HBSE Class 12 Sample Paper 2025 Answers Economics

Board Of School Education Haryana

मॉडल पेपर
उत्तर
2025

XII

C
B
A
C
C
A
Social
above
-VE
B

:-
-ve

X-Axis Y-Axis

(Price) (Total Elaticity of
Exp.) Demand

1 50 Ed < 1

2 64

TP
MP MC
1 2 3 4 5 6 7

10 10 10 10 10 10 10

5 9 12 14 15 15 14

5 4 3 2 1 0 -1

(1) MC = MR
(2) MC MR

(AR) (AC)
= AR > AC

Output 0 1 2 3 4 5 6

TC 10 30 45 55 70 90 110
TFC 10 10 10 10 10 10 10
TVC 0 20 35 45 60 80 100
AFC - 10 5 3.33 2.5 2 1.67
AVC - 20 17.5 15 15 16 16.67
MC - 20 15 10 15 20 20

> >

:-

A

B

C

PQ

Ed =1

Ed >1

Ed 

–
1

1

1
1

AR MR

MC=MR
MC MR

A MR MC

B MR MC

C MR MC MC

A
B

C

B

C

D

(Indirect)

M1
(Operating Surplus)

A

AD = C + I + G + (X-M)
(C)

C = f(Y)
I
(G) :-

(X-M) :-

(Y) 1000 1200 1400 1600

( C) 900 1060 1210 1350

- 200 200 200
( Y)
- 160 150 140
( C)
- 0.80 0.75 0.70
(MPC)
- 0.20 0.25 0.30

(MPS)

K= Y = 1 = 1
I 1-MPC MPS

I Y C S
   
  
  
  
− − −
= = =
  
K = 1 = 1 = 1 =2
1-MPC 1-0.5 0.5
K = Y = 2
I
Y = 2
2000
Y = 4000

AD
AS

(A)
(i)

(ii)

(iii)

(iv)

(i)
(ii)
(iii)
(iv)

Step -
(A) (B) (C ) (D)
Step -2
(A)
(B)
(C)
(D)
(E) ( X – M)

Step -3

(GDPMP)

NNPFC

(A) NNPFC) = 71000
+ = 3000
- = 1000
= 2000
GDPMP =

(B)
= NNPFC)
=
= – – –
= –
=

MARKING SCHEME
ECONOMICS (576)
CLASS XII SESSION 2024-25

Q.NO. EXPECTED ANSWER/ VALUE POINTS MARKS

1. C 1
2. B 1
3. A 1
4. C 1
5. C 1
6. A 1
7. SOCIAL 1
8. ABOVE 1
9. -VE 1
10. B 1
11. Central problems are the common problems of an economy. These problems are
due to limited resources and unlimited wants of humans.
1
1. What to produce :-consumer goods or capital goods

2. How to produce :- labour intensive technique or capital intensive
technique 1
3. For whom to produce :-for self consumption or market selling. 1
12. Characteristics of ICs:-
1. ICs are slope –ve.
2. ICs are convex to origin.
3. ICs never intersect each others. 1
1
4. Higher ICs show higher level of satisfaction.
1
5. ICs never touch X-Axis or Y-Axis .
Explain any three from above and carry one marks each.

OR
PRICE TOTAL EXP. ELASTICITY OF DEMAND
1 50 Ed < 1
2 64 As +Ve Relation b/w Price &
Total Exp.
3

Three marks for above with reasons.
13.
Diminishing Return to Factor : In the short run with fixed factors if we 1
increase variable factors then total products increase at decreasing rate and in

this situation marginal product will decrease and cost will increase .

Labours 1 2 3 4 5 6 7
Capitals 10 10 10 10 10 10 10
TP 5 9 12 14 15 15 14
MP 5 4 3 2 1 0 -1

1

2

14. Super Normal Profit under PC:

A firm will be in the equilibrium if
1
1. MC =MR
2. MC curve cut MR curve from below.

A firm will earned Super normal Profit if average revenue is more than average
cost. i.e. AR > AC. 1

2

Here , SNP is shown by shaded area.

OR

Output 0 1 2 3 4 5 6

TC 10 30 45 55 70 90 110
TFC 10 10 10 10 10 10 10 1
TVC 0 20 35 45 60 80 100
1
AFC - 10 5 3.33 2.5 2 1.67
AVC - 20 17.5 15 15 16 16.67
1

MC - 20 15 10 15 20 20 1

15.

Equilibrium Price:
when market forces will be equal to each other i.e. market demand is equal to
market supply then there will be price equilibrium.
1

Price 1 2 3 4 5

Quantity 50 40 30 20 10
demanded

Quantity 10 20 30 40 50
supplied
1

2

Explain table and diagram.

OR

Control Price Support Price
It is the maximum price of a It is the assured minimum price
commodity that the seller can offered by government to the
charge from buyers. farmers for the purchase of their
output. 1
The main objective is to reach The main objective is to regulate
essential goods to all people. the income of farmers.
It is determined below the It is determined above the 1
equilibrium price. equilibrium price.
There is excess demand . i.e. D >S There is excess supply . i.e. D < S 1
Example :- life saving medicine. Example: - Wheat , Rice
1

16.
It shows how much total expenditure of a good change and in which direction 1
due to change in the price of a good.

1) If price ↑ or ↓ and TE remain constant then Ed= 1

2) If price ↑ and TE ↓ or price ↓ and TE ↑ then Ed > 1

2
3) If price ↑ and TE ↑ or price ↓ and TE↓ then Ed < 1

Price Quantity Total Exp. Ed
1 10 10 Unitary
2 05 10
1 10 10 Greater than
2 04 08 unit
1 10 10 Less than unit
2 06 12
2

1

Explain table and diagram.

OR

Law of Demand: Law of demand states that other things being equal, there is
1
inverse relation between price and quantity demanded.
The main causes of application of law of demand are given below:
1. Law of Diminishing Marginal Utilities. 1
2. Income Effects 1
3. Substitution effects 1
4. Size of consumers 1
5. Different Uses.
1
Explain above points in details.

17. Meaning of Perfect competition: -

Perfect competition is a market situation where large number of
buyers and sellers are buying and selling homogenous products at equal price. 1

Main features:-
1. Large no. of buyers and sellers
2. Homogenous products
3. AR=MR
4. Firms is price taker and industry is price maker
5. Perfect knowledge
6. Perfect mobility
7. Lack of transportation cost
8. Lack of advertisement cost
5
Explain any above 5 points which carry one marks each.

OR

Explain the conditions of producer’s equilibrium in terms of marginal revenue
and marginal cost.

Meaning of marginal revenue and marginal cost then

i) If MR is greater than MC then firm will increase output

ii) If MR is less than MC then firm will decrease output 2
iii) If MR=MC and MC is rising ,then firm will be equilibrium

Conditions of equilibrium
a) MR=MC
b) MC cuts MR from below.
2

2

Here, consumer will be equilibrium at point K as it fulfill both conditions.
SECTION - B
18 A 1
19 B 1
20 C 1
21 B 1
22 C 1
23 D 1
24 Indirect 1
25 M1 1
26 Operating Surplus 1
27 A 1
28
Basis BOT BOP
Meaning It refers to difference It is a systematic record of all
between amount of exports economic transactions
and imports of visible between residents of a country 1
items. and rest of the worlds, over a
given period of time.
Components It includes only visible It includes visible items , 1
items. invisible items and capital
transfers.
Scope It is narrow concept as it is It is a wider concept as it
a part of BOP. includes BOT.
1

Capital It does not record any It records all Capital
transactions Capital transactions. transactions.

29 Determinants of aggregate demand
AD= C+I+G+NX
Consumption (C):- The expenditure made on goods and services for direct
satisfaction by household is called consumption.
C = f (Y) 1
Investment (I):- Increase in stock of capital goods is called Investment.
Government Exp. (G):- The expenditures made by government on welfare
and security are called Government Expenditure. 1
Net Export (NX) :- The difference between Export and Import is called net
export .
Net Export (NX)= Export - Import
1

OR

Income(Y) 1000 1200 1400 1600

Consumption ( C) 900 1060 1210 1350

Y - 200 200 200
C - 160 150 140 1
MPC ( C /  Y) - 0.80 0.75 0.70 1
MPS (1- MPC) - 0.20 0.25 0.30 1

30
MICRO ECONOMICS MACRO ECONOMICS
It studies with individual economics It studies national economy as well 2
units as its various aggregates
It primary deals with individual It is the study of aggregates such as
income , output, price of goods etc. national income , output and general
price level. 1
It covers several issues like demand, It covers several issues like
supply, factor pricing, product distribution, national income, 1
pricing, economic welfare, employment, money, general price
production, consumption, and more. level, and more.

31
Investment Multiplier:- Investment multiplier is the ratio of an increase of
income to given increase in investment.

K= change in income / change in investment
1
Multiplier process :-

Increase in Increase in Increase in Increase in
investment income consumption saving
2000 2000 1000 1000
1000 500 500
500 250 250
- - - 3
- - -
4000 2000 2000

K=1/1-MPC =1/1-0.5 =1/0.5 =2

K=∆Y/∆I =∆Y/2000 =2

∆Y=2000*2 =4000 crores

OR

Inflationary Gap :
Inflationary Gap refers to a situation in which aggregate demand (AD) is more
of aggregate supply (AS) corresponding to full employment. 2

AD > AS : corresponding full employment

Inflationary Gap and Fiscal measures:
1. Increase in tax
1
2. Decrease in public expenditure
3. Reduction in Deficit financing 1
4. Increase in Public Debt

Government should follow surplus budget policy.

Explain any two points

32 A government budget is a country’s financial report explaining item-wise
calculations of future revenue and expenditure. The budget explains the income
and expense of a nation.
In India the government presents its budget in front of the Lok Sabha,
explaining an estimated receipt and expense for the upcoming financial year. 1
The fiscal year starts from 1st April and concludes on 31st March of the next
year.
Objectives :-
1. Reallocation of resources 1
2. Minimise inequalities in income and wealth
3. Economic stability
1
4. Manage public enterprises
5. Economic growth.
6. Decrease regional differences.
1
Explain above any three points.
OR

Direct Tax Indirect Tax
1. These taxes are imposed on 1. These taxes are imposed on
income and wealth. goods and services.
1
2. These taxes can not be 2. These taxes can be shifted
shifted on others. on others.
1
3. These taxes are progressive 3. These taxes are often non-
in nature. progressive in nature.
1
4. Examples:- Income Tax, 4. Examples:- Sales Tax (GST)
Wealth Tax Excises Duty
1

33.
Monetary policy is the policy used by central bank of an economy to control
money supply and credit. The main instruments of monetary policy are:-

Quantitative Measures :-

1. Bank Rate:- It is the rate at which central bank lends money to the
commercial banks. To increase money supply bank rate can be decrease and to 1
decreased money supply bank rate can be increased.

2. Open Market Operation (OMO) :- To sell and purchase of Government
securities in the open market by central bank is called OMO. When central
bank buy securities it leads to increase in money supply and when it sell 1
securities it leads to decrease in money supply.

3. Cash Reserve Ratio (CRR) :-Under the law a fixed percentage of total
deposits of a bank needs to be kept as cash with the central bank . This fixed
percentage of cash is termed as CRR. To increase money supply CRR can be
decrease and to decreased money supply CRR can be increased.
1
4. Statutory Liquidity Ratio (SLR) :- Under the law a fixed percentage of
total assets of a bank needs to be kept as cash with itself. It is called Statutory
Liquidity Ratio (SLR). To increase money supply SLR can be decreased and to
decrease money supply SLR can be increased.

Qualitative Measures:-

1. Regulation of Marginal Requirement 1
2. Rationing of Credits 1
3. Moral Suasion
1
4. Direct Action

OR

Money : A medium of exchange that is centralized, generally accepted,
recognized, and facilitates transactions of goods and services, is known as 1
money.
Functions of Money:

i) Medium of exchange:
● It means that money can be used to make payments for all the transactions
of goods and services.
● A buyer can buy goods through money, and a seller can sell goods for 1
money.
● It is an essential function of money.
ii) Measure of value:
● Money serves as a measure of value. 1
● The value of all goods and services is expressed in terms of money.

iii) Standard of deferred payments: 1
● It means that money acts as a ‘standard’ for making future payments.
● It has made deferred payments much easier than before.
● Example: When we borrow money from somebody, we have to return both
the principal as well as the interest amount in the future.
● Money is a convenient mode of calculation and payment of interest amount
to be paid in the future.
● This function has facilitated borrowing and lending.
● It has also led to the creation of financial institutions.
iv) Store of value:
● A store of value implies a store of wealth.
1
● Money can be easily stored for future use.
● It is the most convenient and economical means to store earnings and
wealth.
v) Transfer of value:
● Money also serves for transfer of value.
1
● It facilitates buying and selling of goods not only in the domestic country
but also in other parts of the world.

“ Money is a matter of functions four .
A medium, a measure, standard and store.
It does not clear the picture,
We may add transferability more ”

34.
Expenditure Method is one of the three methods to determine national income.
The other two methods are the value added method and income method.
It is also known as consumption and investment method, and its primary
objective is to calculate the national income by aggregating all the final 1
expenditure on final goods and services in the economy during a year .
Different steps of expenditure methods:
1. Identification of economic units incurring final ecpendiyure
i) Household Sector
ii) Producing Sector
iii) Government Sector
iv) Rest of the world 1
2. Classification of final expenditure
A) Private final consumption expenditure
B) Govt. final consumption expenditure
C) Gross domestic fixed capital formation
D) Change in stock 2
E) Net export (X-M)

3. ESTIMATION OF NATION INCOME

GDP at MP (A+B+C+D+E)
- Depreciation
- Net Indirect Tax 2
+ Net Factor Income from Abroad(NFIA)
National Income (NNP at FC)

OR

i) National Income (NNPFC) = 71,000
+ Consumption of fixed capital = 3,000
- Net factor income from abroad = 1,000
+ Net Indirect Tax = 2,000
GDPMP = 75,000 Cr. 3

ii) Wages and Salaries + Operating Surplus + Mixed Income of Self-
Employment + Net factor income from abroad = National Income

15,000 + 30,000 + Mixed Income of Self-Employment + 1,000 = 71,000

Mixed Income of Self-Employment =71,000 – 46,000

Mixed Income of Self-Employment= 25,000 Cr. 3

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