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Board Paper of Class 12-Commerce 2010 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) Rewrite the following sentences by using proper substitute given in the brackets:  [5 Marks]

    1. Economics is a ________ science.


    2. Labour is ___________.


    3. The nature of the market of barter system is ________.


    4. There is lack of ________ in monopoly.


    5. __________ has monopoly to issue the currency notes.

    (Commercial Bank/Central Bank/Co-operative Bank/Rural Bank).

  • Question 2

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

    1. Utility is subjective.

    2. All desires are not demand.

    3. The demand of foodgrains is inelastic.

    4. The relationship between price and demand is positive.

    5. The problems of Nation are studied in the micro economy.

  • Question 3

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

    1. The capacity of a commodity to satisfy human want is known as _________.

    (a) Need

    (b) Utility

    (c) Satisfaction

    (d) Production

    2. The demand of a salt is _________.

    (a) Inelastic

    (b) Elastic

    (c) Elasticity more than one

    (d) Elasticity less than one

    3. The income which is not spent on consumption is known as _________.

    (a) Saving

    (b) Loss

    (c) Profit

    (d) Transaction

    4. The account in which the specific amount is deposited per month regularly is known as _________.

    (a) Fixed account

    (b) Current account

    (c) Savings account

    (d) Recurring account

    5. The Government budget is for _________.

    (a) Specific period

    (b) Unspecific period

    (c) Some days

    (d) Some weeks

  • Question 4

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

    Group ‘A’ Group ‘B’
    (a) Giffen’s goods (1) Uses of commodities
    (b) Essential commodities (2) Keynes
    (c) Consumption (3) Primary function of bank
    (d) Consumption function (4) Inferior goods
    (e) Accept deposits (5) Money lender
    (6) Inelastic demand
    (7) Luxurious commodities
    (8) Dr. Marshall
  • Question 5

    Q.2 (A) Explain the following concepts or give definitions. (Any Four):  [8 Marks]

    1. Micro economics

    2. Demand

    3. Land

    4. Depreciation

    5. Consumption

    6. Savings deposits

    7. Clearing house

    8. Deficit budget

  • Question 6

    Q.2 (B) State whether the following statements are True or False with reasons (Any Four) :                              [8 Marks]

    1. The demand of a rich person is elastic.

    2. There are advertisements of commodities in perfect competition.

    3. The scope of macro economics is wide.

    4. There is no difference between the macro and micro economics.

    5. Increase in consumption expenditure is less than increase in income.

    6. The interest is more on savings deposits.

    7. The Central bank works as a Bankers’ Bank.

    8. The expenditure is more than income in balanced budget.

  • Question 7

    Q.3 (A) Distinguish between Any Four of the following :                              [8 Marks]

    1. Macro economics and Micro economics.

    2. Joint demand and Mixed demand.

    3. Perfect elastic demand and Perfect inelastic demand.

    4. Demand and Supply.

    5. Production method and Income method.

    6. Consumption and Saving.

    7. Legal money and Credit money.

    8. Taxable income and Non-taxable income.

  • Question 8

    Q.3 (B) Give reasons or explain the following statements (Any Four):  [8 Marks]

    1. Utility means not usefulness.

    2. The demand curve is sloping down from left to right.

    3. The relationship between price and supply is positive.

    4. There is single price in perfect competition.

    5. The Entrepreneur is called as a leader of the organisation.

    6. The net national income is less than gross national income.

    7. The study of whole economy is done in the macro economy.

    8. The difficulties of barter system are removed by money.

  • Question 9

    Q.4 (A) Answer in brief. (Any Two) :                             [8 Marks]

    1. State the features of Capital.

    2. Give different definitions of National Income.

    3. Explain the relationship between Income and Consumption.

    4. Explain the definitions of Money.

  • Question 10

    Q.4 (B) Write explanatory notes or answer the following. (Any Two) : [8 Marks]

    1. Micro economics

    2. Aggregate demand

    3. Explain the primary functions of Commercial bank.

    4. Revenue expenditures.

  • Question 11

    Q.5 Do you agree with the following statements? Give reasons. (Any Two): [16 Marks]

    1. Marginal utility and Total utility is same.

    2. Macro economy deals with whole economy.

    3. Central bank works as Government’s bank.

  • Question 12

    Q.6 Answer the following questions in detail. (Any Two) :                                 [16 Marks]

    1. Explain the law of demand and its assumptions.

    2. What is meant by Supply? State its determinants.

    3. What is meant by Perfect competitions? State its features.

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