CBSE Question Paper 2013 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 Nos. 11 and 19 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. Define opportunity cost.

2. What is budget set?

3. When is a good called an inferior good?

4. Give meaning of “Returns to a Factor”.

5. What is the meaning of “marginal cost”.

6. State any three assumptions on which a ‘Production Possibilities Curve’ is based.

7. Explain the concept of ‘marginal utility’ with the help of a numerical example.

8. Price of a good rises from Rs. 7 per unit to Rs. 9 per unit but its demand remains unchanged. Calculated price elasticity of demand of the good.

9. Draw a total variable cost curve and total cost curve in a single diagram.

OR

Explain the behaviour of Average Fixed Cost. Use diagram.

10. Explain the Concept of price elasticity of supply. When is the value of price elasticity of supply equal to one?

11. Cigarette smoking is injurious to health. How can the government reduce its consumption but only through the normal market forces. Explain the chain of effects of government’s action.

12. Explain the effect of the following on supply of a good:

i. Change in prices of inputs

ii. Technological advancement

OR

Explain how do the following on supply of a good:

i. Subsidy on production

ii. Changes in price of other goods

13. A consumer consumes only two goods X and Y and is in equilibrium. Price of good X falls. Show that it will lead to rise in demand for goo X.

14. State and explain the conditions of consumer’s equilibrium in the difference curve analysis.

15. Giving reasons identify the equilibrium level of output and find profit at this output using ‘Marginal Cost and Marginal Revenue’ approach from the following:

16. Explain the outcome of the following features of a perfectly competitive market:

i. Freedom to the firms to enter the industry

ii. Freedom to the firms to leave the industry

17. What is meant by ‘Consumption of fixed capital’?

18. Give meaning of flow variables.

19. Name any one step the government can take through its budget to reduce the gap between the rich and the poor.

20. What is barter?

21. Define intermediate consumption.

22. Explain how money has solved the problem of double coincidence of wants.

OR

Explain the concept of money supply.

23. Calculate ‘Investment’ from the following:

24. Explain the distinction between ‘autonomous investment’ and induced investment.

25. What is the basis of classifying government expenditure into ‘Revenue Expenditure? Which of these type of expenditure is payment of salaries to government employees and why?

26. In India, exchange rate U.S. Dollar has risen considerably. What is Likely impact on Indian exports and why?

27. Explain the “Bakers’ Bank” function of central bank.

28. Explain how government can influence allocation of resources through government budget.

OR

Explain the distinction between fiscal deficit and primary deficit.

29. Distinguish between the autonomous transactions and the accommodating transactions in the Balance of Payments. What is the significance of this distinction?

30. Calculate (a) Private Income and (b) Gross Domestic Product at Factor Cost:

31. Giving reasons explain how should the following be treated in estimating national income:

i) Electricity consumed by a firm

ii) pension paid to the retired employees

ii) Free treatment of the poor in hospitals

OR

Explain the concept of “real income”. Explain why, due to the presence of externalities, real national income in itself cannot be treated as a true index of welfare.

32. Explain the meaning of inflationary gap and deflationary gap with the help of diagrams

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