WORKSHEET. 1. Define micro economics. (1) 2. What do you mean by scarcity of resources? (1) 3. Define MRT. (1) 4. Define opportunity cost.
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1 Marks : 30 WORKSHEET 1. Define micro economics. (1) 2. What do you mean by scarcity of resources? (1) 3. Define MRT. (1) 4. Define opportunity cost. (1) 5. Define PPF. (1) 1 [XII Economics]
2 6. Explain the central problem What to Produce with example. (3) 7. Explain the central problem How to Produce with example. (3) 8. Explain the central problem For whom to produce with example (3) 9. Explain the concept of MOC. (3) [XII Economics] 2
3 10. State the assumptions of PPC. (3) 11. Explain two features of PPC. (4) (i) (ii) 12. How does the problem of economic choice arise? Explain. (6) 3 [XII Economics]
4 [XII Economics] 4
5 Marks : 30 WORKSHEET 1. Define Utility. (1) 2. What do you mean by budget set? (1) 3. What do you mean by monotonic preference? (1) 4. Define indifference curve. (1) 5. Define budget constraint. (1) 5 [XII Economics]
6 6. State and explain law of diminishing marginal utility with example. (3) 7. Given the market price of goods, how does a consumer decide as to how many units of that goods to buy? Explain. (3) 8. What do you mean by budget line? State its assumptions. (3) [XII Economics] 6
7 9. What do you mean by MRS? Explain with example. (3) 10. Explain the relationship b/w TV and MV with example. (3) 11. Explain the consumer s equilibrium in case of single commodity through utility approach. (4) 7 [XII Economics]
8 12. Explain any 3 features of m indifference curve. (6) (i) (ii) (iii) [XII Economics] 8
9 Marks : 30 WORKSHEET 1. Define demand for a good. (1) 2. What do you mean by inferior good? (1) 3. Define price elasticity of demand. (1) 4. Define market demand for a good. (1) 5. What is the cause for downward movement along demand curve? (1) 6. Distinguish b/w decrease in quantity demanded and decrease in demand. (3) 9 [XII Economics]
10 7. Distinguish b/w expansion of demand and increase in demand. (3) 8. Explain law of demand with example. (3) 9. Calculate the price elasticity of demand for a commodity, when its price increases by 25% and quantity demanded falls from 150 units to 120 units. (3) 10. How does the nature of a commodity influence its price elasticity of demand? (3) [XII Economics] 10
11 11. What is the relation b/w good x and good y in each case, if with the fall in price of x demand for good y (i) rises and (ii) falls? Give reasons. (4) 12. Explain any four factors affecting individual demand for a commodity? (6) 11 [XII Economics]
12 [XII Economics] 12
13 Marks : 30 WORKSHEET 1. Define production function. (1) 2. What do you mean by law of returns to a factor? (1) 3. Define total physical product. (1) 4. Total product always increases whether MP increases or decreases. Is it true or false? Give reason. (1) 5. What do you mean by point of inflexion. (1) 13 [XII Economics]
14 6. State the relationship b/w AP and MP. (3) 7. State the relationship b/w TP and MP. (3) 8. State any two features of 2nd phase of law of variable proportion. (3) 9. Giving reasons, state whether the following statements are true or false. (3) (i) When there are diminishing returns to a factor, TP always decreases. [XII Economics] 14
15 (ii) TP will increase only when MP increases. 10. Giving reasons, state whether the following statements are true or false. (3) (i) When MP increases, AP increases. (ii) AP starts rising when MP>AP. 11. Identify different phases of law of variable proportion from the following schedule and give reasons. (4) Variable input (units) TP (units) [XII Economics]
16 12. Explain the likely behaviour of TP and MP when for increasing production only one input is increased while all other inputs are kept fixed. (6) [XII Economics] 16
17 Marks : 30 WORKSHEET 1. What do you mean by fixed cost? (1) 2. Define revenue. (1) 3. What do you mean by economic cost? (1) 4. Define explicit cost. (1) 5. Define implicit cost. (1) 17 [XII Economics]
18 6. Explain the concepts of TR, AR and MR. (1) 7. Explain the concepts of ATC, MC and AFC. (3) 8. State the relationship b/w MC and ATC. (3) [XII Economics] 18
19 9. State the relationship b/w AR and MR. (3) 10. What change in TR will result in : (3) (i) Increase in MR : (ii) decrease in MR : (iii) Constant MR : 19 [XII Economics]
20 11. Complete the following table. (4) Units of output AR (Rs.) MR (Rs.) (Rs.) Assuming that AFC is Rs. 4 at 3rd units of output, calculate TC, TVC, ATC and AVC from the following data. (6) Units of output MC (Rs.) TC TVC ATC AVC [XII Economics] 20
21 Marks : 30 WORKSHEET 1. What do you mean by producer s equilibrium? (1) 2. Define supply of a good. (1) 3. Which one of supply curve is more elastic. Give reason. (1) Pr S 3 S 2 S 1 o Qx 4. Define market supply. (1) 21 [XII Economics]
22 5. What is the cause of a downward movement along the supply curve (P)? (1) 6. How does improvement in technology affect supply of a commodity? (3) 7. How does subsidies affect supply of a commodity? (3) 8. Distinguish b/w expansion of supply and increase in supply. (3) [XII Economics] 22
23 9. When price of a commodity falls from Rs. 10 Rs. 9 per unit, its quantity supplied falls by 20%. Calculate its price elasticity of supply. (3) 10. How does prices of related goods affect supply of a commodity. (3) 11. State and explain law of supply with example. Also state its four assumptions. (4) 23 [XII Economics]
24 12. Explain the producer s equilibrium through MR and MC approach. (6) [XII Economics] 24
25 Marks : 30 WORKSHEET 1. Define equilibrium price of a good.? (1) 2. In which market, a firm is called price taker? (1) 3. Define Non-collusive oligopoly (1) 4. Define monopoly. (1) 5. What is market? (1) 25 [XII Economics]
26 6. What is the implication of very large no. of buyers and sellers feature of perfect competition? (3) 7. Distinguish b/w monopoly and monopolistic competition. (3) 8. Explain the product differentiation feature of monopolistic competition. (3) [XII Economics] 26
27 9. Why does demand curve in monopolistic competition more elastic them that of monopoly? (3) 10. Distinguish b/w perfect oligopoly and imperfect oligopoly with example. (3) 11. What do you mean by oligopoly? Also explain the feature mutual dependence among firms in oligopoly. (4) 27 [XII Economics]
28 12. If at a given price of a commodity, there is excess demand. How will the equilibrium price be reached? Explain with the help of diagram. (6) [XII Economics] 28
29 Marks : 30 WORKSHEET 1. Define subsidies. (1) 2. What do you mean by circular flow of income? (1) 3. Define the concept of normal resident of a country. (1) 4. Define NFIA. (1) 5. Bread is always final good. Do you agree? Give reason. (1) 29 [XII Economics]
30 6. Distinguish b/w leakage and injection with example. (3) 7. Distinguish b/w final good and intermediate good. (3) 8. No good is always final or intermediate, comment. (3) [XII Economics] 30
31 9. Which among the following are final and which are intermediate products? Why? (3) (i) Milk purchased by a hotel : (ii) Cycle purchased by dealer : (iii) Fees paid to the layer by a producer : 10. Which among the following are stock variable and which are flow variable? Give reasons : (3) (i) Capital formation : (ii) Supply of money : (iii) Inventory : 31 [XII Economics]
32 11. States the main steps of measuring national income by value added method. (4) 12. Will the following be included in National income of India? Give reasons for your answers. (6) (i) Financial help given to flood victims. (ii) Profits earned by an Indian bank from its branches abroad. (iii) Salaries paid to non-resident Indian working in Indian embassy in America. (iv) Interest received by an individual from banks. [XII Economics] 32
33 Marks : 30 WORKSHEET 1. Define current transfer. (1) 2. Define GNDI. (1) 3. What do you mean by welfare? (1) 4. Define real GDP. (1) 5. State one example of positive externalities. (1) 33 [XII Economics]
34 6. How does capital transfer differ from current transfer? (3) 7. Distinguish b/w Net National Disposable income and National income. (3) 8. Given National income, how do you find out PDI? (3) [XII Economics] 34
35 9. The Nominal GDP of a country for the year is Rs. 150 Cr. and price index 120. Find real GDP. (3) 10. Distinguish b/w economic and non-economic welfare with example. (4) 11. Distinguish b/w nominal GDP and Real GDP. (4) 35 [XII Economics]
36 12. Explain any three limitation of GDP as an indicator of welfare. (6) (i) (ii) (iii) [XII Economics] 36
37 Marks : 30 WORKSHEET 1. Define barter. (1) 2. What do you mean by supply of money? (1) 3. Define money. (1) 4. What do you mean by fiat money? (1) 5. Define Commercial bank. (1) 37 [XII Economics]
38 6. How does a bank differ from other financial institutions? (3) 7. Explain the problem of double coincidence of wants in the barter system. (3) 8. Explain the concept of LRR, CRR and SLR. (3) 9. Explain the store of value function of money. (3) [XII Economics] 38
39 10. Explain the unit of account function of money. (3) 11. Explain money/credit creation by process by commercial banks with example. (4) 39 [XII Economics]
40 12. Explain the following function of Central Bank : (6) (i) Bank of issue : (ii) Banker s Bank and Supervisor : [XII Economics] 40
41 Marks : 30 WORKSHEET 1. Define AD. (1) 2. What do you mean by ex-ante savings? (1) 3. Define consumption function. (1) 4. What do you mean by planned investment? (1) 5. Define AS. (1) 41 [XII Economics]
42 6. Explain the concepts of full employment, involuntary unemployment and voluntary unemployment (3) 7. What will happen when planned savings exceed planned investment? (3) 8. What do you mean by investment multiplier? How does it relate with MPC and MPS? (3) [XII Economics] 42
43 9. Complete the following table : (3) Income (Rs.) Consumption Exp. (Rs.) MPC MPS As a result of increase in investment by Rs. 200 cr., national income rises by Rs cr. Find out MPC? (3) 11. Explain the working of investment multiplier with example. (4) 43 [XII Economics]
44 12. In an economy, consumption function (c) = y and Investment expenditure is Rs Calculate the following : (6) (i) equilibrium level of income and (ii) consumption expenditure at equilibrium level of income. [XII Economics] 44
45 Marks : 30 WORKSHEET 1. Define excess demand. (1) 2. What do you mean by deficient demand? (1) 3. Define bank rate. (1) 4. Define moral suasion. (1) 5. Define open market operation. (1) 45 [XII Economics]
46 6. Explain the concept of inflationary gap with suitable diagram. (3) 7. Explain the concept of deflationary gap with suitable diagram (3) 8. What are the impact of excess demand on output, employment and price level? (3) [XII Economics] 46
47 9. What are the impact of deficient demand on output, employment and price level? (3) 10. What do you mean by fiscal policy? How does public expenditure policy help to control excess demand? (3) 11. Define monetory policy. How does open market operation help to control credit creation power of commercial banks. (4) 47 [XII Economics]
48 12. Explain the following selective measures to control credit: (6) (i) Determination of marginal requirement: (ii) Rationing of credit : (iii) Moral suasion : [XII Economics] 48
49 Marks : 30 WORKSHEET 1. What do you mean by government budget. (1) 2. Define tax revenue (1) 3. State any two sources of non-tax revenue. (1) 4. In a government budget revenue deficit is Rs Cr and borrowings are Rs cr. How much is the fiscal deficit? (1) 5. Define budget deficit. (1) 49 [XII Economics]
50 6. What is the basis of classifying Govt. receipts into revenue and capital receipts. (3) 7. Distinguish b/w capital expenditure and revenue expenditure. (3) 8. Explain the concepts of revenue deficit, fiscal deficit and primary deficit. (3) [XII Economics] 50
51 9. Distinguish b/w direct tax and indirect tax. (3) 10. Explain any two objective of government budget. (3) (i) (ii) 51 [XII Economics]
52 11. Giving reasons, categories the following into revenue and capital exp. (4) (i) Subsidies : (ii) Grants given to state govt. : (iii) Repayment of loans : (iv) Construction of hospital building : 12. Explain the implication of fiscal deficit. Can fiscal deficit possible without revenue deficit? (6) [XII Economics] 52
53 53 [XII Economics]
54 Marks : 30 WORKSHEET 1. Define balance of payment. (1) 2. Define foreign exchange rate. (1) 3. What do you mean by deficit in BOP? (1) 4. What do you mean by appreciation of a currency? (1) 5. Define Balance of trade. (1) [XII Economics] 54
55 6. Distinguish between current A/c of BOP and Capital A/c of BOP. (3) 7. State the components of BOP. (3) (i) (ii) (iii) (iv) 8. Distinguish b/w devaluation and depreciation of a currency. (3) 55 [XII Economics]
56 9. Distinguish b/w autonomous items and accommodating items in BOP.(3) 10. State any three sources of demand for foreign exchange. (3) (i) (ii) (iii) 11. Distinguish b/w BOT and BOP. (4) [XII Economics] 56
57 12. Explain the determination of equilibrium foreign exchange rate under flexible exchange rate system. (6) 57 [XII Economics]
58 [XII Economics] 58
59 CLASS - XII 59 [XII Economics]
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