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Board Paper of Class 12-Science 2013 Economics Delhi(SET 1) - Solutions

General Instructions:
(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 3

    When is the demand for a good said to be inelastic?

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  • Question 5

    Under which market form a firm’s marginal revenue is always equal to price?

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  • Question 6

    Explain the difference between an inferior good and a normal good.

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  • Question 7

    Explain the law of diminishing marginal utility with the help of a total utility schedule.

    OR

    Explain the condition of consumer’s equilibrium with the help of utility analysis. (3)

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  • Question 8

    When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply. (3)

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  • Question 9

    Complete the following table: (3)

    Units of Labour

    Average Product

    (Units)

    Marginal Product

    (Units)

    1

    8

    …….

    2

    10

    ……..

    3

    …….

    10

    4

    9

    ……..

    5

    ……

    4

    6

    7

    ……..

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  • Question 10

    Explain “large number of buyers and sellers” features of a perfectly competitive market. (3)

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  • Question 11

    Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve. (4)

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  • Question 12

    Explain the conditions of producer’s equilibrium with the help of a numerical example. (4)

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  • Question 13

    The price elasticity of demand for a good is − 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate. (4)

    OR

    Explain any two factors that affect the price elasticity of demand. Give suitable examples.

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  • Question 14

    Giving reasons, state whether the following statements are true or false.

    (i) A monopolist can sell any quantity he likes at a price.

    (ii) When equilibrium price of a good is less than its market price, there will be competition among the sellers. (6)

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  • Question 15

    Explain the Law of Variables Proportions with the help of total product and marginal product curves. (6)

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  • Question 16

    Explain consumer’s equilibrium with the help of Indifference Curve Analysis.

    OR

    Explain the relationship between

    (i) Prices of other goods and demand for the given good.

    (ii) Income of the buyers and demand for a good. (6)

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  • Question 17

    How can increase in foreign direct investment affect the price of foreign exchange? (1)

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  • Question 19

    Give one example of “externality” which reduces welfare of the people. (1)

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  • Question 20

    Give two examples of indirect taxes. (1)

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  • Question 22

    Explain the problem of double coincidence of wants faced under barter system. How has money solved it? (1)

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  • Question 23

    Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each. (3)

    OR

    Distinguish between revenue deficit and fiscal deficit.

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  • Question 24

    Explain any one objective of Government Budget. (3)

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  • Question 25

    Explain the effect of appreciation of domestic currency on imports. (3)

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  • Question 26

    Distinguish between balance of trade and balance on current account. (3)

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  • Question 27

    Calculate “sales” from the following data: (4)

    S. No.

    Particulars

    (Rs in lakhs)

    (i)

    Net value added at factor cost

    560

    (ii)

    Depreciation

    60

    (iii)

    Change in stock

    (−) 30

    (iv)

    Intermediate cost

    1,000

    (v)

    Exports

    200

    (vi)

    Indirect taxes

    60

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  • Question 28

    Giving reasons categorise the following into stock and flow: (4)

    (i) Capital

    (ii) Saving

    (iii) Gross domestic product

    (iv) Wealth

    OR

    Explain the circular flow of income.

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  • Question 29

    Explain “Banker to the Government” function of the Central Bank. (4)

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  • Question 30

    C = 100 + 0.4 Y is the Consumption Function of an economy where C is Consumption Expenditure and Y is National Income. Investment expenditure is 1,100. Calculate (6)

    (i) Equilibrium level of National Income.

    (ii) Consumption expenditure at equilibrium level of national income.

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  • Question 31

    Complete the following table: (6)

    Income

    (Rs)

    Consumption expenditure

    (Rs)

    Marginal

    propensity to save

    Average

    propensity to save

    0

    80

    100

    140

    0.4

    ……

    200

    ……

    ……

    0

    ……

    240

    ……

    0.20

    ……

    260

    0.8

    0.35

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  • Question 32

    Calculate National Income from the following data: (6)

    S. No.

    Particulars

    (Rs in crores)

    (i)

    Private final consumption expenditure

    900

    (ii)

    Profit

    100

    (iii)

    Government final consumption expenditure

    400

    (iv)

    Net indirect taxes

    100

    (v)

    Gross domestic capital formation

    250

    (vi)

    Change in stock

    50

    (vii)

    Net factor income from abroad

    (−) 40

    (viii)

    Consumption of fixed capital

    20

    (ix)

    Net imports

    30

    OR

    Calculate net national disposable income from the following data:

    S. No.

    Particulars

    (Rs in crores)

    (i)

    Gross domestic product at market price

    2,000

    (ii)

    Net current transfers to rest of the world

    (−) 200

    (iii)

    Net indirect taxes

    150

    (iv)

    Net factor income to abroad

    60

    (v)

    National debt interest

    70

    (vi)

    Consumption of fixed capital

    200

    (vii)

    Current transfers from Government

    150

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