Economics Model set 3 shaalaa.com 2021-2022 HSC Commerce (English Medium) 12th Standard Board Exam Question Paper Solution

Statements related to weighted index number:

1. Suitable weights are assigned to various commodities.
2. It gives relative importance to the commodity in the group.
3. In most cases, quantities are used as weights.
4. Laaspeyre’s Price index and Paasche’s Price Index are methods of constructing weighted index number.

a, c, d

a, b, c

b, c, d

a, b, c, d

Statements related to macro economics.

1. It is the study of aggregates
2. It is based on certain assumptions
3. It takes into account interdependence between aggregate economic variables
4. It is a policy oriented science

a, b, c, d

a, b, c

b, c, d

a, c, d

Statements related to decrease in demand

1. It is a type of change in demand
2. It takes place due to unfavourable changes in other factors like tastes, income etc.
3. Price remains constant
4. Demand curve shifts to the right hand side of the original demand curve

a, b, c, d

a, b, c

b, c, d

a, c, d

Choose the correct option.

Practical difficulties in the measurement of national income:

1. Illegal income
2. Problem of double counting
3. Inadequate and unreliable data
4. Valuation of inventories

a, c

a, b, c

b, c, d

a, c, d

Essential characteristics of a tax:

1. It is a voluntary contribution to the government.
2. Every citizen of the country is legally bound to pay the tax imposed upon him.
3. Tax is imposed on income, property or commodities or services.
4. The tax payer receives direct and proportionate benefits from the government in return for the tax.

a, d

b, c

b, c, d

a, c, d

Microeconomics: Mikros :: Macro economics : ______.

______ : Base year prices :: P₁ : Current year prices

Tea and coffee : ______ :: Electricity : Composite demand

______ : Commercial bank :: Credit control : Central bank

Complete the correlation:

Expansion of supply : Price rises :: Contraction of supply : _______

Branch of economics that deals with small part of national economy − 

Total demand for a commodity from all the consumers at a given price during a given period of time −

Give an economic term:

Wear and tear of capital assets due to their use in the process of production.

Tax paid at the time of production or sale and purchase of a commodity or service −

Policy that aims at managing the quantity of money in order to meet the requirements of different sectors of the economy and to increase the pace of economic growth –

Find the odd word

Features of Microeconomics

Price theory

Slicing method

Limited scope

Lumping method

Find the odd word

Types of index numbers -

Price index

Quantity index

Simple index

Value index

Find the odd word

Types of demand -

Individual demand

Direct demand

Competitive demand

Complementary demand

Find the odd word

Cost concepts -

Total Cost

Marginal Cost

Average Cos

Production Cost

Find the odd word

Organized sector -

Co-operative banks

Commercial banks

Money lenders

Reserve Bank of India

Identify & explain the concept from the given illustration.

Sunrise Cosmetic Company spends on advertisements, broadcasts on radio and television as well as distributes free samples of its shampoo product to in order to increase its demand.

Identify & explain the concept from the given illustration.

Rohan created a jewellery box out of pieces of wood.

Identify & explain the concept from the given illustration.

Ramesh analysed the total investments, total employment, total consumption and total savings of the economy for the financial year 2019-20.

Identify & explain the concept from the given illustration.

Manish purchased 100 metres of cotton textile to produce readymade shirts at his garment factory.

Identify & explain the concept from the given illustration.

Amar sells 50 dozens of mangoes daily at ₹ 300/- per dozen.

Distinguish Between

Individual demand schedule and Market Demand Schedule

Distinguish Between:

Expansion of supply and Contraction of supply

Distinguish Between:

Import Trade and Export Trade

Distinguish Between

Gross Domestic Product and Net Domestic Product

Distinguish between the following concepts:

Public finance and Private Finance

Explain any four features of macroeconomics.

Explain the significance of index numbers in economics.

Explain in detail the determinants of demand.

Explain any four exceptions to the law of supply

What is the role of the capital market in India?

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

There is no difference between Balance of payment and Balance of trade.

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

Issue of currency notes is the only function of Reserve Bank of India.

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

Any year can be selected as the base year

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

Marginal utility curve slopes downwards.

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

Seller is the price maker under perfect competition.

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

1. Complete the table ______ (1m )
2. When Total utility falls Marginal utility is_______ (1m)
3. Draw total utility and marginal utility curve______ (2m)

1. Which method of measuring elasticity is used in above diagram? (1m)
2. Mention the type of elasticity at point ‘C’? (1m)
3. Find out the elasticity at point ‘D’ by applying formula (2m)

PASSAGE

In India, markets for automobiles, cement, steel, aluminium, etc, are the examples of oligopolistic market. In all these markets, there are few firms for each particular product. Duopoly is a special case of oligopoly, in which there are exactly two sellers. Under duopoly, it is assumed that the product sold by the two firms is homogeneous and there is no substitute for it. Examples where two companies control a large proportion of a market are: (i) Pepsi and Coca-Cola in the soft drink market; (ii) Airbus and Boeing in the commercial large jet aircraft market.

Operating systems for smart phones and computers provide excellent examples of oligopolies in big tech. Apple iOS and Google Android dominate smart phone operating systems. Computer operating systems are overshadowed by Apple and Microsoft Windows.

1. Give examples of oligopolistic market in India (1 mark)
2. Explain the concept of duopoly with a suitable example from the passage (1 mark)
3. Express your personal opinion based on the above information (2 marks)

Write any four practical difficulties in national income estimation.

Explain various reasons for the growth of public expenditure.

Explain the Total expenditure method and Geometric method of measuring price elasticity of demand.