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Board Paper of Class 12-Commerce 2008 Economics (SET 1) - Solutions

General Instructions:
(i) All questions are compulsory.
(ii) Draw tables/diagrams wherever necessary.
(iii) Figures to the right indicate full marks.
(iv) Write answer of every new question on a new page.
  • Question 1

    Q.1 (A) Fill in the blanks with appropriate alternatives given in the brackets: [5 Marks]

    1. ________ studies about national income.

    (Microeconomics/Macroeconomics/Statistics/Physics)

    2. Land is a free gift of ___________.

    (human/nature/foreign/nation)

    3. In ________ market, seller creates production differentiation.

    (competition/perfect/pure/monopolistic)

    4. To control inflation, there is need of ________ bank.

    (central/state level/local/foreign)

    5. Cheque is __________.

    (credit money/cash money/paper money/metallic monetary).

    VIEW SOLUTION
  • Question 2

    Q.1 (B) State whether the following statements are True or False :                              [5 Marks]

    1. Utility and usefulness are not different.

    2. Desire means demand.

    3. The demand of composite commodities is elastic.

    4. The relationship between price and demand is inverse.

    5. In macroeconomics, concentration is given on specific unit.

    VIEW SOLUTION
  • Question 3

    Q.1 (C) Choose the correct answer and rewrite the statements :                              [5 Marks]

    1. The demand of all consumers is _________

    (a) individual demand

    (b) specific demand

    (c) market demand

    (d) alternative demand

    2. The elasticity of demand of pins is _________.

    (a) elastic

    (b) inelastic

    (c) perfect elastic

    (d) unit elastic

    3. When income increases, the consumption expenditure will _________.

    (a) increase

    (b) decrease

    (c) equal

    (d) zero

    4. The money which is created by commercial banks is called _________.

    (a) legal tender money

    (b) credit money

    (c) paper currency

    (d) metallic money

    5. The income and expenditure is equal in the budget known as _________.

    (a) balanced budget

    (b) surplus budget

    (c) deficit budget

    (d) annual budget

    VIEW SOLUTION
  • Question 4

    Q.1 (D) Match the following Group ‘A’ and Group ‘B’:   [5 Marks]

    Group ‘A’
    Group ‘B’
    (a) Demand of electricity (1) Natural resources
    (b) Essential commodities (2) Saving
    (c) Aggregate supply (3) Commercial bank
    (d) Income minus consumption expenditure (4) Inelastic demand
    (e) Credit creation (5) Mixed demand
        (6) Central Bank
        (7) Investment
    VIEW SOLUTION
  • Question 5

    Q.2 (A) Define or Explain the concepts (Any FOUR) :                              [8 Marks]

    1. Traveller’s cheque

    2. Expansion of demand

    3. National income

    4. Capital

    5. Saving

    6. Fixed deposits

    7. Central Bank

    8. Surplus budget

    VIEW SOLUTION
  • Question 6

    Q.2 (B) State whether the following statements are true or false with reasons : (Any FOUR)  [8 Marks]

    1. The demand of luxury commodities is elastic.

    2. In monopoly, there is price discrimination.

    3. Macroeconomics studies whole economy.

    4. Macroeconomics studies small unit.

    5. Effective demand increases employment.

    6. Low interest is given on fixed deposit.

    7. Central Bank works as a bank of people.

    8. There is no difference between surplus and deficit budget.

    VIEW SOLUTION
  • Question 7

    Q.3 (A) Distinguish between. (Any FOUR) :                                    [8 Marks]

    1. Individual problem and National problem.

    2. Individual demand and Market demand.

    3. Less elastic demand and More elastic demand.

    4. Stock and Supply.

    5. Income method and Expenditure method.

    6. Propensity to consume and Propensity to save.

    7. Saving deposit and Fixed deposit.

    8. Government income and Government expenditure.

    VIEW SOLUTION
  • Question 8

    Q.3 (B) Give reasons or Explain. (Any FOUR) :                                  [8 Marks]

    1. Utility depends upon the urgency of want.

    2. The demand of goods depends upon many factors.

    3. The supply curve slopes upwards from left to right.

    4. In monopolistic market, the selling cost is must.

    5. The supply of land is fixed.

    6. The service of housewife is not included in national income.

    7. The aggregate supply depends upon natural resources.

    8. Credit money can be refused.

    VIEW SOLUTION
  • Question 9

    Q.4 (A) Answer the following in brief. (Any TWO) :                              [8 Marks]

    1. State the features of capital.

    2. Define the national income.

    3. What are the effects of population on consumption expenditure?

    4. State the primary functions of money.

    VIEW SOLUTION
  • Question 10

    Q.4 (B) Write explanatory notes. (Any TWO) :                                  [8 Marks]

    1. Microeconomics.

    2. Aggregate supply.

    3. Overdraft facility.

    4. Taxable income.

    VIEW SOLUTION
  • Question 11

    Q.5 Answer with reasons whether you Agree or Disagree with the following statements. (any TWO): [16 Marks]

    1. The law of diminishing marginal utility depends upon assumptions.

    2. Macroeconomics studies individual units.

    3. The Central Bank works as a bankers’ bank.

    VIEW SOLUTION
  • Question 12

    Q.6 Answer in detail. (Any TWO) :                                          [16 Marks]

    1. State the factors affecting demand.

    2. State the law of supply with assumptions.

    3. What is monopoly? State its features.

    VIEW SOLUTION
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