Mbose QP 2

Total No.
of Printed Pages—11
HS/XII/A.Com/Ec/19
2019
ECONOMICS
Full Marks : 100

Time : 3 hours
The figures in the margin indicate full marks for the questions
General Instructions :
(i) Write all the answers in the Answer Script.
(ii) Attempt Part—A (Objective Questions) serially.
(iii) Attempt all parts of a question together at one place.
( PART : A—OBJECTIVE )
( Marks : 40 )
SECTION—I
( Marks : 20 )
A. Choose and write the correct answer of the following

from the given alternatives : 1×10=10
1. Microeconomics is a branch of economics that
studies about
(a) consumer behaviour
(b) a business firm
(c) the determination of rent
(d) All of the above
/33
( 2 )
2. The utility derived from the consumption of the

last unit of a commodity is called
(a) total utility
(b) average utility
(c) marginal utility
(d) negative utility
3. All the following curves are U-shaped, except
(a) AC curve
(b) AVC curve
(c) MC curve
(d) AFC curve
4. Perfect knowledge of market conditions is a

feature of
(a) monopolistic competition
(b) perfect competition
(c) oligopoly
(d) monopoly
HS/XII/A.Com/Ec/19/33
( 3 )
5. According to Prof. Knight, profit arises due to
(a) unforeseen risk
(b) innovation
(c) foreseeable risk
(d) None of the above
6. Which of the following is not correct?
(a) GNP – Depreciation = NNP
(b) GNP + Net factor income from abroad = GDP
(c) Personal income – Personal taxes

= Disposable personal income
(d) NNP – Depreciation = GNP
( 4 )
7. The difference between the value of import of

goods and export of goods is called
(a) current account
(b) balance of payments
(c) capital account
(d) balance of trade
8. Agriculture comes under the
(a) secondary sector
(b) primary sector
(c) tertiary sector
(d) public sector
( 5 )
9. Which of the following is a major import item of

India?
(a) Capital goods
(b) Crude oil and petroleum products
(c) Fertilizers
(d) Food grains
10. Which of the following is the period of the 12th

Five-Year Plan?
(a) 2012–2017
(b) 2002–2007
(c) 1997–2002
(d) 2007–2012
( 6 )
B. Fill in the blanks with appropriate word(s) : 1×10=10
1. In a two-sector economy, there is the household

sector and the _____ sector.
2. The responsiveness of supply to a change in

price is called _____ of supply.
3. Under monopoly, a firm’s marginal revenue

curve lies _____ the average revenue curve.
4. According to David Ricardo, rent is a _____

surplus.
5. National income is a _____ of goods and services,

which becomes available to a nation in a given
period, normally a year.
6. A tax whose impact and incidence falls on the

same person is called _____ tax.
7. A tax is a compulsory contribution imposed by a

_____ on the citizens of a country.
8. The share of agriculture in India’s national

income is _____.
( 7 )
9. Cottage and small-scale industries are _____

intensive industries.
10. _____ goods are important non-traditional export

items of India.
SECTION—II
( Marks : 20 )
C. Answer any ten of the following in 2 or 3 sentences

each : 2×10=20
1. State the three basic problems of an economy.
2. Complete the following table :
Number of Apples Total Utility Marginal Utility
1 10 _____
2 18 _____
3 24 _____
4 28 _____
5 28 _____
6 25 _____
3. Mention two factors affecting supply of a

commodity.
( 8 )
4. Mention the conditions of the equilibrium of a

firm.
5. Give the economic meaning of the word ‘market’.
6. What is real wage?
7. What is gross domestic product?
8. Mention two sources of public revenue.
9. Give two distinctions between public finance

and private finance.
10. Explain two reasons for international trade.
11. What are the components of the Green

Revolution?
12. Why is Industrial Policy, 1956 considered

superior to the Industrial Policy, 1948?
13. Give two measures to increase agricultural

production in India.
14. Name three key words associated with economic

reforms.
( 9 )
( PART : B—DESCRIPTIVE )
( Marks : 60 )
Answer ten questions, taking four from Section—I and

three each from Section—II and Section—III
SECTION—I
1. Explain with the help of a diagram the law of

diminishing marginal utility. 6
2. What is elasticity of demand? Measure elasticity of

demand with the help of geometric method. 1+5=6
3. Distinguish between fixed cost and variable cost. 6
4. How is the equilibrium price and output determined

under conditions of monopoly? 6
5. Define interest. Distinguish between gross interest

and net interest. 1+5=6
6. Explain Ricardian theory of rent under extensive

cultivation. 6
( 10 )
SECTION—II
7. Explain the circular flow of income in a two-sector

model with the help of a diagram. 5+1=6
8. Define public debt. Discuss the need for public debt.

1+5=6
9. Distinguish between direct and indirect taxes. What

are the merits of indirect taxes? 2+4=6
10. Give an account of the increase in public expenditure

in recent times. 6
11. Distinguish between domestic trade and

international trade. 6
SECTION—III
12. Define infrastructure. Explain the types of

infrastructure. 2+4=6
13. Discuss the need and types of agricultural finance.

3+3=6
( 11 )
14. What are the problems faced by small-scale and

cottage industries? Give measures to tackle these
problems. 3+3=6
15. Discuss the composition of India’s foreign trade. 6
16. Examine the main features of economic reforms

introduced in India in 1991. 6
HHH
HS/XII/A.Com/Ec/19/33 K9—20710

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Total No.

Full Marks : 100

A. Choose and write the correct answer of the following

2. The utility derived from the consumption of the

(a) total utility

(b) average utility

(c) marginal utility

(d) negative utility

3. All the following curves are U-shaped, except

(b) AVC curve

(d) AFC curve

4. Perfect knowledge of market conditions is a

(a) monopolistic competition

(b) perfect competition

5. According to Prof. Knight, profit arises due to

(a) unforeseen risk

(c) foreseeable risk

(d) None of the above

6. Which of the following is not correct?

(a) GNP – Depreciation = NNP

(b) GNP + Net factor income from abroad = GDP

(c) Personal income – Personal taxes

(d) NNP – Depreciation = GNP

7. The difference between the value of import of

(a) current account

(b) balance of payments

(c) capital account

(d) balance of trade

8. Agriculture comes under the

(a) secondary sector

(b) primary sector

(c) tertiary sector

(d) public sector

9. Which of the following is a major import item of

(a) Capital goods

(b) Crude oil and petroleum products

(d) Food grains

10. Which of the following is the period of the 12th

B. Fill in the blanks with appropriate word(s) : 1×10=10

1. In a two-sector economy, there is the household

2. The responsiveness of supply to a change in

3. Under monopoly, a firm’s marginal revenue

4. According to David Ricardo, rent is a _____

5. National income is a _____ of goods and services,

6. A tax whose impact and incidence falls on the

7. A tax is a compulsory contribution imposed by a

8. The share of agriculture in India’s national

9. Cottage and small-scale industries are _____

10. _____ goods are important non-traditional export

C. Answer any ten of the following in 2 or 3 sentences

1. State the three basic problems of an economy.

2. Complete the following table :

Number of Apples Total Utility Marginal Utility

3. Mention two factors affecting supply of a

4. Mention the conditions of the equilibrium of a

5. Give the economic meaning of the word ‘market’.

6. What is real wage?

7. What is gross domestic product?