CBSE Question Paper 2008 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. They are required to be answered in o sentence each.
• 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.
• Answers should be brief and to the point and the above word limits be adhered to as far as possible.

SECTION – A

1. Define production function’.

2. What is ‘market supply?

3. Define equilibrium price’,

4. Define ‘Marginal Rate of Transformation’.

5. What is a demand schedule?

6. Given the market price of a good, how does a consumer decide as to how many units of that good to buy? Explain.

7. What is the likely effect of technological progress on the supply of a good? Explain.

8. Explain what happens to the profits in the long run if the firms are free to enter the industry.

OR

Explain what happens to loses in the long run if the firms are free to leave the industry.

9. Explain the central problem of distribution of income.

10. Price elasticity of demand of a good is (-)3. If the price rises from Rs. 10 per unit to Rs. 12 per unit, what is the percentage change in demand?

11. Draw supply curves with price elasticity of supply throughout equal to (i) zero, (ii) one, (iii) infinity and (iv) less than one.

12. Complete the following table:

13. Explain producer’s equilibrium using a schedule. Use total cost and total revenue approach.

OR

Distinguish between (i) fixed cost and variable cost giving examples and (ii) average cost and marginal cost giving an example.

14. Given market, equilibrium of a good, what are the effects of simultaneous increase in both demand and supply of that good on its equilibrium price and quantity?

OR

Explain the implications of the following:

(i) The feature ‘differentiated products’ under monopolistic competition.

(ii) The feature ‘large number of sellers’ under monopolistic competition.

15. Explain the effect of the following on demand for a good:

(i) Rise in income

(ii)Rise in prices of related goods

16. Explain, with the help of numerical example, the effect on total output of a good when all the inputs used in production of that good are increased simultaneously and in the same proportion.

SECTION B

17. What is a commercial bank “.

18. Define government budget.

19. What is fixed exchange rate system?

20. Define ‘aggregate supply’.

21. Give meaning of deficient demand.

22. Distinguish between balance of trade and balance on current account.. 

23. Explain the ‘medium of exchange’ function of money.

OR

Explain the evolution of money.

24. Give meaning of capital expenditure and revenue expenditure in a government budget and an example of each.

25. Calculate ‘Gross Value Added at Factor Cost’ from the following data:

27. Explain the lending function of commercial banks.

OR

Explain ‘banker to the government’ function of central bank.

28. Distinguish between

(i) balanced budget and surplus budget

(ii) developmental expenditure and non-developmental expenditure

29. Given marginal propensity to save equal to 25. What will be the increase in national income if investment increases by Rs. 125 crores Calculate.

30. Explain ‘consumption function’ with the help of a schedule and diagram.

OR

Explain ‘saving function’ with the help of a schedule and diagram. 

31. Giving reasons, explain how the following are treated in estimating national income:

(i) Wheat growth by a farmer but used entirely for family’s consumption.

(ii) Earnings of the shareholders from the sale of shares.

(iii) Expenditure by government on providing free education.

32. Calculate ‘Gross National Product at Market Price’ and ‘Personal Income’ from the following data:      

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