CBSE Class 12 Economics Sample Paper 2012 Solved Set B

SECTION-A

1. What causes an upward movement along a demand curve of a commodity ? 

2. What is the price elasticity of supply of a commodity whose straight line supply curve passes through the origin forming an angle of 75°?

3. What change will take place in marginal product, when total product increases at a diminishing rate?

4. Give the meaning of marginal cost. 

5. Give the meaning of ‘oligopoly’. 

6. Explain the inverse relationship between the price of a commodity and its demand.

7. State the ‘law of supply’. What is meant by the assumption ‘other things remaining the same’ on which the law is based?

8. The price elasticity of supply of good X is half the price elasticity of supply of Good Y. A 10% rise in the price of good Y results in a rise in its supply from 400 units to 520 units. Calculate the percentage change in quantity supplied of good X when its price falls from Rs 10 to Rs 8 per unit.

9. State the distinction between explicit cost and implicit cost. Give an example of each.

10. Explain the implication of ‘product differentiation’ feature of monopolistic competition.

11. Explain the effect of a rise in the prices of ‘related goods’ on the demand for a good X.

12. Explain the concept of opportunity cost with the help of an example.

13. There is a simultaneous ‘decrease’ in demand and supply of a commodity. When will it result in:

      (a) No change in equilibrium price.

      (b) A fall in equilibrium price.

             Use diagrams.

Please refer to attached file for CBSE Class 12 Economics Sample Paper 2012 Solved Set B