Economics - XII 1
Economics
BOARD QUESTION PAPER
MARCH 2022
[Time : 3 Hours] [Marks : 80]
Q.1. (A) Complete the correlations: (5)[20] (D) Assertion and reasoning questions: (5)
(1) Macro Economics : : : Micro Economics (1) Assertion (A): Marginal utility (MU) goes on
: Price theory diminishing.
(2) Direct demand : Food and Mobiles : : : Reasoning (R): Total utility (TU) increases at
Land and Labour. diminishing rate.
(3) Perfectly elastic demand : Ed = ∞ : : : Options:
Ed = 1. (a) Assertion (A) is true but Reasoning (R) is false.
(4) Output method : Product method : : : (b) Assertion (A) is false but Reasoning (R) is true.
Factor cost method. (c) Both statements A and R are true and R is the
(5) Personal Income Tax : : : Goods and correct explanation of A.
Service Tax (GST) : Indirect tax. (d) Both statements A and R are true and R is not
(B) Give economic terms: (5) the correct explanation of A.
(1) Additional utility derived by a consumer from (2) Assertion (A): With rising price, supply of a
an additional unit consumed. commodity falls.
(2) Price being constant, demand falls due to Reasoning (R): Seller earns more profit at
unfavorable change in other factors. higher price.
(3) Revenue per unit of output sold. Options:
(4) Period in which all factors of production are (a) Assertion (A) is true but Reasoning (R) is false.
variable. (b) Assertion (A) is false but Reasoning (R) is true.
(5) The gross market value of all final goods and (c) Both statements A and R are true and R is the
services produced within the domestic territory correct explanation of A.
of a country during a period of a year. (d) Both statements A and R are true and R is not
(C) Complete the following statements: (5) the correct explanation of A.
(1) Whole Economy is studied in _______. (3) Assertion (A): Index number considers all
(a) Micro Economics (b) Macro Economics factors.
(c) Econometrics (d) Natural Sciences Reasoning (R): Index number is based on
samples.
(2) When percentage change in quantity demanded
is less than percentage change in price, the Options:
demand curve is _______. (a) Assertion (A) is true but Reasoning (R) is false.
(a) Flatter (b) Steeper (b) Assertion (A) is false but Reasoning (R) is true.
(c) Rectangular hyperbola (c) Both statements A and R are true and R is the
(d) Horizontal correct explanation of A.
(3) The cost incurred by the firm to promote sales (d) Both statements A and R are true and R is not
_______. the correct explanation of A.
(a) Total cost (b) Average cost (4) Assertion (A): Money market economises use of
cash.
(c) Marginal cost (d) Selling cost
Reasoning (R): Money market does not deal
(4) Budget that consists of revenue receipts and with financial instruments that are close
revenue expenditure _______. substitutes of money.
(a) Capital budget (b) Government budget Options:
(c) Revenue budget (d) Family budget (a) Assertion (A) is true but Reasoning (R) is false.
(5) Purchase of goods and services from one country (b) Assertion (A) is false but Reasoning (R) is true.
and selling them to another country is _______.
(c) Both statements A and R are true and R is the
(a) Entrepot trade (b) Import trade correct explanation of A.
(c) Export trade (d) National trade
2
(d) Both statements A and R are true and R is not Q.4. State with reasons whether you agree or
the correct explanation of A. disagree with the following statements:
(5) Assertion (A): International trade leads to (Any THREE) [12]
division of labour and specialisation. (1) There are no exceptions to the law of diminishing
Reasoning (R): India’s national trade is not marginal utility. (Chp. 2)
increasing. (2) Supply curve of labour is backward bending.
Options: (Chp. 4)
(a) Assertion (A) is true but Reasoning (R) is false. (3) Price under perfect competition is decided by the
interaction between demand and supply. (Chp. 5)
(b) Assertion (A) is false but Reasoning (R) is true.
(4) Capital market plays an important role in India.
(c) Both the statements A and R are true and R is
(Chp. 9)
the correct explanation of A.
(5) Balance of Payment is same as Balance of Trade.
(d) Both the statements A and R are true and R is
(Chp. 10)
not the correct explanation of A.
Q.2. (A) Identify and explain the following Ans. (1) Disagree (2) Agree (3) Agree
concepts: (Any THREE) (6)[12] (4) Agree (5) Disagree
(1) Asha collected the information about the income Q.5. Study the following table, figure, passage
of a particular firm. (Chp. 1) and answer the questions given below it:
(2) Ramesh’s demand for salt remained unchanged (Any TWO) [8]
inspite of a 10% rise in its price. (Chp. 3B)
(i) Components ` Crores
(3) Out of 4000 kgs of rice the farmer offered to sale
1000 kgs of rice in the market at `40 per kg. Consumption (C) 800/-
(Chp. 4) Investment (I) 700/-
(4) Shobha collected data regarding the money value Government Expenditure (G) 400/-
of all final goods and services produced in the
country for the financial year 2019-20. (Chp. 7) Net Export (X-M) –150/-
(5) Lucy deposited a lumpsum amount of `1,00,000/- Depreciation (D) 100/-
in the Bank of India for the period of one year. (1) Calculate GDP (Gross Domestic Product) on the
(Chp. 9) basis of above table. (2)
Ans. Concepts : (2) Calculate NDP (Net Domestic Product) on the
(1) Micro Economics basis of above table. (2)
(2) Perfectly Inelastic Demand (ii) Identify the price elasticity of demand from the
(3) Supply following diagrams: (Chp.3B) (4)
(4) National Income
(5) Fixed Deposit
(B) Distinguish between: (Any THREE) (6)
(1) Slicing Method and Lumping Method. (Chp. 1)
(2) Joint/Complementary Demand and Competitive
Demand. (Chp. 3A)
(3) Total Revenue and Marginal Revenue. (Chp. 4)
(4) Price Index Number and Quantity Index
Number. (Chp. 6)
(5) Internal Debt and External Debt. (Chp. 8)
Q.3. Answer the following: (Any THREE) [12]
(1) Explain the scope of macro economics. (Chp. 1)
(2) Explain any four features of monopoly. (Chp. 5)
(3) Elaborate any four features of utility. (Chp. 2)
(4) Write any four practical difficulties in national
income estimation. (Chp. 7)
(5) Explain the Ratio method of measuring price
elasticity of demand. (Chp. 3B)
Economics - XII 3
(iii) (Chp. 9)
Commercial banks act as intermediaries in the
country’s financial system to bring the savers
and investors together. They are profit seeking
financial institutions. Due to bank nationalisation
in 1969, there was increase in loan disbursement
in urban and rural areas. Agriculture and retail
traders started getting more loans. Those sectors
which were not getting loans before 1969, started
getting loans in post nationalisation period. After
nationalisation of bank branch expansion took
place. There has diversification in the functions of
banks. Commercial Banks are providing different
types of services like safe deposit lockers, D-mat
facility, internet banking, mobile banking, etc.
(1) Write any two benefits of Bank nationalisation.
(1)
(2) Write various services provided by banks. (1)
(3) Write your opinion about the above passage. (2)
Q.6. Answer the following questions in detail:
(Any TWO) [16]
(i) Explain the concepts of variation and changes in
demand with the help of diagrams. (Chp. 3A)
(ii) Explain the meaning of index number. Explain
various steps involved in the construction of
index number. (Chp. 6)
(iii) Explain various sources of public revenue.
(Chp. 8)
