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.

What is a market economy? 

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2.

When a firm is called 'price-taker'? 

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3.

Define budget set

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4.

What is meant by 'increase' in supply? 


An increase in supply is a shift of the supply curve to the right (e.g. from the initial supply curve to the new supply curve). It means that sellers are willing to supply a greater quantity of goods at the same price level. Otherwise an increase in supply due to favourable factors (like increase in technology, climate etc) other than price of the good. For example, sellers were willing to supply 2 units of goods at a price of Rs150 before the shift, but are willing to supply 6 units of goods at Rs 150 after the shift.

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5.

Define supply. 

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6.

8 units of a good are demanded at a price of Rs. 7 per unit. Price elasticity of demand is (-)1. How many units will be demanded if the price rises to Rs. 8 per unit? Use expenditure approach of price elasticity of demand to answer this question. 

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7.

Giving examples, explain the meaning of cost in economics. 

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8.

Draw average revenue and marginal revenue curves in a single diagram of a firm which can sell more units of a good only by lowering the price of that good. Explain. 

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9.

Explain the implication of 'freedom of entry and exit to the firms' under perfect competition. 

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10.

Explain the implication of 'perfect knowledge about market' under perfect competition.

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