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Board Paper of Class 12-Commerce 2013 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

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

    (1) _________________ is the power of commodity to fulfill human wants.

    (utility / usefulness / productivity / unproductivity)

    (2) In perfect competition the number of sellers is _________________.

    (one / few / two / large)

    (3) The supply of land is _________________.

    (elastic / perfectly elastic / perfectly inelastic / more elastic)

    (4) The value of money is _________________.

    (increasing / decreasing / constant / unstable)

    (5) Bank rate is the _________________ measure of credit control.

    (quantitative / qualitative / structural / selective)

    VIEW SOLUTION
  • Question 2
    1 (B) Write whether the following statements are True or False:           [5 marks]
     
    (1) Price theory is the base of micro economic analysis.

    (2) Demand curve has a positive slope.

    (3) Demand for commodities depends upon various factors.

    (4) Salt has elastic demand.

    (5) Macro economic depends upon many assumptions.
    VIEW SOLUTION
  • Question 3
    1 (C) Choose the correct answer:                                               [5 marks]

    (1) The utility derived from all units of the given commodity is called _____________.

    (a) average utility
    (b) marginal utility
    (c) place utility
    (d) total utility

    (2) Demand for habitual commodity is _____________.

    (a) more elastic demand
    (b) less elastic demand
    (c) zero elastic demand
    (d) unitary elastic demand

    (3) When income increases, the consumption expenditure _____________.

    (a) increases
    (b) decreases
    (c) becomes equal
    (d) becomes zero

    (4) The account in which certain amount of money is deposited every month regularly for a fixed duration is a _____________.

    (a) saving account
    (b) current account
    (c) recurring account
    (d) fixed deposit account

    (5) Budget where total revenue equals to total expenditure is called _____________.

    (a) balanced budget
    (b) surplus budget
    (c) deficit budget
    (d) annual budget
    VIEW SOLUTION
  • Question 4
    1 (D) Match the following Group 'A' with Group 'B':                                   [5 marks]
     
    Group 'A' Group 'B'
    (a) Electricity (1) Joint demand
    (b) Perfectly elastic demand (2) Lord Keynes
    (c) Aggregate supply (3) Prof. Pigou
    (d) Propensity to consume (4) Fixed deposits
    (e) Higher interest rate (5) Composite demand
      (6) Demand curve parallel to 'X' axis
      (7) Natural resources
    VIEW SOLUTION
  • Question 5
    2 (A) Define or explain the following concepts (Any FOUR):                         [8 marks]

    (1) Micro economics

    (2) Demand schedule

    (3) Labour

    (4) National income

    (5) Average propensity to save

    (6) Overdraft

    (7) Lender of the last resort

    (8) Deficit budget
    VIEW SOLUTION
  • Question 6
    2 (B) State whether the following statements are True or False with reasons (Any FOUR):                                                                                                                 [8 marks]

    (1) The concept of elasticity of demand is useful in economic theory.

    (2) Perfect competition means pure competition.

    (3) Macro economics studies whole economy.

    (4) The government budget is for uncertain time period.

    (5) Autonomous consumption expenditure cannot be zero.

    (6) Commercial Banks cannot give interest on deposits.

    (7) Central Bank works for profit.

    (8) Macro economics studies single unit.
    VIEW SOLUTION
  • Question 7
    3 (A) Distinguish between Any FOUR of the following:                                      [8 marks]

    (1) Micro economics and Macro economics.

    (2) Individual demand schedule and Market demand schedule.

    (3) Percentage method of counting elasticity of demand and
         Geometric method of counting elasticity of demand.

    (4) Individual supply and Market supply.

    (5) Output method and Expenditure method.

    (6) Propensity to consume and Propensity to save.

    (7) Current deposits and Fixed deposits.

    (8) Surplus budget and Deficit budget.
    VIEW SOLUTION
  • Question 8
    3 (B) Give reasons or explain the following statements (Any FOUR):             [8 marks]
     

    (1) Marginal utility diminishes.

    (2) All desires are not demand.

    (3) Due to speedy transport, supply increases.

    (4) Price discrimination is possible in monopoly.

    (5) Labour is a perishable factor.

    (6) Illegal income is not included in national income.

    (7) Aggregate supply depends upon natural resources.

    (8) Money has a general purchasing power.
    VIEW SOLUTION
  • Question 9
    4 (A) Write answers in 'one' or 'two' paragraphs each (Any TWO):                  [8 marks]
     

    (1) Write the functions of an entrepreneur.

    (2) What are the difficulties in the measurement of national income?

    (3) Explain the primary functions of money.

    (4) What are the determinants of saving functions?
    VIEW SOLUTION
  • Question 10
    4 (B) Write explanatory notes (Any TWO):                        [8 marks]

    (1) Features of micro economics.

    (2) Government expenditure.

    (3) Primary functions of commercial bank.

    (4) Components of Government budget.
    VIEW SOLUTION
  • Question 11
    5 Answer with reasons, whether you agree or disagree with the following statements (Any TWO):                                                                                                                        [8 + 8]

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

    (2) Macro economics is different form micro economics.

    (3) The Central bank has control over credit creation. VIEW SOLUTION
  • Question 12
    6 Answer in detail (Any TWO):                                                                    [8 + 8]
     
    (1) Explain the law of demand. State its assumptions.

    (2) Explain the law of supply. Write its exceptions.

    (3) What is monopoly? Explain the features of monopoly.
    VIEW SOLUTION
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