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Class 12 CBSE 12th Board 2018 : Economics

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Devesh Prajapati
St. John's College, Agra
MA Economics
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Date :Day:- Tuesday General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. UNIT I Revision Paper I Economics (030) Marks :- 30 Timing :- 1 hrs Define scarcity. Give the meaning of micro economics. Give one example each of micro economics and macro economics. Unemployment in India is a subject matter of Microeconomics or Marco economics, give reason. Draw a production possibility curve and mark the following situations: i) Under utilization of resources ii) Full employment of resources iii) Growth of resources Distinguish between micro economics and macroeconomics. At certain level of output, the marginal cost of a firm is above its marginal revenue Can this be its equilibrium output? Why does an economic problem arise? Explain. Explain the problem of What to produce with the help of an example. Define opportunity cost with the help of an example, how does it differ from marginal opportunity cost. Explain any two main features of a centrally planned economy 1 1 1 1 3 3 4 4 4 4 4 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. UNIT II Revision Paper II Economics (030) Marks :- 40 Timing :- 11/2hrs What is meant by Consumer s equilibrium? State any 2 factors that affect the demand of a commodity. How do they affect the demand of a commodity? A and B are substitute goods. Explain the effect of fall in the price of A on demand for commodity B. Why do household demand more of a commodity at lower price? Distinguish between change in quantity demanded and change in demand. Use diagram Distinguish between cardinal and ordinal approach to consumer equilibrium. A consumer buys 1000 units at Rs 10 per unit. When the price falls he buys 1400 units. If the price elasticity is 2, what is the new price? Explain the conditions of the consumer s equilibrium with the help of utility analysis. Price elasticity of demand of good X is twice that of good Y. At a price of Rs. 4/- per unit, 10 units of good X are bought. When price of good X increases to Rs. 5/- per unit, demand falls to 5 units. Calculate price elasticity of demand for good Y. What can be said about the elasticity of goods X and Y? Explain 3 factors affecting elasticity of demand. Explain with the help of diagrams the effect of the following changes on the market demand of a commodity: (i) The number of users increase (ii) A rise in the income of the buyers if the commodity is inferior What is market demand? If there are only two consumers in the market, explain how it is derived from individual demand using a schedule. 1 1 1 1 3 3 4 4 4 6 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. UNIT III Revision Paper III Economics (030) Marks :- 40 Timing :- 11/2hrs Define production function. What is the behaviour of total variable cost, as output increases? As the variable input is increased by one unit, the total output increases at a decreasing rate. What can be said about marginal product of labour? The MC of the 4th unit of output is Rs 10 and the total variable cost of 3 units is Rs 22. What is the TVC of 4 units of output? The following information is given about a firm: Output (in units) 0 1 2 3 4 5 6 Total Cost (Rs) 150 300 420 600 790 1000 1260 1 1 1 1 3 From the above information find out: 1. Average fixed cost of producing 3 units 2.Average variable cost of producing 4 units 3.Least average cost level of output 4.Marginal cost of producing 5th unit 6. 7. 8. 9. Explain the shape of the total revenue curve facing a perfectly competitive firm. Explain the impact of a rise in the price of other goods on the supply curve of a commodity. Use a diagram. From the following table determine the output level where a firm achieves producer s equilibrium. State the reasons for this level of output. Output (units) TR (Rs) AC (Rs) 1 20 20 2 40 15 3 60 12 4 80 10 5 100 12 6 120 15 Discuss the fallacies in each of the following statements: 3 4 4 4 1. AC is at its minimum, when MC is at its minimum point. 2. AFC is constant for each level of output because fixed costs never change. 3. MC is always falling when AC is falling. 4. A total cost curve always starts from the point of origin. 10. Explain the likely behaviour of Total Product and Marginal Product when only one input is increased while all other inputs are kept unchanged/Explain the short run law that 6 highlights the returns to a factor. 11. 12. Why does the difference between ATC and AVC decrease with an increase in the level of output? Can these two be equal at some level of output? Explain. (i) Given a supply function Qsx = - 10 + 2p a. Calculate the quantity supplied at a price of Rs 15 per unit. b. At what price will the firm be willing to supply 50 units? c. What is the price below which the firm will not supply its commodity? d. Calculate the price elasticity of supply at Rs 10. (ii) Using diagrams explain the impact of the following on the supply curve of wooden furniture: a. Wood prices increase b. Use of new wood cutting machines 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. UNIT IV Revision Paper III Economics (030) Marks :- 40 Timing :- 11/2hrs What is support price? If the market price is less than the equilibrium priced, who will complete, the buyers or the sellers? In perfect competition, a firm in the short run may be confronted with a)Super normal b)Normal profit c)Losses d)any of the above profit Selling cost means the expenses incurred on a)Advertisement b)Cost of a product c)selling price d)all the three that a seller expects from sale Why do firms under monopolistic competition and oligopoly engage in advertisements when they are simply a waste of resource and they increase the price of the product to a large extent? The following headline appeared in the Hindustan Times on 2 Aug 2014, crop damaged in Himachal sent tomato price roaring in Delhi. Use a diagram and economics theory to analyses this statement. In the Budget 2018-19, the government has decided to increase the custom duty on mobile phones to make luxuries phones costlier. A recent study of communication service reveals these facts. Analysis this statement based on an economics theory. Define oligopoly. Explain its main features. If the equations of demand and supply curves are as follows: Qd =60-4P Qs = 44+ 4P (i) Find equilibrium quantity (ii) Find the equilibrium price (iii) Show that at a price higher than the equilibrium price, there is an excess supply in the market. (iv) Show that at a price less than the equilibrium price, there is an excess demand in the market. Explain the economic consequences of price support policy. How will market price be affected when: i) Cost- saving technology is introduced ii) Input price increases If, at a given price, there is an excess demand in the market, how will the equilibrium price be reached? 1 1 1 1 3 3 4 4 4 6 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. UNIT IX Revision Paper IX Economics (030) Marks :- 30 Timing :- 11/2hrs Define unilateral transfers. What are accommodating items of BOP? In current account of BOP does not include a) NRI deposit b) Borrowing & c) Investments d) All of the above Lending If the deficit in current account of BOP is Rs 1200 crores and current account receipts are Rs 3500 crores, Current account payments will be a) Rs 2300 crores b) Rs 4700 crores c) Rs 1300 crores d) None of these Explain the components of BOP account. Distinguish between current account & capital account of BOP. Why does a country devaluate its own currency? What are the sources of demand and supply of foreign exchange? Define foreign exchange market. What function does it perform? How is rate of exchange determined in a flexible exchange rate system Give reasons, State whether the following statements are true or false: (a) Excess of foreign exchange receipt over foreign exchange payments on account of accommodating transactions equals deficit in BOP. (b) Export and import of machines are recorded in capital account of BOP. 1 1 1 1 3 3 4 4 4 4 4 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. UNIT V Revision Paper V Economics (030) Marks :- 40 Timing :- 11/2hrs Can domestic income be equal to national income? What do you understand by GDP deflator? Which of the following is a true statement for a closed economy with no external affairs? a)NDP = NNP b)NDP<NNP c) NDP > NNP d)NDP > NNP Which of the following is not an injection in circular flow of income? a)Intermediate good b) Consumer final c) Capital final d) Intangible good good good Explain the components of domestic factor income. Why are indirect taxes added and subsidies deducted while calculating market price factor cost? Calculate net value added at FC. S.No Particulars Rs in crores 1. Consumption of fixed capital 50 2. Closing Stock 110 3. Output sold during the year 600 4. Price per unit of output sold 10 5. Intermediate consumption 1000 6. Opening stock 200 7. Purchase of raw material 200 8. Excise duty 100 9. Subsidies 30 Prove that NVAfc is equal to sum of factor income. Define circular flow of income. Distinguish between real and money flow of income. Explain the components of final expenditure on GDP. Explain the relationship between national income/GDP and economic welfare Calculate Net Domestic Product at factor cost by expenditure method and product method. S.No Particulars Rs in crores 1. Value of output in the economic territory 4100 2. Net export (-) 50 3. Intermediate purchase by primary sector 650 4. Private final consumption expenditure 1450 5. Intermediate purchase by secondary sector 700 6. Government final consumption expenditure 400 7. Net domestic capital formation 200 8. Intermediate purchase by tertiary sector 700 9. Net change in stock (-)50 10. Indirect taxes 100 11. Consumption of fixed capital 50 1 1 1 1 3 3 4 4 4 6 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. UNIT VI Revision Paper VI Economics (030) Marks :- 40 Timing :- 11/2hrs What are agency functions of a commercial bank? What is currency deposit ratio? In India, the responsibility of controlling money supply includes demand deposits? a) RBI b) SBI c) PNB d) All of the above Commercial banks create credit by a) Creating b) Printing new c) Borrowing from d) None of these derivative deposits currency central bank How does the central bank act as the lender of the last resort ? Why was there a need for invention of money when goods could be exchanged via barter system? What do you mean by margin requirement? How does it help in controlling the volume of credit in the economy? Define money. Explain the function of money. What do you mean by moral suasion? How does it help in controlling the volume of credit in the economy? Distinguish between central bank and commercial bank. What is credit creation? Explain the process of credit creation. What are the limitations of barter system? How does the use of money overcome these difficulties? 1 1 1 1 3 3 4 4 4 6 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. UNIT VII Revision Paper VII Economics (030) Marks :- 40 Timing :- 11/2hrs What can be the minimum value of MPC? Which of the two can be greater than one, MPC or APC? Which of the following is the cause of excess demand? a)Rise in b) Increase in govt. c) increase in d) All of the above population spending money supply Recession can be best defined as a) Expansion of b) Equilibrium in c) Contraction of d) None of the business activity the economy business above Define aggregate demand (AD).Briefly explain its components. Define saving function. If consumption function is C = a + b Y, here a is autonomous consumption, b is MPC and Y income. Find out the corresponding saving function. The break- even level of income for an economy is given to be Rs 10000 crores. If the economy saves 20 % of additional income then calculate the value of autonomous consumption. Distinguish between autonomous and induced investment. Use diagram. Discuss the role of repo rate in correcting excess demand (inflationary gap) and deficient demand (deflationary gap). Indian economy is characterized by the existence of mass poverty. We know that RBI has monopoly in the field of note issue. Thus, it seems to be quite simple to abolish poverty. The only thing RBI has to do is to print infinite currency and to distribute it among the poor s. Is this the right way to tackle the problem of poverty? Define deficient demand. Show deflationary gap with the help of a diagram and explain monetary and fiscal measures to correct it. Explain the working of investment multiplier. Use schedule 1 1 1 1 3 3 4 4 4 6 6 6 Date :Day:General instruction:Attempts all the questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. UNIT VIII Revision Paper VIII Economics (030) Marks :- 30 Timing :- 1:15 hrs Give two examples of revenue receipts. Why interest payments are not considered capital expenditure? Fiscal deficit is always equal to a) Revenue deficit b) Borrowing & c) Primary Deficit d) None of these other liabilities If fiscal deficit is Rs 30000 and interest payments are Rs 2000 then borrowings will be: a) Rs 32000 b) Rs 28000 c) Rs 30000 d) None of these Define government budget. What are its components? Distinguish between direct tax and indirect tax. Define primary deficit. What is its importance in a government budget? Define tax. Is it a revenue receipt or capital receipt? Why taxation is considered an appropriate instrument of financing the budget expenditures? Calculate revenue deficit from the following information: (i) Interest payment 180 (ii) Capital receipts net of borrowings 360 (iii) Capital expenditure 500 (iv) Primary deficit 260 (v) Revenue expenditure 550 (vi) Interest receipts 80 Distinguish between balanced budget and unbalanced budget. What are public goods? How are they different from private goods? Why should these goods be provided by the government? 1 1 1 1 3 3 4 4 4 4 4

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