284 Reliable Series

BOARD QUESTION PAPER

Q.1. (A) Choose the correct option. (5)[20] (iii) : Cloth :: Indirect demand : Labour.
(i) Method adopted in micro economic analysis. (iv) Theoretical difficulty : Transfer payments ::
(a) Lumping method : Valuation of inventories.
(b) Aggregative method (v) Government expenditure > Government
(c) Slicing method receipt : Deficit budget :: Government
(d) Inclusive method expenditure = Government receipt :
Options: (1) a, b, c and d (2) b, c and d Ans. (i) Capital market (ii) Knowledge utility
(3) only c (4) only a (iii) Direct demand (iv) Practical difficulty
(ii) National income is a/an __________ concept. (v) Balanced budget
(a) stock (b) final (C) Find the odd word : (5)
(c) intermediate (d) flow (i) Necessary goods -
Options: (1) a and b (2) only d Food grains, Medicines, Car, Books.
(3) b and c (4) a, b and c (ii) Types of index numbers -
(iii) The source of India’s petroleum import. Weighted Index number, Price Index
(a) Kuwait (b) Saudi Arabia number, Quantity Index number, Value
(c) China (d) Singapore Index number.
Options: (1) a and b (2) c and d (iii) Infrastructural facility -
(3) a, b and c (4) b, c and d Transport, Communication, Water supply,
(iv) Obligatory functions of the government Subsidies.
include. (iv) Types of bank accounts -
(a) Provision of employment. Saving A/c, D-mat A/c, Recurring A/c,
(b) Maintaining internal law and order. Current A/c
(c) Welfare measures. (v) Theory of factor pricing -
(d) Exporting goods and services. Profit, Interest, Unemployment allowance,
Options: (1) a and b (2) c and d Rent.
(3) a, b and c (4) only b Ans. (i) Car (ii) Weighted Index number
(v) Commercial banks act as intermediaries in (iii) Subsidies (iv) D-mat A/c
the financial system to _________ . (v) Unemployment allowance
(a) make profits (D) Give economic term. (5)
(b) accelerate the country’s economic growth (i) MU of the commodity becomes negative
(c) mobilise the saving and allocating them when TU of a commodity is __________.
to various sectors of the economy. (a) rising (b) constant
(d) control the credit (c) falling (d) zero
Options: (1) only a (2) a and b (ii) Symbollically, the functional relationship
(3) b and c (4) a, b, c and d between demand and price can be expressed
as __________.
Ans. (i) only c (ii) only d (iii) a and b (a) Dx = f(Px) (b) Dx = f(Pz)
(iv) only b (v) only a
(c) Dx = f(Y) (d) Dx = f(Tx)
(B) Complete the corrections. (5) (iii) Export trends of India’s foreign trade include
(i) Money market : Short term funds :: __________.
: Long term funds. (a) petroleum (b) engineering goods
(ii) Table-chair : Form utility :: Information (c) gold (d) fertilizers
about Computer :

(284)
Economics - XII 285

(iv) Demand curve is parallel to ‘Y’ axis in the Q.4. State with reasons whether you
case of __________. agree or disagree with the following
(a) Perfectly elastic demand statements: (Any THREE) [12]
(b) Perfectly inelastic demand (i) Large number of buyers and sellers is the
(c) Relatively elastic demand only feature of perfect competition. (Chp. 5)
(d) Relatively inelastic demand (ii) In India the role of money market is very
(v) Net addition made to the total revenue important. (Chp. 9)
by selling an extra unit of a commodity is (iii) Theory of welfare economics is studied in
__________ micro economics. (Chp. 1)
(a) Total revenue (b) Average revenue (iv) Supply curve slopes upward from left to
(c) Marginal cost (d) Marginal revenue right. (Chp. 4)
Ans. (i) falling (ii) Dx = f(Px) (v) Index number can be constructed without
(iii) engineering goods the base year. (Chp. 6)
(iv) Perfectly inelastic demand Ans. (i) Disagree (ii) Agree
(v) Marginal revenue (iii) Agree (iv) Agree (v) Disagree
Q.2. (A) Identify and explain the following
Q.5. Study the following table, figure,
concepts: (Any THREE) (6)[12]
passage and answer the questions
(i) When the price of apples falls by 10% Vinay given below it: (Any TWO) [8]
increases his demand for apples by 10%.
(i)
(ii) Ramakant paid an income tax of ` 80,000
during the financial year 2021-2022. Bill No. 05 Date : 14.08.2018
(iii) Madhuri deposited a lumpsum amount of Table No. 01 Time : 10:30 A.M.
` 1,00,000 in the bank for the period of five Staff : Amit
years.
S.No. Item Name Qty. Rate Amount
(iv) Sunita receives monthly pension of `30,000
from the state government. (1) Register 02 42.00 84.00
(v) India purchased petroleum from Iran. (2) Pen 10 08.00 80.00
Ans. Concepts: (i) Unitary elastic demand (3) Pencil 10 04.40 44.00
(ii) Direct Tax (iii) Fixed Deposit (4) Rubber/Eraser 10 04.40 44.00
(iv) Transfer Payment (v) Import Trade (5) Scale 03 08.00 24.00
(B) Distinguish between: (Any THREE) (6) Sub Total = 276.00
(i) Desire and Demand. (Chp. 3A) SGST 6% = 16.56
(ii) Internal trade and International trade. CGST 6% = 16.56
(Chp. 10) Total = 309.12
(iii) Price Index number and Quantity Index GST.27AAXPN3502E128
number. (Chp. 6) CUST. SIGN AUTHORISED SIGNATORY
(iv) Money market and Capital market. (Chp. 9)
Questions :
(v) Oilgopoly and Monopoly. (Chp. 5)
Q.3. Answer the following: (Any THREE)[12] (1) Write the short form for goods and service
tax. (1)
(1) Explain any four features of macro
(2) What is the percentage of SGST and CGST
economics. (Chp. 1)
in the above bill. (1)
(2) Explain the types of demand. (Chp. 3A)
(3) Explain any four determinants of supply. (3) What is the basic price of pen in the above
(Chp. 4) bill? (1)
(4) Explain the classification of public (4) What is the GST No. of the seller? (1)
expenditure. (Chp. 8)
Ans. (i) GST (ii) SGST 6% and CGST 6%
(5) Explain any four limitations of index
(iii) ` 8 (iv) GST No. 27AAXPN3502E128
number. (Chp. 6)
286 Reliable Series

(ii) Observe the given diagram and answer Many of the popular services people use
the following questions: (Chp. 5) (4) on a regular basis nowadays are examples
Y of the on-demand economy. Ride-sharing
500
D SS > DD S platforms Uber and Ola, as well as grocery
Excess
delivery services such as Big basket, Dunzo
Price (in `)

400 Supply
and Reliance JIO Mart are just some examples
300 E of services with the on-demand economy.
200
Questions :
100 S D
Excess Demand DD > SS (1) What is on-demand economy sometimes
O X
1000 2000 3000 4000 5000 referred? (1)
Quantity Demanded and Supplied (in Kg.) Ans. On demand economy is sometime referred
(1) What is represented on ‘X’ axis in the above to as the “access economy”.
diagram? (1) (2) Write any two examples based
Ans. X-axis represents, Quantity demanded and according to on-demand economy? (1)
supplied in kg.
Ans. Uber and Ola, Big basket, Reliance Jio Mart
(2) Which price shows equilibrium price of are examples of on-demand economy.
demand and supply? (1)
(3) Write your opinion on the above passage.
Ans. `300 shows equilibrium price of demand (2)
and supply.
(3) What is represented on ‘Y’ axis in the above Ans. On-demand economy is a fast growing
diagram? (1) trend of any country. People get benefit of
getting goods on a click of button. It saves
Ans. Y-axis represents price of commodity in time and energy of a consumer. There are
rupees. certain advantages and disadvantages of
(4) Which point represents the demand and on-demand economy.
supply equilibrium point in above diagram?
Q.6. Answer the following questions in
(1)
detail: (Any TWO) [16]
Ans. Point ‘E’ represents the demand and supply
(i) Explain any two methods of measuring
equilibrium point in above diagram.
national income. (Chp. 7)
(iii) On-Demand Economy : (4)
(ii) Explain the law of diminishing marginal
On-demand economy is defined as the utility and write its assumptions. (Chp. 2)
economic activity created by digital market (iii) Explain the concept of price elasticity of
places and technology companies to fulfill demand and explain the types of price
consumer demand via immediate access to elasticity of demand. (Chp. 3B)
goods and services. The on-demand economy
is also sometimes referred as the “access
economy” because these companies provide 
outlets to the wholesalers, retailers and also
consumers, the facilities of goods and services.
With consumers behaviour changing to
prioritize fast, simple and efficient experiences,
convenience, speed and simplicity are at the
top of the priority list to have their needs met.
The ease of filling spare time and picking and
choosing one’s hours is also appealing to those
with skills to meet growing consumer demand.
So the on-demand economy is growing at an
unparalleled pace.