AHSEC| CLASS 12| ECONOMICS| QUESTION PAPER - 2020| H.S. 2ND YEAR
2020
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) What does a Production Possibility Curve indicate? 1
(b) If an
increase in the price of good X increases the demand for good Y, then how the
two goods are related? 1
(c) Total
Variable Cost (TVC) will be ______when total product is zero. (Fill in the blank)
1
(d) A firm
earns normal profit when - 1
(i) AR > AC
(ii) AR = AC
(iii) AR < AC
(iv) MR=MC (Choose the correct answer)
(e) In a
centrally planned economy, which of the following takes all economic decisions?
1
(i) Central Bank
(ii) Market
(iii) Government
(iv) Both
Government and Central Bank
(f) What are the
shapes of AR and MR curve for a firm under non- competitive market structure? 1
2. Mention two reasons that give rise to economic problems.
2
3. What is a budget line? Why does it slope downward? 1+1=2
4. If a unit tax is imposed; how does it impact the
short-run supply curve of a firm? Show with the help of diagram. 2
5. What is 'break-even point' of a firm? At which point of
the AC curve, a firm under perfect competition breaks-even? 1+1=2
6. What does price elasticity of supply mean? Briefly explain.
2
7. What is a monopolistic competitive market? 2
8. Discuss four features of indifference curve. 4
9. Define and draw average cost and average variable cost
curve. Why these two curves can't touch each other? 3+1=4
Or
The Total
Cost (TC) schedule of a production unit is given below. Find out TFC, TVC, AC
and MC. 4
|
Quantity Produced |
TC |
|
0 1 2 3 4 5 6 7 |
10 40 60 80 95 110 130 160 |
10. Mention four differences between perfect competition and
monopoly. 4
11. The demand and supply functions of a commodity is
given by - 3+1=4
QA
=100-2P
QS
=2P-60
Find:
(i) Equilibrium
price
(ii) Equilibrium
quantity.
Or
Explain with the
help of a diagram, how shifting of the supply curve of a commodity affects its
equilibrium price and output. 4
12. What do you understand by returns to a scale? Write the
meaning of constant, increasing and decreasing returns to scale, 1+3=4
Or
State the
reasons behind the working of the law of diminishing marginal product. 4
13. State and explain the law of demand with the help of an
imaginary schedule and diagram. 6
Or
Calculate
price elasticity of demand by expenditure method: 2+2+2=6
(i) If an
increase in price from Rs. 10 to Rs. 12 per unit lowers quantity demanded from
25 units to 20 units.
(ii) If an
increase in price per unit from Rs. 8 to Rs. 10 lowers quantity demanded from
20 to 16 units.
(iii) If a
decrease in price from Rs. 12 to Rs. 8 per unit increases quantity demanded
from 20 to 28 units.
14. Define: 1+1+1+3=6
(i) Total
Product (TP)
(ii) Average
Product (AP)
(iii) Marginal
Product (MP)
Explain the
relation between AP and MP with the help of suitable diagram.
Or
(i) What is production
function? 1
(ii) What do you
mean by fixed factor and variable factor of production? Give examples. 2
(iii) The
production function of a firm is given by Q = 2L2 K2.
Find out the
maximum possible output that the firm can produce with 5 units of L and 2 units
of K. What is the maximum possible output the firm can produce with zero (0)
units of L and 10 units of K? 3
PART - B
15. (a) What is the relation between MPC and MPS? 1
(b) What is
investment? 1
(c) What do you
mean by 'velocity of circulation of money? 1
(d) Who is known
as the lender of last resort'? 1
(e) What is
government budget? 1
(f) In which
year GST came into effect in India? 1
16. Define intermediate good. How intermediate goods are
different from capital goods? 1+1=2
17. What is investment multiplier? If Rs. 200 crore increase
in investment increases income by Rs. 800 crore, then what will be the value of
investment multiplier? 1+1=2
18. Write the differences between ex-ante investment and
ex-post investment. 2
19. Mention two points of superiority of Selective Credit
Measures over Quantitative Credit Control Measures. 2
20. Write two differences between revenue expenditure and
capital expenditure. 2
21. What do you mean by devaluation of currency? How does it
affect the import of a country? 1+1=2
22. Define GDP Can GDP be used as an index of welfare of a
country? Justify your answer. 1+3=4
23. How does the central bank use its quantitative credit
control measures to control inflationary situation of an economy? 4
Or
Write a note on
'demonetisation'. 4
24. What is a Deficit Budget? Why a deficit budget is
considered beneficial than a surplus budget for a developing economy? 1+3=4
25. Mention four differences between Direct taxes and Indirect
taxes. 4
26. (i) What is balance of payment? 1
(ii) What are
the two main components of balance of payment? 1
(iii) Write two
differences between balance of payment and balance of trade. 2
Or
Write briefly
about: 2+2=4
(i) Open Economy
(ii) Exchange Rate.
27. Explain the procedures of calculating National Income by
value-added method. 6
Or
From the data
given below calculate: 6
(i) GDP at factor
cost
(ii) GNP at
market price
(iii) NNP at
factor cost
(a)
Consumption Expenditure: Rs. 2,000 crores
(b) Investment
Expenditure: Rs. 1,200 crores
(c) Government
Expenditure: Rs. 450 crores
(d) Export:
Rs. 80 crores
(e) Import:
Rs. 95 crores
(f) Net factor
income from abroad: Rs. 60 crores
(g) Indirect
taxes: Rs. 90 crores
(h) Subsidies:
Rs. 80 crores
(i)
Depreciation: Rs. 30 crores
28. Explain the process of equilibrium income determination
of an economy with the use of aggregate demand and aggregate supply curves. 6
Or
What is
aggregate demand? Discuss the components of aggregate demand. 1+5=6
***
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