ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM
ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM KENDRIYA VIDYALAYA SANGATHAN, ERNAKULAM REGION SAMPLE QUESTION PAPER 2012-13 SUB: ECONOMICS CLASS: XII MAX. MARKS: 100 TIME: 03 hours General Instructions:1. All questions in both the sections are compulsory, 2. Marks for questions are indicated against each, 3. Questions No. 1 -5 and 17 -21 are very short answer questions carrying 1 mark each .They are required to be answered in one sentence each 4. Question No. 6 – 10 and 22 -26 are short answer questions carrying 3 marks each. Answer to them should not normally exceed 60 words each. 5. Question No. 11 – 13 and 27 -29 are short answer questions carrying 4 marks each. Answer to them should not normally exceed 70 words each. 6. Question No. 14 – 16 and 30 -32 are long answer questions carrying 6 marks each. Answer to them should not normally exceed 100 words each. 7. Answers should be brief and to the point and the above word limits should be adhered to as far as possible. 8. Attempt each question at one place alone. SECTION: A 1. What is Marginal Rate of Substitution? 2. Why the need for economizing the use of resources does arise? 3. Give any two reasons for a rightward shift in supply curve. 4. What do you mean by product differentiation? 5. Define Marginal revenue. 6. Explain the central problem of “How to produce?” Use diagram for explanation. 7. Explain the law of demand. Use table for explanation. 8. State whether the following statements are true or false, give reasons for your answer a.) Average Cost falls only when Marginal Cost falls. b.) The difference between Average Cost and Average Variable Cost falls as the quantity of output rises. 1 1 1 1 1 3 3 3 9. Why a producer under a perfect competitive market is a ‘Price Taker’? State the reasons. 3 OR Define Oligopoly market and explain any two features. 10. Complete the following table: 3 ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM Price(Rs.) Output(Units) Total Revenue(Rs.) Marginal Revenue(Rs.) 7 -7 --2 10 --3 -(-) 1 1 --( -)5 11. A new Cotton Textile Industry comes up in a particular locality. Many people who were unemployed in the area are now employed. How will this affect the demand for mobile phones in that region? 12. On the basis of the following information, find out the level of output at which the producer will be in equilibrium. Give reasons for your answer. Use MC and MR approach. Output(Units) 1 2 3 4 5 6 7 Price 24 24 24 24 24 24 24 Total Cost (Rs.) 26 50 72 92 115 139 165 13. When price of a good falls from Rs. 8 per unit to Rs. 7 per unit, its quantity demand rises from 12 units to 16 units. Compare the total expenditure on the good to determine whether the good is elastic or inelastic. OR A consumer buys 80 units of a good at a price of Rs. 5 per units. Suppose price elasticity of demand is (-) 2, at what price will he buy 64 units. 14. Define consumer’s equilibrium. Explain the situation of consumer’s equilibrium by using the indifference curve and budget line analysis. Use diagram. 15. What will happen to the equilibrium price and equilibrium quantity when: a) The producer adopts modern technology in the production process. b) The income of the consumer decreases in respect to normal good. OR What do you mean by market equilibrium? Explain with the help of a schedule and diagram. 16. With the help of the following schedule, identify the three phases of the law of variable proportion and also give reasons for each phase. Units of variable input Total physical product 1 10 2 22 3 30 4 35 4 4 4 6 6 6 5 30 SECTION: B 17. Define money. 18. What is autonomous consumption? 19. What is the value of investment multiplier when MPC is 0.25? 1 1 1 ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM 20. Suppose the exchange rate of US dollar against the Indian rupee rises from Rs.48 to Rs.51, How is it influence India’s export? 1 21. What do you meant by Bank Rate? 1 22. What do you mean by Balance of Payment? Write any two components of Balance Of Payment. 3 23. State whether the following are included in National Income or not, give reasons a) Scholarship given to an Indian student studying in India by a foreign company. 3 b) Profits earned by an Indian bank from its branch abroad. 24. Distinguish between fixed and flexible foreign exchange rate. OR Mention any three sources of demand for foreign exchange. 3 25. Differentiate between real flow and money flow. 3 26. Calculate Net National Disposable Income and Gross National Disposable Income from the following information. 3 Items Rs. In crore i) Net factor income from abroad (-) 10 ii) Indirect taxes 90 iii) Net domestic product at factor cost 1010 iv) Consumption of fixed capital 100 v) Net current transfers from abroad 150 vi) Subsidy 10 vii) Corporate saving 20 27. What is fiscal deficit? Write any three implications of fiscal deficit. 4 OR Distinguish between; a) Capital Receipt and Revenue receipt. b) Direct tax and Indirect tax. 28. What do you mean by Aggregate Demand? Explain any three components of Aggregate Demand. 4 29. Explain the ‘redistribution of income’ and ‘economic stability’ objectives of Govt. budget. 4 30. Explain the determination of income and employment by using saving and investment curves. Will there always be full employment at equilibrium level? 6 OR What do you mean by deflationary gap? Explain any three fiscal measures to correct it. 31. How do commercial banks create credit? Explain with a numerical example. 6 32. From the following data, calculate (i) GDP (FC) and (ii) Factor income to Abroad. 3 +3 ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM i) ii) iii) iv) v) vi) vii) viii) ix) x) Items Profits Compensation of employees Dividends Rent GNP(MP) Gross domestic capital formation Net domestic capital formation Factor income from abroad Net indirect taxes Interest Xxxxxxxxxxxxxxxxxxxxxxxxxx Rupees in crores 200 800 50 150 1,400 300 250 60 120 100 xxxxxxxxxxxxxxxxxxxxxxxxxxx ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM MARKING SCHEME for SAMPLE QUESTION PAPER 2012-13 SUB: ECONOMICS CLASS: XII 1. 2. 3. 4. 5. 6. Rate at which a consumer is willing to substitute one good for another good. 1 Scarcity or resources 1 Adoption of modern technology, Fall in input prices, Reduction in tax rate (Any TWO) 1 Differentiation of same product on the basis of colour, packing etc 1 Additional revenue obtained by selling one more unit of the product. 1 How to produce meaning with explanation Diagram with explanation (2+1=3) 7. Law of demand meaning with proper explanation , with diagram (2+1=3) 8. a) False, AC falls even when MC rises b) True, AC is influenced by both AFC and AVC. Statement with proper reason (1 1/2+1 ½=3) 9. Because of large no of buyers, Homogeneous product, Freedom of entry and exit ( Any three reasons) 3 OR Oligopoly meaning, Any two features with explanation (1+2=3) 10. 3 Price(Rs.) Output(Units) Total Revenue(Rs.) Marginal Revenue(Rs.) 7 (1) 7 -(5) 2 10 (3) (3) 3 (9) (-) 1 1 (4) (4) ( -)5 11. New employment increases consumer’s income, leads to increase in demand for mobile phones, factor other than the price of the commodity, more demand at the same price. Any four points 4 12. Output(Units) 1 2 3 4 5 6 7 Price (MR) 24 24 24 24 24 24 24 Total Cost (Rs.) 26 50 72 92 115 139 165 MC -24 22 20 23 24 26 th Produce will reach equilibrium at the 6 unit of output, because i) MC= MR, ii) MC rises at the 7th unit of output. (2+2=4) 13. Preparation of Total expenditure Table, Elastic Demand (Negative relation between TE and Price) (2+2=4) OR ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM Ed= p/q x q/ p , Calculation , Right answer( new price= 5.5) ( 1+2 ½ + ½ =4) 14. Meaning of consumer’s equilibrium, Properties of IC , conditions of con. Equilibrium, Slope of IC equals to the slope of budget line(MRSXY= PX/PY ), Proper diagram (1+2+1+2=6) 15. a)Leads to rightward shift in supply curve, increase in supply, Eq. qty. rises and Eq. Price falls (1+1+1=3) b) Decrease in demand, Leftward shift in demand, Both Eq. Qty. and EQ. price rises (1+1+1=3) OR Market equilibrium meaning, preparation of schedule and diagram with proper explanation (2+2+2=6) 16. Units of variable input 1 2 3 4 5 Total physical product 10 22 30 35 30 Marginal physical product 10 12 8 5 -5 Three phases: Increasing, Diminishing and Negative returns State any two reasons for each phases (1+2+1+1+1=6) SECTION : B 17. Anything which is commonly accepted as medium of exchange, measure of value, store of value. 1 18. Consumption at the zero level of income 1 19. K = 1/1-mpc, K=4 (1/2+1/2=1) 20. India’s export rises. 1 21. Bank Rate- rate at which Central Bank lends money to the commercial banks 1 22. BOP meaning. Any two components (1+2=3) 23. a) No, It is transfer payment b) Yes, Part of Net Factor Payment from abroad. (1 ½ +1 ½ =3) 24. Any three differences between fixed and flexible exchange rate OR Any three sources of demand for foreign exchange. (1x3=3) 25. Any three differences between real flow and money flow. (1x3=3) 26. NNDY= i+(ii-vii)+iii+v = Rs.1230 Crs GNDY= NNDY+iv = RS.1330 Crs. (1 ½ +1 ½ =3) 27. Meaning of Fiscal Deficit, and any three implications (1+3=4) OR a) Any two differences between Capital and Revenue receipts 2 b) Any two differences between Direct and indirect taxes 2 28. Aggregate Demand meaning, any three components with explanations (1+3=4) ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM 29. Redistribution of income.. Explanation, Economic stability. Explanation (2+2=4) 30. Full employment equilibrium AD=AS C+I = C+S I=S Proper diagram with explanation. There is a chance for involuntary unemployment (2+3+1=6) OR Deflationary gap- meaning, AD> AS corresponding to full employment, any three fiscal measures with explanations. (3+3=6) 31. Creation of credit by commercial banks= 1/LRR X Initial deposit Explanation with the help of an assumed value. (3+3=6) 32. I)GDP(FC)= I,300 Crs. Ii) Factor income to abroad=80Crs. (3+3=6) Xxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM BLUE PRINT For SAMPLE QUESTION PAPER 2012-13 SUB: ECONOMICS CLASS: XII MAX. MARKS: 100 UNIT I II III IV V VI VII VIII IX X Sub Total Very Short Answer(I mark) 1(1) 1(1) 1(2) 1(1) -1(2) 1(2) 1(1) 10(10) Short Answer (3 and 4 marks) 3(1) 3(1), 4(2) 3(2), 4(1) 3(1) -3(3) 4(1) 4(2) 3(2) 30(10),24(6) Long Answer (6 marks) 6(1) 6(1) 6(1) -6(1) 6(1) 6(1) 36(6) Total 4(2) 18(5) 18(6) 10(3) -15(4) 8(3) 12(4) 8(2) 7(3) 100(32) Note: Figures within brackets indicate the no of questions and figures outside the brackets indicates marks for each question. ISSUED BY KENDRIYA VIDYALAYA - DOWNLOADED FROM WWW.STUDIESTODAY.COM
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