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CBSE Class 12 Board Exam 2015 : Economics

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SET 1 . Series : SSO/C Code No. 58/1 - - . Roll No. Candidates must write the Code on the title page of the answer-book. - 8 - - - - 29 , - 15 - 10.15 10.15 10.30 - - Please check that this question paper contains 8 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 29 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. ECONOMICS : 3 ] [ : 100 Time allowed : 3 hours ] [ Maximum Marks : 100 : (i) (ii) (iii) 1 3 15 19 , 1 (iv) 4 8 20 22 , 3 : 60 (v) 9 10 23 25 , 4 : 70 58/1 1 [P.T.O. (vi) (vii) 11 14 26 29 , 6 : 100 General Instructions : (i) All questions in both the sections are compulsory. (ii) Marks for questions are indicated against each question. (iii) Questions No. 1-3 and 15-19 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. (iv) Questions No. 4-8 and 20-22 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. (v) Questions No. 9-10 and 23-25 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. (vi) Questions No. 11-14 and 26-29 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. SECTION A 1. DD' A B 1 Y D A (`) B O ( ) D X A : ( ) (a) B (b) B (c) B (d) 1 DD' is a demand curve, A and B are two points on it. Y D A Price (`) O B D Demand (Units) X Price elasticity of demand at point A is : (Choose the correct alternative) (a) less than elasticity of demand at B. (b) equal to elasticity of demand at B. (c) greater than elasticity of demand at B. (d) less than 1. 58/1 2 2. x ? 1 What economic measure can the Government take to reduce demand for commodity x which is harmful for health ? 3. 4 ` 20 5 ` 5 ? ( ) (a) ` 20 (b) ` 40 (c) ` 56 (d) ` 60 40 1 The average fixed cost at 4 units of output is ` 20. Average variable cost at 5 units of output is ` 40. Average cost of producing 5 units is : (Choose the correct alternative) 4. (a) ` 20 (b) ` 40 (c) ` 56 (d) ` 60 3 Describe the problem of what to produce . 5. 3 Explain the meaning and need for maximum price-ceiling . 6. ( ) ? 3 The Government establishes a large number of Institutes of science and technology. How will it affect the production possibility frontier ? Explain. 7. 3 Explain the changes that take place in total product and marginal product under diminishing returns to a factor. 58/1 3 [P.T.O. 8. 3 Explain the significance of barriers to entry feature of monopoly. OR Explain the significance of product differentiation feature of monopolistic competition. 9. 4 Explain with the help of a numerical example, the meaning of diminishing marginal rate of substitution. OR Explain the Law of Diminishing Marginal Utility with the help of an example. 10. - ? Explain the difference between change in demand and change in quantity demaned . 4 11. : (i) (ii) : ( ) ( ) 6 Explain the effect of the following on market supply of a good : (i) Increase in input prices (ii) Reduction in per unit tax OR State the relationship between : (a) Marginal cost and average variable cost (b) Total cost and marginal cost 12. : (i) (ii) Explain the effect of the following on the demand for a good : (i) Increase in income of its consumer (ii) Rise in price of its substitute good 58/1 4 6 13. : (i) (ii) 6 Giving reasons, state whether the following statements are true or false : 14. (i) The supply curve of a good shifts to the right when prices of other goods rise. (ii) The difference between average cost and average variable cost is always constant. , - - 6 Explain with the help of a diagram the chain of effects of a rightward shift in demand curve of a good on its equilibrium price, quantity demanded and supplied. 14 - 6 The following question is for blind candidates only in lieu of Q. No. 14. Explain the meaning of excess demand of a good. Explain its chain of effects on equilibrium price. SECTION B 15. ? ( ) (a) (b) (c) (d) 1 Who regulates money supply ? (Choose the correct alternative) 16. (a) Government of India (b) Reserve Bank of India (c) Commercial Banks (d) Planning Commission ? 1 What are demand deposits ? 58/1 5 [P.T.O. 17. ? ( ) (a) (b) (c) (d) 1 Which of the following is not a revenue receipt ? (Choose the correct alternative). (a) Recovery of loans (b) Foreign grants (c) Profits of public enterprises (d) Wealth tax 18. ? ( ) (a) (b) (c) (d) 1 Which of the following is a correct measure of primary deficit ? (Choose the correct alternative) (a) Fiscal deficit minus revenue deficit (b) Revenue deficit minus interest payments (c) Fiscal deficit minus interest payments (d) Capital expenditure minus revenue expenditure 19. ? ( ) (a) (b) (c) (d) 1 Which of the following is a stock ? (Choose the correct alternative) (a) Wealth (b) Saving (c) Exports (d) Profits 20. 3 Describe any three sources of demand for foreign exchange. OR Give the meanings of devaluation and depreciation of domestic currency. 21. 300 500 2000 In an economy investment increases from 300 to 500. As a result of this equilibrium level of income increases by 2000. Calculate the marginal propensity to consume. 58/1 6 3 22. 3 Explain the meaning of deflationary gap with the help of a diagram. 22 The following question is for Blind Candidates only in lieu of Q. No. 22 : Distinguish between inflationary gap and deflationary gap. 23. (i) (ii) 4 In the context of balance of payments account, state whether the following statements are true or false. Give reasons for your answer. (i) Profits received from investments abroad is recorded in capital account. (ii) Import of machines is recorded in current account. 24. ( ) 4 Describe the expenditure method of calculating gross domestic product at market price. OR What precautions (any four) should be taken while estimating national income by expenditure method. 25. (` ` ) 3000 (i) (ii) ( ) 100 (iii) 300 (iv) 2000 (v) 500 (vi) 250 (vii) ( ) 50 4 Calculate gross value added at factor cost. (` ` in crores) (i) Domestic sales 3000 (ii) Change in stock ( ) 100 (iii) Depreciation 300 (iv) Intermediate consumption 2000 (v) Exports 500 (vi) Indirect taxes 250 (vii) Net factor income from ( ) 50 abroad 58/1 7 [P.T.O. 26. 6 The Government decides to give budgetary incentives to investors for making investments in backward regions. Explain these possible incentives and the reasons for the same. 27. 6 Explain any two functions of money. OR Explain any two main functions of Central Bank. 28. , 6 In an economy planned spending is greater than planned output. Explain all the changes that will take place in the economy. 29. (i) (ii) : 4, 2 (` ` ) (i) 300 (ii) 3000 (iii) 500 (iv) ( ) 200 (v) 800 (vi) 100 (vii) 5000 (viii) 400 (ix) 1500 (x) ( ) 50 From the following data calculate (i) Gross national product at market price and (ii) Net national disposable income : (` ` in crores) (i) Dividends 300 (ii) Compensation of employees 3000 (iii) Rent 500 (iv) Depreciation 200 (v) Interest 800 (vi) Net factor income to abroad 100 (vii) Mixed income 5000 (viii) Net indirect taxes 400 (ix) Profit 1500 (x) Net current transfers to abroad ( ) 50 ________ 58/1 8

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