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Sample Paper
Class – XII
Subject – Economics
General Instructions:i) All questions in both the sections are compulsory.
ii) Marks for questions are indicated against each.
iii) Q. Nos. 1-5 and 17-21 are very short-answer each.
iv) Q. Nos. 6-10 and 22-26 are short-answers questions carrying 3 marks each. Answers
to them should not normally exceed 60 words.
v) Q Nos. 11-13 and 27-29 are also short-answer questions carrying 4 marks each.
Answer to them should not normally exceed 70 words.
vi) Q. Nos. 14-16 and 30-32 are long-answer questions carrying 6 marks each. Answer to
them should not normally exceed 100 words.
vii) Answer should be brief and to the point and the above word limit be adhered to as for
as possible.
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Section A
1. What is the price elasticity of supply of commodity whose straight line supply
curve passes through the origin forming an angle of 750?
2. What is meant by the term ‘Price taker’ in the context of a firm?
3. A rise in the price of a good results in an increase in an expenditure on it.
4. Define production possibility curve (PPC).
5. What is meant by perfectly elastic demand of a commodity?
6. Distinguish between ‘Increase in demand and increase quantity demand.
OR
Explain the law of demand with the help of a demand schedule.
7. Define marginal revenue. Ste the relation between marginal revenue and average
revenue when a firm.
i. Is able to sell more quality of output at the same price.
ii. Is able to sell more quality of output only by lowering the price.
8. Why does the difference between Average total cost and average variable cost
decreases with increase in the level of output? Explain.
9. The quantity demanded of a commodity rises from 800 units to 850 units when its
price falls from Rs 20 per units to Rs 19 per unit. Calculate its elasticity of
demand.
10. State three changes leading to the shift of demand curve of a consumer to the
right.
11. Complete the following table :Output Units
1
2
3
4
Price Rs
Total Revenue
12
Marginal Revenue
12
10
24
0
12. State any two features of each of monopoly and monopolistic competition.
Or
State four features of each of monopoly and monopolistic competition.
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13. Draw Average total cost, Average variable cost and marginal cost curves in a
single diagram. Also explain relationship between ATC and AVC.
14. What will be the effect on equilibrium price and quantity? When :(i) Both demand and supply curves shift in the opposite direction.
(ii) Both demand and supply curves shift in same directions.
15. Explain the likely behavior of Total Product and Marginal Product when only one
input is increased, while all other outputs are kept unchanged.
Or
All the input used in productions of are increased simultaneously and in the same
proportion.
What are its possible effects on total production? Explain with the help of a numerical
example and diagram.
16. Define ‘producer’s equilibrium? Explain the conditions of producer’s equilibrium in
terms of Total cost and Total Revenue. Use Diagram.
Section B
17. Define concept of value-added.
18. Give the meaning of equilibrium price.
19. Define private income.
20. Define macroeconomics.
21. Define national income.
22. What is meant by circular flow of Income?
23. Explain the factors which lead to increase the supply of a commodity.
24. What will be the price elasticity of supply if the supply curve is a positively
sloped straight line?
25. Distinguish between intermediate goods and final goods. Explain
26. From the following data about firm ‘X’. Calculate gross value at factors cost by
it:-
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Purchase of Raw Material
Subsidies
Sales
Net Exports
Value of Fuel
Closing stock
Compensation of employee
Opening stock
Consumption of fixed capital
Purchase of Machinery
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300
50
800
40
100
50
400
60
200
100
27. Will the following be a part of Domestic factor Income of India? Give reasons
(i) Old age pension given by the Govt.
(ii) Factor income from abroad.
(iii) Salaries to Indian residents working in Russian Embassy in India.
(iv) Profit earned by a company in India which is owned by a non-resident.
28. Differentiate between National Income at current prices and National Income at
Constant price.
30. State for factors effecting price elasticity of supply.
31. What is meant by circular flow of Income?
32. What are the steps taken in estimating National income by value added method?
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