(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.1-3 and 15-19 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence.
(iv) Question No.4-8 and 20-22 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
(v) Question No.9-10 and 23-25 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each.
(vi) Question No.11-14 and 26-29 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
If Marginal Rate of Substitution is increasing throughout, the Indifference Curve will be : (Choose the correct alternative)VIEW SOLUTION
(a) Downward sloping convex
(b) Downward sloping concave
(c) Downward sloping straight line
(d) Upward sloping convex
Giving reason comment on the shape of Production Possibilities Curve based on the following schedule :
Good X (units) Good Y (units) 0 30 1 27 2 21 3 12 4 0
What is likely to be the impact of "Make in India" appeal to the foreign investors by the Prime Minister of India, on the production possibilities frontier of India? Explain.
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain. VIEW SOLUTION
Explain the significance of 'minus sign' attached to the measure of price elasticity of demand in case of a normal good, as compared to the 'plus sign' attached to the measure of price elasticity of supply.VIEW SOLUTION
- Q7VIEW SOLUTION
- Q8VIEW SOLUTION
A consumer spends Rs 1,000 on a good priced at Rs 10 per unit. When its price falls by 20 percent, the consumer spends Rs 800 on the good. Calculate the price elasticity of demand by the Percentage method.VIEW SOLUTION
What is the behaviour of (a) Average Fixed Cost and (b) Average Variable Cost as more and more units of a good are produced ?
Define Average Revenue. Show that Average Revenue and Price are same. VIEW SOLUTION
A consumer consumes only two goods X and Y, both priced at Rs. 2 per unit. If the consumer chooses a combination of the two goods with Marginal Rate of Substitution equal to 2, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Explain.
A consumer consumes only two goods X and Y whose prices are Rs. 5 and Rs. 4 respectively. If the consumer chooses a combination of the two goods with marginal utility of X equal to 4 and that of Y equal to 5, is the consumer in equilibrium? Why or why not? What will a rational consumer do in this situation? Use utility analysis. VIEW SOLUTION
- Q12VIEW SOLUTION
- Q13VIEW SOLUTION
- Q14VIEW SOLUTION
- Q15VIEW SOLUTION
- Q16VIEW SOLUTION
Primary deficit in a government budget is : (Choose the correct alternative)VIEW SOLUTION
(a) Revenue expenditure − Revenue receipts
(b) Total expenditure − Total receipts
(c) Revenue deficit − Interest payments
(d) Fiscal deficit − Interest payments
Direct tax is called direct because it is collected directly from : (Choose the correct alternative)VIEW SOLUTION
(a) The producers on goods produced
(b) The sellers on goods sold
(c) The buyers of goods
(d) The income earners
Other things remaining the same, when in a country the market price of foreign currency falls, national income is likely : (Choose the correct alternative)VIEW SOLUTION
(a) to rise
(b) to fall
(c) to rise or to fall
(d) to remain unaffected
- Q20VIEW SOLUTION
What are fixed and flexible exchange rates ?
Explain the meaning of Managed Floating Exchange Rate. VIEW SOLUTION
- Q22VIEW SOLUTION
Explain the "Bankers' Bank function" of the central bank.
Explain the "Bank of Issue function" of the central bank. VIEW SOLUTION
- Q24VIEW SOLUTION
- Q25VIEW SOLUTION
Giving reason explain how the following should be treated in estimation of national income :VIEW SOLUTION
(i) Payment of interest by a firm to a bank
(ii) Payment of interest by a bank to an individual
(iii) Payment of interest by an individual to a bank
What is 'deficient demand' ? Explain the role of 'Bank Rate' in removing it.
What is 'excess demand' ? Explain the role of 'Reverse Repo Rate' in removing it. VIEW SOLUTION
- Q28VIEW SOLUTION
Calculate the 'National Income' and 'Private Income' :
(Rs crores) (i) Rent 200 (ii) Net factor income to abroad 10 (iii) National debt interest 15 (iv) Wages and salaries 700 (v) Current transfers from government 10 (vi) Undistributed profits 20 (vii) Corporation tax 30 (viii) Interest 150 (ix) Social security contributions by employers 100 (x) Net domestic product accruing to government 250 (xi) Net current transfers to rest of the world 5 (xii) Dividends 50
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