(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.
The demand of a commodity when measured through the expenditure approach is inelastic. A fall in its price will result in : (choose the correct alternative) (1)VIEW SOLUTION
(a) no change in expenditure on it.
(b) increase in expenditure on it.
(c) decrease in expenditure on it.
(d) any one of the above.
As we move along a downward sloping straight line demand curve from left to right, price elasticity of demand : (choose the correct alternative) (1)VIEW SOLUTION
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
- Q3VIEW SOLUTION
- Q4VIEW SOLUTION
- Q5VIEW SOLUTION
- Q6VIEW SOLUTION
- Q7VIEW SOLUTION
Show that demand of a commodity is inversely related to its price. (3)
Explain with the help of utility analysis.
Why is an indifference curve negatively sloped? Explain. VIEW SOLUTION
- Q9VIEW SOLUTION
State different phases of the law of variable proportions on the basis to total product. Use diagram. (4)
Explain the geometric method of measuring price elasticity of supply. Use diagram. VIEW SOLUTION
- Q11VIEW SOLUTION
When price of a commodity X falls by 10 per cent, its demand rises from 150 units to 180 units. Calculate is price elasticity of demand. How much should be the percentage fall in its price so that its demand rises from 150 to 210 units? (6)VIEW SOLUTION
Complete the following table : (6)
Output units Total cost Rs. Average variable cost Rs. Marginal cost Rs. Average fixed cost Rs. 0 30 1 ... ... 20 ... 2 68 ... ... ... 3 84 18 ... ... 4 ... ... 18 ... 5 125 19 ... 6
Good Y is a substitute of good X. The price of Y falls. Explain the chain of effects of this change in the market of X.
Explain the chain of effects of excess supply of a good on its equilibrium price. (6) VIEW SOLUTION
Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all levels of output is Rs. 12. Using marginal cost and marginal revenue approach, find out the level of equalibrium output. Give reasons for your answer: (6)
Output (Units) 1 2 3 4 5 6 Average Cost (Rs.) 12 11 10 10 10.4 11
The ratio of total deposits that a commercial bank has to keep with Reserve Bank of India is called : (choose the correct alternative) (1)VIEW SOLUTION
(a) Statutory liquidity ratio
(b) Deposit ratio
(c) Cash reserve ratio
(d) Legal reserve ratio
Aggregate demand can be increased by : (choose the correct alternative) (1)VIEW SOLUTION
(a) increasing bank rate
(b) selling government securities by Reserve Bank of India
(c) increasing cash reserve ratio
(d) none of the above
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
- Q20VIEW SOLUTION
- Q21VIEW SOLUTION
Explain the store of value function of money. (3)
State the meaning and components of money supply. VIEW SOLUTION
- Q23VIEW SOLUTION
Explain 'banker to the government' function of the central bank. (4)
Explain the role of reverse repo rate in controlling money supply. VIEW SOLUTION
- Q25VIEW SOLUTION
An economy is in equilibrium. From the following data about an economy calculate autonomous consumption. (4)VIEW SOLUTION
(i) Income = 5000
(ii) Marginal propensity to save = 0.2
(iii) Investment expenditure = 800
- Q27VIEW SOLUTION
Explain 'non-monetary exchanges' as a limitation of using gross domestic product as an index of welfare of a country. (6)
How will you treat the following while estimating domestic product of a country? Give reasons for your answer:
(a) Profits earned by branches of country's bank in other countries
(b) Gifts given by an employer to his employees on independence day
(c) Purchase of goods by foreign tourists VIEW SOLUTION
Calculate (a) net domestic product at factor cost and (b) gross national disposable income: (6)
Rs. in crores (i) Private final consumption expenditure 8000 (ii) Government final consumption expenditure 1000 (iii) Exports 70 (iv) Imports 120 (v) Consumption of fixed capital 60 (vi) Gross domestic fixed capital formation 500 (vii) Change in stock 100 (viii) Factor income to abroad 40 (ix) Factor income from abroad 90 (x) Indirect taxes 700 (xi) Subsidies 50 (xii) Net current transfers to abroad (–) 30
- Q30VIEW SOLUTION
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