Economics Model set 2 shaalaa.com 2021-2022 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Theory of economic welfare, basically deals with ______.

efficiency in allocation of resources

product pricing

factor pricing

efficiency in product

Net addition made to total cost by producing one more unit of output is ______.

average cost

marginal cost

total cos

variable cost

Unit at which MU (Marginal Utility) becomes equal with market price is ______.

producers equilibrium

consumers’ equilibrium

partial equilibrium

general equilibrium

Product differentiation is the main feature of ______.

perfect competition

monopolistic competition

monopoly market

oligopoly market

Macroeconomics is the branch of economics which analyses the ______.

part economy

entire economy

mixed economy

political economy

Assertion (A): Total expenditure method measures elasticity of demand at a given point on the demand curve.

Reasoning (R): Total expenditure refers to the product of price and quantity demanded.

(1) (A) is True but (R) is False.

(A) is False but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): MU curve slopes upwards.

Reasoning (R): MU goes on diminishing with every successive increase in the consumption of a commodity.

(A) is True but (R) is False.

(A) is False but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): Generally, arithmetic mean is used in the construction of index numbers.

Reasoning (R): Arithmetic mean is simple to compute compared to other averages.

(A) is True but (R) is False.

(A) is False but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): Credit control is an important function of commercial banks.

Reasoning (R): Commercial banks create deposits out of loans given thereby leading to credit creation.

(A) is True but (R) is False.

(A) is False but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Assertion (A): Macro-economic analysis shows how the general price level is determined.

Reasoning (R): It deals with determination of the prices of goods and services as well as factors of production.

(A) is True but (R) is False.

(A) is False but (R) is True.

Both (A) and (R) are True and (R) is the correct explanation of (A).

Both (A) and (R) are True and (R) is not the correct explanation of (A).

Identify the right group of pairs from the given options.

i - d, ii - c, iii - b, iv - a, v - e

i - c, ii - e, iii - a, iv - b, v - d

i - d, ii - c, iii - e, iv - b, v - a

i - e, ii - b, iii - c, iv - d, v - a

General equilibrium : Macro economics : : ______ : Micro economics

Total cost : TFC + TVC :: Average cost : _______

Monopoly: Price discrimination:: ______ : Product differentiation

Relatively elastic demand : Ed > 1 :: Relatively inelastic demand : ______.

______: Protection from external attacks :: Optional function : Provision of social security

Identify & explain the concept from the given illustration.

Ajay’s papad and pickle producing unit incurred expenditure of ₹ 50,000/- on machinery, ₹ 1,00,000/- towards rent and ₹ 2,00,000/- on wages for the workers during 2018-19.

Identify & explain the concept from the given illustration.

Anoop Ayurveda produces unique herbal hair oil which has no close substitutes.

Identify & explain the concept from the given illustration.

Bombay Stock Exchange has developed “Sensex” as a stock market index for reflecting the share prices of listed companies.

Identify & explain the concept from the given illustration.

Kerala-based company K Jewellers intends to raise ₹1000 crore by fresh issuance of shares.

Identify & explain the concept from the given illustration

Kiran’s demand for milk remained unchanged even when its price increased by 10%. 

Distinguish Between:

Increase in supply and Decrease in supply

Distinguish between Balance of payments and Balance of trade.

Distinguish between internal debt and external debt.

Distinguish Between

Slicing method and Lumping method

Distinguish Between

Short period and Long period

Explain the types of index numbers.

Explain any four features of national income.

Explain any four non- tax sources of public revenue

Explain any four types of demand.

Explain the structure of organized sector of money market in India

Macro economics is different from micro economics.

Agree

Disagree

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

When the prices of Giffen goods falls, demand for such goods rises.

Agree

Disagree

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

There are many exceptions to the law of supply.

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

Index numbers measure changes in the price level only.

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

Foreign trade leads to division of labour and specialization at world level.

Agree

Disagree

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

1. Complete the table (2m)
2. Derive the equilibrium price from the above table with the help of Suitable diagram. (2m)

Questions:

1. Demand Curve D₁D₁indicates ______ (1m)
2. Demand Curve D₂D₂indicates______ (1m)
3. Name the above diagram and explain. (2m)

PASSAGE

Post-liberalization, public sector banks have diversified into non- traditional activities such as mutual funds, merchant banking, venture capital funding etc. There is also growth in parabanking activities such as leasing, hire-purchase and factoring services.

Merchant banking includes issue management, project counselling, working capital financing, foreign currency loans, portfolio management etc.

Retail banking offers financial services to individuals for personal consumption such as housing loans, loans for purchase of consumer durables, auto loans, educational loans, credit cards etc.

Banks have been permitted to enter into the life insurance business.

1. Identify the areas of diversification undertaken by public sector banks post-liberalization (1 mark)
2. Mention the financial services offered under retail banking. (1mark)
3. Give your personal opinion based on the above passage. (2 marks)

Explain any four exceptions of the law of Diminishing marginal utility.

Explain the types of price elasticity of demand.

Explain the income method and expenditure method of measuring national income.