Board Paper of Class 12-Science 2009 Economics All India(SET 1) - Solutions
(i) All questions in both the sections are compulsory.
(ii) Marks for questions are indicated against each.
(iii) Questions Nos. 1-5 and 17-21 are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each
(iv) Questions Nos. 6-10 and 22-26 are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each.
(v) Questions Nos. 11-13 and 27-29 are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each.
(vi) Questions Nos. 14-16 and 30-32 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.
- Question 1
Give the meaning of opportunity cost.
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- Question 2
What is meant by inferior good in economics?
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- Question 3
Define marginal cost.
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- Question 4
Give one reason for a rightward shift in supply curve.
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- Question 5
Why is Average Total Cost greater than average variable cost?
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- Question 6
State the law of demand and show it with the help of a schedule.
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- Question 7
Explain the geometric method of measuring price elasticity of demand.
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- Question 8
Why do problems related to allocation of resources in an economy arise? Explain.
OR
Explain the problem of ‘for whom to produce’.
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- Question 9
Complete the following table:
Output (Units)
Total Revenue
(Rs)
Marginal Revenue
(Rs)
Average Revenue
(Rs)
1
—
—
8
2
—
4
—
3
12
—
—
4
8
—
2
- Question 10
Explain the effect of fall in prices of other goods on the supply of given good.
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- Question 11
Explain two points of distinction between monopoly and monopolistic competition.
OR
Explain any two main features of perfect competition.
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- Question 12
The price elasticity of supply of commodity Y is half the price elasticity of supply of commodity X. 16 per cent rise in the price X results in a 40 per cent rise in its supply. If the price of Y falls by 8 per cent, calculate the percentage fall in its supply.
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- Question 13
Given below is a cost and revenue schedule of a produce. At what level of output is the producer in equilibrium? Give reasons for your answer.
Output
(Units)
Price
(Rs)
Total Cost
(Rs)
1
10
13
2
10
22
3
10
30
4
10
38
5
10
47
6
10
57
7
10
71
- Question 14
With the help of a demand and supply schedule, explain the meaning of excess demand and its effect on price of a commodity.
OR
Define equilibrium price of a commodity. How is it determined? Explain with the help of a schedule.
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- Question 15
Giving reasons, state whether the following statements are true or false:
(i) Average cost falls only when marginal cost falls.
(ii) The difference between average total cost and average variable cost is constant.
(iii) When total revenue is maximum, marginal revenue is also maximum.
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- Question 16
Explain the effect of the following on the market demand of a commodity:
(i) Change in price of related goods
(ii) Change in the number of its buyers
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