between Surplus budget and Deficit budget.

Concept: undefined - undefined
Chapter: [0.08] Public Finance in India [2.07] Public Economics
[1]3.A.5

Distinguish between the following.

Micro Economics and Macro Economics.

Concept: undefined - undefined
Chapter: [2.01] Introduction to Macro Economics
[1]3.A.6

Distinguish between:

Stock and Supply

Concept: undefined - undefined
Chapter: [0.04] Supply Analysis
[6]3.B
[3]3.B.1 |  Write short notes. (Any Two)

Explain any four points of importance of Micro economics.

Concept: undefined - undefined
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
[3]3.B.2

Write Short note on the following.
Ratio method of measuring price elasticity of demand ?

Concept: undefined - undefined
Chapter: [1.03] Analysis of Demand and Elasticity of Demand
[3]3.B.3

Name and explain the types of monopoly.

Concept: undefined - undefined
Chapter: [0.05] Forms of Market
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[3]3.B.4

Write short note of Qualities of an Entrepreneur?

Concept: undefined - undefined
Chapter: [1.06] Factors of Production
[12]4 | Write short Answer for the following questions. (Any Three)
[4]4.A

What are the characteristics of utility?

Concept: undefined - undefined
Chapter: [0.02] Utility Analysis
[4]4.B

What are the features of perfect competition.

Concept: undefined - undefined
Chapter: [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[4]4.C

Explain the concept of Macro economics and its features.

Concept: undefined - undefined
Chapter: [0.01] Introduction to Micro and Macro Economics
[4]4.D

Explain the determinants of aggregate supply.

Concept: undefined - undefined
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates
[4]4.E

Write short Answer for the following question:

Explain various types of Bank Deposits ?

Concept: undefined - undefined
Chapter: [2.05] Commercial Bank
[4]4.F

Write short Answer for the following question:

Explain the components of government budget ?

Concept: undefined - undefined
Chapter: [0.08] Public Finance in India [2.07] Public Economics
[12]5 | Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements. (Any Three)
[4]5.A

Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:

Various factors incluence tha demand for a commodity.

Concept: undefined - undefined
Chapter: [0.031] Demand Analysis [1.03] Analysis of Demand and Elasticity of Demand
[4]5.B

Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:

The law of 'diminishing marginal utility' is important in the practice?

Agree

Disagree

Concept: undefined - undefined
Chapter: [0.02] Utility Analysis
[4]5.C

Price is the only determinant of supply.

Concept: undefined - undefined
Chapter: [0.04] Supply Analysis [1.04] Analysis of Supply
[4]5.D

Money performs various functions.

Concept: undefined - undefined
Chapter: [2.04] Money
[4]5.E

Explain, with reason, whether you Agree or Disagree with the following statement.
Commercial banks provide many general utility services.

Concept: undefined - undefined
Chapter: [2.05] Commercial Bank
[4]5.F

Explain, with reason, whether you Agree or Disagree with the following statement :

Central Bank is a profit making institution ?

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[16]6 |  Write explanatory answer: (Any Two)
[8]6.A

Answer the following question.
State and explain the law of demand.

Concept: undefined - undefined
Chapter: [1.03] Analysis of Demand and Elasticity of Demand

Explain the law of demand with its assumptions.

Concept: undefined - undefined
Chapter: [0.031] Demand Analysis [1.03] Analysis of Demand and Elasticity of Demand
[8]6.B

Explain the types of price elasticity of demand.

Concept: undefined - undefined
Chapter: [0.032] Elasticity of Demand
[8]6.C

Write an explanatory answer.

Explain the practical (statistical) difficulties involved in the estimation of national income.

Concept: undefined - undefined
Chapter: [0.07] National Income
[8]6.D

State the determinants of aggregate demand.

Concept: undefined - undefined
Chapter: [0.031] Demand Analysis [2.03] Determinants of Aggregates

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