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CBSE Class 12 Board Exam 2018 : Economics

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SET-1 H$moS> Z . Series SGN Code No. amob Z . 58/1 narjmWu H$moS >H$mo C ma-nwp VH$m Ho$ _wI-n >na Ad ` {bIo & Roll No. Candidates must write the Code on the title page of the answer-book. H $n`m Om M H$a b| {H$ Bg Z-n _o _w{ V n > 11 h & Z-n _| Xm{hZo hmW H$s Amoa {XE JE H$moS >Z ~a H$mo N>m C ma -nwp VH$m Ho$ _wI-n > na {bI| & H $n`m Om M H$a b| {H$ Bg Z-n _| >24 Z h & H $n`m Z H$m C ma {bIZm ew $ H$aZo go nhbo, Z H$m H $_m H$ Ad ` {bI| & Bg Z-n H$mo n T>Zo Ho$ {bE 15 {_ZQ >H$m g_` {X`m J`m h & Z-n H$m {dVaU nydm _| 10.15 ~Oo {H$`m OmEJm & 10.15 ~Oo go 10.30 ~Oo VH$ N>m Ho$db Z-n H$mo n T>|Jo Am a Bg Ad{Y Ho$ Xm amZ do C ma-nwp VH$m na H$moB C ma Zht {bI|Jo & Please check that this question paper contains 11 printed pages. Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. Please check that this question paper contains 24 questions. Please write down the Serial Number of the question before attempting it. 15 minute time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. AW em ECONOMICS {ZYm [aV g_` : 3 K Q>o A{YH$V_ A H$ : 80 Time allowed : 3 hours 58/1 Maximum Marks : 80 1 P.T.O. gm_m ` {ZX}e : (i) XmoZm| I S>m| Ho$ g^r Z A{Zdm` h & (ii) `oH$ Z Ho$ {ZYm [aV A H$ CgHo$ gm_Zo {XE JE h & (iii) Z g `m 1 4 VWm 13 16 A{V bKw mam _H$ Z h , {OZ_| `oH$ H$m 1 A H$ h & BZH$m `oH$ H$m C ma EH$ dm ` _| hr Ano{jV h & (iv) Z g `m 5 6 Am a 17 18 bKw mam _H$ Z h , {OZ_| `oH$ Ho$ 3 A H$ h & `oH$ H$m C ma gm_m `V 60 e Xm| go A{YH$ Zht hmoZm Mm{hE & (v) Z g `m 7 9 Am a 19 21 ^r bKw mam _H$ Z h , {OZ_| `oH$ Ho$ 4 A H$ h & `oH$ H$m C ma gm_m `V 70 e Xm| go A{YH$ Zht hmoZm Mm{hE & (vi) Z g `m 10 12 Am a 22 24 XrK C mam _H$ Z h , {OZ_| `oH$ Ho$ 6 A H$ h & `oH$ H$m C ma gm_m `V 100 e Xm| go A{YH$ Zht hmoZm Mm{hE & (vii) C ma g {j V VWm V `m _H$ hmoZo Mm{hE VWm `Wmg ^d D$na Xr JB e X gr_m Ho$ A VJ V hr {XE OmZo Mm{hE & General Instructions : (i) All questions in both the sections are compulsory. (ii) Marks for questions are indicated against each question. (iii) Question Nos. 1 4 and 13 16 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. (iv) Question Nos. 5 6 and 17 18 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. (v) Question Nos. 7 9 and 19 21 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. (vi) Question Nos. 10 12 and 22 24 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each. (vii) Answers should be brief and to the point and the above word limits should be adhered to as far as possible. 58/1 2 I S> A SECTION A 1. 1 gH$mam _H$ (AmXe H$) AW em H$m EH$ CXmhaU Xr{OE & State one example of positive economics. 2. 1 p Wa ({Zp MV) bmJV H$s n[a^mfm Xr{OE & Define fixed cost. 3. O~ Am gV C nmX Mw{ZE) (AP) A{YH$V_ hmoVm h , V~ gr_m V C nmX (MP) : (ghr {dH$ n 1 (H$) Am gV C nmX Ho$ g_mZ hmoVm h (I) Am gV C nmX go H$_ hmoVm h (J) Am gV C nmX go A{YH$ hmoVm h (K) Cn`w $ _| go H$moB ^r hmo gH$Vm h When the Average Product (AP) is maximum, the Marginal Product (MP) is : (Choose the correct alternative) 58/1 (a) Equal to AP (b) Less than AP (c) More than AP (d) Can be any one of the above 3 P.T.O. 4. O~ 100 BH$mB C nmXZ H$aZo H$s Hw$b p Wa bmJV < < 3 hmo, Vmo Hw$b bmJV hmoJr : (ghr {dH$ n Mw{ZE) 30 hmo Am a Am gV n[adVu bmJV 1 (H$) < 3 (I) < 30 (J) < 270 (K) < 330 When the total fixed cost of producing 100 units is < 30 and the average variable cost < 3, total cost is : (Choose the correct alternative) 5. (a) <3 (b) < 30 (c) < 270 (d) < 330 {H$gHo$ {bE C nmXZ {H$`m Om` H$s Ho$ r` g_ `m g_PmBE & 3 AWdm VH$ZrH$ Ho$ M`Z H$s Ho$ r` g_ `m g_PmBE & 3 Explain the central problem of for whom to produce . OR Explain the central problem of choice of technique . 6. ~obmoM _m J go `m A{^ m` h ? nyU V`m ~obmoM _m J go BgH$s VwbZm H$s{OE & What is meant by inelastic demand ? Compare it with perfectly inelastic demand. 58/1 4 3 7. EH$ d Vw H$s H$s_V nVm hmoZo na EH$ Cn^mo $m `h H $go V` H$aoJm {H$ dh Cg d Vw H$s {H$VZr _m m IarXo ? g_PmBE & 4 AWdm AZ{Y_mZ dH $ `m h ? 4 AZ{Y_mZ dH $m| H$s VrZ {deofVmE ~VmBE & Given the price of a good, how will a consumer decide as to how much quantity to buy of that good ? Explain. OR What is Indifference Curve ? State three properties of indifference curves. 8. O~ EH$ d Vw H$s H$s_V < 4 {V BH$mB go ~ T>H$a < 5 {V BH$mB hmoVr h , Vmo BgH$s ~m Oma ny{V 100 BH$mB go ~ T>H$a 120 BH$mB hmo OmVr h & ny{V H$s H$s_V bmoM H$m n[aH$bZ H$s{OE & `m ny{V bmoMXma h ? H$maU Xr{OE & 4 When the price of a commodity changes from < 4 per unit to < 5 per unit, its market supply rises from 100 units to 120 units. Calculate the price elasticity of supply. Is supply elastic ? Give reason. 9. C V_ H$s_V gr_m {ZYm aU go `m A{^ m` h ? BgHo$ n[aUm_ g_PmBE & 4 What is meant by price ceiling ? Explain its implications. 10. 6 AZ{Y_mZ dH $ {d bofU mam Cn^mo $m Ho$ g VwbZ H$s eV] g_PmBE & Explain the conditions of consumer s equilibrium using Indifference Curve Analysis. 11. gr_m V AmJ_ (g m{ V) Am a gr_m V bmJV H$s ghm`Vm go C nmXH$ Ho$ g VwbZ H$s eV] g_PmBE & 6 Explain the conditions of producer s equilibrium in terms of marginal revenue and marginal cost. 58/1 5 P.T.O. 12. EH$m{YH$mar {V`mo{JVm H$s VrZ {deofVmE ~VmBE & BZ_| go H$m Z-gr {deofVm Bgo nyU {V`mo{JVm go {^ H$aVr h Am a `m| ? 6 AWdm {Z Z{b{IV Ho$ n[aUm_ g_PmBE : 6 (H$) nyU {V`mo{JVm _| \$_m] Ho$ doe H$aZo Am a C moJ N>mo S>Zo H$s dV Vm (I) A nm{YH$ma _| J a-H$s_V {V`mo{JVm State three characteristics of monopolistic competition. Which of the characteristics separates it from perfect competition and why ? OR Explain the implications of the following : (a) Freedom of entry and exit of firms under perfect competition (b) Non-price competition under oligopoly I S> ~ SECTION B 13. {Z Z{b{IV _| go H$m Z-gm am Q >r` Am` H$mo ^m{dV H$aVm h ? (ghr {dH$ n Mw{ZE) (H$) (I) (J) (K) d Vw Ed godm H$a {ZJ_ H$a Am{W H$ ghm`Vm Cn`w $ _| go H$moB Zht Which of the following affects national income ? (Choose the correct alternative) 58/1 (a) Goods and Services tax (b) Corporation tax (c) Subsidies (d) None of the above 6 1 14. 1 _w m Amny{V H$s n[a^mfm Xr{OE & Define money supply. 15. Ho$ r` ~ H$ Eogm H$aHo$ G$U H$s Cnb YVm H$mo ~ T>m gH$Vm h : (ghr {dH$ n Mw{ZE) 1 (H$) nwZI arX Xa (aonmo aoQ>) ~ T>mH$a (I) {V nwZI arX Xa ([adg aonmo aoQ>) ~ T>mH$a (J) gaH$mar {V^y{V`m IarXH$a (K) gaH$mar {V^y{V`m ~oMH$a The central bank can increase availability of credit by : (Choose the correct alternative) 16. (a) Raising repo rate (b) Raising reverse repo rate (c) Buying government securities (d) Selling government securities Cn^moJ dH $ CX J_ go `m| Zht ew $ hmoVm h ? 1 Why does consumption curve not start from the origin ? 58/1 7 P.T.O. 17. {Z Z{b{IV _| go H$m Z-gr A {V_ d VwE h Am a H$m Z-gr _ `dVu ? H$maU Xr{OE & (H$) Mm` Q>m b mam X Y H$s IarX 3 (I) Hy$b mam ~g H$s IarX (J) Hy$b H $ Q>rZ go {d mWu mam Oyg H$s IarX AWdm gm_m ` Am` kmV hmoZo na h_ dm V{dH$ Am` H $go kmV H$a gH$Vo h ? g_PmBE & 3 Which among the following are final goods and which are intermediate goods ? Give reasons. (a) Milk purchased by a tea stall (b) Bus purchased by a school (c) Juice purchased by a student from the school canteen OR Given nominal income, how can we find real income ? Explain. 18. JwUH$ H$s n[a^mfm Xr{OE & gr_m V Cn^moJ d { m Am a JwUH$ Ho$ ~rM `m g ~ Y h ? `{X JwUH$ H$m _mZ 4 hmo, Vmo gr_m V Cn^moJ d { m H$m n[aH$bZ H$s{OE & 3 Define multiplier. What is the relation between marginal propensity to consume and multiplier ? Calculate the marginal propensity to consume if the value of multiplier is 4. 19. ^maVr` [a Od ~ H$ H$s A {V_ G$UXmVm Ho$ $n _| ^y{_H$m g_PmBE & Explain the role of the Reserve Bank of India as the lender of last resort . 58/1 8 4 20. _w m \$s{VH$mar A Vamb go `m A{^ m` h ? Bg A Vamb H$mo H$_ H$aZo Ho$ VrZ Cnm` ~VmBE & AWdm 4 g_J (Hw$b) _m J go `m A{^ m` h ? BgHo$ KQ>H$ ~VmBE & 4 What is meant by inflationary gap ? State three measures to reduce this gap. OR What is meant by aggregate demand ? State its components. 21. gr_m V Cn^moJ d { m H$m _y ` 0.6 h Am a AW `d Wm H$s map ^H$ Am` < 100 H$amo S> h & Am`, Cn^moJ Am a ~MV {XImVo h E EH$ Vm{bH$m V `ma H$s{OE & `{X dm` m {Zdoe < 80 H$amo S> hmo, Vmo Am` H$m g VwbZ Va ^r {XImBE & 4 The value of marginal propensity to consume is 0.6 and initial income in the economy is < 100 crores. Prepare a schedule showing Income, Consumption and Saving. Also show the equilibrium level of income by assuming autonomous investment of < 80 crores. 22. 6 {Z Z{b{IV Ho$ AW g_PmBE : (H$) amO d KmQ>m (I) amOH$mofr` KmQ>m (J) mW{_H$ KmQ>m AWdm gaH$mar ~OQ> Ho$ {Z Z{b{IV C o ` g_PmBE : (H$) g gmYZm| H$m Am~ Q>Z (I) Am` Ag_mZVmE H$_ H$aZm 6 Explain the meaning of the following : (a) Revenue deficit (b) Fiscal deficit (c) Primary deficit OR Explain the following objectives of government budget : (a) Allocation of resources (b) Reducing income inequalities 58/1 9 P.T.O. 23. 6 (H$) {d{Z_` Xa _| d { Ho$ am >r>` Am` na ^md g_PmBE & (I) ^wJVmZ g VwbZ _| KmQ>o H$s AdYmaUm g_PmBE & 24. (a) Explain the impact of rise in exchange rate on national income. (b) Explain the concept of deficit in balance of payments. n[aH$bZ H$s{OE (H$) ~m Oma H$s_V na {Zdb am Q >r` C nmX, VWm (I) gmYZ (CnmXmZ) bmJV na gH$b Kaoby C nmX : 4+2=6 (< H$amo S>m| _|) 58/1 (i) {H$am`m Am a `mO$ 6,000 (ii) _ OX ar VWm doVZ 1,800 (iii) A{dV[aV bm^ 400 (iv) {Zdb A `j H$a 100 (v) Am{W H$ ghm`Vm (vi) {ZJ_ H$a (vii) {dXoem| H$mo {Zdb H$maH$ Am` 70 (viii) bm^m e 80 (ix) AMb ny Or H$m Cn^moJ 50 (x) {Z`moOH$m| mam gm_m{OH$ gwajm A eXmZ (xi) {_{lV Am` 20 120 200 1,000 10 Calculate (a) Net National Product at market price, and (b) Gross Domestic Product at factor cost : (< in crores) 58/1 (i) Rent and interest 6,000 (ii) Wages and salaries 1,800 (iii) Undistributed profit 400 (iv) Net indirect taxes 100 (v) Subsidies (vi) Corporation tax (vii) Net factor income to abroad 20 120 70 (viii) Dividends 80 (ix) Consumption of fixed capital 50 (x) Social security contribution by employers (xi) Mixed income 200 1,000 11 P.T.O.

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