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CBSE Class 12 Board Exam 2016 : Economics

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SET-1 Series ONS U . Code No. U . 58/1 U U U- S - c U U Roll No. Candidates must write the Code on the title page of the answer-book. U - c U 12 - U U U U U- S - c U U U - 30 U M U , - 15 U - U q 10.15 10.15 10.30 U - U U - S U U 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. S ECONOMICS U 3 U Time allowed : 3 hours 58/1 100 Maximum Marks : 100 1 P.T.O. (i) U (ii) (iii) 1 - 5 U 16 - 20 U , 1 U (iv) 6 - 8 U 21 - 23 U , 3 U 60 (v) 9 - 11 U 24 - 26 U , 4 U 70 (vi) 12 - 15 U 27 - 30 U , 6 U 100 (vii) U U U U U Instructions : (i) All questions in both sections are compulsory. (ii) Marks for questions are indicated against each question. (iii) Question No. 1 - 5 and 16 - 20 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence. (iv) Question No. 6 - 8 and 21 - 23 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each. (v) Question No. 9 - 11 and 24 - 26 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each. (vi) Question No. 12 - 15 and 27 - 30 are long answer questions carrying 6 marks each. Answers to them should not normally exceed 100 words each. (vii) Answers should be brief and to the point and the above word limit be adhered to as far as possible. 58/1 2 U - SECTION - A 1. , U U ? 1 What is the relation between Average Variable Cost and Average Total Cost, if Total Fixed Cost is zero ? 2. S U ( ) 1 ( ) (a) (b) (c) (d) A firm is able to sell any quantity of a good at a given price. The firm s marginal revenue will be : (Choose the correct alternative) : 3. (a) Greater than Average Revenue (b) Less than Average Revenue (c) Equal to Average Revenue (d) Zero U ? 1 When does change in demand take place ? 58/1 3 P.T.O. 4. 1 ( ) (a) U (b) U (c) U U U (d) U Differentiated products is a characteristic of : (Choose the correct alternative) : 5. (a) Monopolistic competition only (b) Oligopoly only (c) Both monopolistic competition and oligopoly (d) Monopoly U U ( ) (a) (b) U (c) U (d) U Demand curve of a firm is perfectly elastic under : (Choose the correct alternative) 58/1 (a) Perfect competition (b) Monopoly (c) Monopolistic competition (d) Oligopoly 4 1 6. S X U Y U X U Y 3 U 4 X U Y ` 4 ? ? U 3 A consumer consumes only two goods X and Y. Marginal utilities of X and Y are 3 and 4 respectively. Prices of X and Y are ` 4 per unit each. Is consumer in equilibrium ? What will be further reaction of the consumer ? Give reasons. 7. S 10 h U (a) , (b) 21, (c) 22 3 What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b) 21, (c) 22. 8. ? U 3 U , U o What is minimum price ceiling ? Explain its implications. OR If the prevailing market price is above the equilibrium price, explain its chain of effects. 9. U U U U 4 Define demand. Name the factors affecting market demand. 58/1 5 P.T.O. 10. U U U - h U U ? 4 U h U S U U U Define fixed cost. Give an example. Explain with reason the behaviour of Average Fixed Cost as output is increased. OR Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are held constant. 11. ` 12 U U ` 9 , 75 U 4 When price of a commodity falls from ` 12 per unit to ` 9 per unit, the producer supplies 75 percent less output. Calculate price elasticity of supply. 12. S S ? S 6 Why do central problems of an economy arise ? Explain the central problem of for whom to produce ? 13. Explain three properties of indifference curves. 58/1 6 6 14. (a) S X U U (b) S X U U U U U 6 Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X, on the supply curve. Use diagrams. c U U 14 S U S X U U (a) (b) S X U U U U For blind candidates in lieu of Q. No 14. Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X on supply of a good. Use schedule. 15. U U (a) (b) M 6 U U U (a) Z L U (b) U U Explain the implications of the following in a perfectly competitive market : (a) Large number of sellers (b) Homogeneous products. OR Explain the implications of the following in an oligopoly market : 58/1 (a) Barriers to entry of new firms (b) A few or a few big sellers 7 P.T.O. U - SECTION - B 16. U 1 Define flows. 17. U U c U ( ) (a) U (b) (c) (d) U U- 1 National income is the sum of factor incomes accruing to : (Choose the correct alternative) (a) Nationals (b) Economic territory (c) Residents (d) Both residents and non-residents 18. U U U U S ? 1 What are revenue receipts in a government budget ? 19. U ( ) (a) (b) (c) U (d) U 1 Primary deficit equals : (Choose the correct alternative) (a) Borrowings (b) Interest payments (c) Borrowings less interest payments (d) Borrowings and interest payments both 58/1 8 20. , ( ) (a) (b) (c) S (d) 1 Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called : (Choose the correct alternative) 21. (a) Current transactions (b) Capital transactions (c) Autonomous transactions (d) Accommodating transactions S ` 200 U U 135 , U 3 Assuming real income to be ` 200 crore and price index to be 135, calculate nominal income. 22. ? U 3 U U What is aggregate demand ? State its components. OR Explain how controlling money supply is helpful in reducing excess demand. 58/1 9 P.T.O. 23. S U U c U 3 51000 S 5 200 5 100 An economy is in equilibrium. Calculate Marginal Propensity to Consume : National income 5 1000 Autonomous consumption expenditure 5 200 Investment expenditure = 100 24. U U U $ U , U U U U U U U 4 Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare. 25. S S ? 4 S S S ? Explain the medium of exchange function of money. How has it solved the related problem created by barter ? OR Explain the standard of deferred payment function of money. How has it solved the related problem created by barter ? 26. U U U Explain how Repo Rate can be helpful in controlling credit creation. 58/1 10 4 27. U S U U ? S U U U U U U U 6 U U U U ? U U U U U What is the difference between revenue expenditure and capital expenditure ? Explain how taxes and government expenditure can be used to influence distribution of income in the society. OR What is the difference between direct tax and indirect tax ? Explain the role of government budget in influencing allocation of resources. 28. U U U U 6 Given saving curve, derive consumption curve and state the steps in doing so. Use diagram. c U l 28 S U For the Blind Candidates in lieu of Q. No. 28. Explain consumption function. Derive saving function from consumption function. 29. U U U 6 (a) U U U ? U (b) U U U U Indian investors lend abroad. Answer the following questions : 58/1 (a) In which sub-account and on which side of the Balance of Payments Account such lending is recorded ? Give reasons. (b) Explain the impact of this lending on market exchange rate. 11 P.T.O. 30. U U U c U ( U ` ) (i) (ii) S U (iii) U (iv) U U 300 (v) U 150 (vi) 200 (vii) U U m U S U (viii) 800 20 (2) 10 40 O 100 (ix) 30 (x) U U 90 (xi) U c U U 50 Find Gross National Product at Market Price and Private Income : (` crores) (i) Private final consumption expenditure (ii) Net current transfers to abroad 20 (2) 10 (iii) Net factor income to abroad (iv) Government final consumption expenditure 300 (v) 150 Net indirect tax (vi) Net domestic capital formation 200 (vii) Current transfers from government 40 (viii) Depreciation 100 (ix) Net imports 30 (x) 90 Income accruing to government (xi) National debt interest 58/1 800 50 12 4, 2

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