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12th Standard English Medium Economics Reduced Syllabus Public Exam Model Question Paper with Answer key - 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. The country following Capitalism is ________________

    (a)

    Russia

    (b)

    America

    (c)

    India

    (d)

    China

  2. What supports the production and consumption activities?

    (a)

    production activity

    (b)

    consumption activity

    (c)

    distribution activity

    (d)

    exchange activity

  3. Expenditure method is used to estimate national income in_______

    (a)

    Construction sector

    (b)

    Agricultural Sector

    (c)

    Service sector

    (d)

    Banking sector

  4. ______ income is never equal to the national income.

    (a)

    Disposal Income

    (b)

    Percapita Income

    (c)

    Personal Income

    (d)

    GDP Deflate

  5. Classical theory advocates_______

    (a)

    Balanced budget

    (b)

    Unbalanced budget

    (c)

    Surplus budget

    (d)

    Deficit budget

  6. J.M. Keynes was born in _____________

    (a)

    1885

    (b)

    1884

    (c)

    1883

    (d)

    1882

  7. According to Keynes the most important determinant of investment

    (a)

    MEC

    (b)

    Effective demand

    (c)

    Aggregate demand

    (d)

    Rate of interest

  8. ___________inflation is in no way dangerous to the economy

    (a)

    walking

    (b)

    running

    (c)

    creeping

    (d)

    galloping

  9. The Functions of commercial banks are broadly classified into

    (a)

    Primary Functions

    (b)

    Secondary functions

    (c)

    Other functions

    (d)

    a, b, and c

  10. In general, a primary reason why nations conduct international trade is because

    (a)

    Some nations prefer to produce one thing while others produce another

    (b)

    Resources are not equally distributed among all trading nations

    (c)

    Trade enhances opportunities to accumulate profits

    (d)

    Interest rates are not identical in all trading nations

  11. _______ includes both visible and invisible items.

    (a)

    Balance of payment

    (b)

    Balance of Trade

    (c)

    Foreign Trade

    (d)

    None of these

  12. What is known as ‘Paper Gold’?

    (a)

    Gold Bonds

    (b)

    Special Drawing Rights

    (c)

    Sovereign Investments

    (d)

    Gold Reserve of nations

  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. Which is not a component of GST

    (a)

    CGST

    (b)

    SGST

    (c)

    GCST

    (d)

    GCST

  15. The process of nutrient enrichment is termed as

    (a)

    Eutrophication

    (b)

    Limiting nutrients

    (c)

    Enrichment

    (d)

    Schistosomiasis

  16. An Eco-System comprises of

    (a)

    Living organisms

    (b)

    Non-living organisms

    (c)

    Both living and non-living organisms

    (d)

    Only plants

  17. Perspective plan is also known as______

    (a)

    Short-term plan

    (b)

    Medium-term plan

    (c)

    Long-term plan

    (d)

    None of the above

  18. Consider the following statements:
    1. P.C. Mahalanobis was first chairman of Planning Commission.
    2. Primary emphasis during second plan was laid on the development of basic and key industries.
    3. National Development Council of India is presided over by deputy chairman of Planning commission of India.
    Select the correct answer from the given codes below:

    (a)

    1 only

    (b)

    2 only

    (c)

    1 and 2

    (d)

    None of these

  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. Find the formula for standard deveiation

    (a)

    Y= a – bx

    (b)

    Y= a + bx

    (c)

    \(\sqrt { \frac { \sum { |x-\bar { X } } }{ } } \)

    (d)

    \(\sqrt { \frac { { \sum { |x-\bar { X } | } }^{ 2 } }{ n } } \)

    1. Part-II

      Answer any seven questions and Question number 30 is compulsory.


    7x 3= 21
  21. What is Economic Policies?

  22. Write the formula for calculating GNP

  23. What are the components of aggregate supply ?

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

  25. What are Subjective Factors?

  26. What is commodity money?

  27. What are Development Banks?

  28. Mention any two objectives of ASEAN.

  29. Specify the meaning of seed ball.

  30. Write a brief note on New Welfare oriented Approach about economic development

    1. Part-III

      Answer any seven questions and Question number 40 is compulsory.

    7 x 3 = 21
  31. Enumerate the features of mixed economy

  32. What are the items should not be included while estimating national income through income method?

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

  34. Explain the uses of multiplier

  35. Explain the primary function of money:

  36. State the objectives of Foreign Direct Investment.

  37. Mention any two functions of the ASEAN.

  38. What are the causes of water pollution?

  39. Write a note on loss of freedom

  40. Differentiate the economic model with econometric model.

    1. Part-IV

      Answer all the questions.

    7x 5 = 35
  41. Discuss the scope of Macro Economics

  42. Discuss the various methods of estimating the national income of a country

  43. Describe the types of unemployment

  44. Briefly explain the subjective and objective factors of consumption function?

  45. Solve and discuss the following using Marshall “Cash Balance Approach”. Suppose money supply in cash and bank deposits (M) = Rs. 1,000. (ii) The total annual national income (R) = 10,000 units. (iii) The goods (income) which the community wants to hold in money (K), say one-fifth of Y = 2,000 units.

  46. What are the objectives of Monetary Policy? Explain.

  47. Bring out the components of balance of payments account.

  48. Explain Adam Smith’s Theory of Absolute Cost Advantage

  49. Explain the objectives of IMF.

  50. Explain the scope of public finance.

  51. What are the advantages of GST?

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

  53. Elucidate various measures of economic development.

  54. Calculate Karl Pearson’s Coefficient of correlation from the following data and interpret its value:
    Example 1
    Calculate Karl pearson's Cofficient of correlation form the followng data and interpret its value:

    Price:X 10 12 14 15 19
    Supply:Y 40 41 48 60 50

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