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

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11.

Define fixed cost. Give an example. Explain with reason the behaviour of Average Fixed Cost as output is increased. 


Fixed cost is the sum of all expenditures incurred to acquire a fixed asset. It does not change with an increase or decrease in the amount of goods or services produced or sold. Like - Purchase of plant & machinery.
Average fixed cost is the fixed cost per unit of output. Average fixed cost curve slopes downward to the right. It shows that AFC decreases as output increases. It is a rectangular hyperbola curve. It means that the product of AFC and output is equal to TFC which remains constant at all levels of output.
TFC = AFC * Q
Therefore, AFC space equals space TFC over straight Q

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12.

Define marginal product. State the behaviour of marginal product when only one input is increased and other inputs are hold constant.

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13.

When price of a commodity falls from Rs 12 per unit to Rs 9 per unit, the producer supplies 75 percent less output. Calculate price elasticity of supply

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 Multiple Choice QuestionsLong Answer Type

14.

Why do central problems of an economy arise? Explain the central problem of 'for whom to produce'?

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15.

Explain three properties of indifference curves.

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16.

Examine the effect of (a) fall in the own price of good X and (b) rise in tax rate on good X, on the supply curve. Use diagrams.

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17.

Explain the implications of the following in a perfectly competitive market  
(a) Large number of sellers
(b) Homogeneous products.

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18.

Explain the implications of the following in an oligopoly market:
(a) Barriers to entry of new firms
(b) A few or a few big sellers

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 Multiple Choice QuestionsShort Answer Type

19.

Define flows.

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20.

National income is the sum of factor incomes accruing to:(Choose the correct alternative):
(a) Nationals
(b) Economic territory
(c) Residents
(d) Both residents and non-residents

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