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12th Standard English Medium Economics Reduced Syllabus Public Exam Model Question Paper - 2021

12th Standard

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Economics

Time : 02:30:00 Hrs
Total Marks : 90

    Part-I

    Choose the most appropriate answer from the given four alternatives and write the option code and the corresponding answer.

    20 x 1 = 20
  1. Economic system representing equality in distribution is _________.

    (a)

    Capitalism

    (b)

    Globalism

    (c)

    Mixedism

    (d)

    Socialism

  2. Which of the following statements regarding the circular-flow diagram is true?

    (a)

    If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.

    (b)

    If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.

    (c)

    None of these answers

    (d)

    The factors of production are owned by households.

  3. The largest proportion of national income comes from___________

    (a)

    Private sector

    (b)

    Local sector

    (c)

    Public sector

    (d)

    None of the above

  4. __________ employ factors of production to produce the goods and services.

    (a)

    Consumer

    (b)

    Business sectors

    (c)

    House holds

    (d)

    Farmers

  5. Structural unemployment is a feature in a _____________

    (a)

    Static society

    (b)

    Socialist society

    (c)

    Dynamic society

    (d)

    Mixed economy

  6. Which of the following economies largely structural unemployment which is due to slow rate of capital formation?

    (a)

    Developing economies

    (b)

    Underdeveloped economies

    (c)

    Developed economies

    (d)

    None of the above

  7. Which of the following can cause shifts in consumption function:

    (a)

    Psychological attitude

    (b)

    Social practices

    (c)

    Business motives

    (d)

    Changes in price level

  8. ___________inflation is in no way dangerous to the economy

    (a)

    walking

    (b)

    running

    (c)

    creeping

    (d)

    galloping

  9. A Commercial Bank is an institutions that provides services

    (a)

    Accepting deposits

    (b)

    Providing loans

    (c)

    Both a and b

    (d)

    None of the above

  10. Cyclical disequilibrium in BOP occurs because of

    (a)

    Different paths of business cycle.

    (b)

    The income elasticity of demand or' price elasticity of demand is different.

    (c)

    long-run changes in an economy

    (d)

    Both (a) and (b)

  11. India has a comparative cost advantage in

    (a)

    textiles

    (b)

    steel

    (c)

    both of them

    (d)

    none of them

  12. India’s relationship with ASEAN started in 1992 when India became a ………..?

    (a)

    sectoral dialogue partner

    (b)

    founding member

    (c)

    observer

    (d)

    permanent member.

  13. Finance Commission determines

    (a)

    The finances of Government ofIndia

    (b)

    The resources transfer to the states

    (c)

    The resources transfer to the various departments

    (d)

    None of the above

  14. Pick out the method which is not a part of redemption

    (a)

    Sinking Fund

    (b)

    Surplus Budget

    (c)

    Terminal Annuities

    (d)

    Refunding

  15. The common source of outdoor air pollution is caused by combustion processes from the following ______________

    (a)

    Heating and cooking

    (b)

    Traditional stoves

    (c)

    Motor vehicles

    (d)

    All the above

  16. _________ are considered to be the lungs of the earth.

    (a)

    Oxygen

    (b)

    Water

    (c)

    Trees

    (d)

    Climate amelioration

  17. Which of the following plan has focused on the agriculture and rural economy

    (a)

    People's Plan

    (b)

    Bombay Plan

    (c)

    Gandhian Plan

    (d)

    Vishveshwarya Plan

  18. In _______planning the period extends over 3 to 5 year upto 7 to 10years.

    (a)

    over all

    (b)

    rolling

    (c)

    indicative

    (d)

    mid-term

  19. The value of the coefficient of correlation r lies between

    (a)

    0 and 1

    (b)

    -1 and 0

    (c)

    -1 and +1

    (d)

    -0.5 and +0.5

  20. If all values of a sample are same, then its variance is

    (a)

    1

    (b)

    0

    (c)

    2

    (d)

    Cannot be determined

  21. Part-II

    Answer any seven questions and Question number 30 is compulsory.

    7 x 2 = 14
  22. What are the different models of circular flow of income?

  23. Write the formula for calculating GNP

  24. Give reasons for labour retrenchment at present situation

  25. What is the main criticism of Keynes on Classicals?

  26. Write a note on motives of precaution and foresight.

  27. What is commodity money?

  28. Mention few major functions of RBI.

  29. When and where was SAARC Secretariat established?

  30. Specify the meaning of seed ball.

  31. What do you mean by economic development?

  32. Part-III

    Answer any seven questions and Question number 40 is compulsory.

    7 x 3 = 21
  33. Outline the major merits of capitalism.

  34. Write a note on social account method of national income

  35. Explain the following in short
    (i) Seasonal unemployment
    (ii) Frictional unemployment
    (iii) Educated unemployment

  36. Write a note on Multiplier.

  37. Explain Effects on Production of Inflation.

  38. Explain the Net Barter Terms of Trade and Gross Barter Terms of Trade.

  39. Write briefly about “Structural Adjustment Facility”

  40. Specify the meaning of material balance principle

  41. What is vicious circle of poverty?

  42. Find the Standard Deviation of the following data:14,22,9,15.20,17,12.11

  43. Part-IV

    Answer all the questions.

    7x 5 = 35
    1. Compare the features of capitalism and socialism

    2. Explain the importance of national income

    1. Explain the differences between classical theory and Keynes theory.

    2. Explain Keynes psychological law of consumption f.unction with diagram.

    1. Explain the Secondary Functions.

    2. Describe the functions of Reserve Bank of India.

    1. How the Rate of Exchange is determined? Illustrate.

    2. State the importance of the comparative advantage of international trade.

    1. Explain the objectives of IMF.

    2. What are the reasons for the recent growth in public expenditure?

    1. What are the advantages of GST?

    2. Briefly explain the relationship between GDP growth and the quality of environment.

    1. Elucidate various measures of economic development.

    2. Find the Karl Pearson coefficient of Correlation between X and Y from the following data:

      X: 10 12 13 16 17 20 25
      Y: 19 22 26 27 29 33 37

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