AHSEC| CLASS 12| ECONOMICS| QUESTION PAPER - 2018| H.S. 2ND YEAR
2018
ECONOMICS
Full Marks: 100
Pass Marks: 30
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? 1
(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 Rs. 4, the quantity
demanded is 25 units. As price increases to Rs. 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 you
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 or 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 maximising firm in the short-run? 1+3=4
Or
The production
function of a firm is given as Q = 5L1/2K1/2. Calculate
the level of output (Q) when it employs 25 units of labour (L) and 9 units of
capital (K). 4
11. Explain two characteristics of perfectly competitive
market. 4
12. Explain the effects of a rightward shift of demand curve
on equilibrium 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 country in a particular
year is Rs. 1100 crore. Net Factor Income from abroad is Rs. 100 crore. The value
of Net Indirect Tax is Rs. 150 crore and National Income is Rs. 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
Rs. 50 crore, MPS is 0.2 and level of income (Y) is Rs. 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 Rs. 500 crore and total personal disposable income
is Rs. 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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