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CBSE XII Pre Boards 2015 : ECONOMICS with Answers (KV Kolkata)

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Kendriya Vidyalaya No.1 Salt Lake
Kendriya Vidyalaya (KV) No. 1, Salt Lake

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KENDRIYA VIDYALAYA SANGATHAN-KOLKATA REGION rd 3 PRE-BOARD EXAMINATION: 2014-15 SUB: ECONOMICS TIME ALLOWED: 3 HOURS M.M :100 General Instruction: i) ii) iii) iv) All question is both the sections are compulsory Marks for questions are indicated against each. Questions No 1-4and 15-18 are very short-answer questions carrying 1 mark each.. Question No 5-8 and 19-22 are short answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. Question No 9 and 23-26 are also short-answer question carrying 4marks each. Answers to them should normally not exceed 70 words each. Question No 10-14and 27-29 are long answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words. Answers should be brief and to the point and the above word limits should be adhered to as far as possible. v) vi) vii) - 12- 3- 1 4 15 18 4- 5 8 19 22 5- 9 23 26 6- 10 14 27 29 : 7- 8- SECTION- A 1. In case of a straight line demand curve meeting the two axes, what is the price-elasticity of demand at the midpoint of the line? 1 ? 2. What is meant average cost? ? 1 3. For a good Z, there is simultaneous increase in demand and the quantity supplied. The result will be Z a) An increase in equilibrium price and quantity. ) b) A decrease in equilibrium price and quantity. ) c) An increase in equilibrium quantity and uncertain effect on equilibrium price. ) ) Equilibrium price remains constant and equilibrium quantity increases. ) 1 4. Oligopoly market is characterized by a) 1 A few dominant firms and substantial barriers to entry ) b) A few large firms and no entry barriers ) c) A large number of small firms and no entry barriers d) One dominant firm and less entry barriers ) 5. Distinguish between microeconomics and macroeconomics. 3 6. What is a budget set? Explain what can lead to change in budget set. 3 ? O r / St at e t he l aw of di m i ni shi ng m ar gi nal ut i l i t y and expl ai n w i t h a num er i cal exam pl e. 7. Mention the three central problems of an economy and explain any one. 3 8. Explain any three causes of rightward shift of supply curve. 3 9 Explain any two features of monopoly firm. Why is a firm s demand curve under monopolistic competition more elastic than monopoly? 4 ? OR / Distinguish between ceiling price and floor price. Explain 10a) Define price elasticity of supply. b) At a price of Rs 5 per unit of commodity X, total revenue is Rs 800. When its price rises by 20%, total revenue increases by Rs 400. Calculate its price elasticity of supply. X 5 400 800 20% 2+4=6 2 OR a) Distinguish between fixed cost and variable cost. b) Complete the following table: Output (units) ( ) AFC (Rs) ( ) .. 36 24 18 1 2 3 4 AVC(Rs) MC (Rs) TC (Rs) ( ( ( ) ) ) 16 18 120 18 14 11. Why does the demand curve slope downward from left to right? Explain ? 6 12. Explain the effect of changes in price of related goods on demand for a commodity. Use diagram. 6 13. State whether the following statements are True or False. Give reasons , 6 i) Total Product will increase only when marginal product increases. ii) With increase in the level of output average fixed cost goes on falling but it never reaches zero. , iii) Total revenue is maximum, when marginal revenue is maximum. 14. Explain the implications of the following i) The feature of differentiated products under monopolistic competition. ii) The feature of free entry and exit of firms under perfect competition. 3 6 SECTION -B 15. Mention two drawbacks of Barter system. 1 16. What is repo rate? ? 1 17. Which of the following is not a non tax receipt? a) Fees b) fines c) gift tax d) grants 1 ) ? ) ) ) 1 18. W hi ch of t he f ol l ow i ng i s not i ncl uded i n nat i onal i ncom e? a) O l d age pensi on b) pur chase of a new car ) ? ) 19. Define Aggregate Demand. Mention its components. 3 b) While estimating national income, how will you treat the following? Give reasons for your answer. 3 i) . Scholarship given to Indian students in India by a foreign company. ii) Dividend received by a Indian from investment in shares of a Foreign company abroad. iii) Electricity consumed by a firm. 20. Rs 200 crore increase in investment leads to rise in national income by Rs 1000 crores. Find out marginal propensity to consume. 3 200 1000 21. Explain the relation between foreign exchange rate and supply of foreign exchange. OR / Explain any three causes of disequilibrium in Balance of payments. 4 3 22. Budget deficit creates disequilibrium in every economy but in developing countries like India, why 3 does government depend on it? , ? 23. Define a government budget. Explain its three objectives. 4 OR / Distinguish between revenue expenditure and capital expenditure. Give two examples of each. . 24. Explain current account and capital account of Balance of payments. State two components of each. 4 25. Explain the problem of double counting in the estimation of national income with the help of an example. 4 4 26. From the following data, calculate Net Value Added at factor cost. ( Rs in crores) i) Sales/ 750 ii) Purchase of intermediate goods/ 500 iii) Import of raw materials/ 50 iv) Depreciation v) Net indirect taxes/ 60 vi) Exports/ 20 vii) Change in stock/ (-) 30 / 60 27. Explain the process of credit creation by the commercial banks with example. 6 28. Explain the concept of underemployment equilibrium with the help of a diagram. Show on the same diagram the additional investment expenditure required to reach full employment equilibrium. 5 29. From the following data calculate a) Gross domestic Product at market price and b) Subsidies ) ) / ( Rs in crores/ i) Mixed income of the self-employed ii) NNP fc/ iii) Government final consumption expenditure iv) Indirect taxes / v) Gross fixed capital formation vi) Net addition to stocks vii) Compensation of employees/ viii) Depreciation ix) Private final consumption expenditure/ x) Exports of goods and services / 4800 xi) Imports of goods and services / 5600 xii) NFIA/ ) 28000 61770 7000 / / 9000 / 13000 10000 24000 / 4000 44000 (-300) OR/ From the following data calculate a) Personal income and b) Private Income ) ) (Rs in crores)/ / i) Indirect taxes ii) Net National Product at market Price iii) 150 1015 Income from property and entrepreneurship accruing to government administrative departments ) 25 iv) Subsidies 20 v) Savings of non-departmental enterprises - vi) National debt interest i) Current transfers from government 5 10 25 vii) Savings of private corporate sector 6 15 viii) Corporate tax 10 ix) Net Current transfers from rest of the world 10 .......... ................ 7 MARKING SCHEME SECOND PRE- BOARD EXAMINATION 2014-15 ECONOMICS CLASS XII Q No Answer Marks Section A 1 2 3 4 5 6 7 8 Ep =1 Meaning d a Any three points Meaning Two reason- change in price, income Name and explanation Any three causes 1 1 1 1 3 1+2 1.5+1.5 1+ 1+1=3 2+2 9 Any two features of monopoly Demand curve more elastic under monopolistic because availability of close substitutes. Or meaning and explanation 10 P1=6 ; new TR=1200 ; Q =160 ;Q1=200 Formula ;answer Es= 1.25 definition ORdistinction and formula AFC=72; AVC18,16; MC=16,24; TC=90,104,144 Any four reasons with explanation 4+2 Change in price of substitute goods with explanation + diagram Change in price of complementary goods with explanation + diagram 2+1 + 2+1=6 11 12 1.5x4=6 13 i) ii) iii) 14 15 16 17 18 19 20 21 False, even MP falls TP increases but at diminishing rate. True, with increase in output AFC is falling curve as 2 + TFC is constant and AFC=TFC/Output , AFC never be 2 + zero False, when TR is maximum, MR is zero. 2 + i) ii) Meaning with explanation Feature with explanation 3 + 3=6 Any two drawbacks meaning c a Meaning Four components Formula , calculation & Answer K= 5 Formula , calculation & Answer MPC= 0.8 1 1 1 1 1 + x4 = 3 + + + + + =3 Relationship with explanations 3 1 22 23 24 25 26 27 28 OR Any three causes with explanation Comparatively low level of PCI country like India gives insufficient tax receipts/ revenue receipts. On the other hand for the development of economy with maximum social welfare, govt needs to incur heavy public expenditure. Expenditure > receipts, so govt is compelled on budget deficit. Any relevant points Meaning Three points of objectives with explanation OR Meaning Two examples of each Meaning Two components of each Meaning With explanation with table Formula & Calculation NVA fc =1+7-2-4-5=100 Meaning with explanation , example Meaning with explanation, diagram Showing additional I required 29 1x3=3 4 1 + 1x3 =4 1+1 + ( + )x2=4 1+1 + ( + )x2=4 2+2 1 + 3 + 1+3+2=6 1 +2 + 2 + 1 =6 a) Formula Putting correct value GDP mp= 3+9+5+6+(10-11) Answer GDP mp=73200 crores 1 1 b) Formula Putting correct value NNP fc= GDP mp-8+12-(4-subsidies) Answer subsidies= 1800 1 1 1 1=6 OR a) Formula Putting correct value Private Income= 2+(1-4)-(3+5+6+7+10) Answer Private Income = 900 b) Formula Putting correct value Personal income= Private Income -8-10 Answer Personal income = 875 1 2 1 1 1 =6 2

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Additional Info : KV Sangathan, Kolkata Region ECONOMICS Pre-Board
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