Board Paper of Class 12-Humanities 2017 Economics Abroad(SET 3) - Solutions
General Instructions:
(i) All questions in both sections are compulsory. However, there is internal choice in some questions.
(ii) Marks for questions are indicated against each question.
(iii) Question No.1-5 and 16-20 are very short answer questions carrying 1 mark each. They are required to be answered in one sentence.
(iv) Question No.6-8 and 21-23 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
(v) Question No.9-11 and 24-26 are also short answer questions carrying 4 marks each. Answers to them should not normally exceed 70 words each.
(vi) Question No.12-15 and 27-30 are long answer questions carrying 6 marks each. Answers to them should not normally exceed 100 words each.
(vii) Answers should be brief and to the point and the above word limit be adhered to as far as possible.
- Question 1
A firm is not a price maker under (1)
(a) oligopoly
(b) monopolistic competition
(c) monopoly
(d) perfect competition VIEW SOLUTION
- Question 2
The expenditure on a good would change in the opposite direction as the price changes only when demand is (1)
(a) elastic
(b) inelastic
(c) perfectly inelastic
(d) unitary elastic VIEW SOLUTION
- Question 3
There are only a few sellers under (1)
(a) Perfect competition
(b) Monopolistic competition
(c) Monopoly
(d) Oligopoly VIEW SOLUTION
- Question 4
State the law of demand. (1) VIEW SOLUTION
- Question 5
When marginal utility is zero, total utility is (1)
(a) zero
(b) minimum
(c) maximum
(d) negative VIEW SOLUTION
- Question 6
Why is a Production Possibility Curve concave to the origin? Explain. (3)
OR
Why does an economic problem arise? Explain. (3) VIEW SOLUTION
- Question 7
Give any three factors that can cause a rightward shift of demand curve. (3) VIEW SOLUTION
- Question 8
Explain the meaning of opportunity cost with the help of an example. (3) VIEW SOLUTION
- Question 9
Explain the meaning of marginal rate of substitution. Why does it diminish as one good is substituted for the other? Explain. (4)
OR
Explain the meaning of budget line. What can cause a change in it? Explain. (4) VIEW SOLUTION
- Question 10
State the relation between marginal product and average product. Show this relation in a diagram. (4) VIEW SOLUTION
- Question 11
Explain the "interdependence between firms" characteristic of oligopoly market. (4) VIEW SOLUTION
- Question 12
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles? (6) VIEW SOLUTION
- Question 13
Complete the following table : (6)
Output
UnitsMarginal
Cost RsAverage Variable Cost Rs Total
Cost RsAverage
Fixed Cost Rs1 60 ...... 120 ...... 2 ...... ...... 174 ...... 3 ...... 54 ...... ...... 4 54 ...... ...... 15 5 ...... 57 345 ......
- Question 14
Explain the meaning and implications of maximum price ceiling and minimum price ceiling. (6)
OR
State whether the following statements are true or false. Give reasons for your answer : (6)
(i) When equilibrium price is greater than market price there will be excess supply in the market.
(ii) X and Y are complementary goods. A fall in the price of Y will result in a rise in the price of X. VIEW SOLUTION
- Question 15
Explain the conditions of producer's equilibrium with the help of a numerical example. Use marginal cost and marginal revenue approach. (6) VIEW SOLUTION
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