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CBSE Class 12 Pre Board 2019 : Economics - Prelim 2 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 03-01-2019 Set 2 Max. Marks : 80 Time : 3 hrs. ECONOMICS General Instructionsi) Questions 1-4 and 13-16 are very short answer questions of 1 mark each. Answer them in one sentence each/write the correct option on your answer sheet. ii) Questions 5-6 and 17-18 are short answer questions of 3 marks each. Answer them in a maximum of 60 words each. iii) Questions 7-9 and 19-21 are short answer questions of 4 marks each. Answer them in a maximum of 70 words each. iv) Questions 10-12 and 22-24 are long answer questions of 6 marks each. Answer them in a maximum of 100 words each. v) Word limits do not apply to numericals. Section - A : Introductory Microeconomics 1. Marginal revenue of a firm which is able to sell more quantity only at a lower price isa) Smaller than price b) Greater than price c) Equal to price d) All the above 2. Identify the correct statementa) Total Product always decreases when marginal product decreases. b) Decreasing returns to a factor always means total product decreases. c) Total Product reaches its maximum when marginal product is zero. d) Total Product increases only when marginal product increases. 3. A firm is producing 40 units of a good. At this level of output, the average total cost is Rs 60 and the average fixed cost is Rs 40. What is the total variable cost of the firm? (OR) At higher levels of output, AVC intersects AC. True /False. Give reason for your answer. 4. Complete the following PPS to show that the resulting PPC is convex to originX Y 0 10 1 7 2 --------------- 3 ------------------ (OR) State two reasons for a rightward shift of PPC. 5. Describe the central problem related to the choice of product to be produced. (OR) Differentiate between Normative and Positive economics. 6. State and explain any three factors that make a consumer buy lesser units of a good at the same price. 7. Explain the relationship between marginal cost and total cost. Use diagram. (OR) Explain the relationship between marginal cost and total variable cost. Use diagram. 8. When the price of a good rises from Rs 5 to Rs 10 per unit, its quantity demanded becomes half of its original amount. Calculate its elasticity of demand. At what price will its quantity demanded rise by 50%? (OR) Explain using examples how do the following factors affect price elasticity of demand for a gooda) Nature of commodity. b) Proportion of income spent on the good. 9. What is meant by price floor? Explain its implications. Use diagram. 10. a) b) 11. Describe three main features of monopolistic competition. Market for a good is in equilibrium. There is simultaneous increase in demand and supply but there may or may not be a change in the market price. Use schedules and explain how this is possible. (3+3) Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output at the same per unit price. Use schedule. (OR) Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output at the same per unit price. Use Diagram. Std. 12 12. ECONOMICS (Set 2) Page 2 State and explain the conditions of consumer s equilibrium with the help of utility analysis. Section B : Introductory Macroeconomics 13. Define Repo Rate. (OR) Calculate total deposits created due to initial deposits of Rs 4000 if LRR is 20%. 14. Which of the following measures will help to overcome the problem of Excess demand in the economy? a) Increasing LRR. b) Decreasing Reverse Repo Rate. c) Purchase of securities by central bank d) Both (b) and (c) 15. Define indirect tax and give an example. 16. Calculate fiscal deficit if interest payments are equal to Rs 150 crore and primary deficit is Rs 3200 crore. 17. Explain what is meant by Deficient Demand and state any two fiscal measures to correct it. (OR) Differentiate between autonomous consumption and induced consumption. 18. An economy is at equilibrium level of national income of Rs. 12, 000 crore. The ratio of mps to mpc is 1:3. Calculate the additional investment needed to reach a new equilibrium level of income of Rs 24,000 crore. 19. Explain the use of open market operations as a method of credit control by the central bank. 20. Giving a) b) c) d) 21. Explain the role of government budget in achieving re-distribution of income and wealth in an economy. (OR) Explain the use of government budget in achieving economic stability. 22. Using a schedule, explain the consumption plus investment approach of determining equilibrium level of national income and employment. (OR) Using a diagram, explain the consumption plus investment approach of determining equilibrium level of national income and employment. 23. a) b) 24. a) reasons explain how the following are treated in the calculation of GDP Financial assistance to earthquake victims. Taking care of aged parents. Purchases by foreign tourists in the domestic market. Rent free house given to an employee by employer. (1x4) Describe the relation between foreign exchange rate and demand for foreign currency with the help of two examples. Use diagram. Explain the components of current account of BOP. (3+3) Calculate Net changes in stock from the following data1. 2. 3. 4. 5. 6. 7. b) (1+2) Items Government final consumption expenditure Private final consumption expenditure Net Imports Factor income paid abroad GDP at factor cost Net indirect tax Gross domestic fixed capital formation (3+3) Rs crores 2000 2500 100 20 4500 50 200 Higher the GNP, higher will be the economic welfare. Do you agree? Give three arguments in favour of your answer. -x-x-x-x-x-x-

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