CBSE Question Paper 2013 class 12 Economics

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CBSE Question Paper 2013 class 12 Economics conducted by Central Board of Secondary Education, New Delhi in the month of March 2013. CBSE previous year question papers with solution are available in myCBSEguide mobile app and cbse guide website. The Best CBSE App for students and teachers is myCBSEguide which provides complete study material and practice papers to cbse schools in India and abroad.

CBSE Question Paper 2013 class 12 Economics

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CBSE Question Paper 2013 class 12 Economics

Class 12 Economics list of chapters

Part-1 (Macro)

  1. Introduction
  2. National income accounting
  3. Money and Banking
  4. Income Determination
  5. The Government Budget and Economy
  6. Open Economy Macroeconomics

Part-2 (Micro)

  1. Introduction
  2. Theory of consumer behaviour
  3. Production and Costs
  4. Theory of the Firm Under Perfect Competition
  5. Market Equilibrium
  6. Non Competitive Markets

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.


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.


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


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:

Output (units)12345
Total Revenue (Rs.)815212630
Total Cost (Rs.)813192736

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.


Explain the concept of money supply.

23. Calculate ‘Investment’ from the following:

i. Equilibrium incomeRs. 500
ii. Consumption expenditure at zero incomeRs. 50
iii. Marginal propensity to consume0.7

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.


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:

(Rs in arab)
i.Miscellaneous receipts of government administrative departments5
ii.Saving of non-departmental enterprises3
iii.Savings of private corporate sector10
iv.Direct tax paid by households30
v.Net factor income to abroad6
vi.Corporation tax20
vii.Net current transfers from the rest of the world4
viii.National debt interest15
ix.Current transfers from government8
x.Income from property and entrepreneurship accruing to the government administrative departments12
xi.Personal disposable income200
xii.Consumption of fixed capital11

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


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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Last Year Question Paper Class 12 Economics 2013

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Previous Year Question Paper for class 12 in PDF

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