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ISC Class XII Board Specimen 2013 : Economics

3 pages, 40 questions, 39 questions with responses, 39 total responses,    0    0
ISC 12th
Indian School Certificate Examination (ISC), New Delhi
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ECONOMICS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) ---------------------------------------------------------------------------------------------------------------Answer Question 1 (compulsory) from Part I and five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. ---------------------------------------------------------------------------------------------------------------- PART I (30 Marks) Answer all questions. Question 1 Answer briefly each of the following questions: [15 2] (i) State the Law of Demand. Mention two assumptions of the Law. (ii) What is meant by substitution effect? (iii) Define income elasticity of demand. (iv) With the help of a diagram, explain one exception to the Law of Supply. (v) What is marginal physical product? How can marginal physical product be obtained from total physical product? (vi) With the help of a diagram, show how the equilibrium price and quantity change, when supply increases and demand remains unchanged. (vii) Define monopsony. Explain one feature of monopsony. (viii) Differentiate between explicit cost and implicit cost. (ix) What is meant by marginal efficiency of capital? (x) Explain how bank rate can be used to control credit in an economy. (xi) How can private income be obtained from domestic income? (xii) Define fiscal policy. Mention the tools of fiscal policy. (xiii) What is meant by revenue deficit? (xiv) Differentiate between stock and supply. (xv) Explain the meaning of full employment in macro economics. 1 ISC Specimen Question Paper 2013

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