AHSEC CLASS 12 : 2021 EXAM
ECONOMICS IMPORTANT QUESTIONS
REVISED AND REDUCED
Pattern
of Question Paper (Part B)
|
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-II)
Chapter-1:
INTRODUCTION (1 to 3 Marks) (No Reduction)
A. Short
Answer Type Questions
1.
What is
macroeconomics? Distinguish between micro economics and macroeconomics. 2018
2.
What is general
equilibrium?
3.
What do you mean
by Economic agents?
4.
What is
capitalist, socialist and mixed economy? Mention the characteristics of each of
them.
5.
Fill in the
blank: Macro economics deals with the
_____ variables of an economy.
6.
Describe briefly
the Great Depression of 1929.
7.
Explain briefly
the areas that macroeconomics deals with.
Chapter-2:
NATIONAL INCOME ACCOUNTING
A. Very Short
Answer Questions: (Marks 1)
1.
Define final
goods.
2.
Define Gross
Investment of an economy.
3.
Define
depreciation.
4.
Define Gross
Domestic Product.
5.
What is gross
value added?
6.
What is net value
added?
7.
What is
inventory?
8.
Who is the
founder father of modern economics?
9.
What is National
Income?
10.
What is GDP
inflator?
B. Short
Answer Questions II type: (Marks 3)
1.
Explain the
concept of intermediate goods, final goods, consumption goods and capital
goods. Also distinguish between them. 2014,
2018, 2020
2.
Distinguish
between gross investment and net investment. 2015
3.
Distinguish
between gross value added and net value added.
4.
What is national
disposable income.
5.
What is net
national product at factor cost.
6.
Distinguish
between real GDP and nominal GDP.
7.
Distinguish
between intermediate goods and final good.
C. Short
Answer Questions I type: (Marks 4)
1.
Distinguish
between consumer goods and capital goods.
2.
Distinguish
between stocks and flows in regards to NI.
3.
Define and
distinguish between consumer price index and whole sale price index.
4.
Distinguish
between gross national product and gross domestic product.
D. Long
Answer Questions: (Marks 6)
1.
What are the four
factors of production? Write down the name of the remuneration to each of
them. 2017
2.
Explain the
circular flow of income is simplified economy with two sectors – households and
firms. 2012, 2014, 2016, 2018
3.
Explain the
circular flow of income is simplified economy with three sectors – households,
firms and government. 2019
4.
Discuss the
reasons why it will not be correct to say that the GDP is the index for
measuring welfare of the people of a country. 2013,
2018, 2020
Chapter-3:
MONEY AND BANKING (8 Marks)
Very Short
Answer Type Questions: (Marks 1/2)
1.
What is barter
system?
2.
What is cash
reserve ratio and statutory liquid ratio?
3.
What is Money?
4.
Define
high-powered money.
5.
What is liquid
money?
6.
What is fiat
money? Can coins be termed as fiat money?
7.
What is
inflation?
8.
What is liquidity
trap? – Explain.
9.
Define money
multiplier.
10.
Define demand and
time deposit. 2018
11.
What is currency
deposit ratio? Why does it increase during the festive season?
12.
What is
sterilization operation of RBI?
13.
What is borrowing
rate of a commercial bank?
14.
Why is reserve
keeping with the RBI is costly for commercial bank?
15.
Write a brief
note on demonetization. 2020
ALSO READ MICRO ECONOMICS IMPORTANT QUESTIONS FOR 2021 EXAM
Long Answer
Type Questions: (Marks 3 to 6)
1.
What is money?
Explain the functions or role of money in modern economy. How does money
overcome the shortcomings of a barter system? 2017, 2018, 2019
2.
Describe the
speculative (2014, 2017) and transaction demand (2012) for money. How is
speculative demand for money related to the rate of interest?
3.
What are
commercial banks? What are the functions of commercial bank? 2015, 2017
4.
Explain the
process of credit creation of bank together with its limitations. 2019
5.
What is RBI?
Explain the functions of RBI as an agent of note issue, Banker’s bank, banker
to the government and lender of last resort. 2014,
2017, 2018
6.
“RBI is
responsible for changes in the supply of money in the economy” – Elaborate this
statement.
7.
Explain the
concept of deficit financing. 2013,
2017
Chapter-4:
INCOME DETERMINATION (12 Marks)
Very Short
Answer Type Questions: (Marks 1/2)
1.
What is aggregate
demand and aggregate supply? 2012,
2013, 2016
2.
What is average
and marginal propensity to consume and save? 2016
3.
Given the
marginal propensity to save to be 0.3, find out the income multiplier.
4.
What is output
multiplier?
5.
What is autonomous
consumption expenditure? 2018
6.
What is the
literary meaning of ‘ceteris paribus’?
7.
What is paradox
of thrift – explain.
8.
Why do we assume
that the prices vary only in the long-run?
9.
What is
involuntary unemployment and full employment? 2016
Long Answer
Type Questions: (Marks 3 to 6)
a)
What is aggregate
demand and aggregate supply? Mention the components of aggregate demand and
aggregate supply. 2013, 2020
b)
Explain the
relationship between investment multiplier and marginal propensity to consume. 2012, 2017
c)
What is marginal
propensity to consume and marginal propensity to save? State the relation and
difference between marginal propensity to consume from marginal propensity to
save. 2014, 2016
d)
What is
investment multiplier? Explain with the help of a diagram. 2014, 2019
e)
What is
investment, gross investment and net investment? Distinguish between gross and
net investment. 2014, 2015
f)
Distinguish
between autonomous investment and induced investment. 2013, 2016
g)
What is ex-ante
and ex-post? Explain the concept of ex ante aggregate demand and consumption. 2012
h)
What is ex-ante
investment and ex-post investment? What are the determinants of investment
demand? Also distinguish between them. 2013
i)
State the problem
of double counting. Explain the need for avoiding double counting in the
estimation of national income. 2015
j)
Explain the
process of equilibrium income determination of an economy with the use of
aggregate demand and aggregate supply curves. 2020
Chapter-5:
GOVERNMENT BUDGET AND THE ECONOMY (8 Marks)
Very Short
Answer Type Questions: (Marks 1/2)
1.
State one example
of non-tax revenue and tax revenue. 2014,
2016
2.
Define capital
and revenue expenditure? State one example of capital expenditure and revenue
expenditure. Also distinguish between them.
3.
What is fiscal
policy?
4.
Fill in the
blank: The excess of revenue expenditure
over revenue receipt is called revenue _____.
5.
Distinguish
between public gods and private goods. 2015
6.
What is
allocation function of the government?
7.
What are the
components of capital receipt of government budget?
8.
What are various
classes of government receipts? Mention them with examples. Also distinguish
between them. 2017, 2019
9.
What are various
classes of government expenditure? Mention them with examples
Long Answer Type
Questions: (Marks 3 to 6)
1.
What is
government budget? Briefly explain the components of a government budget.
2.
List out the
objectives of preparing government budget. 2013,
2016
3.
What are the
sources of government revenue? State them briefly. Distinguish between
tax-revenue and non-tax revenue with examples. 2012
4.
Define and
distinguish between direct tax and indirect taxes. 2019, 2020
5.
Mention two
merits and demerits of direct taxes and indirect taxes. 2017
6.
Define surplus
budget, deficit budget and balanced budget. Mention their implications. 2015, 2016, 2020
7.
Define and
Distinguish between plan and non-plan expenditure with examples. 2014,
2016, 2018
8.
Define and
distinguish public goods and private goods. 2018
9.
Is government
debt is a burden?
10.
Trace out the
relationship between government deficit and government debt. 2013
11.
State the
distribution function of government. What are the functions operated through
government revenue and expenditure measures. 2015
Chapter-6:
OPEN ECONOMY MACROECONOMICS (8 Marks)
Very Short
Answer Type Questions: (Marks 1/2)
1.
What is invisible
trade?
2.
What is transfer
payment?
3.
What is foreign
exchange market? Name the participant of such market.
4.
What is
purchasing power parity?
5.
What is real
exchange rate?
6.
Y = C + I + G +
NX. In this equation what does NX refer
to?
7.
What is Bilateral
Nominal Exchange rate?
8.
When the import
function is given as M=50+0.4Y, what will be the marginal propensity to import?
9.
Define budget
deficit and trade deficit.
10.
What do you mean by devaluation of currency?
How does it affect the import of a country? 2020
Long Answer
Type Questions: (Marks 3 to 6)
1.
What is balance
of payment and Balance of trade? Distinguish between them. 2014, 2016, 2020
2.
Explain the two
main accounts of balance of payments. 2014,
2018, 2020
3.
Distinguish
between autonomous and accommodating items of balance of payment. 2013, 2015
4.
What is
disequilibrium in Balance of Payments? Mention the causes behind disequilibrium
in BOP. 2015, 2017, 2019
5.
What is open and
closed economy? Distinguish between them. 2020
6.
Can a country
have a trade deficit and current account surplus simultaneously? Discuss the impact of trade deficit.
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