ICSE/ISC Guess Paper
Class – XII
Subject – Economics
Three hours Maximum Marks 100
- Question no. 1 (Compulsory) from Part-I.
- Any five question from part-II.
PART I [2x15=30]
Q1)
a) Give the scope of micro and macro economics.
b) What is meant by ‘returns to scale’?
c) What do you mean by price elasticity of demand?
d) Define equilibrium.
e) Show that marginal variable cost and marginal cost in production will be identical.
f) What is the relationship between the marginal utility curve and the demand curve?
g) Name the various elements of fiscal policy.
h) What is the implication of movement along any supply curve?
i) What effect does an increase in excise tax rate have on the supply curve of the product?
j) Draw the average fixed cost curve of a firm and mention what its shape is.
k) Distinguish between internal and external public debt.
l) State any two merits of international trade.
m) What is the reason behind the ‘U’ shape of the AVC curve during the short –run?
n) What do you mean by a supply function?
o) Mention any two differences between the utility analysis and indifference curve analysis of consumer’s behavior?
PART II [(8+6)x5=70]
Q2)
a) Explain the concept of price – elasticity of demand. Show with the help of diagrams that, elasticity of demand is different at different points of a downward sloping straight line demand curve?
b) What is the law of demand? Draw a demand curve and state its features?
Q3)
a) Explain the determinants of price elasticity of supply.
b) How would you determine the elasticity of supply at any point on a supply curve?
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