SKY EDUCATION

STD : XII SUBJECT : ECONOMICS MARKS : 80

SET B
Q.1.A. Choose the Correct Options: (5)
1. Ed=0 in case of ________.
A. Luxuries. B. Normal Goods. C. Necessities. D. Comforts.
2. Under Perfect competition, sellers are –
A. Price Makers. B. Price Takers. C. Price Discriminations. D. None of these. Options: 1) a,b and
c. 2) only b.
3. National Income is a composite measure of:
A. Production. B. Exchange. C. Distribution. D. Consumption.
Options: 1) I and iv. 2) i,ii,iii and iv. 3) i,ii and iii. 4) ii and iii.
4. Identify the component of public finance.
A) Fiscal policy. B) Financial administration. C) Public Debt. D) Public Expenditure.
Options: 1) i, ii, iii and iv. 2) ii , iii 3) iii and iv. 4) i, ii and iii.
5. Concepts studies under Micro Economics.
A. National Income. B. General Price Level. C. Factor Pricing. D. Product Pricing. Options: 1) a,b and
c. 2)a and b. 3)only a. 4)None of these.

Q.1.B. Find the odd word out: (5)

1. India’s export items : Chemicals, Gems, Iron, Textiles.
2. Price theory, Lumping method, Policy Oriented, Income Theory.
3. Car & Fuel, Pen & Ink, Sugar & Jaggery, TV & Set top Box.
4. Transfer payments: Grants, Wages Old age pensions, scholarship.
5. Features of Monopoly : Price Maker, Entry Barriers, Many sellers, Lack of Substitutes.

Q.1.C. Complete the correlation: (5)

1. Pen and Ink : _________ : : Tea and Coffee : Substitutes.
2. Price Index : Inflation : : __________ Agricultural production.
3. Theoretical difficulty : Transfer Payments : : __________ Valuation of Inventories.
4. Money Market : Short term funds : : _____________ : Long term funds.
5. Makros : Macro Economics : : Mikros : _________.

Q.1.D. Give Economic Terms:. (5)

1. The Flow of goods and services produced in an economy during a year.
2. Cost incurred on fixed factor.
3. Cost incurred per unit of output.
4. A commodity which is backed by willingness to purchase and ability to pay.
5. Buying and Selling of goods and services within the boundaries of a nation.

Q.2.A. Identify and Explain the Concept : (Any 3/5) : (6)

1. Vrinda receives monthly pension of Rs 5000/- from the state government.
2. Raghu’s father regularly invests his money in stocks and bonds.
3. Rajendra has a stock of 500 gel pens in his shop which includes the 200 gel pens produced in the previous financial year.
4.India purchased petroleum from Iran.
5. Shabana paid wages to workers in her factory and interest on her bank loan.
 Q.2.B. Distinguish Between : (Any 3/5) : (6)
1. Price Index and Quantity Index.
2. Desire and Demand.
3. Stock and Supply
4. Money Market and Capital Market.
5. Relatively elastic and Relatively Inelastic demand.

Q.3. Answer the following questions : (Any 3/5) : (12)

1. Explain determinants of supply.
2. Explain the factors influencing elasticity of demand.
3. Explain the features of index numbers.
4. Explain the features of Monopoly.
5. Explain the concept of foreign trade and its types.

Q.4. State with reasons whether you agree or disagree with the following statements : (Any 3/5) : (12)
1. Demand curve slopes downward from left to right.
2. Fines and penalties are a major source of revenue for the Government.
3. Micro Economics uses Slicing Method.
4. Trade is an engine of growth for an economy.
5. Index numbers are free From limitations.

Q.5. Study the following table, and figure, passage and answer the questions given below it : (Any 2/3) : (08)
1. Supply schedule of Chocolates

1) Complete the above schedule.

2) Draw a diagram for the above supply schedule.
3) State the relationship between price and quantity supplied.
2. Observe the given diagram and answer the following questions:

1) Rightward shift in demand curve __________.

2) Leftward shift in demand curve __________.
3) Price remains _________.
4) Increase and Decrease comes under __________.
3.

1) Draw total utility curve and marginal utility curve.

2) a) When total utility is maximum marginal utility is ______.
b) When total utility falls, marginal utility becomes __________.

Q.6. Answer in Detail: (Any 2/3) : (16)

1. State and Explain law of supply with exceptions.
2. Explain the Practical difficulties involved in the measurement of National Income.
3. State and explain the law of diminishing marginal utility with exceptions.