Economics October 2015 HSC Board paper Solution

Q. 1. A. Fill in the blanks

1. Individual economic unit

2. Inelastic

3. Autonomous

4. Accept deposits

5. Deficit.

Q. 1. B. Match the following:

Group A	Group B
a. Demand and Price	(8) Inverse relation
b. Stock	(6) Potential Supply
c. Reward of Capital	(1) Interest
d. Unemployment allowance	(7) Transfer Income
e. Central Bank	(3) Reserve Bank of India

Q. 1. C. True or False

1. True

2. True

3. False

4. False

5. True

6. False

Q. 2. A. Define or Explain

(1) Average Revenue

(2) Selling Cost

(3) Land

(4) General equilibrium

(5) Bank Rate

(6) Individual Economic unit.

Q. 2. B. Give reasons or explain the following statements. (Any Three) (6)

1. Micro economic theories are based on certain assumptions.

2. Utility is ethically neutral.

3. Demand for habitual goods is inelastic.

4. Paid services are included in national income.

5. There are many subjective factors that determine consumption function.

6. Central Bank act as lender of last resort.

Q. 3. (A) Distinguish between (Any Three) (6)

1. Desire and demand

2. Gross National Product and Net National Product

3. Paper Money and Metalic Coins.

4. Surplus Budget and Deficit Budget.

5. Micro Economics and Macro Econmics.

6. Stock and Supply.

Q. 3. (B) Write short notes. (Any Two) (6)

(1) Importance of micro economics.

(2) Ratio method of measuring price elasticity of demand.

(3) Types of Monopoly.

(4) Qualities of an Entrepreneur.

Q. 4. Write short Answer for the following questions. (Any Three) [12]

(1) What are the characteristics of utility?

(2) What are the features of perfect competition?

(3) What are the features of Macro Economics?

(4) What are the determinants of aggregate supply?

(5) Explain various types of Bank Deposits.

(6) Explain the components of government budget.

Q. 5. Explain with resons whether you ‘agree’ or ‘disagree’ with the following statements. (Any Three) [12]

(1) Various factors incluence the demand for a commodity.

(2) The law of ‘diminishing marginal utility’ is important in the practice.

(3) Price is the only determinant of supply.

(4) Money performs various functions.

(5) Commercial Bank provides many general utility services.

(6) Central Bank is a profit making institution.

Q. 6. Write explanatory answer: (Any Two) [16]

(1) State and explain the ‘Law of Demand’ with assumptions.

EXPLAIN THE LAW OF DEMAND?

ASSUMPTIONS TO THE LAW OF DEMAND

(2) What are the types of price elasticity of Demand?

(3) Explain practical difficulties involved in estimation of national income.

(4) Explain the determinants of aggregate demand.