Advertisements
Online Mock Tests
Chapters
Chapter 1: Microeconomics and Macroeconomics: Introduction
▶ 2: Demand and Law of Demand
3: Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
Chapter 4: Elasticity of Demand
5: Supply - Law of Supply and Price Elasticity of Supply
Chapter 6: Market Mechanism: Equilibrium Price and Quantity in a Competitive Market
Chapter 7: Laws of Returns - Returns to a Factor and Returns to Scale
Chapter 8: Cost and Revenue Analysis
Chapter 9: Forms of Market
Chapter 10: Producer's Equilibrium
Chapter 11: Determination of Equilibrium Price and Output Under Perfect Competition
SECTION 2: THEORY OF INCOME AND EMPLOYMENT
Chapter 12: Theory of Income and Employment
SECTION 3: MONEY AND BANKING
Chapter 13: Money: Meaning and Functions
Chapter 14: Banks: Commercial Bank and Central Bank
SECTION 4: BALANCE OF PAYMENTS AND EXCHANGE RATE
Chapter 15: Balance of Payments and Exchange Rate
SECTION 5: PUBLIC FINANCE
Chapter 16: Fiscal Policy
Chapter 17: Government Budget
SECTION 6: NATIONAL INCOME
Chapter 18: National Income and Circular Flow of Income
Chapter 19: National Income Aggregates
Chapter 20: Methods of Measuring National Income
SECTION 7: PROJECT WORK
Chapter 21: Project Work
Chapter 22: Model Short Answer Questions
![Frank solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand - Shaalaa.com](/images/economics-english-class-12-isc_6:557367fb4d974c67badae9e1dbdc022d.jpg "Frank solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand")
Advertisements
Solutions for Chapter 2: Demand and Law of Demand
Below listed, you can find solutions for Chapter 2 of CISCE Frank for Economics [English] Class 12 ISC.
Frank solutions for Economics [English] Class 12 ISC 2 Demand and Law of Demand TEST YOURSELF QUESTIONS [Pages 25 - 27]
Select the correct option for each of the following questions:
The amount of the goods that the consumers actually purchase during a specific period is called ______.
intended demand
ex ante demand
unplanned demand
ex post demand
Demand for goods that have multiple uses is called ______.
composite demand
joint demand
derived demand
none of these
The functional relationship between the demand for a commodity and the level of income is known as ______.
price demand
derived demand
joint demand
income demand
Those goods the demand for which falls with increase in income and increases with fall in income of the consumer are called ______.
normal goods
inferior goods
necessities of life
luxurious
As the price of a good (coffee) falls, the demand for its substitute good (tea) will ______.
increase
decrease
remains unchanged
none of these
If the price of a good (petrol) increases, the demand for its complementary good (cars) will ______.
decrease
increase
unaffected
none of these
The law of demand states that with a fall in the price of a good, there is ______.
decrease in the quantity demanded
increase in the quantity demanded
increase in demand
decrease in demand
Inverse relationship between the price of a commodity and the quantity demand (negative slope of the demand curve) can be explained in terms of ______.
income effect
substitution effect
the sum total of income effect and substitution effect
none of these
Giffin goods are ______.
normal goods, whose demand falls with a rise in their prices
inferior goods, whose demand falls with increase in the income of the consumer
inferior goods, whose demand falls with a fall in their price
superior goods, whose demand falls with a fall in income
A downward movement along a demand curve is called ______.
contraction of demand
expansion of demand
decrease in demand
increase in demand
Increase in demand is shown by the demand curve when ______.
the demand curve shifts to the right
the demand curve shifts to the left
upward movement along the given demand curve
downward movement along the given demand curve
Which of the given options for a reason of decrease in demand (leftward shift of the demand curve)
rise in the own price
increase in the price of substitute goods
increase in the price of complementary goods
increase in income
Very Short Answer Questions
What is meant by an economic good?
Define the term demand.
Define individual demand.
Define market demand.
What is meant by ex-ante demand?
What is meant by ex-post demand?
Mention any two determinants of demand for a commodity other than its price.
What determines the level of household consumption?
Define Substitute goods.
Define complementary goods.
What are inferior goods?
Define Giffen goods.
Define Normal goods
When is a good called an inferior good?
What do you mean by a normal good?
Give two examples of a pair of commodities that are substitutes.
Give two examples of a pair of commodities that are complementary to each other.
Give two examples of normal goods.
Give two examples of inferior goods.
How will an increase in price of tea affect the demand for coffee?
How will an increase in price of tea affect the demand for sugar?
How does an increase in income affect the demand for an inferior good?
Explain with example, what kind of a commodity will have an inverse relationship between income and demand.
If the demand for good Y increases as the price of another good rises, how are the two goods related?
If the demand for good Y decreases as the price of another good rises, how are the two goods related?
What happens to the demand for a substitute good of a commodity when its price falls?
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
What is demand function?
What is meant by price demand.
Give the meaning of Income demand.
Give the meaning of Cross demand.
What is meant by cross price effect? Give two examples to illustrate it.
State the law of demand.
State two factors which determine the demand for a product.
What is a demand schedule?
What do you mean by Demand curve?
What is the shape of a demand curve?
How does an increase in the price of a commodity affect the quantity demanded? Explain it with the help of a diagram.
What is the income effect of change in the price of a good?
Define substitution effect.
Define income effect.
What is substitution effect?
Give two exceptions to the law of demand.
What is increase in demand?
What is a decrease in demand?
What is an expansion of demand?
What is contraction in demand?
When would a demand curve shift rightwards?
When would a demand curve shift leftwards?
What do you understand by Movement along the demand curve?
What do you understand by Shift of demand curve?
Give a reason for the following:
The demand for a good increases when income of the consumer increases.
Give a reason for the following:
X and Y are substitute goods. A rise in price of X results in a rightward shift of the demand curve of Y.
Solutions for 2: Demand and Law of Demand
Frank solutions for Economics [English] Class 12 ISC chapter 2 - Demand and Law of Demand
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. Frank solutions for Mathematics Economics [English] Class 12 ISC CISCE 2 (Demand and Law of Demand) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. Frank textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Economics [English] Class 12 ISC chapter 2 Demand and Law of Demand are Demand, Factor Affecting Demand, Market Demand, Demand Function, Movement Along and Shifts in the Demand Curve, Demand Curve, Slope and Its Derivation, Determinants of Demand, Derivation of Demand Curve, Diminishing Marginal Utility, Law of Equi-marginal Utility, Relation Between Total, Average and Marginal Product, Conditions of Consumer's Equilibrium Using Marginal Utility Analysis, Cardinal Approach (Utility Analysis), Ordinal Approach (Utility Analysis), Meaning of Utility, Total Utility and Marginal Utility, Consumer's Equilibrium, Properties of Indifference Curve, Indifference Curve, Indifference Map.
Using Frank Economics [English] Class 12 ISC solutions Demand and Law of Demand exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Frank Solutions are essential questions that can be asked in the final exam. Maximum CISCE Economics [English] Class 12 ISC students prefer Frank Textbook Solutions to score more in exams.
Get the free view of Chapter 2, Demand and Law of Demand Economics [English] Class 12 ISC additional questions for Mathematics Economics [English] Class 12 ISC CISCE, and you can use Shaalaa.com to keep it handy for your exam preparation.
