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Economics Set 1 2018-2019 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

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Economics [Set 1]
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: 2018-2019
Date & Time: 9th March 2019, 11:00 am
Duration: 3h
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[15]1
[5]1.A
[1]1.A.1

Fill in the blank using appropriate alternatives given Below

_________ is regarded as the father of 'Economics'.

Prof. Marshall

Adam Smith

Ragner Frisch

Robbins

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 appropriate alternatives given below

The demand for perishable goods is _______

elastic

inelastic

unit elastic

perfectly inelastic

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

Fill in the blank with appropriate alternatives given below

 __________ consumption cannot be zero.

Induced

Autonomous

Government

Private

Concept: undefined - undefined
Chapter: [2.03] Determinants of Aggregates
[1]1.A.4

Fill in the blank using appropriate alternatives given below

The e - banking facility is provided through _________

telephone

debit card

internet

credit card

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[1]1.A.5

Fill in the blank using appropriate alternative given in the brackets

The duration of government budget is _________ years.

One

Two

Five

Ten

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[5]1.B | Match the following words from group 'A' and 'B'.

Match the following words from group 'A' and 'B'.

Group 'A'
Group 'B' 
(a) Prestigious goods
(1) Average cost
(b) Total Revenue / Total Quantity
(2) Transfer payment
(c) Labour
(3) Qualitative credit control.
(d) Unemployment allowance
(4) Rent
(e) Direct action
(5) Quantitative credit control.
 
(6) Exception to the law of demand.
 
(7) Wages
 
(8) Average revenue.
Concept: undefined - undefined
Chapter: [0.01] Introduction to Micro and Macro Economics [1.01] Introduction to Micro Economics
[5]1.C | State whether the following statements are True or False :
[1]1.C.1

State whether the following statement is True or False:

Demand for luxurious goods is elastic .

True

False

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

State whether the following statement is TRUE and FALSE.

Stock is the source of supply.

True

False

Concept: undefined - undefined
Chapter: [1.04] Analysis of Supply
[1]1.C.3

State whether the following statement is TRUE and FALSE.

There is no price discrimination under Monopolistic competition.

True

False

Concept: undefined - undefined
Chapter: [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
[1]1.C.4

State whether the following statement is True or False :

In the initial stage of human civilisation commodity money was used.

True

False

Concept: undefined - undefined
Chapter: [2.04] Money
[1]1.C.5

State whether the following statement is True or False :

Loans given by banks for a period of less than five years is known as long - term loan.

True

False

Concept: undefined - undefined
Chapter: [2.05] Commercial Bank
[1]1.C.6

State whether the following statement is True or False:

The main objective of the Central Bank is to earn a profit.

True

False

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[12]2
[6]2.A | Define 'or' explain the following concepts. (Any Three)
[2]2.A.1

Define or Explain the following concept.

Partial equilibrium

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

Define 'or' explain the following concept.

Product Differentiation:

Concept: undefined - undefined
Chapter: [0.05] Forms of Market [1.05] Types of Market and Price Determination Under Perfect Competition
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[2]2.A.4

Define 'or' explain the following concept.

Fixed capital

Concept: undefined - undefined
Chapter: [2.07] Public Economics
[2]2.A.5

Define 'or' explain the following concept.

Lumping method

Concept: undefined - undefined
Chapter: [2.01] Introduction to Macro Economics
[2]2.A.6

Define 'or' explain the following concept.

Propensity to save

Concept: undefined - undefined
Chapter: [1.02] Consumers Behavior
[6]2.B | Give reasons or explain the following. (Any Three)
[2]2.B.1

Give reason or explain the following.

Clearing house facility by central bank Economises the use of cash.

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[2]2.B.2

Give reason or explain the following statement.

Micro economics studies individual economic unit.

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

Give reason or explain the following.

Utility and satisfaction are different concepts.

Concept: undefined - undefined
Chapter: [1.02] Consumers Behavior
[2]2.B.4

Give reason or explain the following.

Law of supply is not applicable to rare articles.

Concept: undefined - undefined
Chapter: [0.04] Supply Analysis [1.04] Analysis of Supply
[2]2.B.5

Give reason or explain the following statement:

Income from second hand sale of goods is excluded from national income.

Concept: undefined - undefined
Chapter: [0.07] National Income [2.02] National Income
[2]2.B.6

Give reason or explain the following.

Central bank acts as a banker to the government.

Concept: undefined - undefined
Chapter: [2.06] Central Bank
[12]3
[6]3.A | Distinguish between the following. (Any Three)
[2]3.A.1

Distinguish between Desire and Demand.

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

Distinguish Between:

Increase in supply and Decrease in supply

Concept: undefined - undefined
Chapter: [0.04] Supply Analysis
[2]3.A.3

Distinguish between the following.

Micro Economics and Macro Economics.

Concept: undefined - undefined
Chapter: [2.01] Introduction to Macro Economics
[2]3.A.4

Distinguish between the following.

Personal income and Disposable income

Concept: undefined - undefined
Chapter: [0.07] National Income [2.02] National Income
[2]3.A.5

Distinguish between the following.

Standard coins and Token coins.

Concept: undefined - undefined
Chapter: [2.04] Money
[2]3.A.6

Distinguish between the following.

Direct tax and Indirect tax. 

Concept: undefined - undefined
Chapter: [2.07] Public Economics
[6]3.B | Write short notes. (Any Two)
[3]3.B.1

Write short answer for the following question :

What is the importance of the study of Micro Economics?

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

Write short answer for the following question :

Total outlay method of measuring price elasticity of demand.

Concept: undefined - undefined
Chapter: [0.032] Elasticity of Demand [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
[3]3.B.4

Write short answer for the following question :

Functions of Entrepreneur 

Concept: undefined - undefined
Chapter: [1.01] Introduction to Micro Economics
[12]4 | Answer the following questions. (Any Three)
[4]4.A

Answer the following question.
Explain the relationship between Total utility and Marginal utility.

Concept: undefined - undefined
Chapter: [1.02] Consumers Behavior
[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

Answer the following question:
State the subjective factors determining consumption function?

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

Answer the following question:
Explain various types of deposits. 

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

Explain the types of a government budget.

Concept: undefined - undefined
Chapter: [2.07] Public Economics
[12]5 | State with reasons whether you 'agree' or 'disagree' with the following statements. (Any Three)
[4]5.A

State with reason whether you 'agree' or 'disagree' with the following statement.

Homogeneity of commodities is the only assumption of the law of diminishing marginal utility.

Agree

Disagree

Concept: undefined - undefined
Chapter: [0.02] Utility Analysis [1.02] Consumers Behavior
[4]5.B

State with reasons whether you ‘agree’ or ‘disagree’ with the following statement.

Demand curve slopes downward from left to right.

Agree

Disagree

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Supply depends on several factors.

Agree 

Disagree

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Barter system did not have any difficulty.

Agree

Disagree

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Credit creation of commercial banks is based on primary deposits.

Agree 

Disagree

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

State with reason whether you 'agree' or 'disagree' with the following statement.

Central bank is a bank which issues notes.

Agree

Disagree

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

Write Explanatory answer.

State and explain the law of demand with its exception. 

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

What is the elasticity of demand?

Concept: undefined - undefined
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand

Explain the factors determining the elasticity of demand.

Concept: undefined - undefined
Chapter: [0.032] Elasticity of Demand [1.03] Analysis of Demand and Elasticity of Demand
[8]6.C

What is ‘National Income’?

Concept: undefined - undefined
Chapter: [0.07] National Income [2.02] National Income

Explain the theoretical difficulties involved in the measurement of national income.

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

Answer in detail.
What is Aggregate Supply? Explain the determinants of Aggregate Supply.

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

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