CBSE Question Paper 2014 class 12 Economics

General Instructions:

• All questions in both the sections are compulsory.
• Marks for questions are indicated against each.
• Question No. 1-5 and 17-21 are very short answer questions carrying 1 mark for each part.
• Question Nos. 6-10 and 22-26 are short answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each.
• Question Nos. 11-13 and 27-29 are also short answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each.
• Question Nos. 14-16 and 30-32 are long answer questions carrying 6 marks each. Answers to them should not normally exceed 100 words each.
• Question Marked star (*) are value-based questions.
• Answers should be brief and to the point and the above word limits be adhered to as far as possible.

SECTION A

1. Name the economic value achievable when attempts are made to increase resources in the country.

2. Define market supply.

3. When is supply of a good said to be perfectly price inelastic?

4. Give two examples of fixed costs.

5.  Define demand.

6. Explain any two causes of ‘‘decrease’’ in supply of a commodity.

OR

Explain any two causes of a rightward shift of supply curve.

7. Why does the problem of ‘how to produce’ arise? Explain.

8. Calculate marginal cost at each level of output:

9. From the following data calculate price elasticity of supply:

10. A and B are complementary goods. Explain the effects of change in price of A on demand for B.

11. Explain the distinction between the equations of budget line and budget constraint.

12. The price elasticity of demand of a good is (–) 1. At a price of Rs 40 per unit its demand is 500 units. At what price will its demand increase by 20 percent?

13. Define monopoly. State the main features of monopoly.

14. From the following data find out the level of output at which the producer is in equilibrium. Give reasons for your answer. (Use marginal cost, marginal revenue approach)

15. Explain the characteristics of indifference curves.

OR

Explain the conditions of consumer’s equilibrium using utility analysis.

16. Explain the meaning of excess supply. Explain its chain of effects on price, demand and supply of the commodity. Use diagram.

SECTION B

17. Give two examples of revenue expenditure.

18. Give the meaning of depreciation.

19. What is statutory liquidity ratio?

20. Define domestic product.

21. Define domestic product.

22. In an economy planned spending is greater than planned output. Explain all the changes that will take place in the economy.

23. Distinguish between Balance of trade and Balance on current account of the Balance of Payments account.

24. Explain the ‘unit of account’ function of money.

OR

Explain the role of central bank as the ‘Bankers’ Bank’.

25. Distinguish between stocks and flows. Give an example of each.

26. Explain the meaning of average propensity to consume. What is its relation with average propensity to save?

27. From the following data calculate ‘‘Net value added at factor cost’’:

OR

Is gross domestic product a true index of economic welfare of the people? Give two reasons in support of your answer.

28. How does the central bank control credit creation in the economy through ‘‘Bank Rate’’? Explain.

29. Government takes measures to restrict autonomous imports of gold. Explain the economic values desired to be achieved from this.

30. Distinguish between:

(a) Direct tax and Indirect tax

(b) Primary deficit and Revenue deficit.

31. (a) Distinguish between autonomous consumption and induced consumption.

(b) From the following data about an economy, calculate its equilibrium level of income:

(i) Autonomous consumption = 400

(ii) Marginal propensity to consume = 0.5

(iii) Investment = 4000

32. Calculate national income:

OR

From the following data calculate personal disposable income:

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