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HALF YEARLY EXAMINATION-2016-17

SUBJECT ECONOMICS
Time 3:00 Hrs.

CLASS XII (Set-A)

M.M. 100

General Instructions :
1.
2.
3.
1.
2.
3.
4.
5.

First 5 minutes for reading.


Attempt all questions at one place only.
All questions are compulsory.
Question No. 1 -8 are very short answer type question carrying one
marks each.
Question No 9 16 are short answer type question carrying three
marks each.
Question No. 17 - 24 are also short answer type question carrying
four marks each.
Question No. 25 -30 are long answer type question carrying six
marks each.
Answer should be brief and to the point.

Q. 1 Define an indifference curve ?


Q .2 Name the characteristics which makes monopolistic competition
different from perfect competition.
Q.3 Why is demand for water inelastic?
Q. 4 State one feature of Oligopoly.
Q. 5 In which market form demand curve of a firm is perfectly elastic ?
Q. 6Define an indifference map.
Q. 7 What is Law of demand ?
Q. 8 Define a budget line.
Q. 9 What is meant by inferior good in economics ?
Q. 10 Define monopoly.
Q. 11 Distinguish between increase in demand and increase in quantity
demanded of a Commodity.
Q. 12 Explain the law of diminishing marginal utility with the help of a
utility schedule.
Q. 13 Explain the implication of freedom of entry and exit of firm under
perfect Competition.
Q. 14 Distinguish between decrease in demand and decrease in quantity
demanded.

Q. 15 Explain the implication of homogeneous product feature of perfect


competition.
Q. 16 Explain any two factors that affect price elasticity of demand .
Q. 17 Explain the problem of What to produce.
Q. 18 Explain any two main features of a centrally planned economy.
Q. 19 Distinguish between micro economics and macroeconomics.
Q. 20 Explain the relation between Marginal Revenue and Average
Revenue.
Q. 21 When will a good be called be called inferior or normal ? Explain by
giving Example.
Q. 22 Explain the changes that will take place when in a market the
demand for a good is greater than its supply at the prevailing price.
Q. 23 Explain the causes of decrease in supply of a commodity.
Q. 24 What is an inferior good ?In what manner is the demand curve of
such a good affected when income of the consumer increases?
Q. 25 State whether the following statement are true or false. Give reason
for your answer.
1. When total revenue is constant average revenue will also be constant.
2. Average Variable cost can fall even when marginal cost is rising.
3. When Marginal product falls average product will also falls.
Q.26 Explain producer equilibrium with the help of a Marginal cost and
Marginal Revenue Schedule.
Q. 27 Explain the effect of increase in income of buyer of a normal
commodity on its equilibrium price.
Q. 28 State whether the following statement are true or false. Give reason
for your answer:
1. When there are diminishing return to a factor , total product first
increases and than starts falling.
2. When marginal revenue falls to zero, average revenue becomes
maximum.
3. The difference between total cost and total variable cost falls with
increase in output.
Q. 29 State and explain the characteristics of indifference curves ?
Q 30 Why is the number of firms small in an Oligopoly market? Explain.

HALF YEARLY EXAMINATION-2016-17


SUBJECT ECONOMICS
Time 3:00 Hrs.

CLASS XII (Set-B)

M.M. - 100

General Instructions :
1. First 5 minutes for reading.
2. Attempt all questions at one place only.
3. All questions are compulsory.
1. Question No. 1 -8 are very short answer type question carrying one
marks each.
2. Question No 9 16 are short answer type question carrying three
marks each.
3. Question No. 17 - 24 are also short answer type question carrying
four marks each.
4. Question No. 25 -30 are long answer type question carrying six
marks each.
5. Answer should be brief and to the point.
Q.1 What is a market economy ?
Q. 2 Why is a firm called Price taker?
Q. 3 Define budget set.
Q.4 What is meant by increase in supply ?
Q. 5 Define supply .
Q. 6 What is positive economics ?
Q. 7 What is normative economics ?
Q.8 What is a planned economy ?
Q. 9 Why is a production possibilities curve concave ? Explain.
Q10 Giving examples, explain the meaning of cost in economics.
Q.11 Draw average revenue and marginal revenue curves in a single
diagram of a firm which can sell more unit of a good only by
lowering the price of that good . Explain.
Q. 12 Distinguish between Average Revenue and Marginal Revenue with
the help of a numerical example.
Q. 13 Explain the implication of freedom of entry and exit to the firms
under perfect competition.

Q. 14 Explain the implication of perfect knowledge about market under


perfect competition.
Q. 15 Explain the conditions determining how many units of a good the
consumer will buy at a given price.
Q. 16 How is production possibility curve affected by unemployment in
the economy ? Explain.
Q. 17Define market supply. What is the effect on the supply of a good
when government imposes a tax on the production of that good ?
Explain.
Q. 18 What is a supply schedule ? What is the effect on the supply of a
good when government gives a subsidy on the production of that
good ? Explain.
Q. 19 Explain the conditions determining how many units of a good the
consumer will buy at a given price .
Q. 20 Distinguish between Explicit cost and Implicit cost?
Q. 21 Draw in a single diagram the average revenue and marginal revenue
curves of a firm which can sell any quantity of the goods at a given
price.
Q. 22 Explain the implication of the feature large number of buyers in
perfectively competitive market.
Q. 23 Explain the implication of the feature homogeneous product in
perfectly competitive market.
Q. 24 Define marginal cost . Explain its relation with average cost.
Q.25 Explain the properties of indifference curves.
Q.26 Market for a good is in equilibrium. There is an increase in
demand for this good . Explain the chain effect of this change. Use
diagram.
Q. 27 Distinguish between collusive and Non collusive oligopoly. Explain
how the Oligopoly firm are interdependent in taking price and
output decision.
Q. 28 Explain the concept of Marginal Rate of Substitution (MRS) by
giving an example . What happens to MRS when consumer moves
towards along the indifference curve? Give reasons for your
answer.
Q. 29 What are monotonic preferences ? Explain why is an indifference
curve ( 1 ) Downward sloping from left to right and ( 2 ) Convex
Q.30 What is producers equilibrium ? Explain the conditions of producers
equilibrium through the marginal cost and marginal revenue
approach. Use diagram.

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