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ISC Class XII Board Exam 2020 : Economics

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ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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ECONOMICS (Maximum Marks: 80) (Time allowed: Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) ---------------------------------------------------------------------------------------------------------------Answer Question 1 (compulsory) from Part I and five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. ---------------------------------------------------------------------------------------------------------------- PART I (20 Marks) Answer all questions. Question 1 Answer briefly each of the following questions (i) to (x): (i) What is production function? (ii) Explain the meaning of income effect. (iii) What is progressive tax? (iv) State the law of Diminishing Marginal Utility. Mention any two assumptions of the law. (v) Differentiate between autonomous capital flow and accommodating capital flow. (vi) What is meant by MPS? How is MPS related to investment multiplier? (vii) Briefly explain any one primary function of money. [10 2] (viii) Show with the help of a diagram, a situation when change in supply will keep the equilibrium quantity of the commodity unchanged. (ix) What is meant by selling cost? Name one market where selling cost is applicable. (x) What is meant by operating surplus? ---------------------------------------------------------------------------------------------------------------This paper consists of 4 printed pages. 1220-856 Turn over Copyright reserved.

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