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ISC Class XII Board Specimen 2022 : Economics [Semester 2]

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ISC 12th
Indian School Certificate Examination (ISC), New Delhi

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ISC SEMESTER 2 EXAMINATION SPECIMEN QUESTION PAPER ECONOMICS ---------------------------------------------------------------------------------------------------Maximum Marks: 40 Time allowed: One and a half hour Candidates are allowed an additional 10 minutes for only reading the paper. They must NOT start writing during this time. --------------------------------------------------------------------------------------------------------------------- Answer all questions in Section A, Section B and Section C. The intended marks for questions or parts of questions are given in brackets. [ ] --------------------------------------------------------------------------------------------------------------------- SECTION A 8 MARKS Question 1 (i) (ii) Firm A sells flour to firm B for ` 100/- Firm B sells biscuits to the wholesaler C for ` 160/- and Firm C sells biscuits to consumers for ` 200/. Hence, the gross value added is: (a) ` 460/- (b) ` 305/- (c) ` 244/- (d) ` 200/- Medium of exchange and measure of value are: (a) Primary functions of money (b) Secondary functions of money (c) Tertiary functions of money (d) Contingent functions of money 1 [1] [1] (iii) (iv) Aggregate supply is equal to: (a) C+I (b) C+S (c) I+C (d) S1 + S2 [1] Transfer earning in National income refers to: (a) transfer of income from one person to another. (b) income received by selling goods. (c) unilateral payment received not related to any production. (d) earning received by offering services. [1] (v) A consumer spending on purchase of goods regardless of the income in possession, is an example of _______ consumption. [1] (vi) _____________ is the creation of new currency to fill the gap between Government revenue and Government expenditure of the country. [1] (vii) GNP(fc) = GNP(mp) - ______________ [1] (viii) Give one difference between a Direct tax and an Indirect tax. [1] SECTION B 12 MARKS Answer the following questions briefly. Question 2 [2] Differentiate between CRR and SLR. Question 3 [2] Briefly explain two reasons for the adverse Balance of Payments in any economy. Question 4 [2] Draw a well labelled diagram of two sector model of circular flow of income including the financial sector. 2 Question 5 [2] Complete the following schedule Y C APC MPC 100 90 ? ? 120 108 ? ? Question 6 (i) [2] Differentiate between Cash Credit and Outright Loans. OR (ii) How is Devaluation of currency different from Depreciation of currency? Give any two differences. Question 7 [2] What is meant by the following functions of the Central bank: (i) Clearing house (ii) Lender of the last resort SECTION C 20 MARKS Question 8 (i) [4] What is meant by Equilibrium income? How is it determined by using Saving and Investment approach? OR (ii) Discuss the mechanism of investment multiplier with the help of a numerical. Question 9 [4] How is the rate of exchange determined in a flexible exchange rate system? Question 10 [4] Explain the steps involved in calculating the National income by Income method. 3 Question 11 [4] Explain the following methods of redemption of Public Debt: (i) Debt conversion (ii) Sinking fund Question 12 Read the given extract carefully and answer the following questions. Mr. X wanted to buy an expensive motorcycle for his son but he did not have sufficient money to buy it. He approached a public sector commercial bank for the loan. The bank asked Mr. X to deposit 20% cash of the loan amount and rest 80% of the loan amount was given by the bank. (i) Briefly explain a Commercial Bank. [1] (ii) What is the regulation of consumer credit in selective credit control? [2] (iii) Name the bank which controls all the commercial banks and financial institutions in the country. [1] 4

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