ISC SAMPLE PAPER ECONOMICS CLASS 12 YEAR-2021

ISC SAMPLE PAPER ECONOMICS YEAR-2021

SAMPLE PAPER ECONOMICS (Practice-1)

Class-12 Sample paper economics

(Three hours)

Maximum marks: 80

Answer Question I from part I and five Question from part II

The intended marks For the question are given in brackets [  ]

Part 1 of Sample paper economics (20 marks)

Answer all questions

Question- 1                                                                                                                                 [10× 2]

Answer briefly each of the questions 1  to 10.

1)         What is Microeconomics?

2)         State two points of Difference between the contraction of demand and decrease in demand.

3)         Define utility. When can it be negative?

4)         What is the cross elasticity of demand?

5)         What do you mean by budget line?

6)         Mention two factors that influence supply.

7)         What is the mean opportunity cost?

8)         Define variable cost Give two examples.

9)         State the law of equi-marginal utility.

10)       Define BOP and BOT.

PART II of sample paper economics(60 Marks)

Answer any five questions

Question 2

  1. a) State two points of Difference between microeconomics and macroeconomics.                   [3]
  2. b) Explain any four factors determining the price elasticity of demand.                          [3]
  3. c) Explain the law of demand with the help of a diagram and schedule. give two reasons  why it slopes downward to the right.                                                                           [6]

 Question 3

  1. a) Explain any three assumptions of the law of Diminishing Marginal Utility.                 [3]
  2. b) State three points of Difference between stock and supply                 .                       [3]
  3. c) Explain the relationship between total cost, average cost, and marginal cost with the

help of diagrams.                                                                                                         [6]

Question 4

  1. a) State three main features of monopoly market.                                                                       [3]
  2. b) Explain the law of variable proportions with the help of a diagram.                            [3]
  3. c) Define Monopolistic Competition. Explain any four features of Monopolistic Competition                                                                                                                 [6]

Question 5

  1. a) Distinguish between decrease in supply and contraction of supply.                            [3]
  2. b) What is perfect competition? Explain its various features.                                           [3]
  3. c) Explain the law of supply and point out the main assumptions behind this law.                      [6]

Question 6

  1. a) Distinguish between monopoly and perfect competition.                                                        [3]
  2. b) Why is the demand curve facing a monopolistic competition firm likely to be more elastic?        [3]
  3. c) Explain the various degrees of price elasticity of demand with the help of diagrams. [6]

Question 7

  1. a) State any three causes of decrease in demand?                                                                        [3]
  2. b) Give the difference between  GDP and GNP.                                     [3]
  3. c) Explain four sector model of the circular flow of income with diagram.                                [6]

Question 8

  1. a) Explain the main function of money.                                                                          [4]
  2. b) What is a Market? Give the main types.                                                                                   [4]
  3. c) Explain the meaning of M1, M2, M3, and M4 measures of the money supply. [4]

Question 9

  1. a) Difference between CRR and SLR. .                                                                       [3]
  2. b) Explain the functions of the reserve bank of India.                                                                       [4]
  3. c) What is a commercial bank? Explain main functions of commercial banks. [5]

 

Also Read: 20 transactions with their Journal Entries, Ledger and Trial balance to prepare project

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ISC SAMPLE PAPER ECONOMICS YEAR-2021 (Practice set-2)

SAMPLE PAPER ECONOMICS

Class-12std

(Three hours)

Maximum marks: 80

Answer Question I from part I and five Question from part II

The intended marks For question are give in brackets [  ]

 Part 1 of sample paper economics(20 marks)

Answer all questions

Question- 1                                                                                                                                 [10× 2]

  Answer briefly each of the questions (i) to (x).

  1. State the Law of Demand. Mention two assumptions of the Law.
  2. What is meant by the substitution effect?
  3. Define income elasticity of demand.
  4. With the help of a diagram, explain one exception to the Law of Supply.
  5. Define monopsony. Explain one feature of monopsony.
  6. Differentiate between explicit cost and implicit cost.
  7. Explain how bank rates can be used to control credit in an economy.
  8. Define fiscal policy. Mention the tools of fiscal policy.
  9. Differentiate between stock and supply.
  10. Define national income.

PART II of sample paper economics (60 Marks)

Answer any five questions

Question 2

  1. Discuss any two exceptions to the law of demand.             [4]
  2. The quantity demand of a commodity at a price of Rs.10 per unit. Its price elasticity of demand is (-2). The price falls byRs2 per unit. Calculate the quantity demanded of the commodity at the new price. [4]
  3. Explain the law of diminishing marginal utility.                                     [4]

Question 3

  1. Draw a market supply curve from two individual hypothetical supply schedules.                                     [4]
  2. Discuss two factors other than the price that affect the supply of commodities. [4]
  3. Explain price control and rationing with the help of demand and supply curves. [4]

Question 4

  1. Explain with the help of diagram, the relation between marginal physical product and average physical product.                                                                                                                                                                         [4]
  2. Explain the law of variable propagation with the help of diagram. [4]
  3. Discuss two causes each of increasing returns to factors and decreasing returns to factors. [4]

Question 5

  1. Explain the shape of the average fixed cost curve. [4]
  2. Why is the average revenue = marginal revenue = price, under perfect competition? [4]
  3. Discuss producer’s equilibrium by using total revenue and total cost curve.                                     [4]

Question 6

  1. Define aggregate demand. Mention its component. [4]
  2. Explain the meaning of investment multiplier.             [4]
  3. Distinguish between deficient demand and excess demand in macroeconomics. [4]

Question 7

  1. Define money. Explain its function as a medium of exchange. [4]
  2. Explain the role of the central bank as the government’s agent and as an advisor to the government. [4]
  3. Briefly explain the types of deposits of commercial banks.                                                 [4]

Question 8

  1. Define National income. [3]
  2. Explain Net factor income from abroad (NFIA)        [3]
  3. Write short note -NET NATIONAL PRODUCT (NNP), Nominal GDP,  Real GDP.  [2+2+2]

Question 9

(a) Discuss two methods of Redemption of public debt in an economy.                                   [3]

(b) How is fiscal deficit different from primary deficit? Explain one implication of fiscal deficit. [3]

(c) Discuss any four causes of adverse Balance of Payments of a country.                      [6]

 

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