Model Question - 2059

Grade : XII Full marks : 100

Subject : Economics Pass Marks: 40

Time : 3hrs
Part A
Attempt all questions
1. What is price elasticity of demand? How is it measured
with total outlay method? 5+5

2. Describe the main determinants of demand. Give an

example of a joint demand. 8+2

3. Explain the law of diminishing marginal utility. What are

its limitations? 7+3

4. Explain the law of variable proportions.

10

Or
What is perfect competition? How price and output are
determined under it?

5. Rent is paid for original and indestructible powers of

soil. Explain. 1

6. Explain Malthusian Theory of population.

10

7. Write short notes on any two:

5+5
a. Fixed and variable
 b. Gross and net interest
c. Joint stock company

Part B
8. Explain the main functions of commercial banks.
10

9. Explain the characteristics of good tax system.

10

Or
Discuss briefly the argument for and against protection.

10. Write short notes on any two:

5+5
a. Inflation
b. Deficit financing
c. Direct and indirect tax