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113 XII Economics

AK
SET-III
SECTION A
1. Define microeconomics. 1
2. What is the behaviour of average fixed cost as output increases 1
3. What is Individual demand ? 1
4. What is a price maker firm? 1
5. What is the behaviour of average revenue in perfect competition
market? 1
6. Explain the properties of production possibility curve.
7. Give the relation between marginal cost and average variable cost with the
help of diagram.
8. Explain the implication of large number of sellers in a perfectly competitive
market.
OR
Explain the features of an oligopoly market. 3
9. What are implicit and explicit cost exlain with the help of examples.
10. Explain condition of consumers equilibrium in case of single good.
11. Define an indifference map. Explain why an indifference curve to the right
shows higher utility level. 4
12. When price of a good is Rs. 7 per unit, a consumer buys 12 units. When
price falls to Rs. 6 per unit he spends Rs. 72 on the good. Calculate price
elasticity of demand by using the percentage method. Comment on the
likely shape of demand curve based on this measure of elasticity. 4
13. Explain how changes in prices of other products influence the supply of a
given product
OR
What does the law of variable proportions show ? State the behaviour of
total product according to this law. When more of variable inputs are
employed. 4
14. Explain the conditions of producers equilibrium in terms of marginal cost
and marginal revenue? Use a schedule. 6
114 XII Economics
AK
15. Explain how do the following influence demand for a good.
(i) Rise in prices of the related goods
(ii) Fall in income of the consumer. 6
16. Define equilibrium price. Show the effect of an increase in supply of a
commodity on its equilibrium price, demand remaining unchanged. 6
OR
Market for a good is in equilibrium. There is simultaneous decrease both
in demand and supply of the good. Explain its effect on market price.
115 XII Economics
AK
SECTION B
17. Define flow variable. 1
18. What are intermediate goods? 1
19. What are demand deposits? 1
20. Define indirect tax. 1
21. Give the meaning of managed floating exchange rate. 1
22. Calculate net value added at factor cost :
(i) Output sold (units) = 200
(ii) Price per unit of output (Rs.) = 10
(iii) Closing stock (Rs.) = 100
(iv) Opening stock (Rs.) = 150
(v) Consumption of fixed capital (Rs.) = 600
(vi) Import duty (Rs.) = 400
(vii) Intermediate cost (Rs.) = 10,000
(viii) Subsidy (Rs.) = 500
(Ans : Rs. 9450)
23. Distinguish between revenue expenditure and capital expenditure in a
government budget. Give examples. 3
OR
Explain the Price Stability objective of a government budget. 3
24. Explain the Banker to the Government function of the Central Bank. 3
25. Distinguish between consumption function equation and saving function
equation. 3
26. Find investment from the following auto nomous consumption = Rs. 100
National Income = Rs. 500
Marginal propensity to consume = 0.75
(Ans. Rs. 25)
116 XII Economics
AK
27. Giving reason explain how should the following be treated in estimating
national income:
(i) Interest paid by banks on deposits by individuals.
(ii) National debt interest. 4
28. Explain any two functions of money. 4
OR
Explain the components of legal reserve ratio. 4
29. Explain revenue deficit in a Government budget. What does it indicate? 4
30. Explain the concept of excess demand in macroeconomics. Also explain
the role of Bank Rate in correcting it. 6
OR
Explain the concept of deficient demand in macroeconomics. Also explain
the role of open market operation in correcting it. 6
31. What is balance of payments account? name three components each of its
current account and capital account. 6
32. Find out (a) Gross national product at market price and (b) Net current
transfers from abroad. (4+2) = 6
(Rs. Crore)
(i) Net Indirect Tax 35
(ii) Private final consumption expenditure 500
(iii) Net national disposable income 750
(iv) Closing stock 10
(v) Govt. final consumption expenditure 150
(vi) Net domestic fixed capital formation 100
(vii) Net factor income to abroad () 15
(viii) Net imports 20
(ix) Opening stock 10
(x) Consumption of fixed capital 50
(a) 795 crore (b) Rs. 5 crore

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