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CBSE Class 12 Pre Board 2019 : Economics - Prelim 1 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 03-01-2019 Set 1 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. A firm is producing 20 units of a good. At this level of output, the average total cost is Rs 60 and the average variable cost is Rs 40. What is the total cost of the firm? (OR) At higher levels of output, TVC intersects TC. True/False. Give reason for your answer. 2. Marginal revenue of a firm which is able to sell more quantity at the same price isa) Smaller than price b) Greater than price c) Equal to price d) All the above 3. Identify the correct statementa) Total Product will increase only when marginal increases. b) Increase in total product always indicates that there are increasing returns to a factor. c) Total Product always increases. d) Total Product decreases when marginal product is negative. 4. Complete the following PPS to show that the resulting PPC is a straight lineX Y 0 10 1 8 2 --------------- 3 ------------------ (OR) State two reasons for a leftward shift of PPC. 5. State and explain any three factors that make a consumer buy more units of a good at the same price. 6. Describe the central problem related to the choice of technique of production. (OR) Differentiate between Normative and Positive economics. 7. What is meant by price ceiling? Explain its implications. Use diagram. 8. Explain the relationship between marginal cost and total cost. Use diagram. (OR) Explain the relationship between marginal cost and total variable cost. Use diagram. 9. When the price of a good falls from Rs 10 to Rs 5 per unit, its quantity demanded doubles. Calculate its elasticity of demand. At what price will its quantity demanded fall by 50%? (OR) Explain using examples how do the following factors affect price elasticity of demand for a gooda) Availability of substitutes. b) Nature of commodity. 10. State and explain the conditions of consumer s equilibrium with the help of indifference curve analysis. 11. a) b) Describe three main features of perfect competition. (3+3) Market for a good is in equilibrium. There is simultaneous decrease 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.

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