MBOSE Class 12 Question Paper 2020 for Economics Old Course

Total No. of Printed Pages—11
HS/XII/A.Com/Ec/OC/20

2020

ECONOMICS

( Old Course )

Full Marks : 100
Time : 3 hours

The figures in the margin indicate full marks for the questions

General Instructions :
(i) Write all the answers in the Answer Script.
(ii) Attempt Part—A (Objective Questions) serially.
(iii) Attempt all parts of a question together at one place.

( PART : A—OBJECTIVE )
( Marks : 40 )

SECTION—I
( Marks : 20 )

A. Choose and write the correct answer of the following
from the given alternatives : 1×10=10

1. Marginal utility implies the utility of
(a) the last unit consumed
(b) the average utility
(c) the utility of the first unit consumed
(d) None of the above

/4 [ P.T.O.

( 2 )

2. Cost of machinery is

(a) average cost

(b) fixed cost

(c) variable cost

(d) marginal cost

3. Which of the following is not a feature of monopoly
market?

(a) Single seller

(b) Absence of close substitutes

(c) Perfect knowledge

(d) Barrier of entry of firms

4. Rent is a/an

(a) differential surplus

(b) alternative surplus

(c) economic surplus

(d) All of the above

HS/XII/A.Com/Ec/OC/20/4 [ Contd.

( 3 )

5. Net or Pure profit is

(a) total revenue + total cost

(b) total revenue – total cost

(c) total revenue + explicit cost

(d) total revenue – explicit cost

6. Gross National Product at factor cost (GNPfc) is
equal to

(a) GNPmp + Indirect taxes – Subsidies

(b) GNPfc – Indirect taxes + Subsidies

(c) GNPmp – Indirect taxes + Subsidies

(d) GNPfc + Indirect taxes – Subsidies

HS/XII/A.Com/Ec/OC/20/4 [ P.T.O.

( 4 )

7. Balance of trade is

(a) same with the balance of payments

(b) totally different from the balance of payments

(c) a part of the balance of payments

(d) All of the above

8. Agriculture is in the

(a) primary sector

(b) secondary sector

(c) tertiary sector

(d) All of the above

HS/XII/A.Com/Ec/OC/20/4 [ Contd.

( 5 )

9. The 1948 Industrial Policy divided industries into

(a) two categories

(b) three categories

(c) four categories

(d) five categories

10. The Eleventh Five-Year Plan covered the period from

(a) 2002–07

(b) 2007–12

(c) 2012–17

(d) 2017–22

HS/XII/A.Com/Ec/OC/20/4 [ P.T.O.

( 6 )

B. Fill in the blanks with appropriate words : 1×10=10

1. The cost of sacrificing the next best alternative
forgone is called _____ cost.

2. When total utility is maximum, marginal utility
is _____.

3. Under perfect competition there are _____ number of
buyers and sellers.

4. The equality between savings and investment
determines the _____ rate of interest.

5. Macroeconomics is the study of _____.

6. A tax is a _____ contribution.

7. Infrastructure is known as social overhead _____.

8. A _____ industry is mainly operated with the help of
family members.

HS/XII/A.Com/Ec/OC/20/4 [ Contd.

( 7 )

9. Foreign trade is considered as an _____ of growth.

10. The New Economic Policy was enunciated in the
year _____.

SECTION—II
( Marks : 20 )

C. Answer any ten of the following in 2 or 3 sentences
each : 2×10=20

1. Define Microeconomics.

2. Distinguish between total utility and marginal
utility.

3. Suppose, the price of apple is R 50 per kg and the
quantity demanded is 2 kg. Now, when the price
falls to R 40 per kg, the quantity demanded rises to
3 kg. Using the percentage method, find out the
price elasticity of demand.

4. What is marginal cost?

5. What is extensive cultivation?

HS/XII/A.Com/Ec/OC/20/4 [ P.T.O.

( 8 )

6. Point out the need for international trade.

7. Define percapita income.

8. What is a budget?

9. Mention two demerits of direct tax.

10. Mention two problems of Indian Agriculture.

11. Define small-scale industries. Give examples.

12. Mention two examples of economic infrastructure.

13. Define economic planning.

14. Mention the causes of adverse balance of trade.

HS/XII/A.Com/Ec/OC/20/4 [ Contd.

( 9 )

( PART : B—DESCRIPTIVE )

( Marks : 60 )

Answer ten questions, taking four from Section—I and
three each from Section—II and Section—III

SECTION—I

1. Explain the central problems of an economy. 6

2. Explain the total outlay method of measuring price
elasticity of demand. 6

3. Distinguish between extension and increase in supply
and between contraction and decrease in supply. 3+3=6

4. Distinguish between : 3+3=6

(a) Average cost and Marginal cost

(b) Average revenue and Marginal revenue

5. How is price determined under perfect competition? 6

6. Explain the factors that determine real wages. 6

HS/XII/A.Com/Ec/OC/20/4 [ P.T.O.

( 10 )

SECTION—II

7. Distinguish between Microeconomics and Macro-
economics. 6

8. Explain the following concepts : 2×3=6

(a) Gross National Product

(b) Net National Product

(c) Gross Domestic Product

9. Explain the sources of public revenue. 6

10. Distinguish between balance of payments and balance
of trade. 6

11. Distinguish between Public finance and Private finance. 6

SECTION—III

12. Discuss the importance of infrastructure in economic
development. 6

13. Explain the importance of agriculture in the Indian
economy. 6

HS/XII/A.Com/Ec/OC/20/4 [ Contd.

( 11 )

14. Explain the main items of exports and imports
of India. 6

15. What are the main features of the 1991 Industrial
Policy? 6

16. What are the needs for economic reforms in India? 6

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HS/XII/A.Com/Ec/OC/20/4 20K—3800