CBSE Question Paper 2007 class 12 Economics

General Instructions:

• All questions in both the sections are compulsory.
• Marks for questions are indicated against each.
• Question Nos. 1 and 13 are very short answer questions carrying 1 mark for each part. They are required to be answered in o sentence each.
• Question Nos. 2-5 and 14-I7 are short answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each.
• Question Nos. 6-9 and 18-21 are also short answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each.
• Question Nos. 10-12 and 22-24 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.
• All of the question should be answered at one place.

SECTION – A

Q. 1. Answer the following questions:

i) Why does an economic problem arise ?
(ii) Define opportunity cost.
(iii) What does a rightward shift of production possibility curve indicate ?
(iv) Define microeconomics.

2. Explain the effect of increase in income of the consumer on the demand for a good.

4. Explain the relation between marginal cost and average cost.

5. Explain producer’s equilibrium with the help of a diagram.

6. A consumer buys 40 units of a good at a price of Rs. 3 per unit. When price rises to Rs. 4 per unit he buys 30 units. Calculate price elasticity of demand by the total expenditure method.

OR

A consumer buys 80 units of a good at a price of Rs. 5 per unit. Suppose price elasticity of demand is (-)2. At what price will he buy 64 units ?

7. Give meaning of:

(i) production function
(ii) Supply
(iii) revenue, and
(iv) cost

8. Calculate ‘total variable cost’ and ‘total cost’ from the following cost schedule of a firm whose fixed costs are Rs. 10.

9. At a given price there is excess demand for a good. Explain how the equilibrium
price will be reached. Use diagram.

10. Distinguish between :

(a) Individual demand and market demand.
(b) ‘Change in demand’ and ‘change in quantity demanded’

11. State the phases of the law of variable proportions in terms of total physical product. Use diagram.

12. Explain the following features of perfect competition:

(i) Large number of buyers and sellers
(ii) Homogeneous products

OR

Explain the following:

(i) ‘Free entry and exit’ feature of perfect competition,
(ii) ‘Differentiated products’ feature of monopolistic competition.

Section B

13. Answer the following questions:

(i) Define macroeconomics.
(ii) Give two examples of macroeconomic studies.
(iii) What does balance of payments account of a country record ?
(iv) Name the items included in balance of trade account.

14. Calculate ‘private income’ from the following data :

15. A Rs. 200 crore increase in investment leads to a rise in national income by Rs. 1000 crores. Find out marginal propensity to consume.

16. Give meanings of:

(i) involuntary unemployment
(ii) full employment, and
(iii) under employment equilibrium

17. Give three sources each of demand and supply of foreign exchange.

18. Give meaning of money. Explain the ‘store of value’ function of money.

OR

What is ‘barter’? Explain ‘standard of deferred payment’ function of money.

19. Explain the ’acceptance of deposits’ function of commercial banks.

20. Distinguish between ‘revenue receipt’ and ‘capital receipt’ and give two examples of each.

21. What is ‘fiscal deficit’? What are its implications?

22. Calculate national income and gross national disposable income from the following data:

23. Explain the production method of estimating national income.

OR

Explain the income method of estimating national income.

24. Explain the problem of ‘excess demand’ in an economy with the help of a diagram. Explain the role of bank rate in cprrecting it.

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