(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.
There is inverse relation between price and demand for the product of a firm under : (choose the correct alternative)VIEW SOLUTION
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
- Q2VIEW SOLUTION
Suppose total revenue is rising at a constant rate as more and more units of a commodity are sold, marginal revenue would be :VIEW SOLUTION
(choose the correct alternative)
(a) Greater than average revenue
(b) Equal to average revenue
(c) Less than average revenue
- Q4VIEW SOLUTION
- Q5VIEW SOLUTION
- Q6VIEW SOLUTION
A consumer consumes only two goods X and Y. If marginal utilities of X and Y are 4 and 5 respectively, and if price of X is Rs. 5 per unit and that of Y is Rs. 4 per unit, is the consumer in equilibrium? What will be further reaction of the consumer? Explain.VIEW SOLUTION
- Q8VIEW SOLUTION
- Q9VIEW SOLUTION
- Q10VIEW SOLUTION
Define production function. Distinguish between short run and long run production functions.
Define cost. Distinguish between fixed and variable costs. Give one example of each. VIEW SOLUTION
Explain the implications of the following in a perfectly competitive market :
(a) Large number of buyers
(b) Freedom of entry and exit to firms
Explain the implications of the following in an oligopoly market :
(a) Inter-dependence between firms
(b) Non-price competition VIEW SOLUTION
- Q13VIEW SOLUTION
- Q14VIEW SOLUTION
- Q15VIEW SOLUTION
Foreign exchange transactions dependent on other foreign exchange transactions are called: (choose the correct alternative)VIEW SOLUTION
(a) Current account transactions
(b) Capital account transactions
(c) Autonomous transactions
(d) Accommodating transaction
- Q17VIEW SOLUTION
Depreciation of fixed capital assets refers to : (choose the correct alternative)VIEW SOLUTION
(a) Normal wear and tear
(b) Foreseen obsolescence
(c) Normal wear and tear and foreseen obsolescence
(d) Unforeseen obsolescence.
- Q19VIEW SOLUTION
- Q20VIEW SOLUTION
- Q21VIEW SOLUTION
Find net value added at market price :
(Rs. lacs) (i) Fixed capital good with a life span of 5 years 15 (ii) Raw materials 6 (iii) Sales 25 (iv) Net change in stock (–)2 (v) Taxes on production 1
Distinguish between marginal propensity to consume and average propensity to consume. Give a numerical example.
Explain the role of taxation in reducing excess demand. VIEW SOLUTION
- Q24VIEW SOLUTION
- Q25VIEW SOLUTION
Explain the 'store of value' function of money. How has it solved the related problem created by barter?VIEW SOLUTION
Explain the 'unit of account' function of money. How has it solved the related problem created by barter?
Find net domestic product at factor cost and personal income :
(Rs crores) (i) Rent 200 (ii) Net current transfers to abroad 10 (iii) National debt interest 60 (iv) Corporate tax 100 (v) Compensation of employees 900 (vi) Current transfers by government 150 (vii) Interest 400 (viii) Undistributed profits 50 (ix) Dividend 250 (x) Net factor income to abroad (–) 10 (xi) Income accruing to government 120
(a) In which sub-account and on which side of balance of payments account will foreign investments in India be recorded? Given reasons.VIEW SOLUTION
(b) What will be the effect of foreign investments in India on exchange rate? Explain.
- Q29VIEW SOLUTION
What is government budget? Explain how taxes and subsidies can be used to influence allocation of resources.
Define revenue receipts in a government budget. Explain how government budget can used to bring in price stability in the economy. VIEW SOLUTION
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