# CBSE Board Economics Sample Papers for Class 12

Sample Paper – 2008
Class – XII
Subject – Economics

Time: 3 Hrs Maximum Marks: 100

General Instruction:
(i) All questions are compulsory.
(ii) Questions 1-5 and 17-21 are very short answer questions. Their each part is of one mark. Answer to each of these parts should be written in one sentence.
(iii) Questions 6 to 10 and 22 to 26 are short answer type questions of 3 marks each. Answer to each of these should not exceed 60 words.
(iv) Questions 11 to 13 and 27 to 29 are also short answer questions of 4 marks each. Answer to each of these should not exceed 70 words.
(v) Questions 14 to 16 and 30 to 32 are long answer questions of 6 marks each. Answer to each of these should not exceed 100 words.
(vi) Attempt all parts of questions at one place.

SECTION-A

1. What is the relationship between support price, equilibrium price and control price? (1)

2. What is the shape of AR and MR under perfect competition? (1)

3. How does the TR changes with output when MR is zero? (1)

4. When does a consumer buy more of a commodity at a given price? (1)

5. Who is an entrepreneur? (1)

6. Explain the problem of ‘what to produce’ with the help of a production possibility curve? (3)

7. What is meant by consumer’s equilibrium? State the condition in case of single commodity? (3)

8. Identify the different output levels which make the different stages of the operation of the law of variable proportions from the

9. Explain how supply of a commodity is affected by the prices of other related commodities? (3)

10. Describe the FAD theory of famines. (3)

11. Why is the demand curve facing a firm, perfectly elastic, under perfect competition but, less than perfectly, elastic under monopolistic competition? (4)

12.(a) Calculate elasticity of supply when price rises from Rs. 2 to Rs. 3 both in case-A and case-B.
(b) Why does elasticity of supply differ in two cases even though absolute change in quantity supplied is 20 units in both the cases? (4)

13. How is equilibrium price of a commodity determined? What happens if the market price is more than the equilibrium price?(6)

14. What is meant by Producer’s equilibrium? Explain the concept of producer’s equilibrium with the help of TR and TC approach (6)

15. “Equilibrium price may or may not change with shift in both demand and supply curves.” Comment.

16.Mr. Abhishek says that economists say inconsistent things: as price falls, demand rises, but as demand rises, price rises. Defend or refute. (6)

SECTION-B
[INTRODUCTORY MACRO ECONOMICS]

17. Name any two invisible items of current account of balance of payments. (1)

18. Give any point of difference between macro and micro economics. (1)

19. What is the value of imports when balance of trade is Rs. (-) 400 crores and value of exports is 300 crores? (1)

20. What is subsidy? (1)

21. Define direct tax. (1)

22. Explain any two measures to remedy the problem of excess demand in an economy. (3)

23. State three main sources of demand for foreign currency. (3)

24. Distinguish between gross national income at market price and net domestic income at factor cost. (3)

25. In an economy the actual level of income is Rs. 500 crores where as the full employment level of income is Rs. 800 crores. The marginal propensity to consume is 0.75. Calculate the increase in investment to achieve the full employment level of income. (3)

26. What is meant by fiscal deficit? What are the implications of a larger fiscal deficit? (3)

27. Give any four major functions of a central bank . (4)

28. Explain any two drawbacks of the barter system. How does money help in removing these drawbacks? (4)

29. Distinguish between :
(a) Direct taxes and Indirect taxes.
(b) Revenue receipts and Capital receipts. (4)

30. From the following information, calculate gross national product at factor cost by
(a) income method
(b) expenditure method . (3, 3) (Rs. in crores)
(i) Factor income from abroad 10
(ii) Compensation of employees 150
(iii) Net domestic capital formation 50
(iv) Private final consumption expenditure 220
(v) Factor income to abroad 15
(vi) Change in stock 15
(vii) Employers contribution to social security scheme 10
(viii) Consumption of fixed capital 15
(ix) Interest 40
(x) Exports 20
(xi) Imports 25
(xii) Indirect taxes 30
(xiii) Subsidies 10
(xiv) Rent 40
(xv) Government final consumption expenditure 85
(xvi) Profit 100

31. Distinguish between :
(i) Domestic product and national product.
(ii) Intermediate goods and final goods.
(iii) Factor income and transfer receipts. (6)

32. Explain with the help of diagrams that equilibrium level of income and employment is not necessary at a full employment level. (6)

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