CBSE Class 12 Economics Question Paper 2022 Set 01 Solved

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SECTION: A
 
1 A firm is operating with a Total Variable Cost of 2000 when 5 units of the given output are produced and the Total Fixed Costs are 800, what will be the Average Total Cost of producing 5 units of output?
a) 560
b) 520
c) 400
d) 500
 
2 As the consumer has more units of a commodity, his total utility from the commodity :
a) Increase less than in proportion and then falls
b) Increase less than in proportion, reaches a maximum and then falls
c) Increase more than in proportion and then falls
d) Falls, becomes zero and then negative.
 
3 How is law of demand expressed functionally?
a) Dx = f (Px), ceteris paribus
b) Dx = f (Pz), ceteris paribus
c) Dx = f (Y), ceteris paribus
d) Dx = f (T), ceteris paribus
 
4 When Average Revenue passes through minimum point of Average variable cost, it is called:
a) Breakeven point
b) Shutdown point
c) Normal profit points
d) Super normal profit points
 
5 Explain the law of diminishing marginal utility with the help of a total utility schedule.
OR
Explain the conditions of consumer’s equilibrium with the help of utility analysis.
 
6 When the Price of a good rises from 40 per unit to 60 per unit, the revenue of the firm producing this good rises from 200 to 600. Calculate the price elasticity of supply.
 
7 Giving reason state whether the following statements are true or false.
a) Equilibrium between demand and supply helps in determining prevailing price of the product.
b) Equilibrium price will not change if decrease in demand meets with proportionate decrease in supply.
 
8 How does a change in supply influence the equilibrium price?
OR
How does a decrease in demand influence the equilibrium price?
 
9 Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.
 
10 Distinguish between change in quantity supplied and change in supply with a graph.
 
11 Suppose the demand and supply curves of salt are given by:
Qd = 1000 – p
Qs = 700 +2p
a) Find the equilibrium price and quantity
b) Now suppose that price of an input used to produce has increase so that the new supply curve is Qs=400+2p. How does the equilibrium price and quantity change?
c) Suppose the government is imposed a tax of 3 per unit on sale of salt. How does it affect the equilibrium price and quantity?
OR
Suppose the value of demand and supply curves of a Commodity-X is given by the following two equations simultaneously:
Qd = 200 –10p, Qs = 50 + 15p
 
i. Find the equilibrium price and equilibrium quantity of commodity X.
ii. Suppose that the price of a factor inputs used in producing the commodity has changed, resulting in the new supply curve given by the equation Qs’ = 100 + 15p
Analyse the new equilibrium price and new equilibrium quantity as against the original equilibrium price and equilibrium quantity.
 
12 a) Why is Total Variable Cost curve inverse S- shaped?
b) What is Average Fixed Cost of a firm? Why is an Average Fixed Cost Curve a rectangular Hyperbola? Explain with help of a diagram.
 
SECTION: B
 
13 Current transactions are of _____________ nature.
a) Stock
b) Flow
c) Both flow and stock
d) None of the above
 
14 State one fiscal measure that can be used to reduce the gap between rich and poor. 
 
15 Revenue expenditure may be on:
a) Interest expenditure
b) Subsidies
c) Non-interest expenditure
d) All of the above
 
16 If disposable income is Rs 500 and saving is Rs 100 find Average Propensity to consume.
a) 80%
b) 20%
c) 50%
d) 10%


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