Paper : CBSE Class 12th Economics Exam Paper, 2004 (Delhi: Set - 3)

SECTION - A

Q. 1. Answer the following questions: 1X4
(i) Define variable costs.
(ii) What causes a movement along a supply curve of a good?
(iii) Why does the problem of choice arise?
(iv) Under which market form, a firm is a price-taker?

Q. 3. The price of a commodity is Rs. 12 per unit and its quantity supplied is 500 units. When its price rises to Rs. 15 per unit, its quantity supplied rises to 650 units. Calculate its price elasticity of supply. Is supply elastic? 3

Q. 6. What is meant by price elasticity of demand? Explain any two factors that affect it. 4

Q. 7. From the following table, calculate average variable cost of each given level of output: 4

SECTION - B

Q. 13. Answer the following questions: 1X4
(a) Give two examples of macro-economic studies.
(b) The balance of trade shows a deficit of Rs. 300 crores. The value of exports are Rs. 500 crores. What is the value of imports?
(c) Define fiscal deficit.
(d) Is the study of cotton textile industry a macro-economic study or a micro-economic study?

Q. 15. Calculate Gross National Disposable Income from the following data: 3

Q. 16. In an economy, investment expenditure is increased by Rs. 700 crores. The marginal propensity to consume is 09. Calculate the total increase in income and consumption expenditures. 3

Q. 17. What is the relationship between average propensity to consume and average propensity to save? Can the value of average propensity to save be negative? If yes, when? 3

Q. 22. From the following data, calculate Gross National Product At Market Price by (i) income method and (ii) expenditure method. 3, 3