(i) All questions in both sections are compulsory. However, there is internal choice in some questions.
(ii) Marks for questions are indicated against each question.
(iii) Question No.1-5 and 16-20 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence.
(iv) Question No.6-8 and 21-23 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
(v) Question No.9-11 and 24-26 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each.
(vi) Question No.12-15 and 27-30 are long answer questions carrying 6 marks each. Answers to them should not normally exceed 100 words each.
(vii) Answers should be brief and to the point and the above word limit be adhered to as far as possible.
- Q1VIEW SOLUTION
There is inverse relation between price and demand for the product of a firm under : (choose the correct alternative)VIEW SOLUTION
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
- Q3VIEW SOLUTION
Suppose total revenue is rising at a constant rate as more and more units of a commodity are sold, marginal revenue would be :VIEW SOLUTION
(choose the correct alternative)
(a) Greater than average revenue
(b) Equal to average revenue
(c) Less than average revenue
- Q5VIEW SOLUTION
- Q6VIEW SOLUTION
- Q7VIEW SOLUTION
A consumer consumes only two goods X and Y. Marginal utility of each is 2. The price per unit of X and Y is Re. 1 and Rs. 2 respectively. Is the consumer in equilibrium? What will be the further reaction of the consumer? explain.VIEW SOLUTION
Define production function. Distinguish between short run and long run production functions.
Define cost. Distinguish between fixed and variable costs. Give one example of each. VIEW SOLUTION
- Q10VIEW SOLUTION
- Q11VIEW SOLUTION
- Q12VIEW SOLUTION
Explain the implications of the following in a perfectly competitive market :
(a) Large number of buyers
(b) Freedom of entry and exit to firms
Explain the implications of the following in an oligopoly market :
(a) Inter-dependence between firms
(b) Non-price competition VIEW SOLUTION
- Q14VIEW SOLUTION
- Q15VIEW SOLUTION
- Q16VIEW SOLUTION
Foreign exchange transactions dependent on other foreign exchange transactions are called: (choose the correct alternative)VIEW SOLUTION
(a) Current account transactions
(b) Capital account transactions
(c) Autonomous transactions
(d) Accommodating transaction
- Q18VIEW SOLUTION
Depreciation of fixed capital assets refers to : (choose the correct alternative)VIEW SOLUTION
(a) Normal wear and tear
(b) Foreseen obsolescence
(c) Normal wear and tear and foreseen obsolescence
(d) Unforeseen obsolescence.
- Q20VIEW SOLUTION
Distinguish between marginal propensity to consume and average propensity to consume. Give a numerical example.
Explain the role of taxation in reducing excess demand. VIEW SOLUTION
- Q22VIEW SOLUTION
Find gross value added at market price
(Rs. Lakh) (i) Depreciation 20 (ii) Domestic sales 200 (iii) Net change in stocks (–)10 (iv) Exports 10 (v) Single use producer goods 120
Explain the 'store of value' function of money. How has it solved the related problem created by barter?VIEW SOLUTION
Explain the 'unit of account' function of money. How has it solved the related problem created by barter?
- Q25VIEW SOLUTION
- Q26VIEW SOLUTION
(a) In which sub-account and on which side of balance of payments account will foreign investments in India be recorded? Given reasons.VIEW SOLUTION
(b) What will be the effect of foreign investments in India on exchange rate? Explain.
What is government budget? Explain how taxes and subsidies can be used to influence allocation of resources.
Define revenue receipts in a government budget. Explain how government budget can used to bring in price stability in the economy. VIEW SOLUTION
Find net national product at market price and personal disposable income:
(Rs crores) (i) Personal taxes 200 (ii) Wage and salaries 1200 (iii) Undistributed profit 50 (iv) Rent 300 (v) Corporate tax 200 (vi) Private income 2000 (vii) Interest 400 (viii) Net indirect tax 300 (ix) Net factor income to abroad 20 (x) Profit 500 (xi) Social security contribution by employers 250
- Q30VIEW SOLUTION
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