GREENFIELD PUBLIC SCHOOL KURUKSHETRA

HALF YEARLY EXAMINATION

CLASS-12th

SUBJECT-ECONOMICS

Time -3 hrs M.M-100

Note:
1. All questions are compulsory. However there is internal choice in some questions.
2. Marks for questions are indicated against each question.
3. Question No. 1-5 are very short answer questions. They are required to be answered in one
sentence
4. Question No. 6-10 are short answer questions. Answer to them should not normally exceed 40
words each.
5. Question No. 11-15 are short answer questions. Answer to them should not normally exceed 60
words each.
6. Question No. 16-20 are also short answer questions. Answer to them should not normally exceed
70 words each.
7. Question No. 21-24 are long answer questions. Answer to them should not normally exceed 90
words each.
8. Question No. 25-29 are long answer questions. Answer to them should not normally exceed 100
words each.

1. If due to fall in the price of good X, demand for good Y rises, the two goods are.
(a) Substitutes (c) Not related
(b) Complements (d) Competitive 1
2. Give equation of budget line 1
3. Define Utility. 1
4. Who is considered as the Father of Economics? 1
5. Define Economics 1
6. Define mixed economy 2
7. Define indifference curve. 2
8. Name the central problems of an economy. 2
9. Distinguish Desire, Want and Demand 2
10. What is law of demand? 2
11. What will be the impact of recently launched ‘Clean India Mission’ (Swachh Bharat
Mission) on the production possibilities curve of the economy and why? 3
OR
What will likely be the impact of large scale outflow of foreign capital on production
possibilities curve of the economy and why?
12. The measure of price elasticity of demand of a normal good carries minus sign while
price elasticity of supply carries plus sign. Explain why. 3

13. There are large numbers of buyers in a perfectly competitive market. Explain the
significance of this feature. 3

14. Explain any three exceptions in the law of demand. 3

15. Differentiate between fixed cost and variable cost. 3

16. A consumer spends Rs. 1000 on a good priced at Rs. 8 per unit. When price rises by 25%,
the consumer continues to spend Rs.1000 on the good. Calculate price elasticity of
demand by percentage method. 4

17. Define Cost. State the relation between total cost and marginal cost. 4

18. Government of India has launched ‘Jan-Dhan Yojana’ aimed at every household in the
country to have at least one bank account. Explain how deposits made under the plan are
going to affect national income of the country. 4

19. Why the demand curve of a normal good is downward sloping. 4

20. Explain the geometric method of price elasticity of demand 4

OR
Explain four factors affecting price elasticity of demand
21. Explain the relation between total utility and marginal utility with the help of the
diagram 5
22. What is law of supply? Also explain its determinants. 5

23. What is forward shifting in demand curve? Explain it with the help of a table and
Diagram. OR 5
What is backward shifting in demand curve? Explain it with the help of a table and
Diagram.
24. What is greater than unitary elastic demand? Explain it with the help of a diagram 5
25. Market for a good is in equilibrium. The demand for the good ‘increases’. Explain the
chain of effect of this change. 6
26. What are the determinants of demand 6
27. Explain the different phases of law of variable proportions with help of suitable
Diagrams 6
28. Explain the features of perfect competition. 6
OR

Explain the features of monopolistic competition.

29. What is monopoly? Explain its features. 6