Class -12th CBSE Economics Question paper for Examination 2019-(Code-58/1/1, 2, 3)
Code No.-58/1/1/2/3
Question Paper for Examination 2019
ECONOMICS
Time allowed : 3 hours Maximum Marks: 80
General Instructions :
(i) All questions in both sections are compulsory.
(ii) Marks for questions are indicated against each question.
(iii) Question Nos. 1 – 4 and 13 – 16 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each.
(iv) Question Nos. 5 – 6 and 17 – 18 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.
(v) Question Nos. 7 – 9 and 19 – 21 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.
(vi) Question Nos. 10 – 12 and 22 – 24 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
(Microeconomics)
One Mark Questions:
1. In the given figure, the movement on the production possibility curve from point A to point B shows ____________. (Choose the correct alternative)
2. Average fixed cost curve ________. (Choose the correct alternative)
(a) is a straight line parallel to X-axis.
(b) is a straight line parallel to Y-axis.
(c) falls, as more units are produced
(d) rises, as more units are produced
OR
Which of the following formula is correct for calculating marginal cost? (Choose the correct alternative)
(a)
MCN = TFCn – TFCN – 1
(b) MCN = ACN – ACN – 1
(c) MCN = AVCN – AVCn – 1
(d) MCN = TCn – TCN – 1
3. The average product curve in the input-output plane, will be __________. (Choose the correct alternative)
(a) an ‘S’ shaped curve
(b) an inverse ‘S’ shaped curve
(c) a ‘U’ shaped curve
(d) an inverse ‘U’ shaped curve
4. If the market supply of a commodity X changes due to improvement in technology, the market supply curve will ________. (Fill up the blank)
OR
If the market supply of a commodity X changes due to rise in price of a factor input, the market supply curve will ________. (Fill up the blank)
Three Marks Questions:
5. Identify and discuss the nature of the following newspaper reports in terms of positive or normative economic analysis :
(i) “India jumped 23 points in the World Bank’s ease of doing business index to 77th place, highest in 2 years.” – The Economic Times
(ii) “Government should further liberalise the business rules.” – The Economic Times
6. Distinguish between substitute goods and complementary goods, with examples.
OR
Distinguish between normal goods and inferior goods, with examples. (Set-1)
6.Good X and Good Y are substitute goods. If price of Good X increases, discuss briefly its likely impact on the demand for Good Y.
OR
If the income of a consumer increases, discuss briefly its likely impact on the demand for an inferior good, Good X. (Set-2)
6.Good X and Good Y are complementary goods. If price of Good X increases, discuss briefly its likely impact on the demand for Good Y.
OR
If the income of a consumer increases, discuss briefly its likely impact on the demand for a normal good, Good X. (Set-3)
Four Marks Questions:
7. Discuss briefly, using a hypothetical schedule, the relation between marginal utility and total utility.
OR
Discuss briefly, using a hypothetical schedule the concept of diminishing marginal rate of substitution. (Set-1)
7. Explain the law of diminishing marginal utility using a hypothetical schedule.
OR
What is a budget line? Why the budget line is left to right downward sloping? (Set-2)
7. Explain the law of equi- marginal utility.
OR
Discuss the conditions of consumer’s equilibrium under ordinal approach. (Set-3)
8. Complete the following cost schedule :
|
Quantity (in Units) |
0 |
1 |
2 |
3 |
4 |
|
Total cost (in ₹) |
200 |
----- |
----- |
----- |
490 |
|
Total variable cost (in ₹) |
0 |
----- |
180 |
----- |
----- |
|
Average variable cost (in ₹) |
----- |
100 |
----- |
80 |
----- |
9. In the given diagram, OP is the market determined price, and OP1is the price fixed by the government.
(b) Discuss the likely behaviour of the market in the given condition. (1+3)
Suppose the demand and supply equations of a commodity X in a perfectly competitive market are given by :
Qd = 1700 – 2P
Qs = 1300 + 3P
Calculate the value of equilibrium price and equilibrium quantity of the commodity X.
Six Marks Questions:
10. (a) Define price elasticity of demand.
(b) If the price of a commodity rises by 40% and its quantity demanded falls from 150 units to 120 units, calculate the coefficient of price elasticity of demand for the commodity. (2+4 )
11. What is meant by “diminishing returns to a factor”? Discuss any two reasons for the operation of diminishing returns to a factor.
12.Elaborate three main features of monopoly form of market. (Set-1)
OR
Distinguish between perfect competition and monopolistic competition on the basis of the following :
(a) Number of sellers
(b) Nature of product
(c) Selling cost
12. Elaborate three main features of oligopoly form of market. (Set-2)
OR
Distinguish between monopoly and monopolistic competition on the basis of the following :
(a) Number of sellers
(b) Nature of product
(c) Selling cost
12.Explain three main features of monopolistic competition form of market. (Set-3)
OR
Distinguish between perfect and monopolistic competition on the basis of the following :
(a) Number of sellers
(b) Nature of product
(c) Selling cost
SECTION – B
(Macroeconomics)
One Mark Questions:
13. Give any two examples of flow concept.
14. Define the term ‘tax’.
15.Suppose in a hypothetical economy, the income rises from ₹ 5,000 crores to ₹ 6,000 crores. As a result, the consumption expenditure rises from ₹ 4,000 crores to ₹ 4,600 crores. Marginal propensity to consume in such a case would be ________. (Choose the correct alternative)
(a) 0.8
(b) 0.4
(c) 0.2
(d) 0.6
16.What is meant by primary deficit?
OR
What is meant by fiscal deficit?
Three Marks Questions:
17.Define the problem of double counting in the computation of national income. State any two approaches to correct the problem of double counting.
OR
“Gross Domestic Product (GDP) does not give us a clear indication of the economic welfare of a country.” Defend or refute the given statement with a valid reason.
18.If in an economy :(Set-1)
Change in initial Investments (DI) = ₹500 crores
Marginal Propensity to Save (MPS) = 0.2
Find the values of the following :
(a) Investment multiplier (k)
(b) Change in final income (DY)
18.If in an economy :(Set-2)
Change in initial Investments (DI) = ₹700 crores
Marginal Propensity to Save (MPS) = 0.2
Find the values of the following :
(a) Investment multiplier (k)
(b) Change in final income (DY)
18.If in an economy :(Set-3)
Change in initial Investments (DI) = ₹1,200 crores
Marginal Propensity to Save (MPS) = 0.2
Find the values of the following :
(a) Investment multiplier (k)
(b) Change in final income (DY)
Four Marks Questions:
19.How are capital receipts different from revenue receipts? Discuss briefly. (Set-1)
19.How are capital expenditures different from revenue expenditures? Discuss briefly. (Set-2)
19. (a) How are tax receipts different from non-tax receipts? Discuss briefly.
(b) State any two items of revenue expenditure in a Government budget. (Set-3)
20.State and discuss the components of Aggregate Demand in a two sector economy.
OR
In the given figure, what does the gap ‘KT’ represent? State any two fiscal measures
to correct the situation.
For Blind Candidates :
What is meant by deflationary gap? State any two fiscal measures to correct the situation of deflationary gap.
21.Discuss the working of the adjustment mechanism in the following situations :
(a) Aggregate demand is greater than Aggregate supply.
(b) Ex Ante Investments are lesser than Ex Ante Savings.
Six Marks Questions:
22. (a)Define “Trade surplus”. How is it different from “Current account surplus”?
(b) “Indian Rupee (₹) plunged to all time low of ₹ 74.48 against the US Dollar ($)”. – The Economic Times In the light of the above report, discuss the impact of the situation on Indian Imports. (3+3)
23. (a)State any two components of M1 measure of money supply.
(b) Elaborate any two instruments of Credit Control, as exercised by the Reserve Bank of India. (2 +4 )
OR
Define Credit Multiplier. What role does it play in determining the credit creation power of the banking system? Use a numerical illustration to explain.
24.Given the following data, find the missing value of ‘Government Final Consumption Expenditure’ and ‘Mixed-Income of Self Employed’. (Set-1)
|
S. No. |
Particulars
|
Amount (in ₹ crores) |
|
(i) |
National Income |
71,000 |
|
(ii) |
Gross Domestic Capital
Formation |
10,000 |
|
(iii) |
Government Final
Consumption Expenditure |
? |
|
(iv) |
Mixed Income of
Self-Employed |
? |
|
(v) |
Net Factor Income from
Abroad |
1,000 |
|
(vi) |
Net Indirect Taxes |
2,000 |
|
(vii) |
Profits |
1,200 |
|
(viii) |
Wages and Salaries |
15,000 |
|
(ix) |
Net Exports |
5,000 |
|
(x) |
Private Final Consumption
Expenditure |
40,000 |
|
(xi) |
Consumption of Fixed
Capital |
3,000 |
|
(xii) |
Operating
Surplus |
30,000 |
S. No. |
Particulars | Amount (in ₹ crores) |
(i) | National Income | 50,000 |
(ii) | Net Indirect Taxes | 1,000 |
(iii) | Private Final Consumption Expenditure | ? |
(iv) | Gross Domestic Capital Formation | 17,000 |
(v) | Profits | 1,000 |
(vi) | Government Final Consumption Expenditure | 12,500 |
(vii) | Wages and Salaries | 20,000 |
(viii) | Consumption of Fixed Capital | 700 |
(ix) | Mixed Income of Self Employed | 13,000 |
(x) | Operating Surplus | ? |
(xi) | Net Factor Income from Abroad | 500 |
(xii) | Net Exports | 2,000 |
S. No. |
Particulars | Amount (in ₹ crores) |
(i) | Mixed Income of Self Employed | 3,500 |
(ii) | Net Indirect Taxes | 300 |
(iii) | Wages & Salaries | ? |
(iv) | Government Final Consumption Expenditure | 14,000 |
(v) | Net Exports | 3,000 |
(vi) | Consumption of Fixed Capital | 300 |
(vii) | Net Factor Income from Abroad | 700 |
(viii) | Operating Surplus | 12,000 |
(ix) | National Income | 30,000 |
(x) | Profits | 500 |
(xi) | Gross Domestic Capital Formation | ? |
(xii) | Private Final Consumption Expenditure | 11,000 |
Note:
The above question paper for CBSE Economics 2019- Code 58/1/1/2/3 combines the questions from all three sets so as to make it easy for the students to understand and analyze all the questions while preparing for their Board Examination. The questions presented in this post belong to all three sets 58/1/1,2,3.
Original pdf. of Class XII Question Paper for Examination 2019- Code 58/1/1,2,3 is available on https://www.cbse.gov.in/cbsenew/question-paper.html
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