CBSE Class 12 Economics Question Paper 2021 Set 03 Solved

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Class 12 Economics Solved Question Papers: CBSE Class 12 Economics Question Paper 2021 Set 03 Solved

Access comprehensive previous year question papers for Class 12 Economics using the CBSE Class 12 Economics Question Paper 2021 Set 03 Solved. Designed to align with the 2026-27 CBSE academic guidelines, these solved papers help students assess their exam readiness and understand official marking schemes.

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Access the complete question paper PDF for Class 12 Economics below. Regular practice with these targeted exam papers builds familiarity with standard question patterns and helps secure higher marks in final evaluations.

Section A: Introductory Microeconomics
 
1. When is total product maximum? 
 
2. What are explicit costs?
OR
Define marginal cost.
 
3. When 5 units of a good are sold, total revenue is ₹100. When 6 units are sold, marginal revenue is ₹8. At what price are 6 units sold? (Choose the correct alternative)
(a) ₹28 per unit
(b) ₹20 per unit
(c) ₹18 per unit
(d) ₹12 per unit
 
4. Why is a perfectively competitive firm called a ‘price taker’?
OR
Why is a monopoly firm called a ‘price maker’?
 
5. Define an indifference curve. Explain why an indifference curve is downward sloping from left to right.
 
6. Are the following statements ‘true’ or ‘false’? give reasons
(a) At a higher price than equilibrium price there is excess demand.
(b) If both demand and supply increase simultaneously in same proportion, equilibrium price will also increase.
(c) Price floor the minimum allowable price above equilibrium price.
 
7. ‘As the price of a good falls, the resulting increased purchasing power may be a reason for increase in quantity demanded’. Do you agree with the given statement? Give reason for your answer.
 
8. Explain how changes in prices of other products influence the supply of a given product.
OR
Explain how changes in prices of inputs influence the supply of a product.
 
9. Elaborate the ‘price discrimination’ feature of monopoly.
OR
Why is number of firms limited in an oligopoly market? Explain.
 
10. Explain the following degrees of price elasticity of demand with the help of an example and suitable diagrams.
(a) Inelastic demand
(b) Highly elastic demand
 
11. Giving reason, identify the equilibrium level of output and find profit at each unit of output using marginal cost and marginal revenue approach from the following data.
CBSE Class 12 Economics Question Paper 2021 Set C Solved 1
 
12. The market for a commodity X is in equilibrium. The price of its inputs fall. Explain with the help of a diagram its chain of effects on equilibrium price and equilibrium quantity exchanged.
OR
What is meant by ‘price ceiling’? Explain the consequences of price ceiling. (Use diagram)
 
Section B: Introductory Macroeconomics
 
13. Define capital goods. 
 
14. What is cash reserve ratio?
OR
What is statutory liquidity ratio?
 
15. Define marginal propensity to consume.
 
16. Aggregate demand is represented by --------------- curve in the determination of income analysis. (Choose the correct alternative)
(a) Consumption + Saving + Investment
(b) Consumption + Saving
(c) Saving + Investment
(d) Consumption + Investment
 
17. Distinguish between factor payment and transfer payment.
OR
What is meant by problem of double counting? How this problem can be avoided?
 
18. Explain the ‘banker to government’ function of the central bank. 
 
19. Discuss briefly, the circular flow of income in a two sector economy with the help of a suitable diagram.
 
20. What do you mean by credit/money creation? Explain the process of money creation by the commercial banks with the help of a numerical example.
 
21. In an economy the marginal propensity to consume is 0.75. Investment expenditure in the economy increases by ₹75crore. Calculate the value of multiplier total increase in national income.
OR
An economy is in equilibrium. Its consumption function is C=300 +0.8Y and investment expenditure is ₹700 crores. Find national income and consumption expenditure at equilibrium.
 
22. Calculate gross national product at market price from the following data:

CBSE Class 12 Economics Question Paper 2021 Set C Solved 2

23. Explain the determination of equilibrium level of income in the economy using Savings-
Investment approach. What adjustments will be made if the economy is not at equilibrium? (Use diagram)
 
24. Explain the meaning of ‘deficient demand’ using a diagram. What monetary policy measures are suggested to remedy the situation of deficient demand?
OR
Explain the meaning of ‘excess demand’ using a diagram. What fiscal policy measures are suggested to remedy the situation of excess demand?


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Are the solutions for CBSE Class 12 Economics Question Paper 2021 Set 03 Solved based on the official CBSE marking scheme?

Yes, the solutions for CBSE Class 12 Economics Question Paper 2021 Set 03 Solved are prepared by subject matter experts as per official marking scheme. Class 12 students will understand the structure of answers and 'step-marks' methodology Economics.

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Solving previous year papers like CBSE Class 12 Economics Question Paper 2021 Set 03 Solved is important to understand repeat themes and question difficulty levels of Economics. It helps Class 12 students to test their time management skills too.

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