Economics Model set 1 shaalaa.com 2021-2022 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Scope of micro economics.

1. Theory of Product Pricing
2. Theory of Growth and Development
3. Theory of General Price Level and Inflation
4. Theory of Income and Employment

Only a

a, b, c

b, c, d

a, c, d

Statements that explain Giffen’s paradox:

1. It is an exception to the law of demand.
2. It is applicable to inferior or low quality goods.
3. Demand increases when the prices of inferior goods fall
4. It was identified by Prof. Alfred Marshall.

Only a

a, b

b, c, d

a, b, c, d

Choose the correct option.

Precautions to be taken while estimating national income by output method:

1. Only value of final goods and services must be taken in to account.
2. Indirect taxes included in the market prices are to be deducted.
3. Subsidies given by the government on certain products must be added.
4. Sale and purchase of second hand goods should be considered.

Only a

a, b, c

b, c, d

a, c, d

Exceptions to the law of diminishing marginal utility:

1. Cardinal measurement
2. Hobbies
3. Miser
4. Money

Only a

a, b, c

b, c, d

a, c, d

Features of oligopoly market:

1. There are few firms or sellers.
2. Sellers sell differentiated product.
3. There is free entry and exit of firms.
4. There is considerable element of uncertainty in this type of market.

a, b

a, b, c

b, c

a, d

Export value > Import value : Trade surplus :: Import value > Export value : ______

Laaspeyre's index : _________ :: Paasche's index : Current year quantities

Complete the correlation.

Primary market: New issues launched to raise capital:: ______: Old issues through stock market.

Demand curve : ______ :: Supply curve : Upward

Goods purchased from other countries : ______ :: Goods sold to other countries : Export

Average of all prices of goods and services currently being produced in an economy −

Degree of responsiveness of a change in quantity demanded to a change in the income of the consumer −

Deposits that are repayable after a certain period of time –

Type of market showing some but not all the features of a competitive market –

Give economic terms:

Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −

Find the odd word

Method of measuring price elasticity of demand -

Ratio method

Total outlay method

Income method

Geometric method

Find the odd word

Concepts of national income -

GDP

NNP

LIC

GNP

Find the odd word

Unregulated non-bank financial intermediaries -

Indigenous bankers

Chit funds

Nidh

Loan companies

Find the odd word

Types of utility -

Total utility

Time utility

Possession utility

Service utility

Find the odd word

Exception to law of supply -

Urgent need for cash

Perishable goods

Agricultural goods

Prestige goods

Identify & explain the concept from the given illustration.

Mala collected information about the income and expenditure of twenty five families from her locality.

Identify & explain the concept from the given illustration.

Kaushik purchased 10 kgs of wheat for his monthly consumption at ₹ 40/- per kg.

Identify & explain the concept from the given illustration.

Sarla, a retired school teacher receives a monthly pension of ₹ 20,000/- from the Government.

Identify & explain the concept from the given illustration.

AVM bank provides d-mat facility, internet banking, and mobile banking facilities to its customers.

Identify & explain the concept from the given illustration.

Kavita consumed an additional unit of bread to satisfy her hunger.

Distinguish Between:

Partial equilibrium and General equilibrium

Distinguish between perfectly elastic demand and perfectly inelastic demand.

Distinguish between:

Price Index and Quantity Index.

Distinguish between:

Demand deposit and Time deposit

Distinguish Between:

Total Utility and Marginal Utility

Explain the features of microeconomics.

Explain the types of elasticity of demand

Construct Quantity index number from the given data:

Explain the types of foreign trade

Explain any four features of monopolistic competition

State with reason, whether you agree or disagree with the following statement:

There are many theoretical difficulties in the measurement of national income.

Agree

Disagree

State with reason whether you agree or disagree with the following statement:

Commercial banks create credit.

State with reason whether you agree or disagree with the following statement:

The obligatory function is the only function of the Government.

Agree

Disagree

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

When total utility is maximum, marginal utility is zero.

State with reason whether you agree or disagree with the following statement:

Selling cost is the only feature of monopolistic competition.

Study the following table, figure, passage and answer the question given below it.

1. Complete the above table (1m)
2. Construct Price Index number from the above data (3m)

Questions:

1. Identify the types of price elasticity of demand from above diagram. (2m)
2. Write slope of demand curve in above diagrams. (2m)

PASSAGE

Corona has slowed down the economy Lockdown imposed to contain the spread of Corona virus had resulted in closure of manufacturing and business activities. During this financial year, the economy is expected to move towards a contractionary phase rather than expansionary phase. This has been stated in the budget. This is the first paperless budget in the history of India. At the same time, it is the third post-independence budget to be presented at a time when the economy is shrinking. The budget shows a fiscal deficit of more than 5%.

The Union Finance Minister has presented a budget that seeks to accelerate the economy by balancing the impact of Corona on the economy on one hand and growing expectations of all sectors on the other. A significant increase in the allocation for Healthcare by 137% is a feature of this budget. In this budget, the expected revenue for the year 212-2022 is Rs. 34,35, 000crore and the expected expenditure is Rs. 35,83, 000 crore.

Attempts have been made to boost infrastructure, education, agricultural production, employment generation and industry, but the Income tax status quo has remained the same. The budget provides Rs.16.5 lakh crore for agricultural credit, Rs. 223,000 crore for health facilities, Rs. 3 lakh crore for Power Distribution Scheme, Rs. 15,700 crore for Small and Medium Enterprises and Rs. 20,000 crore for Government Bank Capital.

1. What is the percentage increase in the provision for Healthcare? (1 mark) 
2. Mention the sectors that have been promoted in this budget. (1 mark) 
3. Express your personal opinion based on the above information regarding the budget ( 2 marks)

State and explain the law of supply with exceptions.

Explain various sources of public revenue.

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