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CBSE Class 12 Board Exam 2019 : Economics (Series 2)

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SET-1 H$moS> Z . Series BVM/2 Code No. amob Z . 58/2/1 narjmWu H$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 58/2/1 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. 58/2/1 2 I S> A ( `{ Q> AW em ) SECTION A (MICROECONOMICS) 1. 20 BH$mB m {dH $ H$aZo na Hw$b g m{ V < 700 A{O V hmoVr h & 21dt BH$mB H$mo {dH $ H$aZo go < 70 H$s gr m V g m{ V A{O V hmoVr h & Hw$b 21 BH$mB m {dH $ H$aZo na A{O V Hw$b g m{ V H$m y _________ hmoJm & (ghr {dH$ n H$m M`Z H$s{OE) (H$) < 721 (I) < 630 (J) < 770 (K) < 720 1 The Total Revenue earned by selling 20 units is < 700. Marginal Revenue earned by selling 21st unit is < 70 . The value of Total Revenue earned by selling total 21 units will be ____________. (Choose the correct alternative) (a) < 721 (b) < 630 (c) < 770 (d) < 720 2. {XE JE {M | d Vw X VWm d Vw Y Ho$ {bE, X1Y1 VWm X2Y2 H $ e:, Xmo {d{^ g md{Y T1 VWm T2 |, C nmXZ g ^mdZm dH $ h & XmoZm| g_` Ad{Y`m| _| A1 Am a A2 dm V{dH$ C nmXZ VWm P1 Am a P2 g ^m{dV C nmXZ H$mo H $_e: X{e V H$aVo h & d VwAm| X Am a Y Ho$ dm V{dH$ C nmXZ |, XmoZm| g Ad{Y m| |, n[adV Z {IgH$md mam X{e V hmoJm & ([a $ WmZ H$s ny{V H$s{OE) (H$) A2 go P2 (I) A1 go P2 (J) P1 go A2 (K) A1 go A2 AWdm 58/2/1 3 _________ 1 P.T.O. n[adV Z H$s gr m V Xa (MRT) p Wa h & Eogr p W{V | ~ZZo dmbm C nmXZ g ^mdZm dH $ yb-q~X _________ hmoJm & ([a $ WmZ H$s ny{V H$s{OE) In the given figure X1Y1 and X2Y2 are Production Possibility Curves in two different periods T1 and T2 respectively for Good X and Good Y. A1 and A2 represent actual outputs and P1 and P2 represent potential outputs respectively in the two time periods. The change in actual output of Goods X and Y over the two periods would be represented by movement from _________ . (Fill up the blank) (a) A2 to P2 (b) A1 to P2 (c) P1 to A2 (d) A1 to A2 OR The Marginal Rate of Transformation (MRT) is constant. The Production Possibility Curve, so formed, would be __________________ to the origin. (Fill up the blank) 58/2/1 4 1 3. AnyU {V mo{JVm Ho$ A VJ V, Am gV g m{ V hmoVr h & ([a $ WmZ H$s ny{V H$s{OE) (AR), gr m V g m{ V (MR) _________ 1 AWdm g VwbZ _| EH$ \$_ Ho$ {bE gr_m V g m{ V (MR) VWm gr_m V bmJV (MC) __________ hmoZr Mm{hE VWm Cg C nmXZ Va Ho$ ~mX gr_m V bmJV __________ hmoZr Mm{hE & ([a $ WmZ H$s ny{V H$s{OE) 1 Under imperfect competition, Average Revenue (AR) remains _________ Marginal Revenue (MR). (Fill up the blank) OR For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be _________ and beyond that level of output Marginal Cost must be _________. (Fill up the blank) 4. {X ny{V dH $ D$ dm Ya Aj (Y-Aj) Ho$ g m Va EH$ grYr aoIm h , Vmo d Vw H$s ny{V _________ H$hbmVr h & ([a $ WmZ H$s ny{V H$s{OE) 1 (H$) BH$mB Ho$ ~am~a bmoMXma ny{V (I) nyU V: bmoMXma ny{V (J) nyU V: ~obmoMXma ny{V (K) nyU V: bmoMXma m J If the supply curve is a straight line parallel to the vertical axis (Y-axis), supply of the good is called as _________. (Fill up the blank) (a) Unitary Elastic Supply (b) Perfectly Elastic Supply (c) Perfectly Inelastic Supply (d) Perfectly Elastic Demand 58/2/1 5 P.T.O. 5. gH$mam H$ AW em VWm AmXe H$ AW em |, Cn w V CXmhaUm| g{hV, A Va n Q> H$s{OE & 3 Distinguish between positive economics and normative economics, with suitable examples. 6. EH$ H$m n{ZH$ AZwgyMr H$s ghm`Vm go gr m V Cn mo{JVm mg {Z H$s `m `m H$s{OE & AWdm 3 EH$ H$m n{ZH$ AZwgyMr H$s ghm`Vm go _m J Ho$ {Z`_ H$s `m `m H$s{OE & 3 Explain the law of diminishing marginal utility, with the help of a hypothetical schedule. OR Elaborate the law of demand, with the help of a hypothetical schedule. 7. EH$ d Vw H$m ~m Oma g VwbZ | h & A ~mV| (H$maH$) g mZ ahZo na, EH$ AmJV H$s H$s V | d { {H$g H$ma g VwbZ H$s V VWm g VwbZ m m H$mo ^m{dV H$aoJr ? {M Ho$ moJ go g PmBE & 4 The market for a good is in equilibrium. How would an increase in an input price affect the equilibrium price and equilibrium quantity, keeping other factors constant ? Explain using a diagram. ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m h : Note : The following question is for the Visually Impaired Candidates 7 Ho$ WmZ na only, in lieu of Q. No. 7 : EH$ d Vw H$m ~m Oma g VwbZ _| h & A ~mV| (H$maH$) g mZ ahZo na, EH$ AmJV H$s H$s V | d { {H$g H$ma g VwbZ H$s V VWm g VwbZ m m H$mo ^m{dV H$aoJr ? g PmBE & The market for a good is in equilibrium. How would an increase in an input price affect the equilibrium price and equilibrium quantity, keeping other factors constant ? Explain. 58/2/1 6 4 8. H$s m J H$s H$s V bmoM H$m JwUm H$ ( ) 0.2 h & {X d Vw H$s H$s V | 5% H$s d { hmoVr h , Vmo d Vw H$s m Jr JB m m {H$VZo {VeV go H$ hmoJr ? (H$) d Vw X (I) {Z Z{b{IV m J H$s H$s V bmoM Ho$ JwUm H$m| H$mo ~ T>Vo h E (Amamohr) H $ | bJmBE : 4 ( ) 3 1, ( ) 0 2, ( ) 1 1 AWdm Cn^mo VmAm| Ho$ dmX d mW{ H$VmE d Vw Ho$ nj | hmoZo na, d Vw H$s m J {H$g H$ma ^m{dV hmoJr ? {M H$s ghm Vm go g PmBE & (a) 4 The coefficient of price elasticity of demand for Good X is ( ) 0 2. If there is a 5% increase in the price of the good, by what percentage will the quantity demanded for the good fall ? (b) Arrange the following coefficients of price elasticity of demand in ascending order : ( ) 3 1, ( ) 0 2, ( ) 1 1 OR How would the demand for a commodity be affected by a change in tastes and preferences of the consumers in favour of the commodity ? Explain using a diagram. ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m Ho$ WmZ na h : Note : The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 8 (Alternative) : 8 ({dH$ n) Cn^mo VmAm| Ho$ dmX d mW{ H$VmE d Vw Ho$ nj | hmoZo na, d Vw H$s m J {H$g H$ma ^m{dV hmoJr ? g PmBE & 4 How would the demand for a commodity be affected by a change in tastes and preferences of the consumers in favour of the commodity ? Explain. 58/2/1 7 P.T.O. 9. {Z Z{b{IV | go H$m Z-go H$WZ ghr m JbV h ? AnZo C ma Ho$ g W Z | Cn w V H$maU Xr{OE & (H$) Am gV bmJV dH $, Am gV n[adVu bmJV dH $ H$mo CgHo$ yZV Va na H$mQ>Vm h & (I) Am gV C nmX dH $ VWm gr m V C nmX dH $ U-AmH$ma Ho$ dH $ hmoVo h & (J) g^r ~m Oma n[ap W{V m| |, Am gV g m{ V VWm gr m V g m{ V ~am~a hmoVo h & (K) Hw$b bmJV dH $ VWm Hw$b n[adVu bmJV dH $ EH$-X gao Ho$ g m Va hmoVo h & 4 AWdm EH$ H$m n{ZH$ AZwgyMr H$m `moJ H$aVo h E, EH$ nyU {V`moJr \$_ Ho$ g VwbZ H$s `m `m H$s{OE & 4 Which of the following statements are true or false ? Give valid reasons in support of your answer. (a) Average cost curve cuts Average variable cost curve, at its minimum level. (b) Average product curve and Marginal product curve are U-shaped curves. (c) Under all market conditions, Average revenue and Marginal revenue are equal to each other. (d) Total cost curve and Total variable cost curve are parallel to each other. OR Explain a firm s equilibrium under perfect competition, using a hypothetical schedule. 10. A nm{YH$mar ~m Oma H$s {Z Z{b{IV {deofVmAm| Ho$ AW H$s `m `m H$s{OE : (H$) J a- y {V nYm (I) H$ {dH o$Vm Explain the meaning of the following features of the Oligopoly Market : (a) Non-Price Competition (b) Few Sellers 58/2/1 8 6 11. (H$) EH$ n[adVu H$maH$ Ho$ ~ T>Vo h E {V $b go m Vm n h ? (I) EH$ n[adVu H$maH$ Ho$ KQ>Vo h E {V $b Ho$ {H$ ht Xmo H$maUm| H$s g jon | MMm H$s{OE & (a) What is meant by increasing returns to a variable factor ? (b) Discuss briefly, any two reasons for the decreasing returns to a 2+4 variable factor. 12. {Z Z{b{IV n[ap W{V m| H$s `m `m H$s{OE : (H$) EH$ hr AZ{Y mZ dH $ na g MbZ & (I) {Z Z AZ{Y mZ dH $ go C AZ{Y mZ dH $ na {IgH$md & 3+3 AWdm g -gr m V Cn mo{JVm {Z H$s m m H$s{OE & 6 Explain the following conditions : (a) Movement along the same indifference curve. (b) Shift from a lower to a higher indifference curve. OR Explain the Law of Equi-Marginal Utility. I S> ~ (g_{ Q> AW em ) SECTION B (MACROECONOMICS) 13. gaH$mar ~OQ> |, mW{ H$ KmQ>m ey hmoJm, O~ H$s{OE) (H$) (I) (J) (K) 58/2/1 ___________ & (ghr {dH$ n H$m M`Z 1 amO d KmQ>m ey hmo ew mO ^wJVmZ ey hmo amOH$mofr KmQ>m ey hmo amOH$mofr KmQ>m mO ^wJVmZ Ho$ ~am~a hmo 9 P.T.O. Primary deficit in a government budget will be zero, when ___________ . (Choose the correct alternative) 14. (a) Revenue deficit is zero (b) Net interest payments are zero (c) Fiscal deficit is zero (d) Fiscal deficit is equal to interest payment EH$ AW d Wm | {Zdoe H$mo mo gm{hV H$aZo Ho$ {bE, Ho$ r ~ H$ gH$Vm h & (ghr {dH$ n H$m M`Z H$s{OE) _________ H$a 1 (H$) ZH$X Ama{jV AZwnmV | H$ r (I) ZH$X Ama{jV AZwnmV _| d { (J) Iwbo ~m Oma | gaH$mar {V^y{V m| H$m {dH $ (K) ~ H$ Xa | d { In order to encourage investment in the economy, the Central Bank may ___________. (Choose the correct alternative) 15. (a) Reduce Cash Reserve Ratio (b) Increase Cash Reserve Ratio (c) Sell Government securities in open market (d) Increase Bank Rate j H$a go Amn m g PVo h ? 1 AWdm A j H$a go Amn m g PVo h ? 1 What do you mean by a direct tax ? OR What do you mean by an indirect tax ? 58/2/1 10 16. w m JwUH$ H$mo n[a^m{fV H$s{OE & 1 Define money multiplier . 17. {X gr m V Cn^moJ d { m (MPC) 0 8 h VWm ma {^H$ {Zdoe | n[adV Z < 1,000 H$amo S> h , Vmo A {V Am | n[adV Z H$s JUZm H$s{OE & 3 Calculate change in final income, if Marginal Propensity to Consume (MPC) is 0 8 and change in inital investment is < 1,000 crores. 18. H$s g Ho$ {g m V Ho$ A VJ V A{Y m J H$m AW d Wm | amo OJma na n S>Zo dmbo ^md H$m C oI H$s{OE & AWdm {Z Z{b{IV H$m AW ~VmBE : (H$) `m{eV ~MV (I) nyU amo OJma (J) dm m Cn^moJ 3 3 State the impact of Excess Demand under the Keynesian theory on employment, in an economy. OR State the meaning of the following : 19. (a) Ex-Ante Savings (b) Full Employment (c) Autonomous Consumption {Z Z{b{IV H$WZm| H$mo amO d m{ V m| m ny OrJV m{ V m| | dJuH $V H$s{OE & AnZo C ma Ho$ g W Z | Cn w V H$maU Xr{OE & (H$) EH$ ~m T> ^m{dV BbmHo$ Ho$ nr{ S>Vm| Ho$ {bE {H$gr ~h am Q >r {ZJ mam {d mr XX & (I) gmd O{ZH$ jo H$s EH$ BH$mB Ho$ A em| (eo am|) H$s EH$ {ZOr H$ nZr, Y {b{ Q>oS> H$mo {~H $s & (J) ^maVr Q>oQ> ~ H$ mam gaH$ma H$mo bm^m e ^wJVmZ & (K) A Vam Q >r w m H$mof (IMF) go {b m J m G$U & 58/2/1 11 4 P.T.O. Classify the following statements as revenue receipts or capital receipts. Give valid reasons in support of your answer. (a) Financial help from a multinational corporation for victims in a flood affected area. (b) Sale of shares of a Public Sector Undertaking (PSU) to a private company, Y Ltd. 20. (c) Dividends paid to the Government by the State Bank of India. (d) Borrowings from International Monetary Fund (IMF). A{YH$ gH$b Kaoby C nmX (GDP) H$m Vm n AW d Wm | d VwAm| H$s A{YH$ {V { V Cnb YVm hmoVm h & m Amn {XE JE H$WZ go gh V h ? AnZo C ma Ho$ g W Z | Cn w V H$maU Xr{OE & 4 AWdm EH$ g `m _H$ CXmhaU Ho$ `moJ go, dm V{dH$ gH$b Kaoby C nmX VWm _m { H$ gH$b Kaoby C nmX H$m AW g_PmBE & 4 Higher Gross Domestic Product (GDP) means greater per capita availability of goods in the economy. Do you agree with the given statement ? Give valid reason in support of your answer. OR Explain the meaning of Real Gross Domestic Product and Nominal Gross Domestic Product, using a numerical example. 21. Ho$ r ~ H$ mam gmI {Z U Ho$ {bE moJ {H$E OmZo dmbo JwUm H$ VWm _m m H$ CnH$aUm| | A Va n Q> H$s{OE & Distinguish between Qualitative and Quantitative tools of credit control as may be used by a Central Bank. 58/2/1 12 4 22. (H$) mnma A{Yeof VWm mnma KmQ>m H$mo n[a^m{fV H$s{OE & (I) {dXoer w m Xa {ZYm aU H$s ~ {YV {VaVr Umbr H$s AdYmaUm H$s g jon | MMm H$s{OE & 23. (a) Define Trade Surplus and Trade Deficit . (b) Discuss briefly the concept of managed floating system of foreign exchange rate determination. {Z Z{b{IV n[ap W{V m| | g m moOZ V H$s MMm H$s{OE : 3+3 6 (H$) g J m J, g J ny{V go H$ hmo & (I) `m{eV {Zdoe, `m{eV ~MV go A{YH$ hm| & Discuss the adjustment mechanism in the following situations : 24. (a) Aggregate demand is lesser than Aggregate Supply. (b) Ex-Ante Investments are greater than Ex-Ante Savings. {Z Z{b{IV H$mo n[a^m{fV H$s{OE : 6 (H$) y d { (I) gH$b Kaoby C nmX (J) dmh Ma (K) g n{ m VWm C erbVm go m V Am AWdm 58/2/1 13 P.T.O. {XE JE Am H$ S>m| Ho$ AmYma na, gH$b Kaoby ny Or {Z m U VWm MmbZ A{Yeof Ho$ y ` kmV H$s{OE & H $.g . am{e {ddaU (< H$amo S>m| _|) (i) am Q >r` Am 22,100 (ii) OX ar d doVZ 12,000 (iii) {ZOr A {V Cn^moJ (iv) ew A j H$a (v) gH$b Kaoby ny Or {Z m U (vi) y mg (vii) gaH$mar A {V Cn^moJ 6,100 (viii) d-{Z`mo{OV H$s { {lV Am 4,800 7,200 700 ? 500 (ix) MmbZ A{Yeof (x) {Zdb {Z m V 3,400 (xi) {H$am m 1,200 (xii) {dXoem| go m V {Zdb gmYZ Am ? Define the following : (a) Value Addition (b) Gross Domestic Product (c) Flow Variables (d) Income from property and entrepreneurship OR 58/2/1 14 ( ) 150 6 Given the following data, find the values of Gross Domestic Capital Formation and Operating Surplus . S. No. 58/2/1 Particulars Amount (< in crores) (i) National Income 22,100 (ii) Wages and Salaries 12,000 (iii) Private Final Consumption Expenditure (iv) Net Indirect Taxes (v) Gross Domestic Capital Formation (vi) Depreciation (vii) Government Final Consumption Expenditure 6,100 (viii) Mixed Income of Self-Employed 4,800 7,200 700 ? 500 (ix) Operating Surplus ? (x) Net Exports 3,400 (xi) Rent 1,200 (xii) Net Factor Income from Abroad 15 ( ) 150 P.T.O.

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