CBSE Compartment Economics Question paper for Examination 2013(Code-58/1/3)

 

Code-58/1/3

Compartment Question Paper for Examination 2013

Class XII

ECONOMICS

Time allowed: 3 hours                                                                  Maximum Marks: 100                              

General Instructions:

(i) All questions in both the sections are compulsory.

(ii) Marks for questions are indicated against each question.

(iii) Question Nos. 1 – 5 and 17 – 21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.

(iv) Question Nos. 6 – 10 and 22 – 26 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.

(v) Question Nos. 11 – 13 and 27 – 29 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.

(vi) Question Nos. 14 – 16 and 30 – 32 are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each.

(vii)Question No. 11 and 19 are value- based questions.

(vii) Answers should be brief and to the point and the above word limits should be adhered to as far as possible.

SECTION A

(Microeconomics)

 

One Mark Question

1. When is a good called an inferior good?

2. Give meaning of “Returns to a Factor”.

3. What will be the behavior of marginal revenue in a market for a product where a firm can sell any quantity at the given price?

4. Define opportunity cost.

5. Define Indifference map.

Three Marks Questions

6. Price of a good rises from ₹ 5 to ₹ 6 per unit but it had no effect on demand of that good. Calculate price elasticity of demand of that good.

7. Draw a total variable cost curve and total cost curve in a single diagram.

                                                            OR

Explain the behavior of Average Fixed Cost. Use diagram.

For the Blind candidates only in lieu of Q. No. 7.

State the different phases in the behavior of ‘Total Variable Cost’ using a numerical example.

   OR

Explain the behavior of ‘Average Fixed Cost’ using a numerical example.

8. Explain the concept of price elasticity of supply. When is the value of price elasticity of supply equal to one?

9. State any three assumptions on which a ‘Production Possibilities Curve’ is based.

10. Explain the concept of ‘marginal utility’ with the help of a numerical example.

 

Four Marks Questions

11. Cigarette smoking is injurious to health. How can the government reduce its consumption but only through the normal market forces. Explain the chain of effects of government’s action.

12. Explain the effect of the following on supply of a good:

(i) Change in price of inputs

(ii) Technological advancement

OR

Explain how do the following influence supply of a good:

(i) Subsidy on production

(ii) Changes in prices of other goods

13. A consumer consumes only two goods X and Y and is in equilibrium. Price of good Y rises. Show that it will lead to fall in demand for good Y.

Six Marks Questions

14. Explain the outcome of the following features of a perfectly competitive market:

(i) Freedom to the firms to enter the industry

(ii) Freedom to the firms to leave the industry

15. State and explain the conditions of consumer’s equilibrium in the indifference curve analysis.

OR

      State and explain three properties of indifference curves.

16. Giving reasons identify the equilibrium level of output and find profit at this output using the ‘Marginal Cost and Marginal Revenue’ approach from the following:


Output ( units)

1

2

3

4

5

Total Revenue(₹)

11

19

24

28

30

Total Cost (₹)

10

18

25

30

36

 

 



SECTION B

                                             (Macroeconomics)

 

One Mark Question

17. Define intermediate consumption.

18. What is barter?

19. Name any one step the government can take through its budget to reduce the gap between the rich and the poor.

20. What is depreciation?

21. Define investment.

Three Marks Questions

22. Explain the distinction between ‘autonomous investment’ and ‘induced investment’.

23. What is the basis of classifying government expenditure into ‘Revenue expenditure’ and ‘Capital expenditure’? Which of these types of expenditure is payment of salaries to government employees and why?

24. In India, exchange rate of U.S Dollar has risen considerably. What is its likely impact on Indian exports and why?

25. Explain how money has solved the problem of double coincidence of wants.

OR

Explain the concept of money supply.

26. Calculate equilibrium level of income from the following:

(i) Consumption expenditure at zero income                                                  ₹ 40

(ii) Consumption expenditure at zero income                                                  0.8

(iii) Investment                                                                                                ₹ 80

 

Four Marks Questions

27. Distinguish between the autonomous transactions and the accommodating transactions in the Balance of Payments. What is the significance of this distinction?

28. Explain “Government’s banker and agent” function of central bank.

29. Explain how government can influence allocation of resources through government budget.

OR

Explain the distinction between fiscal deficit and primary deficit.

Six Marks Questions

30. Explain the meaning of inflationary gap and deflationary gap with the help of diagrams.

The following question is for the Blind Candidates only in lieu of Q. No. 30

Explain the meaning of inflationary gap and deflationary gap. Explain any one measure by which these gaps can be reduced.

31.  Calculate (a) Private Income and (b) Gross Domestic Product at Market price:

 

S.No.

Particulars

Amount in

  ( ₹ crores)

 

            1.       

Corporation Tax

10

            2.       

Consumption of Fixed Capital

15

            3.       

Personal Disposable Income

150

            4.       

Net current transfers from abroad

6

            5.       

Net factor income from abroad

7

            6.       

Retained earnings of private corporate sector

5

            7.       

Transfer payments by government

8

            8.       

Personal tax

20

            9.       

Net debt interest

9

           10.   

Domestic income accruing to government

30

           11.   

Net indirect tax

25

 

32. Giving reason explain how should the following be treated in estimating national income:

(i) Electricity consumed by a firm

(ii) Pension paid to the retired employees

(iii) Free treatment of the poor in hospitals

OR

Explain the concept of “real income”. Explain why, due to the presence of externalities, real income in itself cannot be treated as a true index of welfare.


Note:

Original pdf. of CBSE Economics Compartment Question paper  2013- Code 58/1/3  is also available on   https://www.cbse.gov.in/cbsenew/question-paper.html 

 

 

 

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