AHSEC| CLASS 12| ECONOMICS| QUESTION PAPER - 2017| H.S. 2ND YEAR
2017
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 service. 1
(b) Fill in the blank:
The allocation of
____________resources and distribution of the final goods and services are the
central problems of any economy. 1
(c) What is a demand function?
(d) What happens to total
product when marginal product is zero? 1
(e) What does a vertical supply
curve imply? 1
(f) Why is average total cost
(ATC) greater than average variable cost (AVC)?
2.
State the meaning of microeconomics and macroeconomics. 2
3. Why
does a budget line slope downward? 2
4. If
the total utilities of 4 and 5 units of a commodity for a consumer are 56 and
60 respectively, calculate the marginal utility of 4 units of it for him. 2
5.
State any two exceptions of the law of demand. 2
6.
Define the term “long-run” as used in production. 2
7. State
any two assumptions of the law of variable proportions. 2
8.
Distinguish between supply and stock. 4
Or
Explain briefly any four factors
affecting supply of a commodity.
9. Explain
the law of supply with the help of a supply schedule. 4
10. State
the relationship between average cost (AC) and marginal cost (MC) using diagram.
4
11. State
the distinction between explicit cost and implicit cost. Give one example of
each of them. 2+2=4
12.
Write down three characteristics of monopolistic competition. State whether the
output produced by a firm under such a market is higher/ lower than or equal to
that of a firm under perfect competition. 3+1=4
Or
"Monopoly firm is a price
maker" - Explain.
13.
Explain the two basic conditions of consumer's equilibrium assuming that the
consumer consumes only two goods. 6
Or
Explain the concepts of change
in quantity demanded and change in demand using suitable diagrams.
14.
The demand and supply functions of a firm under perfectly competitive market
are given below:
Qd = 200 - 2P and
Qs = - 100 + 3P
Find: (i) The equilibrium price and
output.
(ii) If due to increased cost,
the supply function becomes Qs = 200 + 3P, what will be the changes in
equilibrium Price and Output? 3+3=6
Or
The total cost (TC) and price
(P) at different units of output of a monopolist are given below:
(i) Find out the total revenue
(TR), marginal revenue (MR) and marginal cost (MC) schedules.
(ii) Find out the equilibrium
quantity of output
. (1+2+2) + 1=6
|
Q |
TC |
P |
|
1 2 3 4 5 6 7 8 |
20 35 45 51 58 66 76 88 |
15 14 13 12 11 10 9 8 |
PART – B
15. (a) What is the alternative
name of macroeconomics? 1
(b) What is the significance of
the 450 line in Keynesian income determination model? 1
(c) What is the value of MPC
when MPS is zero? 1
(d) What is foreign exchange
rate? 1
(e) What is meant by appreciation
of the currency of a country? 1
(f) What is invisible trade? 1
16.
Give any two examples of macroeconomic variable. 3
17.
State the concept of depreciation in the context of national income accounting.
2
18. If
the marginal propensity to save (s) of economy is 0.3, find out the value of
the income multiplier. 2
19.
State any two measures of fiscal policy to correct the problem of excess demand
in an economy. 2
20.
Give the concept of full employment equilibrium. 2
21.
What is deficit financing? 2
22.
What are the four factors of production? Write down the name of the
remuneration to each of them. 2+2=4
23.
Explain any four causes of disequilibrium in BOP. 4
Or
Distinguish between factor
income and transfer income. 4
24. It
is planned to increase national income by Rs. 1,000 crore in an economy. How
much increase in investment is required to achieve this goal if MPC = 0.6? 4
25.
What is the meaning of government budget? Distinguish between revenue receipts
and capital receipts. 1+3=4
26.
Point out two merits and two demerits of indirect tax. 2+2=4
27.
Explain the income method of calculating GDP. 6
Or
Explain the relationship
between investment multiplier and MPC.
28.
Briefly explain any four functions of a commercial bank. 6
Or
Describe the speculative demand
for money.
***
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