Important Questions for ECONOMICS-XII

ECONOMICS

Part A

Group A₁

Attempt ALL questions:                                                                    2 x 10 = 20

1. What is price elasticity of demand? Explain its types.  
2. How is price elasticity measured by total outlay method? Explain.
3. Explain critically the law of diminishing marginal utility.
4. What is income elasticity of demand? Explain its types.              
5. How is price elasticity measured by point method? Explain.
6. Explain critically the law of substitution.

Group A₂

Attempt ALL questions:                                                                    4 x 5 = 20

7. Define and derive supply curve.
8. Explain the types of cross elasticity of demand.
9. What are the determinants of elasticity of demand? Explain any five.
10. Explain the assumptions of cardinal utility analysis?
11. Explain the relationship between total utility and marginal utility.
12. Define and derive demand curve.
13. Explain the types of price elasticity of demand.
14. What are the determinants of price elasticity of demand? Explain any five.
15. Explain the relationship between total utility and marginal utility?
16. Explain the concept of consumer’s surplus.

Group A₃

Attempt all questions:                                                                                       5 x 2=10

17. What is meant by income elasticity of demand?
18. When price of a commodity increases from Rs. 10 to Rs.15, its demand decreases from 80 units to 60 units. Calculate price elasticity of demand.
19. Define elasticity of supply.
20. What do you mean by utility?
21. What is consumer’s surplus?
22. What is meant by cross elasticity of demand?
23. When price of a commodity decreases from Rs. 20 to Rs.15, its demand increases from 80 units to 100 units. Calculate price elasticity of demand.
24. Define elasticity of demand.
25. What do you mean by cardinal utility analysis?
26. What does the law of diminishing marginal utility state?

Part B

Group B₁

Attempt ALL questions:                                                                    2 x 10=20

27. What is National income? How is national income measured by product method?
28. What are the difficulties in measuring national income?
29. Explain the functions of money.
30. What is National income? How is national income measured by income method?
31. Explain the circular flow of income and expenditure in two sector economy?
32. Explain the various forms or kinds of money.

Group B₂

Attempt ALL questions:                                                                    4 x 5=20

33. Describe the scope of macroeconomics.
34. Differentiate between GDP and GNP.
35. Define nominal GDP, real GDP and GDP deflator.
36. What are the difficulties of barter system?
37.  Explain the importance of money?
38. Differentiate between open economy and closed economy.
39. Define and differentiate between nominal GDP and Real GDP.
40. What are the difficulties of measuring national income?
41. What is barter system?  What are its difficulties?
42.  Explain the characteristics of good money?

Group B₃

Attempt all questions:                                                                                       5 x 2= 10

43. What is macroeconomics?
44. Define closed and open economy.
45. What is per capita income?
46. What is meant by problem of double counting?
47. What is fiat money?
48. What do you mean by macroeconomic variables?
49. Point out any four scopes of macroeconomics. What is disposable income?
50. What is meant by GDP deflator?

51. What is value of money?