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General Instructions:

 (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.

Question 1
  • Q1

    Demand curve of a firm is perfectly elastic under :

    (Choose the correct alternative)

    (a) Perfect competition

    (b) Monopoly

    (c) Monopolistic competition

    (d) Oligopoly 

    VIEW SOLUTION

  • Q2

    Differentiated products is a characteristic of :

    (Choose the correct alternative) :

    (a) Monopolistic competition only

    (b) Oligopoly only

    (c) Both monopolistic competition and oligopoly

    (d) Monopoly 

    VIEW SOLUTION

  • Q3

    A firm is able to sell any quantity of a good at a given price. The firm's marginal revenue will be :

    (Choose the correct alternative) :

    (a) Greater than Average Revenue

    (b) Less than Average Revenue

    (c) Equal to Average Revenue

    (d) Zero 

    VIEW SOLUTION

  • Q4

    When does "change in quantity demanded" take place? 

    VIEW SOLUTION

  • Q5

    What happens to the difference between Average Total Cost and Average Variable Cost as production is increased? 

    VIEW SOLUTION

  • Q6

    What is minimum price ceiling? Explain its implications.
     

    OR

    If the prevailing market price is above the equilibrium price, explain its chain of effects. 

    VIEW SOLUTION

  • Q7

    A consumer consumes only two goods X and Y. Marginal utilities of X and Y are 4 and 3 respectively. Price of X and price of Y is Rs 3 per unit. Is consumer in equilibrium? What will be further reaction of the consumer? Give reasons. 

    VIEW SOLUTION

  • Q8

    What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b) –1, (c) –2. 

    VIEW SOLUTION

  • Q9

    When price of a good rises from Rs 10 to Rs 12 per unit, the producer supplies 10 percent more. Calculate price elasticity of supply. 

    VIEW SOLUTION

  • Q10

    Define utility. Explain the Law of Diminishing Marginal Utility. 

    VIEW SOLUTION

  • Q11

    Define fixed cost. Give an example. Explain with reason the behaviour of Average Fixed Cost as output is increased.
     

    OR

    Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are hold constant. 

    VIEW SOLUTION

  • Q12

    Explain the implications of the following in a perfectly competitive market :

    (a) Large number of sellers

    (b) Homogeneous products.
     

    OR

    Explain the implications of the following in an oligopoly market :

    (a) Barriers to entry of new firms

    (b) A few or a few big sellers 

    VIEW SOLUTION

  • Q13

    Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X, on the supply curve. Use diagrams. 

    VIEW SOLUTION

  • Q14

    Explain three properties of indifference curves. 

    VIEW SOLUTION

  • Q15

    Why do central problems of an economy arise? Explain the central problem of "for whom to produce"? 

    VIEW SOLUTION

  • Q16

    Foreign exchange transactions which are independent of other transactions in the Balance of Payments Account are called :

    (Choose the correct alternative)

    (a) Current transactions

    (b) Capital transactions

    (c) Autonomous transactions

    (d) Accommodating transactions 

    VIEW SOLUTION

  • Q17

    Primary deficit equals :

    (Choose the correct alternative)

    (a) Borrowings

    (b) Interest payments

    (c) Borrowings less interest payments

    (d) Borrowings and interest payments both 

    VIEW SOLUTION

  • Q18

    National income is the sum of factor incomes accruing to :

    (Choose the correct alternative)

    (a) Nationals

    (b) Economic territory

    (c) Residents

    (d) Both residents and non-residents 

    VIEW SOLUTION

  • Q19

    Define fiscal deficit. 

    VIEW SOLUTION

  • Q20

    Define flows. 

    VIEW SOLUTION

  • Q21

    An economy is in equilibrium. Find investment expenditure :
     

    National income = 1200
    Autonomous consumption expenditure = 150
    Marginal Propensity to consume = 0.8
     

    VIEW SOLUTION

  • Q22

    If nominal income is Rs 500 and price index is 125, calculate real income. 

    VIEW SOLUTION

  • Q23

    What is aggregate demand? State its components.
     

    OR

    Explain how controlling money supply is helpful in reducing excess demand. 

    VIEW SOLUTION

  • Q24

    Explain the role of Cash Reserve Ratio in controlling credit creation. 

    VIEW SOLUTION

  • Q25

    Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare. 

    VIEW SOLUTION

  • Q26

    Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?
     

    OR

    Explain the 'standard of deferred payment' function of money. How has it solved the related problem created by barter? 

    VIEW SOLUTION

  • Q27

    Calculate Net National Product at Market Price and Private income.
     

        (Rs crores)
    (i) Net current transfers to abroad 10
    (ii) Private final consumption expenditure 500
    (iii) Current transfers from government 30
    (iv) Net factor income to abroad 20
    (v) Net exports (–) 20
    (vi ) Net indirect tax 120
    (vii) National debt interest 70
    (viii) Net domestic capital formation 80
    (ix) Income accruing to government 60
    (x) Government final consumption expenditure 100
     

    VIEW SOLUTION

  • Q28

    Indian investors lend abroad. Answer the following questions :

    (a) In which sub-account and on which side of the Balance of Payments Account such lending is recorded? Give reasons.

    (b) Explain the impact of the leading on market exchange rate. 

    VIEW SOLUTION

  • Q29

    Given saving curve, derive consumption curve and state the steps in doing so. Use diagram. 

    VIEW SOLUTION

  • Q30

    What is the difference between revenue expenditure and capital expenditure? Explain how taxes and government expenditure can be used to influence.

                                                                                                                   Or

    What is the difference between direct tax and indirect tax? Explain the role of government budget in influencing allocation of resources. 

    VIEW SOLUTION

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