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CBSE Class XII 2014 : ECONOMICS

11 pages, 88 questions, 22 questions with responses, 25 total responses,

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H$moS> Z . Series OSR Code No. amob Z . 58/1 narjmWu H$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 _| >32 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 32 questions. Please write down the Serial Number of the question before attempting it. 15 minutes 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 17 21 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 10 Am a 22 26 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 11 13 Am a 27 29 ^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 14 16 Am a 30 32 `m `m _H$ C ma dmbo 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) Vmam {H$V (*) Z _y `mYm[aV Z h & (viii) C ma g {j VWm V `m _H$ hmoZo Mm{hE VWm `Wmg ^d D$na Xr JB gr_m Ho$ 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. (iii) Questions No. 1 5 and 17 21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. (iv) Questions No. 6 10 and 22 26 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. (v) Questions No. 11 13 and 27 29 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. (vi) Questions No. 14 16 and 30 32 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each. (vii) Questions marked star (*) are value-based questions. (viii) 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. gaH$ma Zo {dXoer ny Or H$mo mo gm{hV H$aZm ew $ H$a {X`m h & C nmXZ g ^mdZm gr_m Ho$ g X^ _| BgH$m Am{W H$ _y ` `m h ? 1 The government has started promoting foreign capital. What is its economic value in the context of Production Possibilities Frontier ? 2. 1 AZ{Y_mZ dH $ H$s n[a^mfm Xr{OE & Define indifference curve. 3. 1 gr_m V C nmX H$s n[a^mfm Xr{OE & Define marginal product. 4. EH$ C nmX H$s ~m Oma ny{V go `m A{^ m` h ? 1 What is market supply of a product ? 5. AnyU A nm{YH$ma go `m A{^ m` h ? 1 What is imperfect oligopoly ? 6. C nmXZ g ^mdZm dH $ AdVb `m| hmoVm h ? g_PmBE & 3 Why is Production Possibilities Curve concave ? Explain. 7. O~ EH$ d Vw H$s H$s_V < 10 go KQ> H$a < 8 {V BH$mB hmo OmVr h , Vmo BgH$s _m J 20 BH$mB go ~ T> H$a 24 BH$mB hmo OmVr h & Bg d Vw H$s _m J H$s H$s_V bmoM Ho$ ~mao _| `` {d{Y mam Amn `m H$h gH$Vo h ? 3 When the price of a good falls from < 10 to < 8 per unit, its demand rises from 20 units to 24 units. What can you say about price elasticity of demand of the good through the expenditure approach ? 58/1 3 P.T.O. 8. g_PmBE VH$ZrH$s J{V {H$g H$ma EH$ \$_ mam {H$gr d Vw H$s ny{V H$m {ZYm aH$ h & 3 AWdm g_PmBE AmJVm| H$s H$s_V| {H$g H$ma EH$ \$_ mam {H$gr d Vw H$s ny{V H$m {ZYm aH$ h & Explain how technological progress is a determinant of supply of a good by a firm. OR Explain how input prices are a determinant of supply of a good by a firm. 9. ? 3 A nm{YH$ma _| \$_m] H$s g `m H$_ `m| hmoVr h ? g_PmBE & 3 Am gV g m{ (AmJ_) gX d H$s_V Ho$ ~am~a `m| hmoVr h Why is Average Revenue always equal to price ? 10. Why is the number of firms small in oligopoly ? Explain. 11. EH$ Cn^mo $m Ho$db Xmo d VwAm| X Am a Y H$m Cn^moJ H$aVm h Am a g VwbZ _| h & {XImBE {H$ O~ d Vw X H$s H$s_V ~ T>Vr h , Vmo Cn^mo $m d Vw X H$s H$_ _m m IarXVm h & Cn`mo{JVm {d bofU H$m Cn`moJ H$s{OE & 4 AWdm {H$gr d Vw H$s Xr JB H$s_V Ho$ AmYma na Cn^mo $m H $go V` H$aoJm {H$ dh Cg d Vw H$s {H$VZr _m m IarXo ? Cn`mo{JVm {d bofU H$m Cn`moJ H$s{OE & A consumer consumes only two goods X and Y and is in equilibrium. Show that when the price of good X rises, the consumer buys less of good X. Use utility analysis. OR Given the price of a good, how will a consumer decide as to how much quantity of that good to buy ? Use utility analysis. 12. K{Q>`m d Vw H$m AW ~VmBE Am a Bgo EH$ CXmhaU H$s ghm`Vm go g_PmBE & Give the meaning of inferior good and explain the same with the help of an example. 58/1 4 4 13. H$maU XoVo h E n[adVu AZwnmVm| H$m {Z`_ g_PmBE & 4 Giving reasons, explain the Law of Variable Proportions . 14. 6 g_PmBE `m| EH$ AZ{Y_mZ dH $ (A) ZrMo H$s Amoa T>bdm Am a (~) C mb hmoVm h & AWdm g `m _H$ CXmhaU H$s ghm`Vm go {V WmnZ H$s gr_m V Xa H$s AdYmaUm g_PmBE & AZ{Y_mZ dH $ na BgH$m `dhma ^r g_PmBE & Explain why is an indifference curve (a) downward sloping and (b) convex. OR Explain the concept of Marginal Rate of Substitution with the help of a numerical example. Also explain its behaviour along an indifference curve. 15. EH$ \$_ Ho$ ~mao _| {Z Z{b{IV gyMZm go, gr_m V bmJV Am a gr_m V g m{ (AmJ_) Ho$ AmYma na \$_ H$m g VwbZ C nmXZ kmV H$s{OE & H$maU ~VmBE & Bg C nmXZ na bm^ ^r kmV H$s{OE & C nmXZ Hw$b g m{ (AmJ_) Hw$b bmJV (BH$mB ) (<) (<) 1 2 3 4 5 6 12 18 24 30 6 7 13 17 23 31 From the following information about a firm, find the firm s equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output. Output (units) 1 Total Cost (<) 7 2 12 13 3 18 17 4 24 23 5 58/1 Total Revenue (<) 6 30 31 5 P.T.O. 16. EH$ d Vw H$m ~m Oma g VwbZ _| h & d Vw H$s _m J _| H$_r AmVr h & ~m Oma Ho$ Xmo~mam g VwbZ _| AmZo VH$ Bg n[adV Z Ho$ H$maU hmoZo dmbo ^mdm| H$s m Ibm g_PmBE & aoIm{M H$m `moJ H$s{OE & 6 Market of a commodity is in equilibrium. Demand for the commodity decreases . Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram. ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 16 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 16. EH$ d Vw H$m ~m Oma g VwbZ _| h & d Vw H$s _m J _| H$_r AmVr h & ~m Oma Ho$ Xmo~mam g VwbZ _| AmZo VH$ Bg n[adV Z Ho$ H$maU hmoZo dmbo ^mdm| H$s m Ibm g_PmBE & nhbo Am a ~mX Ho$ g VwbZm| na H$s_Vm| H$s VwbZm ^r H$s{OE & 6 Market for a commodity is in equilibrium. Demand for the commodity decreases . Explain the chain of effects of this change till the market again reaches equilibrium. Also compare prices at old and new equilibriums. I S> ~ SECTION B 17. ? 1 \$s{V A Vamb H$s n[a^mfm Xr{OE & 1 gmd{Y O_mAm| go `m A{^ m` h What are time deposits ? 18. Define inflationary gap. 19. nyU amo OJma go `m A{^ m` h ? 1 What is full employment ? 20. 1 amOH$mofr` KmQ>m H$s n[a^mfm Xr{OE & Define fiscal deficit. 58/1 6 21. 1 {dXoer {d{Z_` Xa H$s n[a^mfm Xr{OE & Define foreign exchange rate. 22. ~m H$maUm| (~mhar ^mdm|) go `m A{^ m` h ? {H$gr YZm _H$ ~mhar ^md H$m CXmhaU Xr{OE Am a BgH$m bmoJm| Ho$ H$ `mU na n S>Zo dmbm ^md g_PmBE & 3 What are externalities ? Give an example of a positive externality and its impact on welfare of the people. 23. _w m H$m boIm H$s BH$mB H$m` H$m _h d g_PmBE & 3 AWdm _w m H$m Am W{JV ^wJVmZ H$m _mZH$ H$m` H$m _h d g_PmBE & Explain the significance of the Unit of Account function of money. OR Explain the significance of the Standard of Deferred Payment function of money. 24. gaH$mar ~OQ> Ho$ g X^ _| {Z Z{b{IV amO d m{ h `m ny OrJV m{ Am a `m| (i) 3 H$a m{ `m (ii) ? {d{Zdoe Is the following a revenue receipt or a capital receipt in the context of government budget and why ? (i) (ii) 25. Tax receipts Disinvestment ^wJVmZ g VwbZ boZXoZm| _| dm` m ( dV ) Am a g_m`moOZ hoVw boZXoZm| _| A Va ~VmBE & 3 Distinguish between autonomous and accommodating Balance of Payments transactions. 58/1 7 P.T.O. 26. hmb hr _| ^maV _| {dXoer {d{Z_` Xa ~ T> ahr h & BgH$m {Z`m V na `m ^md n S>Zo H$s g ^mdZm h Am a H $go ? 3 Foreign exchange rate in India is on the rise recently. What impact is it likely to have on exports and how ? 27. Ho$ r` ~ H$ H$m gaH$ma H$m ~ H$a H$m` g_PmBE & 4 AWdm Ho$ r` ~ H$ H$m ~ H$m| H$m ~ H$ H$m` g_PmBE & Explain Banker to the Government function of the central bank. OR Explain Bankers Bank function of the central bank. 28. EH$ AW `d Wm, Omo {H$ g VwbZ _| h , Ho$ ~mao _| {Z Z{b{IV Am H$ S>m| go gr_m V Cn^moJ d { m H$m n[aH$bZ H$s{OE : am >r` Am` = 2000 dm` m ( dV ) Cn^moJ `` = 200 {Zdoe `` = 4 100 Calculate Marginal Propensity to Consume from the following data about an economy which is in equilibrium : National income Autonomous consumption expenditure = 200 Investment expenditure *29. = 2000 = 100 C Am` dJ na H$a H$s Xa| ~ T>m Xr JB h & `h {H$g Am{W H$ _y ` H$mo Xem Vm h g_PmBE & ? Tax rates on higher income group have been increased. Which economic value does it reflect ? Explain. 58/1 8 4 30. {Z Z{b{IV go H$maH$ bmJV na {Zdb am >r` C nmX Am a gH$b am >r` `mo ` Am` H$m n[aH$bZ H$s{OE : 4, 2 (< Aa~ _|) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) H$_ Mm[a`m| mam gm_m{OH$ gwajm A eXmZ _ OX ar VWm doVZ {dXoem| H$mo {Zdb Mmby h Vm VaU {H$am`m VWm am ` Q>r {dXoem| H$mo {Zdb H$maH$ Am` {Z`moOH$m| mam gm_m{OH$ gwajm A eXmZ bm^ `mO AMb ny Or H$m Cn^moJ {Zdb A `j H$a 90 800 ( ) 30 300 50 100 500 400 200 250 Calculate Net National Product at Factor Cost and Gross National Disposable Income from the following : (< in Arab) (i) Social security contributions by employees 90 (ii) Wages and salaries (iii) Net current transfers to abroad (iv) Rent and royalty (v) Net factor income to abroad (vi) Social security contributions by employers 100 (vii) Profit 500 800 ( ) 30 300 50 (viii) Interest (ix) Consumption of fixed capital 200 (x) 58/1 400 Net indirect tax 250 9 P.T.O. 31. EH$ Xoe H$s am >r` Am` H$m AZw_mZ bJmVo g_` {Z Z{b{IV Ho$ gmW `m `dhma {H$`m OmZm Mm{hE ? AnZo C ma H$m H$maU Ad ` ~VmE & (i) d _mVm-{nVm H$s XoI^mb H$aZm (ii) {ZJ_ H$a H$m ^wJVmZ (iii) 6 gaH$ma mam nw{bg godmE XoZo na `` How should the following be treated in estimating national income of a country ? You must give reason for your answer. (i) (ii) Payment of corporate tax (iii) 32. Taking care of aged parents Expenditure on providing police services by the government ~MV Am a {Zdoe \$bZ H$s ghm`Vm go g_PmBE {H$ AW `d Wm H$~ g VwbZ _| hmoVr h & `h ^r g_PmBE {H$ O~ AW `d Wm g VwbZ _| Z hmo, Vmo AW `d Wm _| `m n[adV Z 6 AmVo h & aoIm{M H$m `moJ H$s{OE & AWdm ~MV dH $ go Cn^moJ dH $ m H$aZo Ho$ Xm amZ {bE OmZo dmbo MaU ~VmBE & aoIm{M H$m `moJ H$s{OE & When is an economy in equilibrium ? Explain with the help of Saving and Investment functions. Also explain the changes that take place in an economy when the economy is not in equilibrium. Use diagram. OR Outline the steps required to be taken in deriving the Consumption Curve from the given Saving Curve. Use diagram. 58/1 10 ZmoQ> : Note : {Z Z{b{IV Z Ho$db { >hrZ narjm{W `m| Ho$ {bE Z g `m 32 Ho$ WmZ na h & The following question is for the Blind Candidates only in lieu of Q. No. 32. {Zdoe H$s n[a^mfm Xr{OE & ~MV Am a {Zdoe \$bZ mam am >r` Am` H$m g VwbZ g_PmBE & `h ^r g_PmBE {H$ O~ AW `d Wm g VwbZ _| Z hmo, Vmo AW `d Wm _| `m n[adV Z AmVo h & 6 AWdm Cn^moJ \$bZ go `m A{^ m` h g_PmBE & ? ~MV \$bZ go Bgo H $go m {H$`m Om gH$Vm h ? Define Investment. Explain national income equilibrium through Saving and Investment function. Also explain the changes that take place in an economy when the economy is not in equilibrium. OR What is Consumption Function ? How can it be derived from the Saving Function ? Explain. 58/1 11 P.T.O.

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