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CBSE Class 12 Pre Board 2019 : Economics - Prelim 2 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 03-01-2019 Set 2 Max. Marks : 80 Time : 3 hrs. ECONOMICS General Instructionsi) Questions 1-4 and 13-16 are very short answer questions of 1 mark each. Answer them in one sentence each/write the correct option on your answer sheet. ii) Questions 5-6 and 17-18 are short answer questions of 3 marks each. Answer them in a maximum of 60 words each. iii) Questions 7-9 and 19-21 are short answer questions of 4 marks each. Answer them in a maximum of 70 words each. iv) Questions 10-12 and 22-24 are long answer questions of 6 marks each. Answer them in a maximum of 100 words each. v) Word limits do not apply to numericals. Section - A : Introductory Microeconomics 1. Marginal revenue of a firm which is able to sell more quantity only at a lower price isa) Smaller than price b) Greater than price c) Equal to price d) All the above 2. Identify the correct statementa) Total Product always decreases when marginal product decreases. b) Decreasing returns to a factor always means total product decreases. c) Total Product reaches its maximum when marginal product is zero. d) Total Product increases only when marginal product increases. 3. A firm is producing 40 units of a good. At this level of output, the average total cost is Rs 60 and the average fixed cost is Rs 40. What is the total variable cost of the firm? (OR) At higher levels of output, AVC intersects AC. True /False. Give reason for your answer. 4. Complete the following PPS to show that the resulting PPC is convex to originX Y 0 10 1 7 2 --------------- 3 ------------------ (OR) State two reasons for a rightward shift of PPC. 5. Describe the central problem related to the choice of product to be produced. (OR) Differentiate between Normative and Positive economics. 6. State and explain any three factors that make a consumer buy lesser units of a good at the same price. 7. Explain the relationship between marginal cost and total cost. Use diagram. (OR) Explain the relationship between marginal cost and total variable cost. Use diagram. 8. When the price of a good rises from Rs 5 to Rs 10 per unit, its quantity demanded becomes half of its original amount. Calculate its elasticity of demand. At what price will its quantity demanded rise by 50%? (OR) Explain using examples how do the following factors affect price elasticity of demand for a gooda) Nature of commodity. b) Proportion of income spent on the good. 9. What is meant by price floor? Explain its implications. Use diagram. 10. a) b) 11. Describe three main features of monopolistic competition. Market for a good is in equilibrium. There is simultaneous increase in demand and supply but there may or may not be a change in the market price. Use schedules and explain how this is possible. (3+3) Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output at the same per unit price. Use schedule. (OR) Define producer s equilibrium and explain its conditions assuming that the firm can sell more units of output at the same per unit price. Use Diagram.

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