GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET I) SAMPLE PAPER OF 1 ST TERM ( ) STD. XII TIME :3:00HRS. F.M.- 100

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1 GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET I) 1. The TC at 5 units of output is Rs.30. The fixed cost is Rs. 5. The AVC at 5 units of output is : a) Rs. 25 b) Rs. 6 c) Rs. 6 d) Rs.1 2. What policy initiatives can the government undertake to increase the demand of milk in the country? 3. Which of the shaded area in the diagrams below represent total utility? 4. Using a diagram, explain what will happen to the PPC of Bihar if the river Kosi causes wide spread floods 5. State the central problems of an economy? 6. State whether the following statements are True of False. Justify your answer. a) Average product rises only where marginal product rises. b) Total Cost rises only when marginal cost rises. 7. An individual is both the owner and the manager of a shop taken on rent. Indentify implicit cost and explicit cost from this statement. Explain. State any three causes of a right ward shift of demand curve. 8. Explain the law of diminishing marginal utility with the help of total utility schedule. 9. Explain why an indifference curve is convex to the origin. 10. A Consumer consumes two goods X and Y. What will happen if Mu x /P x is greater than Mu y /P y? Distinguish between Fixed cost and Variable Cost. 11. Explain how demand for a commodity is influenced by prices of other goods. 12. What is meant by change in demand and change in quantity demanded? 13. The following head line appeared in the Hindustan Times of India 2 nd August 2014: Crop damaged in Himachal Pradesh sent tomato Prices roaring in Delhi. Use a diagram and economic theory to analyse the statement. On 19 th December, 2013 the following news item was printed in the Economic Times: House hold in Southern India prefer to eat oranges for breakfast as banana plantation in Kerala have been destroyed and price of apples and grapes have also risen. Use a diagram and economic theory to analyse the impact of the rise in price of apples and grapes on the market of oranges. 14. Explain with diagram the three stages of production? Sec B 15. Read the following dialogue between two people: Sita: I want 1kg of potatoes. Rani: What will you give in exchange? Sita: I can give you 2 litres of milk in return for the potatoes? Rani: I don t need milk; I want a pair of shoes. Which of the following is being faced by Sita and Rani in their exchange process? a) Lack of double coincidence of wants. b) Absence of common units of value. c) Lack of store value. d) Lack of standard of deferred payment. 16. Define barter exchange?

2 17. Which of the following is a characteristics of a good? a) Intangible. b) Can be stored. c) Production and consumption must happen simultaneously? d) Can not be transferred. 18. Two sector economy consists of: a) Households, firms b) Firms, Foreign Sectors. c) Households, Government d) Firms, Government. 19. This bank operates in public interest without any profit motive. a) Reserve bank of India b) Canara Bank c) State bank of India d) Allahabad Bank 20. What is the role of a Central Bank in the following exchange rate? a) Fixed exchange b) Floating exchange c) Managed Floating 21. Flow of income is circular in a two sector economy Comment. Explain the circular flow of income. 22. Distinguish between stocks and flows. Give an example of each. 23. Explain the role of government sector in an economy. 24. How do commercial banks create deposits? Explain. 25. Explain the lender of last resort function of the Central Bank? Briefly explain the function of money? 26. How is bank rate used by central bank in influencing credit creation by commercial banks? Explain. 27. Explain the function of money? 28. When the price of a good falls by 10 percent its demand rises from 200 units to220 units. Calculate its price elasticity of demand. 29. Complete the following table if the AFC at one unit of production is Rs. 60. Output TC TVC TFC AVC AFC ATC MC Calculate TC, AC, AFC, AVC, MC, TVC Output TFC TVC

3 GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET II) 1. Price is given as Rs.24 at all levels of output. At 2 units of output total cost incurred is Rs. 50. The total profit procured at this level of output is. a) 2 b) -2 c) 0 d) 4 2. To dissuade the consumption of junk food in schools, what policy imitative can the government undertake? Mention any one. 3. Which of the diagram given below represents elasticity of demand equal to Unity. 4. Under diminishing return to a factor, total product increases till. a) Marginal product reaches zero. b) Average product reaches zero. c) Marginal product becomes negative. d) None. 5. Give one difference between monopoly and monopolistic competition. 6. What are three central problems of an economy? Which problem deals with the problem of distribution of income? 7. Explain the shape of AR curve under perfect competition? 8. State three features of perfect competition? 9. Calculate TC, AC, AFC, AVC, and MC. Output TFC TVC Distinguish between change in demand and change in quantity demanded? 11. At a given market of a good a consumer buys 120 unit. When price falls by 50 percent he buys 150 units. Calculate Price elasticity of demand. 12. Explain the various degrees of price elasticity of demand. Use diagram. 13. State the factors that can cause a right ward shift of demand curve of a commodity. 14. Distinguish between perfect competition and oligopoly? Define oligopoly. Explain the features of oligopoly? 15. Explain how the following factors determine the elasticity of demand of a good. i) Proportion of income spent on a good by a consumer. ii) Nature of the commodity. Sec B 16. Read the following dialogue between two people: Naresh:- I am in need of urgent money but I have forgotten my cheque book at home.

4 Dinesh :- How much do you want? I am carrying my cheque book with me which of the following account will be in operation for meeting Naresh s demand for money: a) Current Account b) Recurring Deposit c) Savings Account d) Fixed Account 17. What is statutory Liquidity Ratio? 18. Banks create credit a) Out of nothing b) On the basis of their securities. c) On the basis of their total assets. d) On the basis of deposits. 19. Final goods refer to these goods which are used either for.. or for... a) Consumption investment b) Consumption resale c) Resale, investment d) Resale further production 20. Scarcity refers to limitations of. In relation to.. for a commodity. a) Demand, Sale b) Demand, Supply c) Supply, Demand d) None of these 21. State three features of perfect competition? 22. Distinguish between monopoly and perfect competitions? 23. What is a barter system? Explain the draw backs of barter system? 24. Briefly explain any four main functions of money? 25. Explain briefly the evolution of money? 26. Why is a firm under perfect competition is a price taker? Explain? 27. Explain what happens to the profits in the long run if the firms are free to enter the industry? 28. Give any three points of difference between monopoly and monopolistic competition? 29. Fixed costs of a firm is Rs. 30. Calculate TC and MC. Output(Units) TVC (Rs.) The demand schedule facing a monopoly is given below. Derive its TR, AR and MR. Price(Rs.) Quantity demanded (Units) GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET III) 1. The law of scarcity : a) Does not apply to rich, developed countries. b) Applies only to the less developed countries. c) Implies that consumers want will be satisfied in a socialistic system. d) Implies that consumers wants will never be completely satisfied. 2. In which situation, can PPC be a straight line? a) When MRT is decreasing. b) When MRT is increasing. c) When MRT is constant. d) None of these. 3. How is TU derived from MU? a) TU = MU b) TU = U 1 +U 2 +U 3 Un c) Both (a) and (b) d) None of these

5 4. In case of single commodity, consumer s equilibrium is achieved when: a) MUx > Px b) MUx < Px c) MUx Px d) MUx = Px 5. Increase in price of substitute good leads to : a) Expansion in demand b) Increase in demand c) Decrease in demand d) Contraction in demand 6. Why does an economic problem arise? Explain. 7. What is opportunity cost? Explain with the help of a numerical example. 8. Explain why an indifference curve is convex to the origin. 9. Distinguish between expansion in demand and increase in demand? 10. Explain the inverse relationship between the price of a commodity and its demand. 11. Calculate price elasticity of demand if demand increases from 4 units to 5 units due to fall in price from Rs.10 to Rs Explain the relationship between AC, AVC and MC with the help of a hypothetical schedule and diagram. 13. Explain in brief the various points of difference between fixed cost and variable cost? 14. Calculate TR, AR and MR from the following data: Price (Rs.) Unit Sold Explain the central problem of : i) How to produce ii) What to produce Sec B 16. Which of the following is not considered a factor income? a) Rent b) Wages c) Gifts from abroad d) Profit 17 Money flow involves exchange of : a) Goods and services b) Gifts c) Money d) None of these 18. In a closed economy is not included. a) Households b) Firms c) Government d) Foreign Sector 19. What is meant by circular flow of income? 20. The one rupee note and coins are issued by : a) RBI (Central Bank) b) Commercial Bank c) Ministry of Finance d) Central Government 21. How do Commercial Banks create deposits? Explain. 22. Explain the function of a Central Bank as a banker to the government. 23. Briefly explain two functions of money. 24. What is barter system? Explain the drawbacks of barter system. 25. Price elasticity of demand of a good is (-)3. If the price rises from Rs.10 per unit to Rs. 12 per unit. What is the percentage change in demand? 26. Explain briefly the evolution of money. 27. Describe the circular flow of income in a two sector economy with financial market? 28. What is legal Reserve Ratio? Explain its components? 29. Calculate TC, AC, AFC, AVC, MC, TVC - Output TFC TVC Define money supply? Explain different measures of money supply used by RBI in India?

6 GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET IV) 1. Which of the following is not a central problem of economy? a) How to produce b) When to produce c) What to produce c) From whom to produce 2. Indifference curves are : a) Concave to the origin b) Convex to the origin c) Upward sloping straight line passing from the origin. d) None of these 3. Which of the following will have elastic demand : a) Match box b) NCERT Text books c) Medicines d) Air Conditioners 4. Explain the relationship between marginal product and average product. Use diagram. 5. Giving reasons, explain the Law of variable proportions. 6. Calculate AP and MP Variable Factor (Units) TP(Units) Explain, in brief, the meaning of opportunity cost. 8. Draw TVC, TC and TFC curves in a single diagram. 9. State three features of a monopoly market? Explain. 10. Explain the problem of What to produce. 11. Explain the causes of a rightward shift in demand curve of a commodity of an individual consumer. 12. Distinguish between: i) Normal goods and inferior goods ii)complementary goods and substitute goods 13. Explain why a PPC is concave? 14. Compute TFC, TVC, AVC, AFC, AC and MC :- Output (Units) TC (Rs.) Sec B 15. Define money. 16. Banks create credit : a) Out of nothing b) On the basis of their securities c) On the basis of their total assets d) On the basis of deposits. 17. Money supply is a. concept. a) Stock b) Flow c) Both (a) and (b) d) Neither (a) nor (b) 18. Which of the following is not a function of money? a) Medium of exchange b) Unit of account c) Standard of deferred payment d) Store of metal 19. Two sector economy consists of : a) Households, firms b) Firms, Foreign Sector c) Households, Government d) Firms, Government 20. Explain any three factors that affect elasticity of demand. 21. Explain the circular flow of income.

7 22. Distinguish between stocks and flows. Give an example of each. 23. How do commercial banks create deposits? Explain. 24. Define CRR and SLR. How can they be used to control the situation of excess money supply? 25. Define money supply and explain its components. 26. As a result of 10% fall in price of a good, its demand rises from 100 units to 120 units. Find out the e D. Is its demand elastic? 27. Under perfect competition the seller is a price taker whereas under monopoly he is the price maker. Explain. 28. Describe the circular flow of income in a three sector economy with financial market. 29. Calculate TR, AR and elasticity of demand. Quantity MR GOVIND VIDYALAYA, TAMULIA ECONOMICS (SET V) 1. The fundamental economic problem being faced is : a) Unlimited human wants. b) Limited wants and unlimited resources. c) Unlimited wants and scarcity of resources. 2. Scarcity refers to limitation of in relation to. for a commodity. a) Demand, Sale b) Demand, Supply c) Supply, Demand d) None of these 3. Marginal utility (MU) of nth unit is calculated as : a) MU n = TU n TUn + 1 b) MU n = TU n +TU n+1 c) MU n = TU n +TU n-1 d) MU n = TU n -TU n-1 4. Define marginal utility. State the law of diminishing marginal utility. 5. Distinguish between expansion in demand and increase in demand? 6. Explain the causes of a rightward shift in demand curve of a commodity of an individual consumer. 7. A consumer buys 20 units of a good at Rs. 10 per unit. When its price falls by 10%, its demand rises to 22 units. Find out the price elasticity of demand. 8. Explain producers equilibrium with the help of a diagram. 9. Explain the relationship between MP and AP. 10. Explain the law of variable proportions. Give reasons. 11. The demand function of a commodity x is given by Q x = 20-3p x. Find out the values of P x, when corresponding values of Q x are given as : 5, 8, 11, and Draw TVC, TC and TFC curves in a single diagram. 13. Explain the various degrees of price elasticity of demand. Use diagram. 14. Explain the main features of monopolistic competition market. Sec - B 15. Money flows involves exchange of : a) Goods and services b) Gifts c) Money d) None of these 16. In a closed economy, is not included. a) Households b) Firms c) Government d) Foreign sector 17. The one rupee note and coins are issued by : a) RBI (Central Bank) b) Commercial Bank c Ministry of finance d) Central Government 18. Which of these is not a function of Central Bank? a) Accepting deposits of general public. b) Custodian Foreign Exchange Reserve.

8 c) Bankers Bank. d) Currency Authority 19. Money supply is a concept. a) Stock b) Flow c) Both (a) and (b) d) Neither (a) nor (b) 20. How does money solve the problem of double coincidence of wants? 21. State the main functions of Central Bank. 22. Define CRR and SLR. 23. Explain bankers bank function of Central Bank. 24. Household and Firms depend on each other in the circular flow of income. Justify the statement in case of a two sector model. 25. Calculate price elasticity of demand if demand increases from 4 units to 5 units due to fall in price from Rs.10 to Rs Define money supply? Explain different measures of money supply used by RBI in India. 27. What is legal Reserve Ratio? Explain its components. 28. Calculate TFC, TVC, ATC, AFC, AVC and MC Output(Units) TC (Rs.) Describe the circular flow of income in a three-sector economy with financial market?

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