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Board Paper of Class 12-Commerce 2015 Economics (SET 1) - Solutions

General Instructions:
(i) This question paper contains five Sections A, B, C, D and E.
(ii) Section A consists of 10 questions carrying 1 mark each.
(iii) Attempt any 10 questions from Section B, carrying 2 marks each .
(iv) Attempt any 8 questions from Section C, carrying 5 marks each.
(v) Attempt any 2 questions from Section D, carrying 10 marks each.
(vi) Attempt any 2 questions from Section E, carrying 5 marks each.
(vii) All parts of the questions should be attempted at one place.
  • Question 3
    Who introduced the concept of real cost? VIEW SOLUTION
  • Question 11
    What are the basic functions of an economy? VIEW SOLUTION
  • Question 12
    Mention any two properties of budget line. VIEW SOLUTION
  • Question 14
    Write any two differences between firm and industry. VIEW SOLUTION
  • Question 15
    What are selling costs? What is their main objective? VIEW SOLUTION
  • Question 16
    Name any two areas of study under macro-economics. VIEW SOLUTION
  • Question 17
    Name the methods of measuring national income. VIEW SOLUTION
  • Question 18
    Give four objectives of monetary policy. VIEW SOLUTION
  • Question 20
    Distinguish between surplus budget and deficit budget. VIEW SOLUTION
  • Question 21
    How can a budgetary deficit be reduced? VIEW SOLUTION
  • Question 22
    What are the differences between baalcne of trade and balance of payament? VIEW SOLUTION
  • Question 23
    Discuss the three fundamental economic problems. VIEW SOLUTION
  • Question 24
    Explain any five uses of micro economics. VIEW SOLUTION
  • Question 25
    Explain any five properties of indifference curves. VIEW SOLUTION
  • Question 26
    Classify the price elasticity of demand. VIEW SOLUTION
  • Question 27
    Explain the laws of returns to scale with the help of diagram. VIEW SOLUTION
  • Question 28
    What is oligopoly market? Write down the characteristics of oligopoly market. VIEW SOLUTION
  • Question 30
    'Although macro-economics has gained maximum popularity', yet it is not free from limitations'. Justify this statement. VIEW SOLUTION
  • Question 31
    Explain the primary and secondary functions of money. VIEW SOLUTION
  • Question 32
    What is investment? Explain the types of investment. VIEW SOLUTION
  • Question 33
    Explain the role of public expenditure as an instrument of fiscal policy. VIEW SOLUTION
  • Question 34
    Explain the theories of determination of exchange rate. VIEW SOLUTION
  • Question 35
    Explain the law of diminishing marginal utility with a schedule and diagram. VIEW SOLUTION
  • Question 36
    Give the meaning of supply and explain the law of supply with the help of a schedule and diagram. VIEW SOLUTION
  • Question 37
    Discuss the difficulties in the measurement of national income. VIEW SOLUTION
  • Question 38
    Explain the functions of commercial banks. VIEW SOLUTION
  • Question 39
    As per the demand function Qd = 40 – 2p, when the price of tomato per kg., is Rs. 8, 10, 12, 14 and 16, then calculate the quantity of demand and derive an individual demand curve. VIEW SOLUTION
  • Question 40
    Calculate the missing costs :
     
    Output in Units TFC TVC TC AFC AVC AC
    1 50 ? 70 50 ? ?
    2 ? 30 ? 25 ? 40
    3 50 ? 90 ? 13.33 30
    4 50 60 110 12.5 15 27.5
    5 50 90 ? 10 18 ?
    VIEW SOLUTION
  • Question 41
    If the demand and supply function of raw cotton are Qd = 250 – 50p and Qs = 25 + 25p, find the equilirbium price and the equilibrium quantity demanded and supplied and prove that any price other than equilibrium price leads either to excess supply or excess demand. VIEW SOLUTION
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