{"id":17704,"date":"2018-06-29T17:00:14","date_gmt":"2018-06-29T11:30:14","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=17704"},"modified":"2018-06-29T17:00:57","modified_gmt":"2018-06-29T11:30:57","slug":"cbse-question-paper-2018-class-12-economics-reconducted","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/","title":{"rendered":"CBSE Question Paper 2018 class 12 Economics (Reconducted)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#CBSE_Question_Paper_2018_class_12_Economics_Reconducted\" >CBSE Question Paper 2018 class 12 Economics (Reconducted)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#Download_as_PDF\" >Download as PDF<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#Class_12_Economics_Reconducted_list_of_chapters\" >Class 12 Economics (Reconducted) list of chapters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#CBSE_Question_Paper_2018_class_12_Economics_Reconducted-2\" >CBSE Question Paper 2018 class 12 Economics (Reconducted)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#Economics_Reconducted_Question_Paper_2018_with_solution\" >Economics (Reconducted) Question Paper 2018 with solution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/#CBSE_Question_Paper_2018\" >CBSE Question Paper 2018<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>CBSE Question Paper 2018 class 12 Economics (Reconducted)<\/strong>\u00a0conducted by Central Board of Secondary Education, New Delhi in the month of March 2018. 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.<\/p>\n<h6 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"CBSE_Question_Paper_2018_class_12_Economics_Reconducted\"><\/span><strong>CBSE Question Paper 2018 class 12 Economics (Reconducted)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<h6 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Download_as_PDF\"><\/span><strong><a class=\"button\" href=\"https:\/\/mycbseguide.com\/dashboard\/#\/home\">Download as PDF<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media-mycbseguide.s3.ap-south-1.amazonaws.com\/images\/blog\/12%20Economics%20Book%20pic.jpg\" alt=\"CBSE Question Paper 2018 class 12 Economics (Reconducted)\" width=\"161\" height=\"211\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Class_12_Economics_Reconducted_list_of_chapters\"><\/span>Class 12 Economics (Reconducted) list of chapters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Part-1<\/strong><\/p>\n<ul>\n<li>Macro 01 Introduction<\/li>\n<li>Macro 02 National income accounting<\/li>\n<li>Macro 03 Money and Banking<\/li>\n<li>Macro 04 Income Determination<\/li>\n<li>Macro 05 The Government Budget and Economy<\/li>\n<li>Macro 06 Open Economy Macroeconomics<\/li>\n<\/ul>\n<p><strong>Part-2<\/strong><\/p>\n<ul>\n<li>Micro 01 Introduction<\/li>\n<li>Micro 02 Theory of consumer behaviour<\/li>\n<li>Micro 03 Production and Costs<\/li>\n<li>Micro 04 Theory of the Firm Under Perfect Competition<\/li>\n<li>Micro 05 Market Equilibrium<\/li>\n<li>Micro 06 Non Competitive Markets<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Question_Paper_2018_class_12_Economics_Reconducted-2\"><\/span>CBSE Question Paper 2018 class 12 Economics (Reconducted)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>CBSE Question Paper 2018<br \/>\nClass 12 Economics (Reconducted)<\/strong><\/p>\n<hr \/>\n<p><strong>Time allowed : <\/strong>3 hours<br \/>\n<strong>Maximum Marks : <\/strong>80<\/p>\n<p><strong>General Instructions:<\/strong><\/p>\n<ol start=\"1\">\n<li>All questions in both the sections are compulsory.<\/li>\n<li>Marks for questions are indicated against each question.<\/li>\n<li>Question Nos. 1 \u2013 4 and 13 \u2013 16 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.<\/li>\n<li>Question Nos. 5 \u2013 6 and 17 \u2013 18 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.<\/li>\n<li>Question Nos. 7 \u2013 9 and 19 \u2013 21 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.<\/li>\n<li>Question Nos. 10 \u2013 12 and 22 \u2013 24 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each.<\/li>\n<li>Answers should be brief and to the point and the above word limits should be adhered to as far as possible.<\/li>\n<\/ol>\n<hr \/>\n<ol>\n<li><strong>Define opportunity cost.<br \/>\nAns. <\/strong>The value of next best alternative foregone.<\/li>\n<li><strong>At what level of production is total cost equal to total fixed cost?<br \/>\nAns. <\/strong>At zero level of output<\/li>\n<li><strong>Which of the following does not cause shift of supply curve of a good? (Choose the correct alternative)<\/strong>\n<ol start=\"1\">\n<li>Price of input<\/li>\n<li>Price of the good<\/li>\n<li>Goods and services tax<\/li>\n<li>Subsidy<\/li>\n<\/ol>\n<p><strong>Ans. <\/strong>(b) Price of the good<\/li>\n<\/ol>\n<ol start=\"4\">\n<li><strong>Which of the following measures of price elasticity shows elastic supply? (Choose the correct alternative)<\/strong>\n<ol start=\"1\">\n<li>0<\/li>\n<li>0\u00b75<\/li>\n<li>1\u00b70<\/li>\n<li>1\u00b75<\/li>\n<\/ol>\n<p><strong>Ans. <\/strong>(d) 1.5<\/li>\n<\/ol>\n<ol start=\"5\">\n<li><strong>Explain the central problem of \u2018\u2018What is produced and in what quantities\u2019\u2019.<\/strong><strong>OR<\/strong><strong>In what circumstances may the production possibility frontier shift away from the origin? Explain.<br \/>\nAns<\/strong>. This problem deals with the situation where an economy must decide as to what goods or services it must produce and in what quantity. It is because the resources are scarce\/limited and can be put to alternative uses. (to be marked as a whole)<strong>OR<\/strong><\/p>\n<p>Production Possibility Frontier may shift away from origin, due to the following:<\/p>\n<ol start=\"1\">\n<li>Increase in resources<\/li>\n<li>Improvement in technologies<\/li>\n<\/ol>\n<\/li>\n<li><strong>A consumer buys 200 units of a good at a price of \u20b920 per unit. Price elasticity of demand is (\u2013) 2. At what price will he be willing to purchase 300 units? Calculate.<\/strong><br \/>\n<strong>Ans. <\/strong><span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"9\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%7BE_d%7D%20%3D%20%5C%5Cfrac%7B%7B%5C%5CDelta%20Q%7D%7D%7B%7B%5C%5CDelta%20P%7D%7D%20%5C%5Ctimes%20%5C%5Cfrac%7BP%7D%7BQ%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?{E_d} = \\frac{{\\Delta Q}}{{\\Delta P}} \\times \\frac{P}{Q}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\n<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"8\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20-%202%20%3D%20%5C%5Cfrac%7B%7B100%7D%7D%7B%7B%5C%5CDelta%20P%7D%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B%7B20%7D%7D%7B%7B200%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? - 2 = \\frac{{100}}{{\\Delta P}} \\times \\frac{{20}}{{200}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\n<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"7\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20-%202(%5C%5CDelta%20P)%20%3D%2010%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? - 2(\\Delta P) = 10\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\n<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"6\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5CDelta%20P%20%3D%20-%205%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\Delta P = - 5\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nNew Price=Orignal Price(P)+<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"5\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5CDelta%20P%20%3D%20%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\Delta P = \" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span>20+(-)5=\u20b915<\/li>\n<li><strong>Write a budget line equation of a consumer if the two goods purchased by the consumer, Good X and Good Y are priced at \u20b9 10 and \u20b9 5 respectively and the consumer\u2019s income is \u20b9 100.<\/strong><strong>OR<\/strong><strong>Define marginal rate of substitution. Explain its behaviour along an indifference curve.<\/strong><br \/>\n<strong>Ans. <\/strong>Budget Line equation:<br \/>\nm = P<sub>x<\/sub>Q<sub>x<\/sub> + P<sub>y<\/sub>Q<sub>y<\/sub> ; where m=income<br \/>\nAccordingly: 100 = 10Q<sub>x<\/sub> + 5Q<sub>y<\/sub><strong>OR<\/strong><\/p>\n<p>Marginal Rate of Substitution is defined as \u2018the rate at which a consumer is willing to sacrifice units of a good to obtain one more unit of the other good.<br \/>\nMarginal Rate of Substitution diminishes as the consumer moves downward along the same indifference curve. It shows that consumer is willing to sacrifice lesser units of a Good Y, in order to gain one additional unit of Good X. This happens due to the operation of law of diminishing marginal utility.<\/li>\n<li><strong>Explain the conditions of producer\u2019s equilibrium under perfect competition.<br \/>\nAns<\/strong>. A producer is said to be in equilibrium when he produces that level of output at which :<\/p>\n<ol start=\"1\">\n<li>MC = MR<\/li>\n<li>MC &gt; MR after the MC = MR output level<\/li>\n<\/ol>\n<p>Explanation to the conditions:<br \/>\nCondition \u2013 1 MC=MR<br \/>\nSuppose when a producer starts producing a good, with the given factors and finds MR &gt; MC he goes on producing because every new unit produced adds to profits.<br \/>\nAs he goes on producing more units of the good he may face an output level when MC = MR and this output level satisfies MC = MR condition of equilibrium.<br \/>\nCondition \u2013 2 MC&gt;MR after the MC=MR output level<br \/>\nAfter MC = MR level, if MC &gt; MR, every new unit produced is sold at a loss. So, he would not like to produce more units thereafter. Therefore, only that output level at which MC = MR, and beyond which MC &gt; MR, is the output at which the producer is in equilibrium<\/li>\n<\/ol>\n<ol start=\"9\">\n<li><strong>Explain the implications of \u2018\u2018freedom of entry and exit of firms\u2019\u2019 under perfect competition.<br \/>\nAns. <\/strong>\u2018Freedom of Entry\u2019, signifies that there are no barriers to the entry of new firms into industry. When the existing firms are earning supernormal profits, the new firms, attracted by the prospects of profit,enter the industry. This raises market supply which in turn leads tofall in market price and consequently profits. The entry continuestill each firm is earning just the normal profits.<br \/>\n\u2018Freedom to exit\u2019, signifies that there are no barriers which restrictthe existing firms from leaving the industry. The firms try to leavewhen they are facing losses. As the firms start leaving market supply falls leading to rise in market price and consequently reduction in losses. The firms continue to leave till the losses are wiped out and each existing firm is earning just the normal profits.<\/li>\n<li><strong>A consumer consumes only two goods X and Y. Explain the conditions of consumer\u2019s equilibrium using Utility Analysis.<\/strong><strong>Ans<\/strong>. Assuming that a consumer is consuming only two goods X and Y, the conditions of consumer\u2019s equilibrium (Utility Analysis) are:\n<ol start=\"1\">\n<li><span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"4\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B%7BM%7BU_X%7D%7D%7D%7B%7B%7BP_X%7D%7D%7D%20%3D%20%5C%5Cfrac%7B%7BM%7BU_Y%7D%7D%7D%7B%7B%7BP_Y%7D%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{{M{U_X}}}{{{P_X}}} = \\frac{{M{U_Y}}}{{{P_Y}}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/li>\n<li>MU of a good as more unit of good are consumed.<\/li>\n<\/ol>\n<p>Explanation<\/p>\n<ol start=\"1\">\n<li>Suppose<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"3\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B%7BM%7BU_X%7D%7D%7D%7B%7B%7BP_X%7D%7D%7D%20%3E%20%5C%5Cfrac%7B%7BM%7BU_Y%7D%7D%7D%7B%7B%7BP_Y%7D%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{{M{U_X}}}{{{P_X}}} &amp;gt; \\frac{{M{U_Y}}}{{{P_Y}}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span> The consumer will not be in equilibrium because per rupee MU of X is greater than per rupee MU of Y. This will induce the consumer to buy more of X by reducing expenditure on Y, leading to fall in MUx and rise in MU<sub>y<\/sub>. This will continue till the consumer attains the condition of <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"2\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B%7BM%7BU_X%7D%7D%7D%7B%7B%7BP_X%7D%7D%7D%20%3D%20%5C%5Cfrac%7B%7BM%7BU_Y%7D%7D%7D%7B%7B%7BP_Y%7D%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{{M{U_X}}}{{{P_X}}} = \\frac{{M{U_Y}}}{{{P_Y}}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"1\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cleft(%20%7BExplanationon%5C%5C%2C%5C%5Cfrac%7B%7BMU%7D%7D%7B%7B%7BP_X%7D%7D%7D%20%3C%20%5C%5Cfrac%7B%7BM%7BU_Y%7D%7D%7D%7B%7B%7BP_Y%7D%7D%7Dis%5C%5C%2Calso%5C%5C%2Ccorrect%7D%20%5C%5Cright)%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\left( {Explanationon\\,\\frac{{MU}}{{{P_X}}} &amp;lt; \\frac{{M{U_Y}}}{{{P_Y}}}is\\,also\\,correct} \\right)\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/li>\n<li>Unless MU of a good falls, as more units are consumed the consumer will not reach the equilibrium.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ol start=\"11\">\n<li><strong>Draw Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) curves in a single diagram. State the relation between MC curve and AVC &amp; ATC curves.<\/strong><strong>Ans<\/strong>. Examiners please check:\n<ol start=\"1\">\n<li>MC curves intersects ATC and AVC curves at their minimum points.<\/li>\n<li>Vertical distance between ATC curve and AVC curve goes on declining as output increases.<br \/>\n<img decoding=\"async\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/imgur\/2HsDxXO.png\" alt=\"\" data-imgur-src=\"2HsDxXO.png\" data-cke-saved-src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/imgur\/2HsDxXO.png\" \/><\/li>\n<\/ol>\n<p>Relationship among MC,AVC &amp; AC :<br \/>\nWhen MC &lt; ATC or AVC , ATC or AVC falls<br \/>\nMC = ATC or AVC , ATC or AVC constant<br \/>\nMC &gt; ATC or AVC , ATC or AVC rises<\/li>\n<\/ol>\n<ol start=\"12\">\n<li><strong>Define price floor. Explain the implications of price floor.<\/strong><strong>OR<\/strong><strong>Market of a good is in equilibrium. If the demand for the good \u2018decreases\u2019. Explain the chain of effects of this change.<\/strong><br \/>\n<strong>Ans. <\/strong>\u2018Price Floor\u2019 is the minimum price fixed by the government below which sellers cannot sell their product.<br \/>\nSince this price is normally set above the equilibrium price, there is excess supply in the market. As the seller may not be able to sell all that he wants to sell, he may illegally attempt to sell the product at a price below the floor price.<strong>OR<\/strong><\/p>\n<p>Market of a good is in equilibrium. If the demand for the good decreases this creates an excess supply of the good at the existing price, in the market.<br \/>\n&#8211; The excess supply creates competition among sellers, resulting in fall inprice, because sellers will not be able to sell all that they want to sell at the existing price.<br \/>\n&#8211; Fall in price leads to rise in demand and fall in supply.<br \/>\n&#8211; These changes continue till the market reaches new equilibrium.<\/li>\n<li><strong>Give one example of negative externalities.<br \/>\nAns<\/strong>. Pollution created by factories\/vehicles<\/li>\n<li><strong>Credit creation by commercial banks is determined by (Choose the correct alternative)<\/strong>\n<ol start=\"1\">\n<li><strong>Cash Reserve Ratio (CRR)<\/strong><\/li>\n<li><strong>Statutory Liquidity Ratio (SLR)<\/strong><\/li>\n<li><strong>Initial Deposits<\/strong><\/li>\n<li><strong>All the above<\/strong><\/li>\n<\/ol>\n<p><strong>Ans<\/strong>. d) All of the above<\/li>\n<li><strong>State the two components of M<sub>1<\/sub> measure of Money Supply.<br \/>\nAns. <\/strong>Currency held by public and demand deposits held by banks.<\/li>\n<li><strong>Define aggregate supply.<br \/>\nAns. <\/strong>Aggregate Supply refers to the estimated money value of all the final goods and services planned to be produced in an economy.<\/li>\n<li><strong>Distinguish between stock and flow variables with suitable examples.<\/strong><strong>OR<\/strong><strong>What are capital goods? How are they different from consumption goods?<br \/>\nAns<\/strong>. Any economic variable which is measured at a point of time is known as stock, e.g. capital,etc.<br \/>\nWhereas, any economic variable measured during a period of time is known as flow, e.g. income, etc. (any other relevant example)<strong>OR<\/strong><\/p>\n<p>Capital goods are those durable goods which are used in production of goods and services,<br \/>\nWhereas consumption goods are those goods which are used for satisfaction of wants by the consumers.<\/li>\n<li><strong>Define investment multiplier. How is it related to marginal propensity to consume?<br \/>\nAns. <\/strong>Investment Multiplier is a measure of the effect of change in initial investment on change in final national income.<br \/>\nThere exist a direct relation between MPC and multiplier, i.e. higher the value of MPC, higher will be investment multiplier<br \/>\n<span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"0\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7DK%20%3D%20%5C%5Cfrac%7B1%7D%7B%7B1%20-%20MPC%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?K = \\frac{1}{{1 - MPC}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/li>\n<li><strong>What is monetary policy ? State any three instruments of monetary policy.<br \/>\nAns. <\/strong>Policy adopted by the Central Bank of an economy in the direction of credit control or money supply is known as Monetary Policy.<br \/>\nInstruments of Monetary Policy are Bank Rate, Repo Rate, Reverse Repo Rate, Cash Reserve Ratio.<\/li>\n<li><strong>Define full employment in an economy. Discuss the situation when aggregate demand is more than aggregate supply at full employment income level.<\/strong><strong>OR<\/strong><strong> What are two alternative ways of determining equilibrium level of income? How are these related?<\/strong><br \/>\n<strong>Ans. <\/strong>Full Employment is a situation where those who are able and willing to work are getting work at the prevailing wage rate.<br \/>\nWhen Aggregate Demand is greater than Aggregate Supply at full employment, such a situation is known as Excess Demand or Inflationary Gap. It is called inflationary becausethis leads to a rise in general price level of the economy. (diagram not necessary)OR<\/p>\n<p>Two alternative ways of determining equilibrium level of income are:<\/p>\n<ol start=\"1\">\n<li>Aggregate Demand \u2013 Aggregate Supply Approach (AD-AS Approach)<\/li>\n<li>Saving-Investment Approach (S-I Approach).<br \/>\nInterrelation between the two approaches:<br \/>\nAD=AS (AD-AS approach)<br \/>\nC+I = C+S<br \/>\nI=S (S-I approach)<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p><strong>These are first 20 questions only.\u00a0<\/strong><b>To view and download complete question paper with solution<\/b><\/p>\n<p style=\"text-align: center;\"><b><strong><a class=\"button\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\">Download myCBSEguide App<\/a><\/strong><\/b><\/p>\n<p><b>the best CBSE App from google playstore\u00a0now or login to our Student Dashboard.<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Economics_Reconducted_Question_Paper_2018_with_solution\"><\/span>Economics (Reconducted) Question Paper 2018 with solution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download class 12 Economics (Reconducted) question paper with solution from best CBSE App the myCBSEguide. CBSE class 12 Economics (Reconducted) question paper 2018 in PDF format with solution will help you to understand the latest question paper pattern and marking scheme of the CBSE board examination. You will get to know the difficulty level of the question paper. CBSE question papers 2018 for class 12 Economics (Reconducted) have 24 questions with solution.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Question_Paper_2018\"><\/span>CBSE Question Paper 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBSE question papers 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011, 2010, 209, 2008, 2007, 2006, 2005 and so on for all the subjects are available under this download link. Practicing real question paper certainly helps students to get confidence and improve performance in weak areas.<\/p>\n<ul>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physics\/1251\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Physics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-chemistry\/1267\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Chemistry<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-mathematics\/1284\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Mathematics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-biology\/1298\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Biology<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-accountancy\/1315\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Accountancy<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-business-studies\/1727\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Business Studies<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Economics<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-history\/1869\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 History<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-geography\/1863\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Geography<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-political-science\/1879\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Political Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-physical-education\/1877\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Physical Education<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-computer-science\/1851\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Computer Science<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-informatics-practices\/1873\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Informatics Practices<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-english-core\/1855\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 English Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-hindi-core\/1865\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Hindi Core<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12-hindi-elective\/1867\/cbse-last-year-papers\/3\/\">CBSE Question Papers for Class 12 Hindi Elective<\/a><\/li>\n<li><a href=\"http:\/\/mycbseguide.com\/downloads\/cbse-class-12\/1250\/\">CBSE Question Papers for Class 12 Other Subjects<\/a><\/li>\n<\/ul>\n<p>To download CBSE Question Paper 2018 class 12 Accountancy, Chemistry, Physics, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBSE Question Paper 2018 class 12 Economics (Reconducted)\u00a0conducted by Central Board of Secondary Education, New Delhi in the month of March 2018. 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 &#8230; <a title=\"CBSE Question Paper 2018 class 12 Economics (Reconducted)\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-economics-reconducted\/\" aria-label=\"More on CBSE Question Paper 2018 class 12 Economics (Reconducted)\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":-1,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1346,1014,1437],"tags":[1527,1528,1342,1534],"class_list":["post-17704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbse","category-cbse-question-papers","category-economics-cbse-class-12","tag-cbse-question-paper","tag-cbse-question-paper-2018","tag-class-12","tag-economics-reconducted"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBSE Question Paper 2018 class 12 Economics (Reconducted)<\/title>\n<meta name=\"description\" content=\"CBSE Question Paper 2018 class 12 Economics (Reconducted) in PDF format for free download. 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