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CBSE XII Pre Boards III 2014 : ECONOMICS with Answers (KV Chennai)

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Kendriya Vidyalaya KV IIT Chennai
Kendriya Vidyalaya (KV), IIT Chennai

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KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION CLASS-XII COMMON PRE BOARD EXAMINATION- 2013-14 Subject: ECONOMICS Time Allotted: 3 hours Maximum Marks: 100 General Instructions: 1. All questions in both the sections are compulsory. 2. Marks for questions are indicated against each. 3. Questions No.1-5 and 17-21 are very short answer questions carrying one mark each. They are required to be answered in one sentence each. 4. Questions No.6-10 and 22-26 are short answer questions carrying three marks each. Answers to them should normally not exceed 60 words each. 5. Questions No.11-13 and 27-29 are also short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. 6. Questions No.14-16 and 30-32 are long answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. 7. Question Nos.11 and 19 are value based questions. 8. Answers should be brief and to the point and the above word limits should be adhered to as far as possible. SECTION - A 1. Define revenue. 1 2. What is demand schedule? 1 3. Define budget set. 1 4. Give meaning for marginal cost. 1 5. What is meant by Oligopoly. 1 6. Explain the properties of Indifference curve. 3 7. Explain Law of Supply. 3 8. The price elasticity of demand of a good is (-1). At a given price the consumer buys 60 units of the good. How many units the consumer will buy if price falls by 10%. 3 9. Distinguish between explicit cost and implicit cost Give examples for each. 3 10. Explain the implication of product differentiation as a feature of monopolistic competition. OR Explain the implication of homogenous product as a feature of perfect competition 3 11. In case of a product like diesel which is sold by government at a subsidesed price how can the government lower the losses without lowering the subsidies. 4 12. Explain the central problem of an economy i) on distribution of income ii)Technique of production 4 13. State four factor that affects elasticity of demand and explain any one. OR Distinguish between change in demand and change in quantity demand 4 14. Explain the relationship between TPP and MPP with the help of a schedule by keeping one input as constant. 6 15. What is equilibrium price? If there is simultaneous decrease in demand and supply what will happen to equilibrium price ? OR There is simultaneous increase in demand and supply of a commodity. The equilibrium price may or may not change, explain with the help of a diagram 6 16. What are the conditions of consumer equilibrium? The price of Ice cream is Rs. 30 . Meena has eaten 3 ice creams The MU for her is 90 MU of one rupee is 3 Should she eat more or stop. Explain it. 6 17. Section B Mention one item that is a part of capital receipts in the Govt. budget 1 18. What is SLR ? 1 19. The country needs huge amount of imports for developmental Programmes.Name one step which the central bank can make imports cheper using the foreign exchange market. 1 20. What is meant by BOT? 1 21. What is Parity value? 1 22. Can the economy be in equilibrium if there is unemployment of resources in the economy. Explain. 3 23. Rs. 200 crore increase in investment leads to a rise in national income by Rs 1000 crore .Find out Marginal propensity to consume. 3 24. How does money solve the problem of double coincidence of wants 3 25. Distinguish beween capital expenditure and revenue expenditure in govt 3 budget. OR How does budgetary policy help to reduce unemployment and price instability 26. Calculate National income for the following data 3 i) Consumption of fixed capital ii) Net indirect tax 3527 iii)Imports 1806 iv)Exports 1771 v)Change in stocks 1039 vi)Gross fixed capital formation 6305 vii) Government final consumption expenditure 29163 viii)Private final consumption expenditure 3801 ix) Net factor income from abroad 27. 2217 (-)284 What is revenue deficit? What are the implications of revenue deficit. Suggest 4 two measures to reduce it. 28. Explain the functions of central bank as banker to the government. 4 OR Explain the Bank rate as a method of credit control used by RBI 29. Explain the components of capital account in BOP 4 30. Will the following be a part of domestic factor income of India? Give reason 6 in support of your answer. a)Profit earned by foreign banks from their branches in India. b)Salary by Indian residents working in American Embassy in India. c) Profits earned by Indian company from its branches in Singapore 31. Given below is the consumption function in an economy: C=100+0.5Y With the help of a numerical example show that in this economy as income increases APC will decrease. OR The saving function of an economy is S=-200+0.25Y. The economy is in equilibrium when income is equal to 2000 Calculate. a. Investment expenditure at equilibrium level of income. b.. Autonomous consumption c. Investment multiplier. ************************ 6 \KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION CLASS-XII COMMON PRE BOARD EXAMINATION- 2013-14 Subject: ECONOMICS Time Allotted: 3 hours Maximum Marks: 100 Marking scheme Value points Qn.no Point Total marks marks 1 It is the money receipt from the sale of the product 1 2 Tabular statement showing different quantities at 1 different prices during given time 3 It is the combination of two goods which a consumer 1 can buy with his entire income at prevailing market prices 4 Additional cost incurred to produce additional unit 1 5 Few seller and many buyers 1 6 Slopes down 1,1,1 3 Higher IC higher satisfaction IC can not interest Each point with one line explanation full mark can be given 7 For statement of law 3 Table , diagram, relationship (direct ) Each points with one line explanation full mark can be given 8 Since it is a case of unit elastic demand 10% fall in 1,1,1 3 3 price will result in 10% rise in demand; 10% of 60 is 6. Therefore new qty demanded will be 66.Formula ,% method calculation ,Final answer 66 9 Any two differences each ,one example 1+1/2 10 Closely substitute 1 Impression in the form of advertisement 1 Quality &brand of the firm 1 DD curve is highly elastic due to close substitute. 3 ( or) All the firms have to charge same price No individual producer can influence price Firms are price taker. with one line explanation full mark can be given 11 Losses are measured as the excess of cost. In this respect revenue cannot be raised through higher prices (i) government must use cost efficiency technology. 4 (ii) loss of revenue occurring due to leakage and pilferage of Diesel must be plugged 12 Whom to produce-rich or poor/essential orluxurygoods Labour intensive technique orCapital intensive 1 technique 1 (Points with explanation full mark can be given) 1 Availability of close substitute 1 Close substitute will have more elasticity 1 Share of expenditure less portion of income spent 1 demand will be inelastic 13 1 1 4 Any other relavant points each point 1 mark with explanation full mark can be given 14 4 MPP increases, when TPP rises at increasing rate MPP is decreasing, when TPP will increase at 3 diminishing rate MPP falls, when TPP will be negative 6 3 Schedule with brief explanation 15 Meaning for equilibrium price 1 equilibrium price may decrease 1 equilibrium price may remains same 1 diagram 1 explanation 2 6 OR Increase in demand , equilibrium price, and quantity The same split up marks can be given for choice qn also 16 MU of a product/mu of a rupee= price of the product 1 MU= price, for calculation 1+2 For explanation. 2 6 Section B 17 Borrowing from RBI/disinvestment/loan from foreign 1 govt. 18 It is the ratio of demand deposits of commercial bank 1 which it keeps in the special liquid assets. 19 Through devaluation or any relevant explanation 1 20 It is the value of exports in terms of import of goods 1 21 Value of currency will be fixed in terms of gold 1 22 Yes .It is known as underemployment equilibrium 1 Excess demand, inflationary gap. 1 Explanation 1 3 Formula, k=5, 1-MPC=1/5;1-MPC=.2;NPC=0.8; 1,1,1 3 23 Calculation, correct answer 24 1 Money as a function of medium of exchange 1 Explanation 25 Meaning for double coincidence 1 Two differences each side 1,1 Eg for each 1\2+1\2 Or 3 3 Through increased public expenditure brief explanation of the point 26 Formula, correct items included, Calculation 3 1,1,1, 3 (viii)+(vii)+(vi)+(v)+(iv-iii)+(ix)-(i)-(ii); NI=Rs.34245 27 It is the excess of government s revenue expenditure 1 Over its revenue receipts. Large borrowing will result in future burden of interest payment (with explanation) 1 Steps: Reduce its revenue expenditure 2 4 Raise more tax 28 It carries out banking of govt. 1 It accepts all receipts and making payment in behalf 1 of govt. Exchange remittance 1 Loans and advances for short period to govt. 1 Manages public debt and sells securities Each point one mark with explanation 4 Or bank rate meaning , cheap credit promotes credit creation during deflation and during inflation it increases bank rate in order to control credit. Each point one mark with explanation 29 1 explanation 1 Private transactions, official, direct investment and 1 portfolio investment 30 Four components Each point one mark with 1 No mark for writing just included or not included Ans should be followed by reason i)included- within domestic territory 2 ii)included- within domestic territory 2 4 iii)Not included- outside domestic territory 31 2 6 Assume Y as 400,500,600 Y=400 C=100+0.5x400=300 When y=500 c=350 (similar calculation) finding APC 2 =C/Y0.75, 0.7, 0.67 Thus APC falls 3 Or 1 Investment expenditure=Rs.300 2 Autonomous consumption=Rs 200 2 Investment multiplier= 4 2 6 Calculation with formula to be credited full marks 32 GNP @MP=(ix)+(iii)-(xi)=2060 1, 11/2,1/2 PDI=(xiv)-(v)-(viii)-(xiii)-(iv)=Rs.860 3 1, 11/2,1/2 3 6

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Additional Info : CBSE Class XII Pre Board III Solved Question Paper 2014 Economics
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