Class -12th CBSE Economics Question paper for Examination 2019-(Code-58/5/1, 2, 3)
Code No.-58/5/1/2/3
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. Which of the following is an example of implicit cost? (Choose the correct alternative)
(a) Wages paid
(b) Cost of Raw material
(c) Interest on owner’s capital
(d) None of the above
2.In the given figure X1Y1 and X2Y2 are Production Possibility Curves in two different time periods T1 and T2 respectively. A1 and A2 represent actual outputs in T1 and T2 periods respectively. P1 and P2 are potential outputs in T1 and T2 periods respectively.
The change in potential production over the two periods would be represented by a shift from __________. (Choose the correct alternative)
(a) P2 to A2
(b) A1 to A2
(c) A2 to A1
(d) P1 to P2
3. State any two examples of variable cost.
OR
State any two examples of fixed cost.
4. If the Marginal Revenue curve is parallel to the X-axis, the price of the commodity would be ____________. (Choose the correct alternative)
(a) Equal to Marginal Revenue
(b) More than Marginal Revenue
(c) Zero
(d) Less than Marginal Revenue
Three Marks Questions:
5. ‘‘Problem of resource allocation would not arise, if resources do not have alternative uses.’’ Defend or refute the statement with valid arguments.
OR
Discuss briefly the meaning of positive economics and normative economics, with suitable examples.
6. Explain the law of diminishing marginal utility, using a suitable diagram or a schedule.(Set-1)
6. Explain the law of demand, using a suitable diagram or a schedule. (Set-2)
6. Explain the concepts of individual demand schedule and market demand schedule.(Set-3)
Four Marks Questions:
7. Suppose the demand and supply curves of a commodity X, in a perfectly competitive market are given as :
Qd = 2200 – 3p, and
Qs = 1800 + 2p
Estimate the values of equilibrium price and equilibrium quantity of the commodity X.
OR
The market for a commodity is in equilibrium. The supply of the commodity decreases, without any corresponding change in the demand for the commodity.
Discuss, using diagram, the impact of the given change on the equilibrium price and equilibrium quantity of the commodity.
Note: The following question is for the Visually Impaired Candidates only, in lieu of Q. No. 7 (Alternative) :
The market for a commodity is in equilibrium. The supply of the commodity decreases, without any corresponding change in the demand for the commodity. Discuss the impact of the given change on the equilibrium price and equilibrium quantity of the commodity.
8. At a price of ₹5 per unit, a consumer buys 40 units of a commodity. The coefficient of price elasticity of demand is given as (–)2. How many units of the commodity will she buy if the price is reduced by 20%? (Set-1)
8.The coefficient of price elasticity of demand is given as unity (1). At a price of ₹ 10, a consumer buys 120 units of the commodity. How many units of the commodity will she buy if the price increases by 20%? (Set-2)
8.The coefficient of price elasticity of demand is given as (–) 3. At a price of ₹10, a consumer buys 100 units of the commodity. How many units of the commodity will she buy if the price falls by 50%? (Set-3)
9. Why is the short-run marginal cost curve ‘U-shaped’?
OR
Distinguish between ‘Supply’ and ‘Quantity Supplied’.
Six Marks Questions:
10.Explain the following features of the monopoly market : (Set-1)
(a) Restriction to Entry
(b) Price Discrimination
10. (a) Explain the feature of ‘‘product differentiation’’ in the monopolistic competition form of market, with suitable example.
(b) Under the oligopoly form of market, why does the feature of ‘‘price rigidity’’ exist? (Set-2)
10. (a) ‘‘A firm under perfect competition is a price taker whereas under monopoly is a price maker.’’ Defend or refute the statement with valid reasons.
(b) What is meant by selling cost? (Set-3)
11. What is meant by diminishing returns to a factor? Discuss briefly, any two reasons behind its operation.
12. (a) What is the slope of an Indifference curve?
(b) A rational consumer is consuming only two goods, Good X and Good Y. The prices of the goods are ₹ 20 and ₹ 10 respectively. Her total money income is ₹ 200. Answer the following questions, using the given information :
(i) State her Budget line equation.
(ii) State the slope of the Budget line of the consumer.
(iii) If she decides to spend her entire income on Good Y, how many units of Good Y can she buy?
OR
Discuss the law of equi-marginal utility.
SECTION – B
(Macroeconomics)
One Mark Questions:
13. Which of the following is a capital receipt in the Government Budget?
(a) Income tax
(b) Interest receipt
(c) Sale of shares of a Public Sector Undertaking (PSU) to X Limited (Private Company)
(d) Dividends from a Public Sector Undertaking (PSU)
OR
State any two examples of non-tax revenue.
14. If legal reserve ratio is 20%, the value of money multiplier would be __________. (Choose the correct alternative)
(a) 2
(b) 3
(c) 5
(d) 4
15. If in an economy, the Estimated Receipts of the government during a year are lesser than the Estimated Expenditure, the budget would be called _________ budget. (Fill up the blank)
16.What are primary deposits?
Three Marks Questions:
17.Discuss briefly the relationship between marginal propensity to save and investment multiplier, using a hypothetical numerical example.
OR
State the meaning of the following :
(i) Full employment
(ii) Involuntary unemployment
18.Describe the adjustment mechanism, if in an economy the planned savings are more than the planned investments. (Set-1)
18.Describe the adjustment mechanism, if in an economy, the planned savings are lesser than the planned investments.( Set-2)
18.Describe the adjustment mechanism if ex-ante Aggregate Demand is lesser than ex-ante Aggregate Supply. (Set-3)
Four Marks Questions:
19.State whether the following statements are true or false. Support your answer with reason.
(a) Taxation is an effective tool to reduce the inequalities of income.
(b) Revenue deficit increases when government fails to recover loans forwarded to different nations.
20. Distinguish between net factor income from abroad and net exports.
OR
What are ‘non-monetary exchanges’? Discuss with suitable example.
21. Explain the following functions of the Central Bank :
(i) Banker’s bank
(ii) Authority of currency issue (Set-1)
21.Explain the following functions of the Central Bank :
(i) Lender of last resort
(ii) Banker to the Government (Set-2)
21. (a) Explain how using ‘‘Bank Rate’’ the Central Bank can regulate money supply in an economy.
(b) What is meant by ‘Repo Rate’? (Set-2)
Six Marks Questions:
22. State the meaning of the following :
(i) Fixed Foreign Exchange Rate
(ii) Trade Surplus
(iii) Accommodating Transactions
23. The saving function of an economy is given as :
S = – 25 + 0·25 Y.
If the planned investment is ₹ 200 crores, calculate the following :
(i) Equilibrium level of income in the economy.
(ii) Aggregate demand at income of ₹ 500 crores. (Set-1)
23.The saving function of an economy is given as :
S = (–) 10 + 0·20 Y.
If the ex-ante investments are ₹ 240 crores, calculate the following :
(i) Equilibrium level of income in the economy.
(ii) Additional investments which will be needed to double the present level of equilibrium income. (Set-2)
23.The saving function of an economy is given as :
S = (–) 50 + 0·10 Y.
If the ex-ante Investments are ₹ 450 crores, calculate the following :
(i) Equilibrium level of income in the economy.
(ii) Additional investments which will be needed to gain an additional income level of ₹ 3,000 crores. (Set-3)
24. (a) What is meant by the problem of double counting? Discuss briefly the two approaches to avoid this problem.
(b) Define ‘Capital goods’.
OR
24.Given the following data, find the values of ‘Operating Surplus’ and ‘Net Exports’ :
|
S. No. |
Particulars |
Amount
(in ₹ crores) |
|
(i) |
Wages
and Salaries |
2,400 |
|
(ii) |
National
Income |
4,200 |
|
(iii) |
Net
Exports |
? |
|
(iv) |
Net
Factor Income from Abroad |
200 |
|
(v) |
Gross
Domestic Capital Formation |
1,100 |
|
(vi) |
Mixed
Income of Self-Employed |
400 |
|
(vii) |
Private
Final Consumption Expenditure |
2,000 |
|
(viii) |
Net
Indirect Taxes |
150 |
|
(ix) |
Operating
Surplus |
? |
|
(x) |
Government
Final Consumption Expenditure |
1,000 |
|
(xii) |
Consumption
of Fixed Capital |
100 |
|
(xiii) |
Profits |
500 |
Note:
The above question paper for CBSE Economics 2019- Code 58/5/1/2/3 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 58/5/1,2,3.
Original pdf. of Class XII Question Paper for Examination 2019- Code 58/5/1,2,3 is available on https://www.cbse.gov.in/cbsenew/question-paper.html
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