CBSE Class 12 Economics Sample Paper 2013 Set 03 Solved

SECTION-A

1. State two features of resources that give rise to an economic problem. 

2. What happens to total expenditure on a commodity when its price falls and its demand is price elastic? 

3. What happens to equilibrium price of a commodity if there is an ‘increase’ in its demand and ‘decrease’ in its supply? 

4. Give the meaning of equilibrium market price of a good. 

5. What is meant by cost in economics? 

6. State any three factors that can cause an ‘increase’ in demand of a commodity. 

7. Will the supply at a point on a positively sloped, straight line supply curve be unitary elastic, elastic or inelastic? 

8. Explain why is production possibility frontier concave.

9. How does the nature of a commodity influence its price elasticity of demand? Explain. 

10. Calculate the price elasticity of demand for a commodity when its price increases by 25% and quantity demanded falls from 150 units to 120 units. 

11. Demand for electricity Has “increased”. However supply cannot be increased due to lack of resources. Explain how, in any two ways, demand for electricity can be “decreased”. 

12. Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output:

     (i) at the same price.

     (ii) only by lowering the price.

13. Explain the implications of the following features of perfect competition:

      (a) large number of buyers and sellers

      (b) freedom of entry and exit to firms

Please refer to attached file for CBSE Class 12 Economics Sample Paper 2013 Solved Set C