Class -12th CBSE Economics Question paper for Examination 2019-(Code-58/4/1, 2, 3)
Code No.-58/4/1/2/3
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. The shape of the average revenue curve under perfect competition would be _________. (Fill up the blank)
2.Shift from Point A on Production Possibility Curve X1Y1 to Point B on X2Y2 in the given figure indicates : (Choose the correct alternative)
(a) Decrease in resources
(b) Increase in resources
(c) Full and efficient utilisation of resources
(d) Wastage of resources
3. Mention any two examples of implicit cost incurred by a firm.
OR
Define variable cost.
4. The coefficient of price elasticity of supply of a good is 3. It is known as ___________ . (Choose the correct alternative)
(a) Unitary Elastic Supply
(b) Perfectly Inelastic Supply
(c) Elastic Supply
(d) Inelastic Supply
Three Marks Questions:
5. Discuss briefly the central problem of ‘‘How to produce’’.
OR
Classify the following statements into positive economics or normative economics, with suitable reasons :
(a) The autonomy of the central bank of a country should be maintained as per the law.
(b) Nominal Gross Domestic Product (GDP) is calculated on the basis of ‘current year prices’.(Set-1)
5.Discuss briefly the central problem of ‘‘For whom to produce’’.
OR
Classify the following statements into positive economics or normative economics, with suitable reasons :
(a) Government should try to control the rising fiscal deficit.
(b) Real Gross Domestic Product (GDP) is calculated on the basis of ‘base year price’.(Set-2)
5.Discuss briefly the central problem of ‘‘What to produce’’.
OR
Classify the following statements into positive economics or normative economics, with suitable reasons :
(a) Consumer price index presents a more realistic picture of the inflation rate in a country, than the wholesale price index.
(b) Subsidies should be offered very carefully. (Set-3)
6. Discuss the relationship between total utility and marginal utility, using a hypothetical schedule.
Four Marks Questions:
7. With the help of the given schedule, determine the firm’s equilibrium using marginal revenue -marginal cost approach. Give valid reasons in support of your answer.
|
Quantity (in
units) |
Total Revenue
(in ₹) |
Total Cost (in ₹) |
|
0 |
20 |
20 |
|
1 |
40 |
30 |
|
2 |
60 |
36 |
|
3 |
80 |
40 |
|
4 |
100 |
60 |
|
5 |
120 |
90 |
|
|
8. The price of a commodity increases from ₹10 to ₹14. Calculate percentage fall in quantity demanded of the commodity if coefficient of price elasticity of demand is (–) 1·25.
OR
State whether the following statements are true or false. Give valid reasons in support of your answer.
(a) The coefficient of price elasticity of demand for the commodity is inversely related to the number of alternative uses of the commodity.
(b) Luxury goods often have lower price elasticity of demand.
9. Discuss briefly the meaning of ‘‘Price discrimination’’ and ‘‘Product differentiation’’ with the help of suitable examples.
OR
Is a firm under perfect competition a price taker, or a price maker? Justify your answer.
Six Marks Questions:
10.Suppose a consumer whose budget is ₹500, wants to consume only two goods, Good X and Good Y. The goods are respectively priced at ₹50 and ₹25.
Answer the following questions on the basis of the given information :
(a) State the budget equation of the consumer.
(b) What is the slope of the budget line?
(c) How many units can she purchase if she spends the entire ₹ 500 on Good X?
(d) How many units can she purchase if she spends the entire ₹500 on Good Y, given that the price of good Y has doubled?
OR
‘‘For a consumer to be in equilibrium position, marginal rate of substitution between the two goods must be equal to ratio of prices of the two goods.’’ Do you agree with the given statement? Justify your answer. (Set-1)
11. (a) Identify the market form and explain the corresponding feature, as given in the following statement :
‘‘The commodity in this market has attributes which are identical for sellers and buyers.’’
(b) Define Price Floor. State the likely consequence of this type of intervention by the government.
12. (a) Why is the short run Marginal Cost curve U-shaped ?
(b) Explain the relation between Average Cost (AC) curve and Marginal Cost (MC) curve using diagram.
Note: The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 12(b) :
Explain the relation between Average Cost (AC) and Marginal Cost (MC).
12. (a) Why is the Total Fixed Cost curve parallel to the horizontal axis (x-axis)?
(b) Explain the relation between Average Variable Cost (AVC) curve and Marginal Cost (MC) curve. Use diagram.
Note: The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 12(b) :
Explain the relation between Average Variable Cost (AVC) and Marginal Cost (MC).
12. (a) Why is the short run Average Cost curve U-shaped ?
(b) Explain the relation among Total Cost (TC) curve, Total Variable Cost (TVC) curve and Total Fixed Cost (TFC) curve. Use diagram.
Note: The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 10(b) :
Explain the relation among Total Cost (TC), Total Variable Cost (TVC) and Total Fixed Cost (TFC).
SECTION – B
(Macroeconomics)
One Mark Questions:
13. Define ‘‘demand deposits’’.
14. State any two examples of non-tax revenue receipts of the government.
OR
Dividends received from Public Sector Undertakings (PSUs) are a part of the government’s ____________ . (Choose the correct alternative)
(a) Non-tax Revenue Receipts
(b) Tax Receipts
(c) Capital Receipts
(d) Capital Expenditure
15.State the role played by the central bank as the ‘‘lender of last resort’’.
16. Suppose you are a member of the ‘‘Advisory Committee to the Finance Minister of India’’. The Finance Minister is concerned about the rising Revenue Deficit in the budget. Suggest any one measure to control the rising Revenue Deficit of the government.
Three Marks Questions:
17.The consumption function of an economy is : C = 40 + 0·8 Y (amount in ₹ crores). Determine that level of income where average propensity to consume will be one.
OR
Which of the two, average propensity to consume or average propensity to save, can be negative and why? (Set-1)
18.Describe the adjustments that may take place in an economy when ex-ante savings are less than ex-ante investments.
Four Marks Questions:
19.Explain, using a numerical example, how an increase in reserve deposit ratio affects the credit creation power of the banking system. (Set-1)
19.Explain, using a numerical example, how a reduction in reserve deposit ratio, affects the credit creation power of the banking system. (Set-2)
20.How is Real Gross Domestic Product (GDP) different from Nominal Gross Domestic Product (GDP)? Explain using a numerical example.
21. Explain how the government can use the budgetary policy in reducing inequality of income in the economy.
OR
Discuss briefly the role of the government budget in influencing ‘‘allocation of resources’’ in the economy.
Six Marks Questions:
22. What is meant by the ‘‘Effective Demand Principle’’ in Keynesian theory of employment? Discuss using a schedule or a diagram.
23. (a) Define ‘net factor income from abroad’. How is it different from net exports’?
(b) Calculate the value of ‘‘Rent’’ from the following data : (Set-1)
|
S. No. |
Particulars |
Amount (in ₹ crores) |
|
(i) |
Gross Domestic
Product at Market Price |
18,000 |
|
(ii) |
Mixed Income
of Self-Employed |
7,000 |
|
(iii) |
Subsidies |
250 |
|
(iv) |
Interest |
800 |
|
(v) |
Rent |
? |
|
(vi) |
Profit |
975 |
|
(vii) |
Compensation
of Employees |
6,000 |
|
(viii) |
Consumption of
Fixed Capital |
1,000 |
|
(ix) |
Indirect Tax |
2,000 |
23. (a)Define net exports. How is it different from net factor income from abroad?
(b) Calculate value of ‘‘Interest’’ from the following data : (Set-2)
S.No. | Particulars | Amount (in ₹ crores) |
(i) | Indirect tax | 1,500 |
(ii) | Subsidies | 700 |
(iii) | Profits | 1,100 |
(iv) | Consumption of fixed capital | 700 |
(v) | Gross domestic product at market price | 17,500 |
(vi) | Compensation of employees | 9,300 |
(vii) | Interest | ? |
(viii) | Mixed income of self-employed | 3,500 |
(ix) | Rent | 800 |
23. (a) Define ‘value of output’. How is it different from ‘value addition’? (Set-3)
(b) Calculate the value of ‘‘Mixed Income of Self-Employed’’ from the following data :
S.No. | Particulars | Amount (in ₹ crores) |
(i) | Compensation of Employees | 17,300 |
(ii) | Interest | 1,200 |
(iii) | Consumption of Fixed Capital | 1,100 |
(iv) | Mixed Income of Self-Employed | ? |
(v) | Subsidies | 750 |
(vi) | Gross Domestic Product at Market Price | 27,500 |
(vii) | Indirect Taxes | 2,100 |
(viii) | Profits | 1,800 |
(ix) | Rent | 2,000 |
24. (a) State any two factors responsible for inflow of foreign currency.
(b) State on which side of capital account/current account will the following transactions be recorded and why : (4+2)
(i) Interest on loan received from Nepal
(ii) Import of mobile phones from China
OR
(a) Distinguish between Autonomous and Accommodating transactions of Balance of Payments account.
(b) Distinguish between depreciation of a currency and devaluation of a currency. (Set-1)
Note:
The above question paper for CBSE Economics 2019- Code 58/4/1/2/3 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 on which set numbers are not mentioned belong to all three sets 58/4/1,2,3.
Original pdf. of Class XII Question Paper for Examination 2019- Code 58/4/1,2,3 is available on https://www.cbse.gov.in/cbsenew/question-paper.html
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