12th HSC Board Economics:Identity and Explain the Concept
| Economics |
1. | Choose the Correct Option | 5 Marks | |
2 | Complete the Correction | 5 Marks | |
3 | Give Economic Term | 5 Marks | |
4 | Find the Odd Word | 5 Marks | |
5 | Complete the following Statements | 5 Marks | |
6 | Assertion and Reasoning Questions | 5 Marks | |
7 | Identify and Explain the Concepts | 6 Marks | |
8 | Distinguish Between | 6 Marks | |
9 | Answer in Brief | 12 Marks | |
10 | State with Reasons, Do you Agree/ Disagree | 12 Marks | |
11 | Table, Diagram, Passage Based Questions | 8 Marks | |
12 | Answer in Detail | 16 Marks |
Note: (1) Five concepts will be given in the question paper. Students we expected to write answers to any three questions.
Chapter 1: Introduction to Microeconomics and Macroeconomics
(1) Madhav collected information about monthly expenditure of a family. (Sept. '21)
Ans. (A) Identified concept: Study of individual economic unit.
(B) Explanation of concept: The study of economic behaviour of a particular unit by isolating it from the other forces of economy is known as the study of individual economic unit. For example, microeconomics deals with the study of individual economic units such as individual firm, individual price, etc.
(2) Asha/Savita collected the information about the income of a particular firm. (March 22; July '23)
Ans. (A) Identified concept: Study of individual economic unit.
(B) Explanation of concept: The study of economic behaviour of a particular unit by isolating it from the other forces of economy is known as the study of individual economic unit. For example, microeconomics deals with the study of individual economic units such as individual firm, individual price, etc.
(3) Shabana paid wages to workers in her factory and interest on her bank loan.
OR
Samir paid wages to workers in his factory and interest on his bank loan. (July '22)
Ans. (A) Identified concept: Payment of factor price / reward.
(B) Explanation of concept: The factors of production, viz. land. labour, capital and entrepreneur are essential for the production of goods. These factors of production get rewards in the form of rent, wages, interest and profit respectively from the producer for participating in the production process.
(4) Ramesh decided to take all decisions related to production, such as what and how to produce.
Ans. (A) Identified concept: Business decision in a free market economy.
(B) Explanation of concept: In a free market economy producer has to make some decisions in order to achieve efficient in production, Such decisions are called business decisions in free market economy. The producer has to take business decisions regarding the price of the product, production cost, etc, In case business decision in a free market economy, there is no intervention by the government or any other agency.
(5) Rajesh decided to count how many times he had to trave by rickshaw in a period of one month.
Ans. (A) Identified concept: Study of individual demand.
(B) Explanation of concept: Individual demand is a quantity of a particular commodity or service demanded by a consumer at a given price during a given period of time. Individual demand is studied microeconomics.
Chapter 2: Utility Analysis
(6) Salma purchased sweater for her father in the winter season. (July 22)
Ans. (A) Identified concept: Time utility.
(B) Explanation of concept: Utility Increased/derived by change the time of utilization of a commodity is called time utility.
(7) Pooja satisfied her want of writing an essay by using pen and notebook. (Sept. 21)
Ans. (A) Identified concept: Utility.
(B) Explanation of concept: Utility refers to the capacity de commodity to satisfy a human want.
(8) Nilesh purchased ornaments for his sister.
Ans. (A) Identified concept: Possession utility.
(B) Explanation of concept: Utility increased/obtained from b transfer of ownership rights of goods from one person to another. called possession utility.
(8) Kavita consumed five units of oranges one after the other.
Ans. (A) Identified concept: Continuity in consumption.
(B) Explanation of concept: Continuity in consumption is a type in which various units of a commodity are consumed of consumption in quick succession, one after another (i.e. without any time gap). Continuity in consumption is one of the important assumptions of w of DMU.
Chapter 3 (A): Demand Analysis
(10) Due to the floods in the village, the demand for various commodities declined even though prices remained constant.
Ans. (A) Identified concept: Decrease in demand.
(B) Explanation of concept: A fall in a demand caused by favourable changes in other factors other than price is called decrease in demand.
(11) Due to the government's computerization policy, the demand for computers rose despite prices of computers remained constant.
Ans. (A) Identified concept: Increase in demand.
(B) Explanation of concept: A rise in demand caused by favourable changes in other factors than price is called increase in demand.
Chapter 3 (B): Elasticity of Demand
(12) Fall in price of sugar by 50% results in 50% rise in demand. (Sept. '21)
Ans. (A) Identified concept: Unitary elastic demand.
(B) Explanation of concept: When the proportionate change in the price of a commodity brings about exactly equal proportionate change in its quantity demanded, the demand is said to be unitary elastic.
13) Ramesh's demand for salt remained unchanged in spite of a 10% rise in its price. (March '22)
Ans. (A) Identified concept: Perfectly inelastic demand.
(B) Explanation of concept: When the proportionate change in the price of a commodity brings no (zero) proportionate change in is quantity demanded, the demand is said to be perfectly inelastic.
Chapter 4: Supply Analysis
(14) Out of 4000 kg of rice the farmer offered to sell 1000 kg of rice in the market at 40 per kg. (March 22)
Ans. (A) Identified concept: Supply.
(B) Explanation of concept: Supply refers to quantity of commodity that a seller is willing and able to offer for sale at a particular price, during a certain period of time.
(18) A table seller sold the table for 2,000 per piece. In this way he sold 15 tables and earned 30,000. (March 23)
Ans. (A) Identified concept: Total Revenue (TR).
(B) Explanation of concept: Total Revenue (TR) is the total sales to proceeds of a firm by selling a commodity at a given price. It is the total income of a firm.
(16) Due to tax relief, Pooja brought a large number of her cottage products to the market for sale.
Ans. (A) Identified concept: Increase in supply.
(B) Explanation of concept: A rise in the supply caused by favourable changes in the other factors than price is called increase in supply.
Chapter 5: Forms of Market
(17) There are many firms producing soaps in India. (Sept. '21)
Ans. (A) Identified concept: Monopolistic competition.
(B) Explanation of concept: Monopolistic competition refers to competition among a large number of sellers producing close but not perfect substitutes.
(18) Ramakant charged higher fees at computer training centres in urban areas and lower fees at computer training centres in rural areas.
Ans. (A) Identified concept: Placewise price discrimination.
(B) Explanation of concept: In a discriminating monopoly. a monopolist can charge placewise different prices to same product or same service.
such price discrimination is known as place wise price dis crimination.
Chapter 6: Index Numbers
(19) Ramesh prepared share price index number. (Sept. 21)
Ans. (A) Identified concept: Special purpose index number.
(B) Explanation of concept: Special purpose index number is constructed with same specific purpose to measure change in specific variable in an economy over a period of time.
(20) Shailesh calculated index numbers by compiling data on total production of steel, fertilizers, cement, mineral oil, medical equipment, natural gas, etc. for the year 2014 and 2018.
Ans. (A) Identified concept: Index of Industrial Production.
(B) Explanation of concept: Index of Industrial Production measures the general changes in the industrial production over a period of time. A list of various industrial goods like steel, fertilizers. cement, mineral oil, medical equipment, natural gas, etc. is prepared and the changes in the production of these products over a period of time is measured by the Index of Industrial Production.
Chapter 7: National Income
(21) Anita/Prakash receives monthly pension of 15,000 from the State Government. (July 22-123)
Ans. (A) Identified concept: Transfer income.
(B) Explanation of concept: If the expenditure incurred by another person/organization is received by an individual in the form of Income without any form of productive work, then such income is called 'transfer income'.
(22) Shobha collected data regarding the money value of all final goods and services produced in the country for the financial year 2019-2020. (March '22)
Ans. (A) Identified concept: Measure of national income by product method.
(B) Explanation of concept: Measurement of national income by summing the economic values of all final goods and Service produced in a particular financial year is a measure of national income by product method.
(23) Sheetal purchased wheat flour for her bakery from flour mill.
Ans. (A) Identified concept: Private investment expenditure
(B) Explanation of concept: Expenditure incurred by entrepreneur or a private entity on raw materials, machinery, for the manufacture of various goods and services is called private investment expenditure.
Chapter 8: Public Finance of India
(24) Ashok paid the tax on his income and property. (March 23)
Ans. (A) Identified concept: Direct tax.
(B) Explanation of concept: A tax which is levied on the income or property of an individual and so in which the impact and incident of tax is on same head is called direct tax.
(25) Rohini used to have to pay less income tax when he income was low, but now she has to pay more income tax due to increase in income.
Ans. (A) Identified concept: Progressive tax structure.
(B) Explanation of concept: If the tax rates increase in proportion to the increase in the income of the individual, such a tax structure called a progressive tax structure.
Chapter 9: Money Market and Capital Market in India
(26) Lucy deposited a lump sum amount of ₹ 1,00,000 in the Bank of India for the period of one year. (March 22)
Ans. (A) Identified concept: Fixed deposit.
(B) Explanation of concept: A fixed deposit is a type of deposit in which the saver deposits a certain amount in the form of a depos in a commercial bank for a fixed period of time and he can withdraw the amount from the deposit after a specified period.
(27) Raju's father invests his money in a market for long term both equity and debt raised within and outside the country. (March 23)
(A) Identified concept: Capital market.
Explanation of concept: A market for long term funds both and debt raised within and outside the country is called capital
(28) ABC bank provides d-mat facility, safe deposit lockers, banking facilities to its customers
Ans. (A) Identified concept: Ancillary functions of commercial banks .
(B) Explanation of concept: Commercial banks provide many customer services to the customers. The function of providing these vices is called ancillary functions of commercial banks.
Chapter 10: Foreign Trade of India
(29) England imported cotton from India, made readymade garments from it and sold them to Malaysia.(March '23)
Ans. (A) Identified concept : Entrepot trade.
(B) Explanation of concept: The process of processing goods ported from one country and exporting them to another country is called entrepot trade.
(30) India purchased petroleum from Iran. (July '23)
Ans. (A) Identified concept: Import trade.
(B) Explanation of concept: Purchase of goods and services by ne country from another country is called import trade.
(31) Maharashtra purchased wheat from Punjab.
Ans. (A) Identified concept: Internal/Home trade (inflow of goods)
(B) Explanation of concept: Internal trade is the purchase Inflow) and sale (outflow) of goods and services within the geographical boundaries of a nation.
0 Comments