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CBSE Class 12 Board Exam 2019 : Economics (Series 3)

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SET-1 H$moS> Z . Series BVM/3 Code No. amob Z . 58/3/1 narjmWu H$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 > 15 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 15 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 58/3/1 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 bKy 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 bKy 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 bKy 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. 58/3/1 2 I S> A ( `{ Q> AW em ) SECTION A (MICROECONOMICS) 1. C nmXZ g ^mdZm dH $ (nr.nr.gr.) Cg Ad Wm _| _yb-q~X Ho$ ZVmoXa hmoJm, `{X gr_m V Adga bmJV : (ghr {dH$ n H$m M`Z H$a|) (H$) ~ T>Vr h B hmo (I) KQ>Vr h B hmo (J) p Wa hmo (K) G$Um _H$ hmo AWdm {XE JE {M _| X1, Y1 d X2, Y2 EH$ H$m n{ZH$ AW `d Wm Ho$ Xmo {^ g_`H$mbm|, g_`H$mb 1 VWm g_`H$mb 2 H$s C nmXZ g ^mdZm gr_mE VwV H$aVo h & A1 VWm A2, g_`H$mb 1 VWm g_`H$mb 2 _| H $_e: dm V{dH$ C nmXZ VwV H$aVo h & P1 VWm P2, g_`H$mb 1 VWm g_`H$mb 2 _| H $_e: g ^m{dV C nmXZ H$s _m m VwV H$aVo h & XmoZm| g_` Ad{Y`m| Ho$ ~rM Am{W H$ {dH$mg H$m _mnZ {Z Z{b{IV {~ X Am| Ho$ ~rM MbZ go Xem `m Om gH$Vm h : (ghr {dH$ n H$m M`Z H$a|) (H$) P1 go P2 (I) A1 go A2 (J) A1 go P1 (K) A2 go P2 58/3/1 3 1 1 P.T.O. A production possibility curve (PPC) would be concave to the origin if marginal opportunity cost is : (Choose the correct alternative) (a) Increasing (b) Decreasing (c) Constant (d) Negative OR In the given figure X1, Y1 and X2, Y2 are production possibility frontiers for a hypothetical economy in two different time periods, Period 1 and Period 2. A1 and A2, represent actual outputs in Period 1 and Period 2 respectively. P1 and P2, represent potential outputs in Period 1 and Period 2 respectively. The economic growth over the two periods would be represented by movement from : (Choose the correct alternative) (a) P1 to P2 (b) A1 to A2 (c) A1 to P1 (d) A2 to P2 58/3/1 4 2. AmJV-{ZJ V g_Vb _| gr_m V C nmX dH $ H$s AmH ${V (ghr {dH$ n H$m M`Z H$a|) (H$) U AmH$ma Ho$ dH $ Ho$ (I) C Q>o U AmH$ma Ho$ dH $ Ho$ (J) C Q>o S AmH$ma Ho$ dH $ Ho$ (K) S AmH$ma Ho$ dH $ Ho$ ___________ $n H$s hmoVr h : 1 The marginal product curve in the input-output plane, looks like ____________ : (Choose the correct alternative) 3. (a) a U shaped curve (b) an inverse U shaped curve (c) an inverse S shaped curve (d) an S shaped curve `{X d Vw X H$s Amny{V H$s _m m _| {VeV n[adV Z, d Vw X H$s H$s_V _| h E {VeV n[adV Z go A{YH$ h , Vmo Amny{V H$s H$s_V bmoM H$m JwUH$ _____________ hmoJm : (ghr {dH$ n H$m M`Z H$a|) (H$) Es = 1 (I) Es < 1 (J) Es = 0 (K) Es > 1 1 If the percentage change in quantity supplied of commodity X is more than the percentage change in price of the commodity X, the coefficient of price elasticity of supply would be _______________ : (Choose the correct alternative) (a) Es = 1 (b) Es < 1 (c) Es = 0 (d) Es > 1 58/3/1 5 P.T.O. 4. `{X {H$gr d Vw H$s 4 BH$mB`m| Ho$ C nmXZ na Am gV p Wa bmJV < 60 AmVr h , Vmo Cg d Vw H$s 5 BH$mB`m| Ho$ {bE Hw$b p Wa bmJV ____________ hmoJr & ([a $ WmZ H$s ny{V H$a|) AWdm n[adVu bmJV Ho$ H$moB Xmo CXmhaU ~VmBE & 1 1 If the average fixed cost of producing 4 units of output is < 60, then the value of total fixed cost for producing 5 units will be _____________ . (Fill up the blank) OR State any two examples of variable cost. 5. `m C nmXZ {H$`m OmE H$s Ho$ r` g_ `m H$mo g jon _| g_PmBE & 3 Explain briefly the central problem of What to produce . 6. EH$ {ddoH$erb Cn^mo $m Ho$db Xmo d VwAm|, d Vw X d d Vw Y H$m Cn^moJ H$aVr h , {OZH$s H$s_V| H $_e: < 4 d < 5 h & CgH$s Hw$b _m { H$ Am` < 40 h & Xr JB gyMZm Ho$ AmYma na {Z Z{b{IV Zm| Ho$ C ma Xr{OE : (H$) Cn^mo $m Ho$ ~OQ> aoIm g_rH$aU H$m C boI H$s{OE & (I) ~OQ> aoIm H$s dUVm `m hmoJr ? AWdm EH$ {ddoH$erb Cn^mo $m Ho$db Xmo d VwAm|, d Vw X d d Vw Y H$m Cn^moJ H$aVr h , `{X dV _mZ _| dh MU MU y x P Py x H$s n[ap W{V _| h , Vmo Cn^mo $m g VwbZ m V H$aZo 3 Ho$ {bE CgH$m g ^m{dV `dhma ~VmBE & A rational consumer is consuming only two goods, Good X and Good Y with < 4 and < 5 as their respective prices. Her total money income is < 40. Answer the following questions, based on the given information : (a) State the consumer s budget line equation. (b) What would be the slope of the budget line ? OR If a rational consumer is consuming only two Goods X and Y, state her likely behaviour to attain consumer s equilibrium if she faces a situation MU MU y . x where P Py x 58/3/1 1, 2 6 7. Xr JB {Z Z{b{IV AZwgyMr Ho$ AmYma na, ~VmBE {H$ C nmXZ H$s {H$g _m m na \$_ g VwbZ _| hmoJr d `m| & _m m (BH$mB`m| _|) H$s_V (< _|) Hw$b bmJV (< _|) 0 20 10 1 20 50 2 20 80 3 20 100 4 20 105 5 20 125 6 20 150 4 Given the following schedule, state at which level of output, will the firm be at equilibrium and why. 8. Quantity (in units) Price (in <) Total Cost (in <) 0 20 10 1 20 50 2 20 80 3 20 100 4 20 105 5 20 125 6 20 150 {Z ZV_ {ZYm [aV H$s_V go Amn `m g_PVo h ? Cn`w $ CXmhaU H$m `moJ H$aVo h E `m `m H$s{OE & AWdm C V_ {ZYm [aV H$s_V go Amn `m g_PVo h ? Cn`w $ CXmhaU H$m `moJ H$aVo h E `m `m H$s{OE & 4 4 What is meant by Price Floor ? Explain using a suitable example. OR What is meant by Price Ceiling ? Explain using a suitable example. 58/3/1 7 P.T.O. 9. `{X {H$gr d Vw H$s H$s_V _| 10% d { Ho$ n[aUm_ d $n Bg d Vw H$s _m J 40 BH$mB go KQ> H$a 30 BH$mB ah OmVr h , d Vw H$s _m J H$s H$s_V bmoM Ho$ JwUH$ H$s JUZm H$s{OE & _m J H$s H$s_V bmoM H$s H ${V na {Q> nUr H$s{OE & 4 AWdm dm`w X fU Ho$ Va _| d { H$m dm`w emoYH$m|> (Air Purifiers) H$s ~m Oma _m J na n S>Zo dmbo ^md H$s `m `m H$s{OE & (aoIm{M H$m `moJ H$s{OE) 4 If the price of a commodity rises by 10% and its quantity demanded falls from 40 units to 30 units, calculate coefficient of price elasticity of demand. Comment on the nature of price elasticity of demand. OR Explain the effect of the increase in the level of air pollution, on the market demand for Air Purifiers . (Use diagram) ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m WmZ na h : 9 ({dH$ n) Ho$ Note : The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 9 (Alternative) : dm`w X fU Ho$ Va _| d { H$m dm`w emoYH$m|> (Air Purifiers) H$s ~m Oma _m J na n S>Zo dmbo ^md H$s `m `m H$s{OE & 4 Explain the effect of the increase in the level of air pollution, on the market demand for Air Purifiers . 10. gmYZ Ho$ ~ T>Vo {V\$b go `m A{^ m` h ? gmYZ Ho$ ~ T>Vo {V\$b Ho$ {H$ ht Xmo H$maUm| H$s MMm H$s{OE & What is meant by increasing returns to a factor ? Discuss any two reasons behind increasing returns to a factor. 58/3/1 8 6 11. aoIm{M H$m `moJ H$aVo h E, AZ{Y_mZ dH $ H$s {Z Z{b{IV {deofVmAm| H$s g jon _| MMm H$s{OE : (H$) _yb-{~ X H$s Amoa C mb dH $ (I) ~mE go XmE ZrMo H$s Amoa T>mby dH $ 3, 3 Discuss briefly the following properties of an indifference curve, using diagram : (a) Convexity to origin (b) Downward sloping from left to right ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m 11 Ho$ WmZ na h Note : The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 11 : AZ{Y_mZ dH $ H$s {Z Z{b{IV {deofVmAm| H$s g jon _| MMm H$s{OE (H$) _yb-{~ X H$s Amoa C mb dH $ (I) ~mE go XmE ZrMo H$s Amoa T>mby dH $ : : 3, 3 Discuss briefly the following properties of an indifference curve : (a) Convexity to origin (b) Downward sloping from left to right 12. (H$) _m J dH $ hr \$_ H$m Am gV AmJ_ (AR) dH $ hmoVm h & `m Amn Bg H$WZ go gh_V h ? AnZo C ma Ho$ g_W Z _|, H$maU XoVo h E g jon _| MMm H$s{OE & (I) {H$gr d Vw H$m ~m Oma g VwbZ H$s p W{V _| h & d Vw H$s Amny{V _| d { hmo OmVr h O~{H$ d Vw H$s _m J _| H$moB n[adV Z Zht hmoVm & gm ` H$r_V VWm gm ` _m m na n[adV Z go n S>Zo dmbo ^md H$s MMm H$s{OE & AWdm EH$m{YH$mam _H$ {V`moJr ~m Oma $n H$s VrZ _wI {deofVmAm| H$m {ddaU Xr{OE & (a) (b) 3, 3 6 Demand curve is the Average Revenue (AR) curve of a firm. Do you agree ? Discuss briefly, with reason in support of your answer. The market for a commodity is in equilibrium. The supply of the commodity increases without any corresponding change in the demand for the commodity. Discuss the impact of the change on the equilibrium price and equilibrium quantity. OR Elaborate three main features of a monopolistic competitive form of market. 58/3/1 9 P.T.O. I S> ~ (g_{ Q> AW em ) SECTION B (MACROECONOMICS) 13. ^maVr` [a Od ~ H$ mam o{fV [anmoQ> Ho$ AZwgma, Cn^mo $m H$s_V gyMH$m H$ (CPI) Ho$ AmYma na Bg df H$s_V d { H$s Xa {nN>bo df H$s 8% H$s VwbZm _| 5% ah OmEJr & {Z Z{b{IV _| go H$m Z-gm H$WZ Bg n[ap W{V H$mo VwV H$aVm h ? (H$) CPI _| H$_r (I) {nN>bo df H$s VwbZm _| Bg df CPI H$s d { Xa H$_ ahr h (J) CPI H$m p Wa ahZm (K) Cn`w $ _| go H$moB ^r Zht 1 According to a report forwarded by the Reserve Bank of India, there was a fall in rate of inflation as measured by Consumer Price Index (CPI) on year-on-year basis to 5% from 8% in the previous year. Which of the following statements represents the situation ? (a) CPI has fallen (b) CPI has risen at a rate lower than the preceding year (c) CPI is constant (d) None of the above 14. AW `d Wm _| J h Wm| mam {dXoer {d{Z_` H$s _m J Ho$ H$moB Xmo moV ~VmBE & 1 {H$gr AW `d Wm Ho$ ^wJVmZ g VwbZ _| dm` m boZXoZm| H$mo n[a^m{fV H$s{OE & $ AWdm {H$gr AW `d Wm Ho$ ^wJVmZ g VwbZ _| g_ OZ boZXoZm| H$mo n[a^m{fV H$s{OE & 1 AZ p N>H$ ~oamo OJmar H$s AdYmaUm H$s n[a^mfm Xr{OE & 1 Name any two sources of demand for foreign exchange by households in an economy. 15. 1 Define autonomous transactions in Balance of Payments of an economy. OR Define accommodating transactions in Balance of Payments of an economy. 16. Define the term Involuntary Unemployment . 17. `{X gr_m V ~MV d { m 20% h Am a Am` Ho$ g^r Vam| na g_mZ ahVr h VWm dm` m Cn^moJ < 100 H$amo S> h , Vmo Xr JB H$m n{ZH$ AW `d Wm Ho$ Cn^moJ \$bZ H$s aMZm H$s{OE & If Marginal Propensity to Save is 20% and is constant at all levels of income and the autonomous consumption is < 100 crores, construct consumption function of the given hypothetical economy. 58/3/1 10 3 18. 3 A {V_ d VwAm| Ed _ `dVu d VwAm| _| A Va n Q> H$s{OE & Cn`w $ CXmhaU Xr{OE & AWdm `{X {H$gr BbmHo$ _|, ZJa {ZJ_ mam EH$ nmH $ {dH${gV {H$`m OmVm h , Bg nmH $ H$s XmoZm|, gH$mam _H$ VWm G$Um _H$ ~m VmE hm|Jr & BZ XmoZm| H$ma H$s ~m VmAm| H$m H$maU g{hV EH$-EH$ CXmhaU Xr{OE & 3 Distinguish between final goods and intermediate goods. Give suitable examples. OR If in a locality, a new park is developed by the municipal corporation, it will have externalities, both positive and negative. State one example each of both types of externalities with reason. 19. hmb Ho$ g_` _| ^maVr` n`m (<) A_o[aH$s S>m ba ($) Ho$ _wH$m~bo AnZo g~go {ZMbo Va na nh M J`m Wm & ^maVr` Am`mV na BgHo$ n S>Zo dmbo ^md H$s MMm H$s{OE & 4 AWdm `mnma KmQ>o H$s p W{V _| EH$ Xoe H$m ^wJVmZ g VwbZ Mmby ImVo _| A{VaoH$ H$s p W{V _| Zht hmo gH$Vm & `m Amn Bg {XE JE H$WZ go gh_V h ? H$maU g{hV MMm H$s{OE & 4 In recent times the Indian Rupee (<) depreciated to an all time low against the US dollar ($). Discuss its impact on India s Imports. OR A country with trade deficit cannot have current account surplus in its Balance of Payments. Do you agree with the given statement ? Discuss with reason. 58/3/1 11 P.T.O. 20. Cn`w $ aoIm{M H$m `moJ H$aVo h E \$s{VH$mar A Vamb H$s p W{V n Q> H$s{OE & \$s{VH$mar A Vamb Ho$ g_mYmZ Ho$ {bE H$moB Xmo amOH$mofr` Cnm` gwPmBE & 2, 2 Show inflationary gap using a well labelled diagram. Suggest any two fiscal measures to correct the situation of inflationary gap. ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m 20 Ho$ WmZ na h Note : The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 20 : \$s{VH$mar A Vamb H$m `m Vm n` h ? \$s{VH$mar A Vamb Ho$ g_mYmZ Ho$ {bE H$moB Xmo amOH$mofr` Cnm` gwPmBE & : 2, 2 What is meant by inflationary gap ? Suggest any two fiscal measures to correct the situation of inflationary gap. 21. ~VmBE {H$ {Z Z{b{IV _| go H$m Z-gm H$WZ ghr AWdm JbV h & Cn`w $ H$maU Xr{OE & (H$) H$s g Ho$ amo OJma {g m V Ho$ AZwgma, Ho$db gm ` Ad Wm _| EH$ AW `d Wm nyU amo OJma H$s p W{V m V H$aVr h & (I) Xmo-jo H$ AW `d Wm _|, `{X Cn^moJ Ed Am` ~am~a h , V~ Am gV ~MV d { m ey ` Ho$ ~am~a hmoJr & State which of the following statements are true or false. Give valid reasons. (a) According to Keynesian theory of employment, the state of full employment is obtained only when the economy is in equilibrium. (b) In a two-sector economy, if consumption is equal to income, average propensity to save will be zero. 58/3/1 12 2, 2 22. (H$) gaH$ma H$s amO d m{ V`m| d ny OrJV m{ V`m| _| {d^oX H$s{OE & (I) {d{Zdoe VWm {dXoem| go m V G$U H$mo `m gaH$ma H$s amO d m{ V`m| _| Omo S>m OmVm h ? H$maU ~VmBE & AWdm {XE JE {Z Z{b{IV Am H$ S>m| go (i) amO d KmQ>o, d H$s{OE : (ii) amOH$mofr` KmQ>o Ho$ _mZ H$s JUZm 2 3 4 5 6 6 am{e (H$amo S> < _|) H $. g . {ddaU 1 4, 2 1,000 H$a AmJ_ J a-H$a AmJ_ gaH$ma mam {Zdb G$U {d{Zdoe m{ V`m amO d `` ny OrJV `` 150 780 50 1,500 480 (a) Distinguish between revenue receipts and capital receipts of the government. (b) Do disinvestment and loan proceeds from abroad constitute revenue receipts of the government ? Give reason. OR Given the following data estimate the values of (i) Revenue deficit, and (ii) Fiscal deficit : S.No. 58/3/1 Amount (in < Crores) Particulars 1 Tax Revenue 1,000 2 Non-Tax Revenue 150 3 Net Borrowings by Government 780 4 Disinvestment Proceeds 5 Revenue Expenditure 6 Capital Expenditure 13 50 1,500 480 P.T.O. 23. EH$ H$m n{ZH$ g `m _H$ CXmhaU mam dm{Up `H$ ~ H$ mam _w m g OZ H$s {H $`m H$s `m `m H$s{OE & 6 Explain the process of money creation by a commercial bank using a hypothetical numerical example. 24. {XE JE {Z Z{b{IV Am H$ S>m| Ho$ AmYma na, gaH$mar A {V_ Cn^moJ `` VWm d-{Z`mo{OV H$s {_{lV Am` H$m _y ` kmV H$s{OE : am{e (H$amo S> < _|) H $. g . {ddaU 58/3/1 i am Q >r` Am` ii gaH$mar A {V_ Cn^moJ `` iii gH$b Kaoby ny Or {Z_m U iv d-{Z`mo{OV H$s {_{lV Am` v {Zdb A `j H$a 200 vi {dXoe go m V {Zdb gmYZ Am` 100 vii {ZOr A {V_ Cn^moJ `` viii p Wa ny Or H$m Cn^moJ 300 ix bm^ 120 x _ OX ar d doVZ xi {Zdb {Z`m V xii MmbZ A{Yeof 7,100 ? 1,000 ? 4,000 1,500 500 3,000 14 6 Given the following data, find the values of Government Final Consumption Expenditure and Mixed Income of Self-Employed : S.No. 58/3/1 Amount (in < Crores) Particulars i National Income 7,100 ii Government Final Consumption Expenditure iii Gross Domestic Capital Formation iv Mixed Income of Self-Employed v Net Indirect Taxes 200 vi Net Factor Income from Abroad 100 vii Private Final Consumption Expenditure viii Consumption of Fixed Capital 300 ix Profits 120 x Wages and Salaries xi Net Exports xii Operating Surplus ? 1,000 ? 4,000 1,500 500 3,000 15 P.T.O.

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