CBSE Question Paper 2012 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. What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

2. What is a price taker firm?

3. What is Market Demand?

4. What is the behaviour of average fixed cost as output increases?

5. Give meaning of an Economy.

6. State reasons why does an economic problem arise?

7. Draw average Variable Cost, Average Total Cost and Marginal Cost Curves in a single diagram.

8. Explain the implication of large number of buyers in a perfectly competitive market.

OR

Explain why are firms mutually interdependent in an oligopoly market.

9. A producers invests his own saving in starting a business and employs and employs a manager to look after it. Identify implicit and explicit costs from this information. Explain.

10. Given price of a good, how does a consumer decide as to how much of that good to buy?

11. Define an indifference map. Explain why an indifference curve to the right shows higher utility level.

12. A consumer buys 20 units of a good at a price of Rs 5 per unit. He incurs an expenditure of Rs 120 when he buys 24 units. Calculate price elasticity of demand using the percentage method. Comment upon the likely shape of demand curve based on this information.

13. What does the law of Variable proportions show? State the behaviour of total product according to this law.

OR

Explain how changes in prices of other product influence the supply of a given product.

14. Explain the conditions of a producer’s equilibrium in terms of marginal cost and marginal revenue. Use diagram.

15. Market for a good is in equilibrium. There is simultaneous “increase” both in demand and supply of the good. Explain its effect on market price.

OR

Market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply of the good. Explain its effect on market price.

16. Explain how do the following influence demand for a good:

(i) Rise in income of the consumer.

(ii) Fall in prices of the related goods.

SECTION – B

17. Define a Tax.

18. Give meaning of managed floating exchange rate.

19. Define capital goods.

20. What are demand deposits?

21. Define stock variable.

22. Find Net Value Added at Market Price:

23. Outline the steps taken in deriving saving curve from the consumption curve. Use diagram.

24. Distinguish between Revenue Expenditure and Capital Expenditure in a government budget. Give examples.

OR

Explain the role of Government budget in allocation of resources.

25. Find consumption expenditure from the following:

Autonomous consumption = 100 (Rs)

Marginal propensity to consume = 0.70

National Income = 1,000 (Rs)

26. Explain the significance of the ‘Store of Value’ function of money.

27. Giving reason explain how should the following be treated in estimating national income:

(i) Interest paid by banks on deposits by individuals.

(ii) National debt interest.

28. Explain the components of Legal Reserve Ratio.

OR

Explain ‘bankers’ bank, function of Central bank.

29. Explain ‘revenue deficit’ in a Government budget? What does it indicate?

30. Find out (a) Gross National Product at Market Price and (b) Net Current Transfers from Abroad:

31. Explain the concept of ‘excess demand’ in macroeconomics. Also explain the role of ‘open market operation’ in correcting it.

OR

Explain the concept of ‘deficient demand’ in macroeconomics. Also explain the role of Bank Rate in correcting it.

32. Explain the distinction between autonomous and accommodating transactions in balance of payments. Also explain the concept of balance of payment ‘deficit’ in this context.

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