AHSEC| CLASS 12| ECONOMICS| QUESTION PAPER - 2021| H.S. 2ND YEAR
2021
ECONOMICS
Full Marks: 80
Pass Marks: 24
Time: Three hours
The figures in the margin indicate
full marks for the questions
PART – A
1. (a) Define market economy. 1
(b) What does a
point below the production possibility frontier indicate?
(c) What is
meant by inferior goods? 1
(d) What is an
indifference curve? 1
(e) If there is
no change in quantity demanded despite a change in the price of a commodity,
what will be the price elasticity (ep) of demand? 1
(f) What is a
production function? 1
2. Distinguish between positive economics and normative
economics. 2
3. Mention any two important factors determining price
elasticity of demand. 2
4. Suppose, when the price of a good is ₹ 4, the quantity
demanded is 25 units. As price increases to ₹ 5, the quantity demanded falls to
20 units. Calculate the price elasticity of demand. 2
5. Can there be some fixed cost in the long run? Justify
your answer. 1+1=2
Or
What is marginal
product of an input? 2
6. Write down the concept of normal profit. 2
7. What is monopolistic competition? 2
8. What does the Average Fixed Cost (AFC) curve look like?
Why does it look so? 1+3=4
Or
What is meant by
Returns to Scale? Give the meanings of various stages of Returns to Scale.
1+3=4
9. What is an isoquant? Why are the isoquants downward
sloping? 2+2=4
10. What does a firm wish to achieve? What three conditions
must hold for a profit maximizing firm in the short-run? 1+3=4
Or
The production
function of a firm is given as Q – 5L1/2 K1/2 Calculate
the level of output (Q) when it employs 25 units of labour (L) and 9 units of
capital (K). 4
11. Explain too characteristics of perfectly competitive
market. 4
12. Explain the effects of a rightward shift of demand curve
on equilibrium C price and quantity when the number of firms in the market is
fixed. Use suitable diagram for your answer. 4
13. What is demand curve? Show with the help of suitable
diagrams how the market demand curve can be derived from individual demand
curves. 1+5=6
Or
Explain
consumer's optimum with the help of indifference curve approach. 6
14. The short run Total Cost (TC) schedule of a firm is
given below. Calculate the TFC, TVC, AFC, AVC, AC and MC schedules of the firm.
6
|
Q |
TC |
|
0 1 2 3 4 5 |
10 30 45 55 70 90 |
Or
Give the meaning
of Total Fixed Cost (TFC) and Total Variable Cost (TVC). Show with the help of
a diagram that Total Cost (TC) is the sum of TFC and TVC. 2+4=6
PART B
15. (a) What is macroeconomics? 1
(b) What is
autonomous consumption expenditure? 1
(c) Define
excess demand in the context of income and employment determination. 1
(d) What are
public goods? 1
(e) What is
balanced budget? 1
(f) Write down
the meaning of flexible exchange rate. 1
16. What is GDP Deflator? 2
Or
Define budget
deficit and trade deficit. 2
17. What is Personal Disposable Income (PDI)? 2
18. Distinguish between demand deposits and time deposits. 2
19. What is the difference between Ex-ante investment and
Ex-post investment? 2
20. Mention any two items of non-plan expenditure of a
government budget. 2
21. What is Balance of Payments (BoP)? Mention two main
accounts of BOP. 1+1=2
22. Suppose the GDP at market price of a country in a
particular year is ₹ 1100 crore Net Factor Income from abroad is ₹ 100 crore.
The value of Net Indirect Tax is ₹ 150 crore and National Income is ₹ 850
crore. Calculate the aggregate value of depreciation. 4
23. Define Intermediate goods, Final goods, Consumption
goods and Capital goods. 4
24. Measure the level of ex-ante aggregate demand when
autonomous investment and consumption expenditure (A) is ₹ 50 crore, MPS is 0-2
and level of income (Y) is ₹ 4,000 crore. State whether the economy is in
equilibrium or not (cite reasons). 3+1=4
Or
The autonomous
consumption in an economy is ₹ 500 crore and total personal disposable income
is ₹ 5,000 crore. If the marginal propensity to consume (mpc) is 0-8, find out
the level of aggregate consumption. 4
25. What is revenue deficit in a government budget? Explain
its implications of revenue deficit. 1+3=4
26. Differentiate between devaluation and depreciation of
currency. 4
27. Explain the circular flow of income in a simplified
economy with two sectors - households and firms. 6
Or
Write down some
of the limitations of using GDP as an index of welfare of a country. 6
28. What are the main functions of money? How does money
overcome the shortcomings of a barter system? 2+4=6
Or
Briefly explain
any four functions of the RBI. 6
***
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