CBSE Class 12 Economics Question Paper Foreign with answers 2017 Set 02

CBSE Class 12 Economics Question Paper Foreign with answers 2017 (2). 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.

 ECONOMICS

SECTION A

1. A firm is a price taker under

(a) Perfect competition

(b) Oligopoly

(c) Monopolistic competition

(d) Monopoly

2. When marginal utility is zero, total utility is

(a) zero

(b) minimum

(c) maximum

(d) negative

3. The expenditure on a good would change in the opposite direction as the price changes only when demand is

(a) elastic

(b) inelastic

(c) perfectly inelastic

(d) unitary elastic

4. There are only a few sellers under

(a) Perfect competition

(b) Monopolistic competition

(c) Monopoly

(d) Oligopoly

5. State the law of demand.

6. Give any three factors that can cause a rightward shift of demand curve.

7. Explain the meaning of opportunity cost with the help of an example.

8. Why is a Production Possibility Curve concave to the origin ? Explain.

                                       OR

Why does an economic problem arise ? Explain.

9. Explain the meaning of marginal rate of substitution. Why does it diminish as one good is substituted for the other ? Explain.

                              OR

Explain the meaning of budget line. What can cause a change in it ? Explain.

10. State the different phases in the behaviour of marginal product in the law of variable proportions. Also, show the same in a diagram.

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