AHSEC CLASS 12 : 2021 EXAM
ECONOMICS IMPORTANT QUESTIONS
REVISED AND REDUCED
Pattern
of Question Paper (Part A)
1 Marks x 6 Questions 2 Marks x 6 Questions 4 Marks x 5 Questions 6 Marks x 2 Questions |
6 Marks 12 Marks 20 Marks 12 Marks |
Total |
50 Marks |
ECONOMICS
(PART-A) – IMPORTANT QUESTIONS FOR AHSEC CLASS 12
Chapter-1: INTRODUCTION TO MICROECONOMICS – 4 MARKS (NO REDUCTION)
A. Very
Short Answer Questions: (Marks 1/2)
1.
Define goods and
services. Give one example of each. 2013,
2017
2.
What is
opportunity cost? Opportunity cost is also called the _____ cost. 2012, 2014, 2016,
2019
3.
What is a market
economy and centrally planned economy? Also distinguish between them. 2014, 2015,
2019
4.
What is a mixed
economy? 2013, 2016
5.
What is scarcity?
Does the scarcity of resources that gives rise to the problem of choice? 2018
6.
Name the
economist who is well known as the father of economics.
7.
Give one reason
for a rightward shift in PPF (production possibility frontier). 2019
8.
Give two examples
of growth of resources.
B. Short
Answer Questions II type: (Marks 3/4)
1.
Why the production
possibility curve slopes downward from left to right? 2019
2.
What is positive
and normative economics? Distinguish between positive economics and normative
economics. 2015, 2018
3.
Explain the
central problems of an economy. Mention the reasons that give rise to economic
problems. 2012, 2014,
2016, 2020
4.
What is micro and
macro economics? 2017
Chapter-2: THEORY OF CONSUMER BEHAVIOUR – 13 MARKS
A. Very
Short Answer Questions: (Marks 1)
1.
Define utility. 2014
2.
What does the utility
of a consumer represent?
3.
What do the
points below the consumer’s budget line indicate?
4.
What does the
rate of substitution between two goods measure?
5.
Why does an
indifference curve slope downward? 2013
6.
What does the
rationality of a consumer indicate?
7.
What is demand
function? 2017
8.
What is normal
goods, final goods and inferior goods? 2012,
2015, 2018
9.
Define substitute
and complementary goods. Give one example of complementary good. 2013,
2016
10. What is convex preference?
11. In economics, it is generally assumed that the
consumer is a rational individual.
12. What is a Giffen good?
13. What is consumption bundle.
14. What is monotonic preference of a consumer?
15. What is diminishing rate of substitution? 2016
ALSO READ: AHSEC CLASS 12 MACRO ECONOMICS IMPORTANT QUESTIONS FOR 2021 EXAM
B. Short Answer Questions II type: (Marks 3)
1.
What is demand
curve? What does it indicate?
2.
Show graphically
how market demand curve can be derived from individual demand curves. 2015, 2018
3.
Draw a vertical
demand curve and state the nature of price elasticity on it. 2012, 2015
4.
Define and Distinguish
between substitutes and complementary goods. 2015
5.
‘The demand for
luxury good is more price-elastic’ – Considering this statement state how
nature of goods affects price elasticity. 2013
6.
Distinguish
between change in demand and change in quantity demanded. 2015, 2019
C. Short
Answer Questions I type: (Marks 4)
1.
What is
consumer’s equilibrium? Explain the basic conditions of consumer’s equilibrium
assuming that the consumers only one good.
2. What
is total utility and marginal utility? Mention the relationship between total
and marginal utility. 2019
3.
Show the shifts
in demand curve and explain the situation under which it changes. 2015, 2019
4.
State and explain
the law of demand with the help of a diagram. What are its assumptions and exceptions?
2012, 2013, 2014, 2015, 2016, 2017, 2020
5.
What are the
factors affecting demand of a product? 2016
6.
Explain the
concept of price elasticity of demand with suitable diagram. State the factors
determining the elasticity of demand. 2013, 2014, 2016, 2018
7.
Explain various
methods of measuring price elasticity of demand. – Percentage method ONLY.
Chapter-3: PRODUCTION BEHAVIOUR, COSTS AND SUPPLY – 23 MARKS
A. Very
Short Answer Questions: (Marks 1)
1.
What does the
production function of a firm refer to? 2018,
2020
2.
What is Total
Product, average product and Marginal product? 2018,
2020
3.
What happens to
total product when marginal product is zero? 2017
4.
Fill in the
blank: TC = ____ + TFC
5.
Fill in the
blank: AC = AVC + _____.
6.
Define average
variable cost and fixed cost with example. 2013,
2014, 2016
7.
What does return
to scale refer? What are its various stages? 2016,
2018
8.
What is TR, AR
and MR? 2014
B. Short
Answer Questions II type: (Marks 3)
1.
What is return to
factor? Explain.
2.
Distinguish
between input and output.
3.
Distinguish
between fixed input and variable input.
4.
State the law of
variable proportion. State its assumptions. 2013,
2014, 2015, 2017, 2019
5.
State the reason
behind the U-shaped short-run marginal cost curve.
6.
What are various
factors of production? State fixed and variable factors of production. 2019, 2020
7.
State the reasons
behind the working of the law of diminishing marginal product.
C. Short
Answer Questions I type: (Marks 4)
1.
Explain the
relationship between average product and marginal product with the help of
diagram. 2012, 2020
2.
What is variable
cost? Draw and explain the shape of the average variable cost curve. 2019
3.
Show the
relationship between Average cost and marginal cost with a diagram. 2014
4.
What does the
Average Fixed Cost (AFC) curve look like? Why does it look so? 2013, 2016, 2018
5.
What is
isoquants? Explain graphically why it is downward slopping. 2013, 2014, 2018
D. Long
Answer Questions: (Marks 6)
1.
What is TC, TVC
and TFC? Show with the help of diagram that the total cost is the vertical sum
of total fixed cost and total variable cost. 2012,
2016, 2018
2.
Explain the
concepts of total product, average product and marginal product and also
represent their relationship with the help of an imaginary table. 2015
3.
Show the
relationship of short-run marginal cost, average variable cost and average cost
with the help of curves and explain. 2017
4.
What is implicit
and explicit cost? Also distinguish between them. 2015, 2017
5.
Define and draw
average cost and average variable cost curve. Why these two curves can’t touch
each other? 2020
Elasticity of supply and supply curve
1.
State the law of
supply. State various factors affecting supply of a commodity. 2014, 2016,
2017, 2019
2.
Explain different
kinds of price elasticity of supply with examples. 2019
3.
Show how a firm’s
supply curve is affected by a unit tax imposed by the government. 2020
4.
Explain the
long-run and short run supply curve of a firm under competitive market.
5.
Mention three
determinants of a firm’s supply curve under perfect competition.
Chapter-4: THE THEORY OF FIRM UNDER PERFECT COMPETITION
A. Very
Short Answer Questions: (Marks 1)
1.
Fill in the
blanks: Under a perfectly competitive
market each buyer and seller is a _____taker.
2.
Fill in the
blanks: For a price taking firm, average
revenue is equal to _____.
3.
What is
‘break-even point’ of a firm? At which point of the AC curve, a firm under
perfect competition breaks-even?
4.
Fill in the
blanks: Profit that a firm earns over
and above the normal profit is called the _____ profit.
5.
Choose the
correct portion: The point on the supply
curve at which a firm earns normal profit is called the _____. (shut down point/breakeven
point),
B. Short
Answer Questions II type: (Marks 3/4/6)
1.
Explain the
concept of normal profit and super profit. Also distinguish between them. 2014, 2018
2.
What is perfectly
competition? What are the characteristics of a perfectly competitive market. 2012,
2014, 2015, 2018
3.
Prove that a firm
under competitive market can not maximise profit at a points where price is
greater than the marginal cost. 2015
4.
What is the
shut-down point for the firms under perfect competition? Explain it with the
help of a diagram. 2013, 2015, 2018
5.
Explain why a
profit maximising firm under competitive market will not produce at an output
level where in the market price is lower than the AC in the long-run.
6.
‘Under perfect
competition in the long-run price must be greater than or equal to AC’ –
Explain with suitable example.
Chapter-5: MARKET EQULIBRIUM
A. Very
Short Answer Questions: (Marks 1)
1.
What is
equilibrium price? 2015
2.
What is an excess
demand and excess supply?
3.
Name the
situation in a perfectly competitive market in where a zero excess demand zero
excess supply prevails.
4.
What is price
floor and price-ceiling?
5.
Why ratio-coupons
are issued to the consumers by the government?
6.
Choose the
correct one: The upper limit of the price of certain commodity imposed by the
government is known as _____
(price- ceiling/price-floor)
7.
Why does the
government impose price-ceiling?
B. Short
Answer Questions II type: (Marks 3/6)
1.
What are the
objectives of a firm? When profit is maximum? 2012, 2018
2.
Explain
diagrammatically the impact of simultaneous shift of demand and supply on
equilibrium price and quantity. 2016, 2018,
2019
3.
State the
conditions of equilibrium of a firm. Explain how short run and long run
equilibrium price is determined under perfectly competitive market. 2016, 2019
4.
Explain the
effect of price-ceiling on market equilibrium under the condition of perfect
competition.
5.
Define long run
and short run. Distinguish between short run and long run. 2017
Post a Comment
Kindly give your valuable feedback to improve this website.