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CBSE Class 12 Pre Board 2019 : Economics - Prelim 1 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 03-01-2019 Set 1 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. A firm is producing 20 units of a good. At this level of output, the average total cost is Rs 60 and the average variable cost is Rs 40. What is the total cost of the firm? (OR) At higher levels of output, TVC intersects TC. True/False. Give reason for your answer. 2. Marginal revenue of a firm which is able to sell more quantity at the same price isa) Smaller than price b) Greater than price c) Equal to price d) All the above 3. Identify the correct statementa) Total Product will increase only when marginal increases. b) Increase in total product always indicates that there are increasing returns to a factor. c) Total Product always increases. d) Total Product decreases when marginal product is negative. 4. Complete the following PPS to show that the resulting PPC is a straight lineX Y 0 10 1 8 2 --------------- 3 ------------------ (OR) State two reasons for a leftward shift of PPC. 5. State and explain any three factors that make a consumer buy more units of a good at the same price. 6. Describe the central problem related to the choice of technique of production. (OR) Differentiate between Normative and Positive economics. 7. What is meant by price ceiling? Explain its implications. Use diagram. 8. Explain the relationship between marginal cost and total cost. Use diagram. (OR) Explain the relationship between marginal cost and total variable cost. Use diagram. 9. When the price of a good falls from Rs 10 to Rs 5 per unit, its quantity demanded doubles. Calculate its elasticity of demand. At what price will its quantity demanded fall by 50%? (OR) Explain using examples how do the following factors affect price elasticity of demand for a gooda) Availability of substitutes. b) Nature of commodity. 10. State and explain the conditions of consumer s equilibrium with the help of indifference curve analysis. 11. a) b) Describe three main features of perfect competition. (3+3) Market for a good is in equilibrium. There is simultaneous decrease 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. Std. 12 12. ECONOMICS (Set 1) Page 2 Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output only by lowering the per unit price. Use schedule. (OR) Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output only by lowering the per unit price. Use Diagram. Section B : Introductory Macroeconomics 13. Define direct tax and give an example. 14. Define Bank Rate. (OR) Calculate LRR if total deposits of Rs 10000 are created due to initial deposits of Rs 2500. 15. Calculate interest payments if Primary Deficit is Rs 130 crores and Fiscal Deficit is Rs 1330. 16. Which of the following measures will help to overcome the problem of deficient demand in the economy? a) Sale of securities by central bank b) Increasing Reverse Repo Rate c) Purchase of securities by central bank d) Both (a) and (b) 17. An economy is at equilibrium level of national income of Rs 15,000 crore. The ratio of mps to mpc is 1:4. Calculate the additional investment needed to reach a new equilibrium level of income of Rs 23,000 crore. 18. Explain what is meant by Excess Demand and state any two fiscal measures to correct it. (OR) Differentiate between autonomous consumption and induced consumption. (1+2) 19. Giving a) b) c) d) (1x4) 20. Explain the varying reserve ratio method of credit control by the central bank. 21. Explain the role of government budget in allocation of resources in an economy. (OR) Explain the use of government budget in achieving economic stability. 22. a) reasons explain how the following are treated in the calculation of GDP Rent free house given to employee by an employer. Purchases by foreign tourists in domestic market. Taking care of aged parents. Financial assistance to flood victims. Calculate Gross Domestic Fixed Capital Formation from the following data1. 2. 3. 4. 5. 6. 7. b) Items Private final consumption expenditure Government final consumption expenditure Net Imports Factor income from abroad GDP at factor cost Net indirect tax Net changes in stock Rs crores 1000 500 50 30 2500 25 (-) 100 Higher the GNP, higher will be the economic welfare. Do you agree? Give three arguments in favour of your answer. 23. Using a schedule, explain the savings and investment approach of determining equilibrium level of national income and employment. (OR) Using a diagram, explain the savings and investment approach of determining equilibrium level of national income and employment. 24. a) b) Describe the relation between foreign exchange rate and supply of foreign currency with the help of two examples. Use diagram. Explain the components of capital account of BOP. -x-x-x-x-x-x- (3) (3) (3+3)

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