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CBSE Class 12 Board Exam 2019 : Economics (Series 5)

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SET-1 H$moS> Z . Series BVM/5 Code No. amob Z . 58/5/1 narjmWu H$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 58/5/1 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. 58/5/1 2 I S> A ( `{ Q> AW em ) SECTION A (MICROECONOMICS) 1. {Z Z{b{IV | go H$m Z-gm A V{Z {hV bmJV H$m EH$ CXmhaU h ? (ghr {dH$ n H$m M`Z H$s{OE) (H$) OX ar H$m ^wJVmZ (I) H$ o mb H$s bmJV (J) m{bH$ H$s ny Or na mO (K) Cn`w V | go H$moB Zht 1 Which of the following is an example of implicit cost ? (Choose the correct alternative) 2. (a) Wages paid (b) Cost of Raw material (c) Interest on owner s capital (d) None of the above {XE JE {M | X1Y1 Am a X2Y2 H $ e: Xmo {d{^ g md{Y T1 Am a T2 | C nmXZ g ^mdZm dH $ h & A1 Am a A2 H $ e: T1 Am a T2 g md{Y | dm V{dH$ C nmXZ h & P1 Am a P2 H $ e: T1 Am a T2 g md{Y | g ^m{dV C nmXZ h & 58/5/1 3 P.T.O. XmoZm| g md{Y m| | g ^m{dV C nmXZ | n[adV Z _________ {IgH$md mam X{e V {H$ m Om gH$Vm h & (ghr {dH$ n H$m M`Z H$s{OE) (H$) P2 go A2 (I) A1 go A2 (J) A2 go A1 (K) P1 go P2 AWdm {X gr m V Adga bmJV (MOC) _________ hmo, Vmo C nmXZ g ^mdZm dH $ (PPC) yb-q~X Ho$ C mb hmoJm & ([a $ WmZ H$s ny{V H$s{OE) In the given figure X1Y1 and X2Y2 are Production Possibility Curves in two different time periods T1 and T2 respectively. A1 and A2 represent actual outputs in T1 and T2 periods respectively. P1 and P2 are potential outputs in T1 and T2 periods respectively. The change in potential production over the two periods would be represented by a shift from __________ . (Choose the correct alternative) (a) P2 to A2 (b) A1 to A2 (c) A2 to A1 (d) P1 to P2 OR A Production Possibility Curve (PPC) would be convex to the origin, if Marginal Opportunity Cost (MOC) is _________. (Fill up the blank) 58/5/1 4 1 1 3. n[adVu bmJV Ho$ H$moB Xmo CXmhaU Xr{OE & 1 AWdm p Wa bmJV Ho$ H$moB Xmo CXmhaU Xr{OE & 1 State any two examples of variable cost. OR State any two examples of fixed cost. 4. {X gr m V AmJ dH $, X-Aj Ho$ g m Va h , Vmo d Vw H$s H$s V (ghr {dH$ n H$m M`Z H$s{OE) (H$) gr m V AmJ Ho$ ~am~a (I) gr m V AmJ go A{YH$ (J) ey (K) gr m V AmJ go H$ _________ hmoJr & 1 If the Marginal Revenue curve is parallel to the X-axis, the price of the commodity would be ____________ . (Choose the correct alternative) 5. (a) Equal to Marginal Revenue (b) More than Marginal Revenue (c) Zero (d) Less than Marginal Revenue {X g gmYZm| Ho$ d H$p nH$ moJ Z hm|, Vmo g gmYZm| Ho$ Am~ Q>Z H$s g m C n Zht hmoJr & Cn w V VH$m]$ Ho$ AmYma na H$WZ H$m g W Z m I S>Z H$s{OE & 3 AWdm gH$mam H$ AW em d AmXe H$ AW em Ho$ AW H$s Cn`w $ CXmhaUm| g{hV g jon | MMm H$s{OE & 3 Problem of resource allocation would not arise, if resources do not have alternative uses. Defend or refute the statement with valid arguments. OR Discuss briefly the meaning of positive economics and normative economics, with suitable examples. 58/5/1 5 P.T.O. 6. EH$ Cn w V {M AWdm EH$ AZwgyMr Ho$ Cn moJ go, gr m V Cn mo{JVm mg mZ {Z g PmBE & 3 Explain the law of diminishing marginal utility, using a suitable diagram or a schedule. 7. mZ br{OE EH$ nyU {V moJr ~m Oma | EH$ d Vw Qd = 2200 3p, X Ho$ m J Am a ny{V dH $ h : VWm Qs = 1800 + 2p d Vw X H$s g VwbZ H$s V VWm g VwbZ _m m Ho$ y m| H$m AmH$bZ H$s{OE & 4 AWdm EH$ d Vw H$m ~m Oma g VwbZ | h & d Vw H$s m J | {H$gr ^r n[adV Z Ho$ {~Zm, d Vw H$s ny{V | H$ r hmo OmVr h & {M H$m moJ H$aVo h E, d Vw H$s g VwbZ H$s V VWm g VwbZ m m na, {XE JE n[adV Z Ho$ ^md H$s MMm H$s{OE & Suppose the demand and supply curves of a commodity X, in a perfectly competitive market are given as : Qd = 2200 3p, and Qs = 1800 + 2p Estimate the values of equilibrium price and equilibrium quantity of the commodity X. OR The market for a commodity is in equilibrium. The supply of the commodity decreases, without any corresponding change in the demand for the commodity. Discuss, using diagram, the impact of the given change on the equilibrium price and equilibrium quantity of the commodity. 58/5/1 6 4 ZmoQ> : {Z Z{b{IV Z Ho$db { >~m{YV narjm{W `m| Ho$ {bE, Z g `m WmZ na h : 7 ({dH$ n) Ho$ Note : The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 7 (Alternative) : EH$ d Vw H$m ~m Oma g VwbZ | h & d Vw H$s m J | {H$gr ^r n[adV Z Ho$ {~Zm, d Vw H$s ny{V | H$ r hmo OmVr h & d Vw H$s g VwbZ H$s V VWm g VwbZ m m na, {XE JE n[adV Z Ho$ ^md H$s MMm H$s{OE & 4 The market for a commodity is in equilibrium. The supply of the commodity decreases, without any corresponding change in the demand for the commodity. Discuss the impact of the given change on the equilibrium price and equilibrium quantity of the commodity. 8. < 5 {V BH$mB H$s H$s V na, EH$ Cn^mo Vm {H$gr d Vw H$s 40 BH$mB m H $ H$aVr h & m J H$s H$s V bmoM H$m JwUm H$ ( )2 {X m J m h & {X d Vw H$s H$s V | H$ r hmoVr h , Vmo dh d Vw H$s {H$VZr BH$mB m H $ H$aoJr ? 20% H$s 4 At a price of < 5 per unit, a consumer buys 40 units of a commodity. The coefficient of price elasticity of demand is given as ( )2. How many units of the commodity will she buy if the price is reduced by 20% ? 9. A nH$mbrZ gr m V bmJV dH $ U-AmH$ma H$m m| hmoVm h ? 4 AWdm ny{V Am a ny{V H$s m m | A Va n Q> H$s{OE & 4 Why is the short-run marginal cost curve U-shaped ? OR Distinguish between Supply and Quantity Supplied . 58/5/1 7 P.T.O. 10. EH$m{YH$ma ~m Oma H$s {Z Z{b{IV {deofVmAm| H$mo g PmBE : 3, 3 (H$) {V~ {YV doe (I) H$s V {d^oX Explain the following features of the monopoly market : 11. (a) Restriction to Entry (b) Price Discrimination EH$ H$maH$ Ho$ KQ>Vo {V $b H$m m AW h g jon _| MMm H$s{OE & ? BgHo$ bmJy hmoZo Ho$ {H$ ht Xmo H$maUm| H$s 6 What is meant by diminishing returns to a factor ? Discuss briefly, any two reasons behind its operation. 12. (H$) AZ{Y mZ dH $ H$s dUVm m hmoVr h ? (I) EH$ {ddoH$erb Cn^mo Vm Ho$db Xmo d VwAm|, d Vw X Am a d Vw Y H$m Cn^moJ H$aVr h & d VwAm| H$s H$s V| H $ e: < 20 VWm < 10 h & CgH$s Hw$b m { H$ Am < 200 h & Xr JB gyMZm Ho$ AmYma na {Z Z{b{IV Zm| Ho$ C ma Xr{OE : (i) CgH$s ~OQ> aoIm H$m g rH$aU {b{IE & (ii) Cn^mo Vm H$s ~OQ> aoIm H$s dUVm {b{IE & (iii) {X dh AnZr g nyU Am , d Vw Y na IM H$aZo H$m {Z M H$aVr h , Vmo dh d Vw Y H$s {H$VZr BH$mB m H $ H$a gH$Vr h ? 1, 5 AWdm g -gr m V Cn mo{JVm {Z`_ H$s MMm H$s{OE & 58/5/1 8 6 (a) What is the slope of an Indifference curve ? (b) A rational consumer is consuming only two goods, Good X and Good Y. The prices of the goods are < 20 and < 10 respectively. Her total money income is < 200. Answer the following questions, using the given information : (i) State her Budget line equation. (ii) State the slope of the Budget line of the consumer. (iii) If she decides to spend her entire income on Good Y, how many units of Good Y can she buy ? OR Discuss the law of equi-marginal utility. I S> ~ (g_{ Q> AW em ) SECTION B (MACROECONOMICS) 13. gaH$mar ~OQ> | {Z Z{b{IV | go H$m Z-gr EH$ ny OrJV m{ V h ? (H$) Am H$a (I) mO m{ V (J) X {b{ Q>oS> ({ZOr H$ nZr) H$mo EH$ gmd O{ZH$ jo Ho$ CnH $ H$s {~H $s (K) gmd O{ZH$ jo Ho$ CnH $ (PSU) go m V bm^m e AWdm J a-H$a AmJ Ho$ {H$ ht Xmo CXmhaUm| H$m C oI H$s{OE & 1 (PSU) Ho$ eo am| 1 Which of the following is a capital receipt in the Government Budget ? (a) Income tax (b) Interest receipt (c) Sale of shares of a Public Sector Undertaking (PSU) to X Limited (Private Company) (d) Dividends from a Public Sector Undertaking (PSU) OR State any two examples of non-tax revenue. 58/5/1 9 P.T.O. 14. {X d Ym{ZH$ Ama{jV AZwnmV 20% hmo, Vmo w m JwUH$ H$m y (ghr {dH$ n H$m M`Z H$s{OE) (H$) 2 (I) 3 (J) 5 (K) 4 _________ hmoJm & 1 If legal reserve ratio is 20%, the value of money multiplier would be __________ . (Choose the correct alternative) 15. (a) 2 (b) 3 (c) 5 (d) 4 {X EH$ df | {H$gr AW d Wm | gaH$ma H$s AZw m{ZV m{ V m AZw m{ZV `` go H$ h , Vmo ~OQ> _________ ~OQ> H$hbmVm h & ([a $ WmZ H$s ny{V H$s{OE) 1 If in an economy, the Estimated Receipts of the government during a year are lesser than the Estimated Expenditure, the budget would be called _________ budget. (Fill up the blank) 16. mW{ H$ O mE m hmoVr h ? 1 What are primary deposits ? 58/5/1 10 17. EH$ H$m n{ZH$ g m H$ CXmhaU H$m moJ H$aVo h E, gr m V ~MV d { m VWm {Zdoe JwUH$ Ho$ ~rM g ~ Y H$s g jon | MMm H$s{OE & 3 AWdm {Z Z{b{IV Ho$ AW ~VmBE (i) nyU amo OJma (ii) AZ p N>H$ ~oamo OJmar : 3 Discuss briefly the relationship between marginal propensity to save and investment multiplier, using a hypothetical numerical example. OR State the meaning of the following : 18. (i) Full employment (ii) Involuntary unemployment g m moOZ V H$m dU Z H$s{OE, {X EH$ AW d Wm | {Z mo{OV ~MV {Z mo{OV {Zdoe 3 go A{YH$ hm| & Describe the adjustment mechanism, if in an economy the planned savings are more than the planned investments. 19. ~VmBE {H$ {Z Z{b{IV H$WZ ghr h AWdm JbV & AnZo C ma H$m H$maU g{hV g W Z 2, 2 H$s{OE & (H$) H$amYmZ Am H$s {df VmAm| H$mo H$ H$aZo H$m EH$ ^mdr CnH$aU hmoVm h & (I) O~ gaH$ma {d{^ Xoem| H$mo {XE JE G$U H$mo dgyb H$aZo | Ag $b hmoVr h , Vmo amO d KmQ>o | d { hmoVr h & 58/5/1 11 P.T.O. State whether the following statements are true or false. Support your answer with reason. 20. (a) Taxation is an effective tool to reduce the inequalities of income. (b) Revenue deficit increases when government fails to recover loans forwarded to different nations. {dXoem| go m V {Zdb gmYZ Am VWm {Zdb {Z m V | A Va n Q> H$s{OE & 4 AWdm J a- m { H$ {d{Z m hmoVo h ? Cn w V CXmhaU mam MMm H$s{OE & 4 Distinguish between net factor income from abroad and net exports. OR What are non-monetary exchanges ? Discuss with suitable example. 21. Ho$ r ~ H$ Ho$ {Z Z{b{IV H$m m] H$mo g PmBE (i) ~ H$m| H$m ~ H$ (ii) w m OmarH$Vm H$m A{YH$ma : 4 Explain the following functions of the Central Bank : 22. (i) Banker s bank (ii) Authority of currency issue {Z Z{b{IV Ho$ AW {b{IE : (i) p Wa {dXoer {d{Z Xa (ii) mnma A{Yeof (iii) g OZ boZXoZ 58/5/1 2, 2, 2 12 State the meaning of the following : 23. (i) Fixed Foreign Exchange Rate (ii) Trade Surplus (iii) Accommodating Transactions EH$ AW d Wm H$m ~MV $bZ {X m J m h : S = 25 + 0 25 Y. {X {Z mo{OV {Zdoe < 200 H$amo S> h , Vmo {Z Z{b{IV H$s JUZm H$s{OE (i) AW d Wm _| Am` H$m g VwbZ Va & (ii) Am Ho$ < 500 H$amo S> Ho$ Va na g J m J & : 6 The saving function of an economy is given as : S = 25 + 0 25 Y. If the planned investment is < 200 crores, calculate the following : 24. (i) Equilibrium level of income in the economy. (ii) Aggregate demand at income of < 500 crores. (H$) Xmohar JUZm H$s g m go m Vm n h ? Bggo ~Mmd Ho$ {bE Xmo p Q>H$moUm| H$s g jon | MMm H$s{OE & (I) n yOrJV d VwAm| H$mo n[a^m{fV H$s{OE & 5, 1 AWdm 58/5/1 13 P.T.O. {XE JE {Z Z{b{IV Am H$ S>m| go, MmbZ A{Yeof VWm {Zdb {Z m V Ho$ y m| H$s JUZm H$s{OE : H $.g . 58/5/1 6 am{e {ddaU (< H$amo S> _|) (i) OX ar d doVZ 2,400 (ii) am Q >r Am 4,200 (iii) {Zdb {Z m V (iv) {dXoem| go m V ew gmYZ Am (v) gH$b Kaoby ny Or {Z m U (vi) d-{Z`mo{OV H$s { {lV Am (vii) {ZOr A {V Cn^moJ (viii) ew A j H$a 150 (ix) MmbZ A{Yeof ? (x) gaH$mar A {V Cn^moJ (xi) p Wa ny Or H$m Cn^moJ 100 (xii) bm^ 500 ? 200 1,100 400 2,000 1,000 14 (a) What is meant by the problem of double counting ? Discuss briefly the two approaches to avoid this problem. (b) Define Capital goods . OR Given the following data, find the values of Operating Surplus and Net Exports : S. No. 58/5/1 Particulars Amount (in < crores) (i) Wages and Salaries 2,400 (ii) National Income 4,200 (iii) Net Exports (iv) Net Factor Income from Abroad (v) Gross Domestic Capital Formation (vi) Mixed Income of Self-Employed (vii) Private Final Consumption Expenditure (viii) Net Indirect Taxes 150 (ix) Operating Surplus ? (x) Government Final Consumption Expenditure (xi) Consumption of Fixed Capital 100 (xii) Profits 500 ? 15 200 1,100 400 2,000 1,000 P.T.O.

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