Maharashtra Class 12 Question Paper 2023 Economics

Maharashtra Board

Question Paper
2023
Class 12

HSC
QUESTION PAPER
Presented By

DAY 15 SEAT NUMBER

2023 111 13 1500 (E)
J-314

ECONOMICS (49)

Time : 3 Hrs. (8 Pages) Max. Marks 80

Notes :(1) All questions are compulsory.
(2) Draw neat tables / diagrams wherever necessary
(3) Figures to the right indicate full marks.
(4) Write answers to all main questions on new pages.

Q.1. (A) Complete the following sentences: (5) 1201
() Micro Economics is also called as
(a) Income theory
(b) Price theory
(c) Growth theory
(d) Employment theory
(ii) Money market faces shortage of funds due to

(a) Inadequate savings
(b) Growing demand for cash
(c) Unorganized sector
(d) Financial mismanagement

Page 1 P.T.O

(ii) Marginal utility of the commodity becomes negative
when Total Utility of a commodity is_
(a) rising
(b) constant
(c) falling
(d) zero
(iv) Public expenditure of
any government shows
(a) constant trend
(b) increasing trend
(c) decreasing trend
(d) fluctuating demand
(v) The relationship between income and demand for
inferior goods is
(a) direct
(b) inverse
(c) no effect
(d) can be direct and inverse

(B) Find the odd word out
5)
) Revenue concepts
Total Revenue, Average Revenue, Total
Cost,
Marginal Revenue.
(i) Quantitative Tools of credit control:
Bank rate, Open market operations, Foreign
Exchange rate, Variable reserve ratio.
(i) Scope of Micro Economics
Theory of product pricing, Theory of factor pricing,
Theory of Economic growth and Development,
Theory of Economic welfare.

(iv) Non-tax revenue:

Fees, Penalty, Wealth tax, Special levy.

Page 2

(V)Typesof Simple Index Number
Laspeyre's Price Index Number, Price Index Number,
Quantity Index Number, Value Index Number.
(C) Give economic term (5)
) The volume ofcommodities and services turned out
during a given period counted without duplication.
(i) A desire which is backed by willingness to purchase
and ability to pay.
ii) Degree of responsiveness of a change of quantity
demanded of a good to a change in its price.
iv) Very realistic competition in nature.
(Swati purchased raincoat for her father in rainy
season.

(D) Assertion and reasoning questions: (5)
(i) Assertion (A) In perfect competition, price is
determined by the forces of demand and supply.
Reasoning (R) : The number of buyers and sellers
is so large that one person can not influence
prices.
Options:
(1) (A) is true, but (R) is false.
(2) (A) is false, but (R) is true.
(3) Both (A) and (R) are True and (R) is the correct
explanation of (A).
(4) Both (A) and (R) are True and (R) is not the
correct explanation of (A).
(i) Assertion (A):A change in quantity demanded of
one commodity due to a change in the price of other
commodity is cross elasticity.
Reasoning (R) : Changes in consumers' income

leads to a change in the quantity demanded.

Page 3 P.T.O

Options:
(1) (A) is true, but (R) is false.
(2) (A) is false, but (R) is true.
(3) Both (A) and (R) are True and (R) is the correct
explanation of (A).
(4) Both (A) and (R) are True and (R) is not the
correct explanation of (A).

Gii) Assertion (A): Production for self-consumption is
not accounted for in the national income.

Reasoning (R) : The products kept for self
consumption do not enter the market.
Options
(1) (A) is true, but (R) is false.
(2) (A) is false, but (R) is true.
(3) Both (A) and (R) are True and (R) is the correct
explanation of (A).
(4) Both (A) and (R) are True and (R) is not the
correct explanation of (A).

(iv) Assertion (A) : Foreign exchange management and
control is undertaken by commercial banks.

Reasoning (R) : RBI has to maintain the official rate
of exchange of rupee and ensure its stability.
Options:
(1) (A)is true, but (R) is false.
(2) (A) is false, but (R) is true.
(3) Both (A) and (R) are True and (R) is the correct
explanation of (A).
(4) Both (A) and (R) are True and (R) is not the
correct explanation of (A).

Page 4

(V) Assertion (A): Supply is a relative term.
in
Reasoning (R) : Supply is always expressed
relation to price, time and quantity.

Options
(1) (A) is true, but (R) is false.
(2) (A) is false, but (R) is true.
(3) Both (A) and (R) are True and (R) is the correct
explanation of (A).
(4) Both (A) and (R) are True and (R) is not the
correct explanation of (A).
Q. 2. (A) Identify and explain the following concepts (Any THREE): (6) |12
i) A table seller sold the table for2,000 per piece. In
this way he sold 15 tables and earned 30,000.

(i) England imported cotton from India, made
readymade garments from it and sold them to
Malaysia.
) Ashok paid the tax on his income and property.

(iv) Raju's father invests his money in a market for long
term funds both equity and debt raised within and
outside the country.

(v) A poor person wants to buy a car.

(B) Distinguish between (Any THREE): (6)
) Unitary elastic demand and Relatively elastic demand
(i) Output method of measuring national income and
Income method of measuring national income
(i) Demand deposit and Time deposit

(iv) Simple index number and Weighted index number.
() Stock and Supply

Page 5 P.T.O

Q. 3. Answer thefollowing (Any THREE): 12
(i) Explain any four points of importance of Micro economics.
(ü) Explain the Ratio or percentage method of measuring price
elasticity of demand.
(i) Explain any four features of national income.
iv) Explain any four problems faced by the money market in
India.
(v) Explain any four exceptions of the law of Diminishing
marginal utility.
Q. 4. State with reasons whether you agree or disagree with
the following statements (Any THREE): |12
) There are no exceptions to the law of supply.
(ü) Balance of Trade and Balance of Payment are two different
concepts.
(i) Index numbers are very significant / important in
economics.
(iv) There are no theoretical difficulties in the measurement
of National Income.
(v) Macro economics is different from Micro economics.

Q. 5. Study the following table, figure, passage and answer
18
the questions given below it (Any TWO):
) Observe the following table and answer the questions

given belowit: (4)
Unit of Total Utility Marginal Utility
commodity (TU) units (MU) units
1 6

2

3 15 4

4 15

Page 6

Questions:
(1) Complete the above table. (2)
(2) (a) When total utility is Maximum, the marginal untility

is- (1)
(b) When total utility falls, the marginal utility becomes

- (1)
() In the following diagram AE is the linear demand curve
of a comnmodity. On the basis of the given diagram state

whether the following statements are True or False: (4)
Y

B

X
Quantity Demanded

(1) Demand at point 'C" is relatively elastic demand. (1)
(2) Demand at point °B' is unitary elastic demand.
(1)
(3) Demand at point D' is perfectly inelastic demand. (1)
(4) Demand at point 'A' is perfectly elastic demand.
(1)
(ii) Read the given passage and answer the questions (4)
Index Number is a technique of measuring
changes
in a variable or group of related variables with reference
to time. geographical location and other characteristics.

Page 7
P.T.O

Index Number is very useful for economists,

farmers, traders, government, educationalists and trade
union leaders for planning and implementing the plans
according to their sector.
The scope of index number is not limited to only
one subject but it extends to many subjects such as

Economics, Educational science, Psychology, History,
Sociology, Geography etc.
While framing index number its objective must be
determined. To attain the objective the information is
collected in various ways and this information is used for
comparing two different time periods. For this purpose,
the base year's index is assumed as 100 and accordingly
the value ofthe current year is calculated.

Laspeyre, Paasche and Fisher have suggested
different methods for constructing index numbers.

Questions:
(1) Explain the meaning ofIndex Number. (1)
(2) To whom the Index Number is useful? (1)
3) Express your opinion about the given passage (2)
Q. 6. Answer the following questions in detail (Any TWO ): |16
() State and explain the law of demand with exceptions.

(ü) Explain the meaning of Monopoly with its features.
(ii) Explain various reasons for the growth of public

expenditure.

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