Subject

Economics

Class

CBSE Class 12

Pre Boards

Practice to excel and get familiar with the paper pattern and the type of questions. Check you answers with answer keys provided.

Sample Papers

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 Multiple Choice QuestionsShort Answer Type

1.

Give meaning of an Economy.

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2.

What is market Demand?

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3.

What is the behaviour of average fixed cost as output increases?

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4.

What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?

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5.

What is a price taker firm?

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6.

What is opportunity cost? Explain with the help of a numerical example.


An opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. In other words, the cost of enjoying more of one good in terms of sacrificing the benefit of another good is termed as opportunity cost of the additional unit of the good.

Example: We have Rs 15,000 with two choices a) to invest in the shares of a company XYZ or b) to make a fixed deposit which gives interest 9%. If the company XYZ gives a return of 15%, we will benefit when we invest in the shares as the alternative would be less profitable. However if company’s return is only 3% when we could have made a return of 9% from FD, then our opportunity cost is (9% - 3% = 6%).

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7.

Given price of a goods, how does a consumer decide as to how much of the good to buy?

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8.

Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.

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9.

An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and explicit cost from this information. Explain.

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10.

Explain the implication of large number of buyers in a perfectly competitive market.

 

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