CBSE Set Set1 Economics Sample Test Papers For Class 12th for students online

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Economics Class - XII  (CBSE)
You are on questions 1 to 18 of Set I

Time allowed :3 hours
Maximum Marks: 100

(i) All questions are compulsory.
(ii) Marks allotted to each question are indicated against it.
(iii) Question numbers 1-14 and 19-22 are very short-answer questions.They should be answered in one sentence each.
(iv) Question numbers 5-6 and 23-24 are very short-answer questions.Answer to these should not normally exceed 30 words each.
(v) Question numbers 7-15 and 25-33 are short-answer questions.Answer to these should not normally exceed 60 words each.
(vi) Question numbers 16-18 and 34-36 are very long-answer questions.Answer to these should not normally exceed 100 words each.
(vii) The word limit is not applicable to numerical questions.

Section A

Q 1 When will the rate of increase in real national income of a country not lead to the same rate of increase in the real per - capita income ? (1 mark)

Q 2 Name the two consuming sectors in the domestic economy. (1 mark)

Q 3 Define 'gross value added'. (1 mark)

Q 4 Why do exports form a part of national income? (1 mark)

Q 5 Why are the following not included in national income? (2 marks)

Q 6 Distinguish between domestic factor income and national income.
(2 marks)

Q 7 How is domestic territory of a country different from its political frontiers? (3 marks)

Q 8 Explain with the help of an example, the economic interdependence of enterprises in modern economics. (3 marks)

Q 9 State the three components of change in stocks at domestic level.
(1+2 marks)

Q 10. Do sale and purchase of second-hand physical assets affect domestic fixed capital formation? Explain. ( 3 marks)

Q 11 Explain the component of net factor income from abroad. (2+1 marks)

Q 12. Calculate operating surplus from the following data :

(Rs. in Lakhs)
i) Net value added at factor cost
ii) Consumption of fixed capital 15
iii) Compensation of employees 80
iv) Net Indirect taxes 10
v) Employees' contribution to social security 5


( 3 marks)

Q 13 Explain the basis of clarifying the producing enterprises of an economy into primary, secondary and teetiany sectors. (3 marks)

Q 14. Calculate gross national product at market price from the following data; ( 2+1 mark)

  (Rs. in lakhs)
(i) Consumption of fixed capital
(ii) Value of output in primary sector
(iii) Value of output in secondary sector
(iv) Gross value added at market price in the teetiary sector
(v) Net Exports
(vi) Value of intermediate consumption in;
a) Primary sector
b) Secondary sector
c) teetiary sector
(vii) Net indirect taxes
(viii) Net factor income from abroad


Q 15. Estimate national income from the following data - (Rs. in crore)
( 3 mark)

(i) Wages and salaries
(ii) Employers' contribution to social security
(iii) Value of free medical facilities to employees
(iv) Bonus
(v) Employees' subscription to provident fund

(Rs. In lakhs)



Q 16. How is the prirate final consumption expenditure measured?
 (5 marks)

Q 17. Explain the income method of calculating national income.

Q 17 From the following data calculate:
(a) Gross domestic product at market price by income method, and
(b) Net national product at factor cost by expenditure method. ( 2+3 marks)

(i)Government final consumption expenditure
(ii)Interest, rent and profits
(iv)Gross capital formation
(v)Net Exports
(vi)Change in stocks
(vii)Net factor Income from abroad
(ix)Private final consumption expenditure
(x)Indirect taxes
(xi)Consumption of fixed capital
(xii)Mixed income of self-employed
(xiii)Compensation of employees

(Rs. In crores)


Q 18. Which organisation estimates the national income in India? Name the subsectors of the Indian economy for which income method is used for estimating their contribution to the domestic product. (1+4 marks)

Q 19 Define normal profits. (1mark)

Q 20 When will the transfer earnings of a factor of production be zero?
(1 mark)

Q 21 Define marginal revenue. (1 mark)

Q 22 What is meant by involuntary unemployment? (1 mark)

Q 23 Explain the problem of full utilisation of resources in an economy.
(2 marks)

Q 24 How is the supply of a commodity affected by the prices of other commodities. (2 marks)

Q 25 State the economic problems relating to the allocation of resources.
(3 marks)

Q 26 How do changes in the income of the buyer of a commodity affect his demand for that commodity. (1+2 marks)

Q 27 The Coefficient of price elasticity of demand of a commodity is 0.5. When its price is Rs. 10 per unit, its quantity demanded is 40 units. If the price falls to Rs. 5 per unit, how much will be its quantity demanded?

Price Quantity

Initial 10 40
Later 5 x. (2+1 marks)

Q 28 Changes in both demand and supply may or may not affect its equilibrium price. Explain. (3 marks)

Q 29 Explain the relationship between marginal cost and average variable cost with the hlep of a diagram. (3 marks)

Q 30 How do changes in maeginal revenue affect total revenue? (2+1 marks)

Q 31 Define monopolistic competition. Can a seller in such a market influence the price? Explain. ( 2+1 marks)

Q 32 What affects the demand for a factor of production by a firm under conditions of perfect competition? (3 marks)

Q 33 State and explain the law of variable proportion with the help of a diagram. (3 marks)

Q 34. Briefly explain the main features of Ricardian theory of rent. How is the modern approach to rent different from it? (2+3 marks)

Q 35. Explain the various monetary measures by which excess demand in an economy can be checked. (4+1 marks)