(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
A firm is able to sell more quantity of a good only by lowering the price. The firm's marginal revenue, as he goes on selling, would be :VIEW SOLUTION
(choose the correct alternative)
(a) Greater than average revenue
(b) Less than average revenue
(c) Equal to average revenue
- Q4VIEW SOLUTION
- Q5VIEW SOLUTION
Explain the meaning of 'minimum' price ceiling and its implications.
Explain the chain of effects of 'increase' in demand of a good. VIEW SOLUTION
A consumer consumes only two goods X and Y. The Marginal Rate of Substitution is 2. Prices per unit of X and Y are Rs 5 and Rs 4 respectively. Is consumer in equilibrium? What will be the further reaction of the consumer? Give reasons.VIEW SOLUTION
- Q8VIEW SOLUTION
- Q9VIEW SOLUTION
- Q10VIEW SOLUTION
What type of production function is this in which only one input is increased and others kept constant? State the behaviour of total product in this production function.
Define cost. State the behaviour of (a) Total Fixed Cost and (b) Total Variable Cost as output is increased. VIEW SOLUTION
Explain the implications of the following :
(a) Product differentiation in monopolistic competition.
(b) Perfect knowledge in perfect competition.
Explain the implications of the following :
(a) Interdependence between firms in oligopoly.
(b) Large number of sellers in perfect competition. VIEW SOLUTION
- Q13VIEW SOLUTION
- Q14VIEW SOLUTION
Explain the concepts of Opportunity Cost and Marginal Rate of Transformation using a production possibility schedule based on the assumption that no resource is equally efficient in production of all goods.VIEW SOLUTION
Balance of Payments 'deficit' is the excess of : (choose the correct alternative)VIEW SOLUTION
(a) Current account payments over current account receipts.
(b) Capital account payments over capital account receipts.
(c) Autonomous payments over autonomous receipts.
(d) Accommodating payments over a accommodating receipts.
Disinvestment by government means: (choose the correct alternative)VIEW SOLUTION
(a) Selling of its fixed capital assets
(b) Selling of shares of public enterprises held by it.
(c) Selling of its buildings
(d) All the above
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
- Q20VIEW SOLUTION
An economy is in equilibrium. Find marginal propensity to consume :
Autonomous consumption expenditure = 100 Investment expenditure = 100 National Income = 2,000
- Q22VIEW SOLUTION
- Q23VIEW SOLUTION
- Q24VIEW SOLUTION
- Q25VIEW SOLUTION
Explain the 'Unit of Account' function of money. How has it solved the related problem created by barter?VIEW SOLUTION
Explain the 'Standard of differed payment' function of money. How has it solved the related problem created by barter?
Find Gross Domestic Product at Factor Cost and Personal Disposable Income:
(Rs crore) (i) Personal tax 100 (ii) Net National Disposable Income 800 (iii) Corporation tax 50 (iv) Net factor income to abroad (–)10 (v) Retained Income 200 (vi) Indirect tax 170 (vii) Private income 600 (viii) Subsidy 30 (ix) Consumption of fixed capital 60 (x) Net current transfer from abroad 10
Indian investors borrow from abroad. Answer the following:VIEW SOLUTION
(a) In which sub-account and on which side of the Balance of Payments Account will this borrowing be recorded? Give reason.
(b) Explain what is the impact of this borrowing on exchange rate.
- Q29VIEW SOLUTION
What are revenue receipts? Explain the role of government budget in bringing stability in the economy.VIEW SOLUTION
What is government budget? Explain the role of government budget in influencing allocation of resources in the economy.
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