(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
- Q3VIEW 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
- Q5VIEW SOLUTION
- Q6VIEW 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. Marginal rate of substitution is 3 and per unit prices of X and Y are Rs 4 and Rs 2 respectively. Is the consumer in equilibrium? What will be the further reaction of the consumer? Give reasons.VIEW 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
- Q10VIEW SOLUTION
- Q11VIEW SOLUTION
- Q12VIEW 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
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
- Q15VIEW SOLUTION
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
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.
- Q18VIEW SOLUTION
- Q19VIEW SOLUTION
- Q20VIEW SOLUTION
- Q21VIEW SOLUTION
An economy is in equilibrium. Find autonomous consumption expenditure:
National Income = 1,600 Investment Expenditure = 300 Marginal Propensity to Consume = 0.8
- Q23VIEW 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?
- Q25VIEW SOLUTION
- Q26VIEW SOLUTION
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.
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.
Find National Income and Personal Disposable Income:
(Rs crore) (i) Undistributed profits 70 (ii) Gross National Disposable Income 1,000 (iii) Net current transfers to abroad 20 (iv) Consumption of fixed capital 100 (v) Corporation tax 200 (vi ) Indirect tax 250 (vii) Current transfers from government 50 (viii) Subsidies 60 (ix) Private income 800 (x) Personal tax 150
- Q30VIEW SOLUTION
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