Board Paper of Class 12-Science 2013 Economics (SET 1) - Solutions
(i) All questions in both the sections are compulsory.
(ii) Marks for questions are indicated against each.
(iii) Questions Nos. 1-5 and 17-21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each
(iv) Questions Nos. 6-10 and 22-26 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.
(v) Questions Nos. 11-13 and 27-29 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.
(vi) Questions Nos. 14-16 and 30-32 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each.
(vii) Answers should be brief and to the point and the above word limits should be adhered to as far as possible.
- Question 1
Give two examples of fixed costs.VIEW SOLUTION
- Question 2
Define marginal cost.VIEW SOLUTION
- Question 3
When is the demand for a good said to be inelastic?VIEW SOLUTION
- Question 4
Given the meaning of market demand.VIEW SOLUTION
- Question 5
Under which market form a firm’s marginal revenue is always equal to price?VIEW SOLUTION
- Question 6
Explain the difference between an inferior good and a normal good.VIEW SOLUTION