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Sample Question Paper-2023-2024

Economics
Class-12
Time: 3 hours 15 minutes M.M. : 100
Instructions: The first 15 minutes are allotted for the candidates to read the question paper.
Note: (i) All questions are compulsory.
(ii) The prescribed marks for each question are mentioned against it.
(iii) Question numbers 1-10 are multiple choice questions, the only correct answer of
which are to be written in your answer sheet.
(iv) Question numbers 11-18 are very short answer questions, the answer to which are to
be written in 50 words each.
(v) Question numbers 19-24 are short answer questions, the answer to which are to be
written in 150 words each.
(vi) Question numbers 25-27 are long answer questions, the answer to which are to be
written in 300 words each .
Multiple choice questions-

1-Who gave a detailed explanation of the law of diminishing marginal utility? 1


(a) Gaussen (b) Frederick (c) Marshall (d) Fraser
2- Goods and Services Tax is an example of which type of cost? 1
(a) fixed cost (b) marginal cost (c) opportunity cost (d) variable cost
3-Which of the following is a condition for a perfectly competitive market? 1
(a) Average income = marginal income (b) Average income > Marginal income
(c) Average income < marginal income (d) none of these
4- Which of the following equations is wrong?
(a) AP=TP×L (b) NP=TPN×TPN -1 (c) AP=QTP÷L (d) TP=Ab×L 1
5- If supply is inelastic, then
(a) Es = O (b) Es = 1 (c) Es > O (d) Es< O
6- What was the timeline of the worldwide economic recession? 1
(a) 1920-30 (b) 1922-25 (c) 1925-26 (d) 1929-30
7- Semi-durable goods include- 1
(a) Crockery (b) refrigerator (c) air conditioner (d) all of the above
8- Pure domestic product- 1
(a)Gross Domestic Product-Depreciations (b) Gross Domestic Product + Depreciations
(c) Gross National Product – Subsidy (d) Gross National Product + Subsidy
9- Various economic transactions included in the current account include 1
(a) Export of services (b) Import of goods (c) Adverse Transfer (d) all of these
10- What is included in non-plan expenditure?
(a) subsidy (b) defense services (c) Salary and pension (d) all of these
Very short answer questions-
11- How is average income calculated? 3 marks
12- Define market in economics. 3 marks
13- What is meant by commercial bank? 3 marks
14- Define deflationary interval. 3 marks
15-Write the names of the elements that determine savings. 3 marks
16- Describe any three points of the present monetary system of India. 3 marks
17- What is meant by Central Bank? Write the names of its quantitative instruments. 3 marks
18- Describe three disadvantages of barter system. 3 marks

Short answer questions-


19- Write the meaning and definition of demand. 6 marks
20- Explain total income with example. 6 marks
21- Explain the difference between perfect competition and monopoly. 6 marks
22- Mention any three objectives of government budget. 6 marks
23- Mention any four differences between inflationary interval and deflationary interval. 6 marks
24- Explain the functions of money. 6 marks
Detailed answer questions-
25- What is meant by consumer equilibrium? Explain consumer's equilibrium through
indifference curve analysis . 10 marks
Or
Discuss the classification of market on the basis of competition. 10 marks
26- Explain the percentage or proportional method of Flux. 10 marks
Or
Explain the meaning and implications of ceiling price range and floor price range. 10 marks
27- Explain the relationship between average and marginal cost through a diagram. 10 marks
Or
Explain the effects of change in income on the demand for a commodity. 10 marks

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