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Class 12 ISC Prelims 2016 : Economics (Himalayan International Residential School, Jalpaiguri)

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Niloy Biswas
Goenka College of Commerce and Business Administration, Kolkata
ICSE, ISC( Commerce), B'Com(Hons), MA Economics
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HIMALAYAN INTERNATIONAL RESIDENTIAL SCHOOL PRE BOARD EXAMINATION 2014 2015 ECONOMICS Time: 3 Hours Name: ............................ CLASS 12 Max. Marks: 80 House No. ........... Candidates are allowed additional 15 mins for only reading the paper. They must NOT start writing during this time. Answer all questions from part I which is compulsory. Answer ANY FIVE questions from Part II. The intended marks for questions are given in brackets [ ]. Part I (Compulsory) Answer all questions Question 1. [10 x 2=20] Answer briefly each of the following questions (i) to (x) (i) (ii) (iii) (iv) State the law of demand. Mention any two assumptions of the law. With the help of a diagram, show how the equilibrium price and quantity changes when supply increases and demand remains unchanged. Differentiate between explicit cost and implicit cost. Determine MPC and APC from the following information: Consumption Expenditure (C) Income (Y) 100 200 (v) (vi) (vii) (viii) (ix) (x) 80 130 Explain the meaning of full employment in macro economics. Explain the meaning of price discrimination in monopoly market. Define budget. When can there be a deficit in the budget? How does Central Bank use moral suasion as a tool to control credit? Define fiscal policy. Mention the tools of fiscal policy. Indicate two differences between short-run and long-run production functions. Part II Answer any five questions Question 2 (a) Discuss any two determinants of demand other than the price of the commodity. [3] Page 1

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