CBSE Economics Question Paper for Compartment Examination 2017-Delhi Scheme (Code-58/C/1, 2, 3)
Compartment Question Paper for Examination 2017
Class XII Delhi Scheme
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 16 – 20 are very
short-answer questions carrying 1 mark each. They are required to be
answered in one sentence each.
(iv) Question Nos. 6 – 8 and 21 – 23 are short-answer
questions carrying 3 marks each. Answers to them should normally not
exceed 60 words each.
(v) Question Nos. 9 – 11 and 24 – 26 are also
short-answer questions carrying 4 marks each. Answers to them should
normally not exceed 70 words each.
(vi)Question Nos. 12 – 15 and 27 – 30 are long-answer
questions carrying 6 marks each. Answers to them should normally not
exceed 100 words each.
(vii) Answers should be brief and to the point and the above word limits
should be adhered to as far as possible.
SECTION
A
(Micro
Economics)
One Mark Questions
1. When is a good considered an inferior good?
2. Average revenue equals: (Choose the correct alternative) (Set-1)
(a) Total revenue
divided by the quantity produced.
(b) Price
(c) Both (a) and (b)
(d) None of the above
3. Define production function.
4. A perfectly
competitive firm faces: (Choose the correct alternative)
(a) Constant price
(b) Constant
average revenue
(c) Constant
marginal revenue
(d) All the above
5. Under which form of market a firm is called price taker?
Three Marks Questions
6. Distinguish
between positive economics and normative economics. Give an example of each.
OR
Distinguish between micro-economics and macro-economics. Give an example of each.
7. Why does a production possibility curve slope downwards from left to right? Explain.
8. When price of a good rises by 20 percent its demand falls by 40 percent. Calculate its price elasticity of demand. (Set-1)
8. When price of a
good falls by 20 percent its demand rises by 30 percent. Calculate its price
elasticity of demand. (Set-2)
8. When price of a good falls by 50 percent, its demand rises by 60 percent. Calculate its price elasticity of demand. (Set-3)
Four Marks Questions
9. Explain any two causes of ‘increase in supply’ of a commodity.
10. Identify the
equilibrium level of output using “marginal cost and marginal revenue” approach. Give reasons for your answer.
|
Price (₹) |
Output (units) |
Total Cost (₹) |
Marginal Cost(₹) |
|
10 |
1 |
10 |
10 |
|
10 |
2 |
19 |
9 |
|
10 |
3 |
26 |
7 |
|
10 |
4 |
36 |
10 |
|
10 |
5 |
48 |
12 |
OR
Identify the three phases of the law of variable proportions. Give reasons.
|
Variable
input (units) |
Total Product (units) |
|
1 |
5 |
|
2 |
11 |
|
3 |
15 |
|
4 |
17 |
|
5 |
15 |
11. What
difference does it make to a perfectly competitive market when we say that there
are large numbers of buyers in it? Explain. (Set-1
11. What difference does it make to the market when we say that there are ‘differentiated products’ in monopolistic competition? Explain. (Set-2)
11. What difference does it make to the market when we say that firms are interdependent in oligopoly ? Explain. (Set-3)
Six Marks Questions
12. A consumer consumes only two goods X and Y. Explain the conditions of consumer’s equilibrium using utility analysis.
13.
Define
budget line and indifference curve. Also explain why the two are downward sloping
from left to right?
OR
(a) Why is budget
line a straight line ? Explain.
(b)
Why is indifference curve convex? Explain.
14. A woman borrows money from a bank and starts a business in a building owned by her. She manages the business herself. What are the explicit costs and implicit costs in it directly identifiable? Give reasons for your answer. (Set-1)
14. A farmer undertakes farming on the land owned by him with only family members working on it. The farmer borrows money for this purpose. What are the explicit costs and implicit cost directly identiable in it? Give reason for your answer. (Set-2)
14. A chartered accountant starts accounting services in the office owned by him and by investing his own savings. He employs assistants for this purpose. What are explicit costs and implicit costs directly identifiable in it? Give reason for your answer. (Set-3)
15. It is expected that replacement of all existing taxes on good X by the proposed single Goods and Services Tax (GST) will bring down overall tax on good X substantially.Explain its likely chain of effects on price and quantity of good X. Use diagram.
For
the blind candidates only in lieu of Q. No. 15
It
is expected that replacement of all existing taxes on good X by the proposed
single Goods and Services Tax (GST) will bring down overall tax on good X
substantially. Explain its likely chain of effects on price and quantity of
good X. Use a schedule.
SECTION B
(Macro Economics)
One Mark Questions
16. Foreign
embassies in India are a part of India’s: (Choose the correct alternative)
(a) Economic
territory
(b) Geographical
territory
(c) Both (a) and
(b)
(d)
None of the above
17.
What is meant by Nominal Gross Domestic Product?
18. Fiscal deficit
equals: (Choose the correct alternative)
(a) Primary deficit
minus interest payments
(b) Primary deficit
plus interest payments
(c) Total budget
expenditure minus total budget receipts
(d) None of the above
19.
What is meant by revenue receipt in a Government Budget ?
20. A company
located in India receives a loan from a company located abroad. How is this
transaction recorded in India’s balance of payments account ? (Choose the correct
alternative)
(a) Credit side of
current account
(b) Debit side of
current account
(c) Credit side of
capital account
(d)
Debit side of capital account
Three Marks Questions
21. Giving reason state
how are the following treated in estimation of national income.
(i) Payment of interest by an
individual to a bank on a loan to buy a car.
(ii) Expenditure by government on
providing free educational services.
(iii) Expenditure on purchasing a
machine installed in a production unit.
OR
Distinguish between average propensity to consume and average propensity to save. What is the relation between the two?
23. If marginal propensity to consume is 0.5, calculate the value of investment multiplier. (Set-1)
23. If marginal propensity to consume is 0.8, how much will be the value of investment multiplier? Calculate. (Set-2)
23. If marginal
propensity to consume is 0.9, calculate the value of investment multiplier. (Set-3)
Four Marks Questions
24. Suppose a ban
is imposed on consumption of tobacco. Examine its likely effects on (a) gross
domestic product and (b) welfare.
OR
How does increase in inequalities in distribution of income affect welfare of the society? Explain.
25. If Legal Reserve Ratio is 0.2 and new deposits are ₹ 1,000, explain the process of money creation by the commercial banks. (Set-1)
25. If Legal Reserve Ratio is 0.1 and new deposits are ₹ 10,000, explain the process of deposit creation by the commercial banks. (Set-2)
25. If Legal Reserve Ratio is 0.2 and new deposits are ₹ 5,000, explain the process of money creation by commercial banks. (Set-3)
26. Explain the role of “open market operations” in reducing money supply. (Set-1)
26. Explain the role of Cash Reserve Ratio in increasing money supply. (Set-2)
26.
Explain
the role of Repo Rate in reducing money supply. (Set-3)
Six Marks
Questions
27. Explain determination of equilibrium level of national income using aggregate demand and aggregate supply approach. Use diagram. Also explain the effect when aggregate demand is less than aggregate supply.
For blind candidates only in lieu of Q. No. 27.
What is meant by aggregate demand and aggregate supply? Given aggregate demand and aggregate supply behaviour, when is an economy in equilibrium? What happens when aggregate demand is less than aggregate supply? Explain.
28. The Government,
under Ujjwala Yojana, is providing free LPG kitchen gas connections to the
families ‘below the poverty line’. What objective the government is trying to
fulfil through the government budget and how? Explain.
OR
Explain how the allocation of resources can be influenced in the government budget through taxes, expenditure and subsidies.
29. Explain three sources of demand for foreign exchange and three sources of supply of foreign exchange.
30. Calculate (a)
Private Income and (b) National Income: (Set-1)
(₹ Crore)
(i) Savings of non-departmental
enterprises 30
(ii) Personal disposable income 900
(iii) Miscellaneous receipts of Government Administrative Departments 20
(iv) Corporate profit tax 100
(v) Personal tax 150
(vi) Property and entrepreneurial
income accruing to the Government 50
Administrative Departments.
(vii) Current transfers from Government 50
(viii) Net current transfers to
abroad (–)
10
(ix) Undistributed profits of
private corporate sector 10
(x) National debt interest 40
30. Calculate (a)
Private Income and (b) Net Domestic Product at Factor Cost: (Set-2)
(₹
Crore)
(i) Property and entrepreneurial
income accruing to Government
Administrative Departments. 35
(ii) Personal disposable income 500
(iii) National debt interest 20
(iv) Savings of non-departmental
enterprises 25
(v) Direct taxes on persons 100
(vi) Net current transfers from
rest of the world (–)
10
(vii) Net factor income to abroad
10
(viii) Corporate profit tax 60
(ix) Current transfers from
government
30
(x)
Retained earnings of private corporate sector 40
30. Calculate (a) Private Income and (b) Net National Product at Market Price: (Set-3)
(₹ Crore)
(i) Current transfers from
Government 20
(ii) Property and entrepreneurial
income of the Government
Administrative Departments 10
(iii) Personal disposable income 400
(iv) Direct taxes on persons 70
(v) Retained earnings of Private
Corporate Sector 30
(vi) Savings of non-departmental
enterprises 20
(vii) Consumption of fixed
capital 50
(viii) Corporate profit tax 80
(ix) National debt interest 40
(x) Net current transfers to rest
of the world (–)
10
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