Goa Board Class 12 Question Paper Mar 2019 Economics

2019 III 08 1000 Seat No.

Time : 2½ Hours ECONOMICS

Subject Code

H 6 5 2

Total No. Of Questions : 32 (Printed Pages : 10) Maximum Marks : 80

INSTRUCTIONS : (i) All questions in both sections are compulsory.

(ii) Marks for each question are indicated against each to
the right.

(iii) Question Nos. 1-5 and 17-21 are objective type questions
carrying 1 mark each.

(iv) Question Nos. 6-9 and 22-25 are short answer type
questions carrying 2 marks each. Answers to them
should normally not exceed 40 words each.

(v) Question Nos. 10-13 and 26-29 are also short answer
type questions carrying 3 marks each. Answers to them
should normally not exceed 60 words each.

(vi) Question Nos. 14-16 and 30-32 are long answer type
questions carrying 5 marks each. Answers to them
should normally not exceed 100 words each.

(vii) Answers should be brief and to the point and the above
word limits should be adhered to as far as possible.

(viii) Internal choice to be exercised in Question Nos. 13, 16,
29 and 32.

(ix) All diagrams should be drawn in Black lead pencil only.

(x) Use of calculators is not allowed.

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Section A

1. A diagrammatic presentation showing the different combinations of two

commodities between which a consumer is indifferent to .................. . 1

• Indifference set

• Indifference map

• Indifference curve

• Indifference schedule

2. If the price of mobile phones decreases, the demand for simcards

will .................. . 1

• Increase

• Remain constant

• Decrease

• Contract

3. A table showing different quantities of a commodity that all the buyers in

the market are ready to buy at different prices .................... . 1

• Individual demand curve

• Market demand schedule

• Individual demand schedule

• Market demand curve

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4. In the State of Punjab, a crop disease has reduced the yield of wheat. The

supply of wheat will ................... . 1

• Remain constant

• Expand

• Increase

• Decrease

5. The functional relationship between physical inputs and physical output of

a commodity is known as the .................. . 1

• Income function

• Production function

• Consumption function

• Expenditure function

6. A consumer can buy 10 units of good-1 and 20 units of good-2, if she spends

her entire income. If the prices of the two goods are ` 10 per unit and

` 20 per unit, calculate the income of the consumer. 2

7. Calculate the price elasticity of demand, when quantity demanded increases

from 100 units to 150 units due to a 5% fall in price of the commodity.2

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8. If the total revenue of a firm is ` 5,000 when 5 units of a good are sold and

` 5,800 when the 6th unit of the good is sold, then compute the marginal

revenue of the last unit. 2

9. Draw a neat labelled diagram showing the effect on equilibrium price in the

following situation :

Increase in the demand for bus drivers due to the growing demand for bus

transportation in Goa. 2

10. What is meant by the following : 3

(i) Normal goods

(ii) Inferior goods

(iii) Substitute goods

11. What is meant by the following : 3

(i) Cartel

(ii) Equilibrium price

(iii) Monopoly

12. Explain three determinants of supply. 3

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13. What is meant by the following : 3

(i) Total cost

(ii) Average cost

(iii) Marginal cost

Or

(i) Extension of supply

(ii) Unit elastic supply

(iii) Relatively elastic supply.

14. Explain the law of diminishing marginal utility with the help of a schedule

and a neat labelled diagram. 5

15. Explain the law of demand with the help of a schedule and a neat labelled

diagram. 5

16. Explain five features of perfect competition. 5

Or

Explain five features of monopolistic competition.

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Section B

17. Unilateral payments for which no productive services are rendered like

scholarship, old age pension etc. are called .................... . 1

• Factor payments

• Transfer payments

• Operating surplus

• Capital transfer

18. The ratio of change in saving to change in income called ................ . 1

• Average propensity to consume

• Average propensity to save

• Marginal propensity to consume

• Marginal propensity to save

19. The sum total of expenditure on the domestically produced goods and services

during the period of an accounting year is called .................. . 1

• Aggregate demand

• Consumption function

• Aggregate supply

• Demand function

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20. Deposits which arise on account of loans by the banks to the people

are ....................... . 1

• Primary deposits

• Demand deposits

• Fixed deposits

• Secondary deposits

21. When the exchange rate changes from $ 1 = ` 60 to $ 1 = ` 70, India’s exports

to USA will ................... . 1

• Decrease

• Remain constant

• Increase

• Diminish

22. State whether the following items are ‘to be included’ or ‘not included’ in the

measurement of National Income. 2

(i) Mr. Ramesh purchased a new house for ` 15 lakh

(ii) On account of the sale and purchase of a second hand car Mr. Narayan

earned a commission of ` 20,000

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(iii) Mr. Soham earned ` 10,000 by way of gambling

(iv) Reshma received ` 1 lakh as assistance by Goa government under Ladli

Laxmi Scheme.

23. In an economy the marginal propensity to consume is 0.75. Find out the value

of the Multiplier. 2

24. What is meant by the following : 2

(i) Balanced budget

(ii) Primary deficit.

25. A panchayat wants to spend ` 50,000 in the year 2019-20. Prepare a budget

for the panchayat, if the panchayat wants to spend 10% expenditure on

educational facilities, 30% expenditure on salary, 40% expenditure on

maintenance and 20% expenditure on health measures. 2

26. What is meant by the following : 3

(i) Involuntary unemployment

(ii) Fiscal policy

(iii) The savings function

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27. What is meant by the following : 3

(i) Bank rate

(ii) Open market operations

(iii) Margin requirement.

28. State the motives of holding money in the following situations : 3

(i) Rohan is a trader, who has a liquidity preference so that he can invest

his money in bonds, when the interest on bonds is high and the price

of bonds are low.

(ii) Vimal’s mother keeps aside ` 10,000 in cash to meet the unforseen

circumstances.

(iii) Rahul’s father keep aside ` 20,000 for day to day expenditure of his

family.

29. Explain three functions of the Central Bank of India. 3

Or

Explain three functions of money.

30. Explain the circular flow of National Income with the help of a neat labelled

diagram. 5

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31. Explain the situation of excess demand with the help of a neat labelled

diagram. 5

32. Explain five types of non-tax receipts. 5

Or

Explain the components of the Balance of Payments Accounts.

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