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economics cbse 2017

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

One WordAnswers

When price of a commodity X falls by 10 per cent, its demand rises from 150 units to 180 units. Calculate its price elasticity of demand. How much should be the percentage fall in its price so that its demand rises from 150 to 210units ?

Answer

Complete the following table:

output units total cost average variable cost marginal cost average fixedcost

30

0

1

20

2

68

3

84

18

4

18

5

125

19

6

  • Answer
  • Short AnswerType
  • The demand of a commodity when measured through the expenditure approach is inelastic. A fall in its price will result in:
  • (choose the correctalternative)
    • no change in expenditure onit.
    • increase in expenditure on it.
    • decrease in expenditure on it.
    • any one of theabove
  • Answer
  • As we move along a downward sloping straight line demand curve from left to right, price elasticityof

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economics cbse 2017 1

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

  • demand : (choose the correctalternative)
  • remainsunchanged
  • goes onfalling
  • goes onrising
  • falls initially thenrises
  • Answer
  • Define marketdemand.
  • Answer
  • Averagerevenueandpricearealwaysequalunder:(choosethecorrectalternative)
    • perfect competitiononly
    • monopolistic competitiononly
    • monopolyonly
    • all marketforms
  • Answer
  • State any one feature ofoligopoly.
  • Answer
  • Distinguish between microeconomics andmacroeconomics.
  • Answer
  • Meaning: The production possibility curve is the curve which represents all those combinations of two commodities that can be produced with full utilisation of resources in the most efficient way, which give the same level of satisfaction toa consumer.
  • Properties ofPPC:
  • (i)PPC slopes downwards from left to right. It is because in a situation of fuller use of the given resources, production of both goods cannot be increased simultaneously. for example, More of Good X can be producedonlywithlessproductionofGoodY.
  • (ii). PPC is concave to the point of origin because to produce each additional unit of Good X, more units of Good Y will have to be sacrificed. Opportunity cost of producing every additional unit of Good X tends to increase in terms of the loss of production of Good Y. Production will act upon the law of increasing marginal opportunitycost.

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economics cbse 2017 2

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

(iii).AllpointswhichlieonthePPCarethesetofcombinationoftwogoodswiththefullutilisationof

resources and efficient utilisation oftechnology.

Answer

Show that demand of a commodity is inversely related to its price. Explainwiththehelpofutilityanalysis.

Or

Why is an indifference curve negatively sloped? Explain. Answer

Explaintheconditionsofconsumer’sequilibriumunderindifferencecurveapproach.

Answer

State different phases of the law of variable proportions on the basis of total product. Use diagram. Or

Explainthegeometricmethodofmeasuringpriceelasticityofsupply.Usediagram.

Answer

Explainthe‘freeentryandexitoffirms’featureofmonopolisticcompetition.

Answer

Good Y is a substitute of good X. The price of Y falls. Explain the chain of effects of this change in the market ofX.

Or

Explainthechainofeffectsofexcesssupplyofagoodonitsequilibriumprice.

Answer

Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all levels of output is Rs. 12. Using marginal cost and marginal revenue approach, find out the level of equilibriumoutput.Givereasonsforyouranswer:

output(units)

1 23456

averagecost(inRS)1211101010.411

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economics cbse 2017 3

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

  • Answer
  • The ratio of total deposits that a commercial bank has to keep with Reserve Bank of India is called : (choose the correctalternative)
    • Statutory liquidityratio
    • Depositratio
    • Cash reserveratio
    • Legal reserveratio
  • Answer
  • Aggregate demand can be increased by : (choose the correctalternative)
    • increasing bankrate
    • selling government securities by Reserve Bank ofIndia
    • increasing cash reserveratio
    • none of theabove
  • Answer
  • Give the meaning of involuntaryunemployment.
  • Answer
  • What is primarydeficit?
  • Answer
  • Givethemeaningofbalanceofpayments.
  • Answer
  • Distinguishbetweenfinalgoodsandintermediategoods.Giveanexampleofeach.
  • Answer
  • Explain the store of value function of money. Or
  • Statethemeaningandcomponentsofmoneysupply.
  • Answer
  • Explainthebasisofclassifyingtaxesintodirectandindirecttax.Giveexamples
  • Answer
  • Explain ‘banker to the government’ function of the central bank. Or

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economics cbse 2017 4

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

  • Explaintheroleofreversereporateincontrollingmoneysupply.
  • Answer
  • Explainhowgovernmentbudgetcanbeusedtoinfluencedistributionofincome?
  • Answer
  • An economy is in equilibrium. From the following data about an economy calculate autonomous consumption.
    • Income =5000
    • Marginal propensity to save =0.2
    • Investment expenditure =800
  • Answer
  • Whydoesthedemandforforeigncurrencyfallandsupplyriseswhenitspricerises?Explain.
  • Answer
  • Long AnswerType
  • Explain ‘non-monetary exchanges’ as a limitation of using gross domestic product as an index of welfare of acountry.
  • Or
  • How will you treat the following while estimating domestic product of a country ? Give reasons for your answer:
    • Profitsearnedbybranchesofcountry’sbankinothercountries
    • Gifts given by an employer to his employees on independenceday
    • Purchase of goods by foreigntourists
  • Answer
  • Calculate(a)netdomesticproductatfactorcostand(b)grossnationaldisposableincome:

s.no.

inRS

1 Private final consumptionexpenditure

8000

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economics cbse 2017 5

Economics CBSE2017

Exam Year 2017

Study,Assignments,SolvedPreviousYearPapers.QuestionsandAnswers.FreeForever.

Answer

30. Assuming that increase in investment is Rs. 1000 crore and marginal propensity to consume is 0.9, explain the working ofmultiplier.

Answer

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