(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
- Q2VIEW SOLUTION
Any statement about demand for a good is considered complete only when the following is/are mentioned in it (Choose the correct alternative): (1)VIEW SOLUTION
(a) Price of the good
(b) Quantity of the good
(c) Period of time
(d) All of the above
- Q4VIEW SOLUTION
Demand for a good is termed inelastic through the expenditure approach when if (Choose the correct alternative) (1)VIEW SOLUTION
(a) Price of the good falls, expenditure on it rises
(b) Price of the good falls, expenditure on it falls
(c) Price of the good falls, expenditure on it remains unchanged
(d) Price of the good rises, expenditure on it falls
Distinguish between 'increase in demand' and 'increase in quantity demanded' of a good. (3)
Explain the meaning of 'Budget set' and 'Budget line'. (3) VIEW SOLUTION
- Q7VIEW SOLUTION
- Q8VIEW SOLUTION
Define market supply. Explain the factor 'input prices' that can cause a change in supply. (4)
Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant. (4) VIEW SOLUTION
- Q10VIEW SOLUTION
- Q11VIEW SOLUTION
Distinguish between perfect oligopoly and imperfect oligopoly. Also explain the "interdependence between the firms" feature of oligopoly. (6)
Explain the meaning of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price. (6) VIEW SOLUTION
Complete the following table : (6)
0 30 1 ...... ...... 25 30 2 78 ...... ...... ...... 3 ...... 23 ...... 10 4 ...... ...... 23 ...... 5 150 ...... ...... 6
From the following table find out the level of output at which the producer will be in equilibrium (use marginal cost and marginal revenue approach). Give reasons for your answer. (6)
Output (Units) 1 2 3 4 5 Total Revenue (Rs) 16 30 42 52 60 Total Cost (Rs) 14 27 39 49 61
When the price of a good rises from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit? (6)VIEW SOLUTION
- Q16VIEW SOLUTION
- Q17VIEW SOLUTION
- Q18VIEW SOLUTION
Demand deposits include (Choose the correct alternative): (1)VIEW SOLUTION
(a) Saving account deposits and fixed deposits
(b) Saving account deposits and current account deposits
(c) Current account deposits and fixed deposits
(d) All types of deposits
If the marginal propensity to consume is greater than marginal propensity to save, the value of the multiplier will be (Choose the correct alternative) (1)VIEW SOLUTION
(a) greater than 2
(b) less than 2
(c) equal to 2
(d) equal to 5
- Q21VIEW SOLUTION
- Q22VIEW SOLUTION
Explain "difficulty in storing wealth" problem faced in the barter system of exchange. (3)
Explain the "medium of exchange" function of money. (3) VIEW SOLUTION
- Q24VIEW SOLUTION
Explain the "bankers' bank" function of the central bank. (4)
Explain the process of credit creation by commercial banks. (4) VIEW SOLUTION
- Q26VIEW SOLUTION
- Q27VIEW SOLUTION
Explain the precautions that are taken while estimating national income by value added method. (6)
Will the following be included in the national income of India? Give reasons for your answer. (6)
(a) Financial assistance to flood victims
(b) Profits earned by the branches of a foreign bank of India
(c) Salaries of Indians working in the American Embassy in India VIEW SOLUTION
Calculate the (a) Net National Product at market price, and (b) Gross National Disposable Income: (6)
(Rs in crores) (i) Mixed income of self-employed 8,000 (ii) Depreciation 200 (iii) Profit 1,000 (iv) Rent 600 (v) Interest 700 (vi) Compensation of employees 3,000 (vii) Net indirect taxes 500 (viii) Net factor income to abroad 60 (ix) Net exports (–) 50 (x) Net current transfers to abroad 20
- Q30VIEW SOLUTION
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