CBSE Class 12 Economics Question Paper 2007 Set 03

CBSE Class 12 Economics Question Paper 2007 (3). Students can download the last year question papers using the link below. Free download of examination question papers with solutions.Last 10 year question papers should be practised to get better marks in examinations.

SECTION-A

1. Answer the following questions : 

   (i) Define marginal opportunity cost.

   (ii) Why is a production possibility curve concave ?

   (iii) State two characteristics of resources which give rise to an economic problem.

   (iv) Give two examples of microeconomic studies

2. Give meaning of (i) demand, (ii) normal good and (iii) inferior good. 

3. Explain the effect of ‘input price changes’ on the supply of a good. 

4. Explain the relation between marginal revenue and average revenue.

5. Draw Average Total Cost, Average Variable Cost and Marginal Cost curves in a single diagram.

6. Price of a good rises from Rs. 10 per unit to Rs. 11 per unit. As a result quantity demanded of that good falls by 10 percent. Calculate its price elasticity of demand.

7. Give meanings of (i) marginal physical product, (ii) fixed cost, (iii) variable cost, and (iv) total revenue.

8. How is the equilibrium price of a good determined ? Explain with the help of diagram a situation when both demand and supply curves shift to the right but equilibrium price remains the same.

9. Explain the term ‘change in demand’ and represent the same graphically. Also state three factors responsible for ‘change in demand’.

10. Distinguish between ‘returns to a factor’ and ‘returns to scale’. Explain briefly returns to scale by giving numerical examples

11. Answer the following questions : 

     (i) What is macroeconomics ?

     (ii) Give two examples of macroeconomic studies.

     (iii) What is balance of trade ?

     (iv) Give meaning of balance of payments.

Please click the link below to download pdf file of CBSE Class 12 Economics Question Paper 2007 (3).