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CBSE Class 12 Board Exam 2017 : Economics

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SET-1 H$moS> Z . Series GBM Code No. amob Z . 58/1 narjmWu H$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 > 12 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 _| >30 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 12 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 30 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$V_ A H$ : 100 Time allowed : 3 hours 58/1 Maximum Marks : 100 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 5 VWm 16 20 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 6 8 Am a 21 23 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 9 11 Am a 24 26 ^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 12 15 Am a 27 30 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 5 and 16 20 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. (iv) Question Nos. 6 8 and 21 23 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. (v) Question Nos. 9 11 and 24 26 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. (vi) Question Nos. 12 15 and 27 30 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. EH$ d Vw H$s _m J Ho$ ~mao _| H$moB ^r d $ ` nyU _mZm OmVm h O~ Cg_| {Z Z{b{IV H$m { OH $ hmo (ghr {dH$ n Mw{ZE) : (A) d Vw H$s H$s_V (~) d Vw H$s _m m (g) g_` Ad{Y (X) Cn`w $ g^r 1 Any statement about demand for a good is considered complete only when the following is/are mentioned in it (Choose the correct alternative) : 2. (a) Price of the good (b) Quantity of the good (c) Period of time (d) All of the above `` {d{Y mam EH$ d Vw H$s _m J H$mo ~obmoM Cg p W{V _| H$hm OmVm h O~ `{X (ghr {dH$ n Mw{ZE) (A) d Vw H$s H$s_V {JaVr h , Vmo Bg na `` ~ T>Vm h (~) d Vw H$s H$s_V {JaVr h , Vmo Bg na `` KQ>Vm h (g) d Vw H$s H$s_V {JaVr h , Vmo Bg na `` dhr ahVm h (X) d Vw H$s H$s_V ~ T>Vr h , Vmo Bg na `` KQ>Vm h 1 Demand for a good is termed inelastic through the expenditure approach when if (Choose the correct alternative) 3. (a) Price of the good falls, expenditure on it rises (b) Price of the good falls, expenditure on it falls (c) Price of the good falls, expenditure on it remains unchanged (d) Price of the good rises, expenditure on it falls 1 AZ{Y_mZ dH $ H$s n[a^mfm Xr{OE & Define indifference curve. 58/1 3 P.T.O. 4. EH$ {dH o$Vm H$m ~m Oma H$s_V na H$moB ^md Zht hmoVm (ghr {dH$ n Mw{ZE) 1 (A) nyU {V`mo{JVm _| (~) EH$m{YH$ma _| (g) EH$m{YH$mam _H$ {V`mo{JVm _| (X) Cn`w $ g^r _| A seller cannot influence the market price under (Choose the correct alternative) 5. (a) Perfect competition (b) Monopoly (c) Monopolistic competition (d) All of the above EH$m{YH$mam _H$ {V`mo{JVm H$s H$moB EH$ {deofVm ~VmBE & 1 State any one feature of monopolistic competition. 6. C nmXZ g ^mdZm gr_m H$m AW Am a BgH$s {deofVmE ~VmBE & 3 Give the meaning and characteristics of production possibility frontier. 7. H $go C nmXZ H$a| H$s g_ `m g_PmBE & 3 Explain the problem of how to produce . 8. EH$ d Vw H$s _m J _| d { Am a _m J-_m m _| d { Ho$ ~rM ^oX H$s{OE & AWdm ~OQ> g Q> Am a ~OQ> aoIm Ho$ AW g_PmBE & Distinguish between increase in demand and increase in quantity demanded of a good. OR Explain the meaning of Budget set and Budget line . 58/1 4 3 3 9. EH$ g `m _H$ CXmhaU H$s ghm`Vm go mg_mZ gr_m V {V WmnZ Xa H$m AW g_PmBE & 4 Explain with the help of a numerical example, the meaning of diminishing marginal rate of substitution. 10. ~m Oma ny{V H$s n[a^mfm Xr{OE & AmJVm| H$s H$s_V H$maH$ H$s `m `m H$s{OE {OgHo$ H$maU ny{V _| n[adV Z hmo gH$Vo h & 4 AWdm O~ Ho$db EH$ AmJV H$s BH$mB`m| H$s _m m ~ T>mB OmVr h Am a A ` AmJVm| H$mo p Wa aIm OmVm h , Vmo gr_m V C nmX Am a Hw$b C nmX H$m `m `dhma hmoJm ? ~VmBE & 4 Define market supply. Explain the factor input prices that can cause a change in supply. OR Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant. 11. nyU {V`mo{JVm H$s ~m Oma Ho$ ~mao _| nyU kmZ {deofVm H$s `m `m H$s{OE & 4 Explain perfect knowledge about the markets feature of perfect competition. 12. O~ EH$ d Vw H$s H$s_V < 10 {V BH$mB go ~ T>H$a < 12 {V BH$mB hmoVr h , Vmo BgH$s _m J-_m m 20 {VeV H$_ hmo OmVr h & BgH$s _m J H$s H$s_V bmoM H$m n[aH$bZ H$s{OE & `{X BgH$s H$s_V < 10 {V BH$mB go ~ T>H$a < 13 {V BH$mB hmo OmE, Vmo BgH$s _m J-_m m _| {H$VZo {VeV n[adV Z hmoJm ? 6 When the price of a good rises from < 10 per unit to < 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from < 10 per unit to < 13 per unit ? 58/1 5 P.T.O. 13. {Z Z{b{IV Vm{bH$m H$mo nyam H$s{OE C nmXZ (BH$mB`m ) : 6 Am gV gr_m V Am gV Am gV p Wa bmJV (<) n[adVu bmJV (<) bmJV (<) bmJV (<) 1 60 20 .... .... 2 .... .... 19 .... 3 20 .... 18 .... 4 .... 18 .... .... 5 12 .... .... 31 Complete the following table : Output (units) 14. 58/1 Average Marginal Average Fixed Cost (<) Variable Cost (<) Cost (<) Average Cost (<) 1 60 20 .... .... 2 .... .... 19 .... 3 20 .... 18 .... 4 .... 18 .... .... 5 12 .... .... 31 EH$ \$_ H$s Hw$b bmJV Am a Hw$b g m{ V (AmJ_) H$s {Z Z{b{IV Vm{bH$m go gr_m V bmJV Am a gr_m V g m{ V {d{Y mam C nmXZ H$m dh Va kmV H$s{OE {Og na \$_ g VwbZ _| hmoJr & AnZo C ma Ho$ {bE H$maU Xr{OE & C nmXZ (BH$mB`m ) Hw$b g m{ V (AmJ_) (<) Hw$b bmJV 1 10 8 2 18 15 3 24 21 4 28 25 5 30 33 (<) 6 6 From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be in equilibrium. Give reasons for your answer. 15. Output (units) Total Revenue (<) Total Cost (<) 1 10 8 2 18 15 3 24 21 4 28 25 5 30 33 nyU A nm{YH$ma Am a AnyU A nm{YH$ma Ho$ ~rM A Va ~VmBE & A nm{YH$ma H$s \$_m] Ho$ ~rM na na {Z^ aVm {deofVm H$s `m `m ^r H$s{OE & $ 6 AWdm EH$ Vm{bH$m H$s ghm`Vm go _m J Am{Y ` Am a ny{V Am{Y ` Ho$ AW g_PmBE & BZHo$ g VwbZ H$s_V na ^md H$s `m `m H$s{OE & 6 Distinguish between perfect oligopoly and imperfect oligopoly. Also explain the interdependence between the firms feature of oligopoly. OR Explain the meaning of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price. I S> ~ SECTION B 16. 58/1 _m J O_mAm| _| em{_b h (ghr {dH$ n Mw{ZE) (A) ~MV ImVm O_mE Am a gmd{Y O_mE (~) ~MV ImVm O_mE Am a Mmby ImVm O_mE (g) Mmby ImVm O_mE Am a gmd{Y O_mE (X) g^r H$ma H$s O_mE 7 1 P.T.O. Demand deposits include (Choose the correct alternative) 17. (a) Saving account deposits and fixed deposits (b) Saving account deposits and current account deposits (c) Current account deposits and fixed deposits (d) All types of deposits 1 gr_m V Cn^moJ d { m H$s n[a^mfm Xr{OE & Define marginal propensity to consume. 18. `{X gr_m V Cn^moJ d { m gr_m V ~MV d { m go A{YH$ h , Vmo JwUH$ H$m _y ` (ghr {dH$ n Mw{ZE) (A) 2 go A{YH$ hmoJm (~) 2 go H$_ hmoJm (g) 2 Ho$ ~am~a hmoJm (X) 5 Ho$ ~am~a hmoJm 1 If the marginal propensity to consume is greater than marginal propensity to save, the value of the multiplier will be (Choose the correct alternative) 19. (a) greater than 2 (b) less than 2 (c) equal to 2 (d) equal to 5 1 gaH$mar ~OQ> H$s n[a^mfm Xr{OE & Define Government budget. 20. Xoer` _w m Ho$ _y ` mg H$m `m AW h ? 1 What is meant by depreciation of domestic currency ? 21. EH$ CXmhaU H$s ghm`Vm go d VwAm| H$mo Ap V_ d VwAm| Am a _ `dVu d VwAm| _| dJuH $V H$aZo H$m AmYma g_PmBE & Explain with the help of an example, the basis of classifying goods into final goods and intermediate goods. 58/1 8 3 22. d Vw {d{Z_` Umbr Ho$ A VJ V AmZo dmbr g n{ m g M` H$aZo _| H${R>ZmB g_ `m H$mo g_PmBE & 3 AWdm _w m Ho$ {d{Z_` H$m _m `_ H$m` g_PmBE & 3 Explain difficulty in storing wealth problem faced in the barter system of exchange. OR Explain the medium of exchange function of money. 23. 3 `j H$am| Am a A `j H$am| _| ^oX H$s{OE & `oH$ H$m EH$ CXmhaU Xr{OE & Distinguish between direct taxes and indirect taxes. Give an example of each. 24. Ho$ r` ~ H$ Ho$ ~ H$m| H$m ~ H$ H$m` H$s `m `m H$s{OE & AWdm dm{Up `H$ ~ H$m| mam gmI {Z_m U H$s {H $`m H$s `m `m H$s{OE & 4 4 Explain the bankers bank function of the central bank. OR Explain the process of credit creation by commercial banks. 25. EH$ AW `d Wm g VwbZ _| h & {Z Z{b{IV Am H$ S>m| go gr_m V ~MV d { m H$m n[aH$bZ H$s{OE : (A) Am` = 10,000 (~) dm` m Cn^moJ = 500 (g) Cn^moJ `` = 8,000 4 An economy is in equilibrium. From the following data, calculate the marginal propensity to save : 58/1 (a) Income = 10,000 (b) Autonomous consumption = 500 (c) Consumption expenditure = 8,000 9 P.T.O. 26. AW `d Wm _| Am{W H$ p WaVm bmZo _| gaH$mar ~OQ> H $go ghm`H$ hmo gH$Vm h g_PmBE & ? 4 Explain how government budget can be helpful in bringing economic stabilization in the economy. 27. ^wJVmZ g VwbZ boIm Ho$ (A) Mmby ImVm Am a n yOrJV ImVm Ho$ ~rM, VWm (~) dV ( dm` m) gm Xm| Am a g_m`moOZ hoVw gm Xm| Ho$ ~rM ^oX H$s{OE & 6 Distinguish (a) between current account and capital account, and (b) between autonomous transactions and accommodating transactions of balance of payments account. 28. `` {d{Y mam am >r` Am` H$m AmH$bZ H$aVo g_` Omo gmdYm{Z`m ~aVr OmZr Mm{hE CZH$s `m `m H$s{OE & 6 AWdm `m {Z Z{b{IV H$mo ^maV Ho$ Xoer` C nmX _| em{_b {H$`m OmEJm ? AnZo C ma Ho$ {bE H$maU Xr{OE & (A) ^maV _| {dXoer H$ n{Z`m| mam A{O V bm^ (~) ^maV _| $gr X Vmdmg _| H$m` aV ^maVr`m| Ho$ doVZ (g) ^maVr` Q>oQ> ~ H$ H$s OmnmZ _| EH$ emIm mam A{O V bm^ Explain the precautions that should be taken while estimating national income by expenditure method. OR Will the following be included in the domestic product of India ? Give reasons for your answer. 58/1 (a) Profits earned by foreign companies in India (b) Salaries of Indians working in the Russian Embassy in India (c) Profits earned by a branch of State Bank of India in Japan 10 6 29. (A) am >r` Am`, VWm (~) {Zdb am >r` `mo ` Am` H$m n[aH$bZ H$s{OE : 6 (< H$amo S>m| _|) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) 2,000 H$_ Mm[a`m| H$m nm[al{_H$ {H$am`m bm^ bm^m e `mO d{Z`mo{OVm| H$s {_{lV Am` {dXoem| H$mo {Zdb H$maH$ Am` {Zdb {Z`m V {Zdb A `j H$a _y ` mg> {dXoem| H$mo {Zdb Mmby h Vm VaU 400 900 100 500 7,000 50 60 300 150 30 Calculate (a) National Income, and (b) Net National Disposable Income : (< in crores) (i) Compensation of employees 2,000 (ii) Rent 400 (iii) Profit 900 (iv) Dividend 100 (v) Interest 500 (vi) Mixed income of self-employed (vii) Net factor income to abroad 50 (viii) Net exports 58/1 7,000 60 (ix) Net indirect taxes 300 (x) Depreciation 150 (xi) Net current transfers to abroad 11 30 P.T.O. 30. {XE JE Cn^moJ dH $ go ~MV dH $ m V H$aZo hoVw {bE OmZo dmbo H$X_m| H$s $naoIm VwV H$s{OE & aoIm{M H$m `moJ H$s{OE & 6 Given a consumption curve, outline the steps required to be taken in deriving a saving curve from it. Use diagram. ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 30 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 30. am >r` Am` g VwbZ H$s Xmo d H$p nH$ eV] ~VmBE & `{X AW `d Wm g VwbZ _| Z hmo, Vmo `m hmoZo H$s g ^mdZm hmoVr h ? g_PmBE & Give two alternative conditions of national income equilibrium. Explain what is likely to happen, if the economy is not in equilibrium. 58/1 12 6

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