CBSE Class 12 Economics Sample Paper 2015 Set 04 Solved

Section- A

1 Why does production possibility Curve concave to the origin?

a)increasing MRS

b)diminishing MRS

C) constant MRS

D) None

2 What causes a movement along the demand curve of a commodity?

a)change in income

b)change in price

c)change in weather

d)change in fashion

3 When Marginal Product is falling and positive, at what rate Total Product is changing?

a)Increasing rate

b)diminishing rate,

C)constant rate

d) no change

4 State reason why does an economic problem arise?

a)scarcity of resources

b)plenty of resources

c)limited wants

d)none

5 Under which market form is a firm a price taker?

a) Monopoly

b)monopolistic

c)perfect competition

d)Oligopoly

6 How does an increase in price of substitute goods in consumption affect the equilibrium price?

a) Equilibrium price will decrease

b) Equilibrium price will increase

c)equilibrium price will remain the same

D)equilibrium price may increase or decrease.

7 Demand for a good doubles due to a 50 percent fall in its price. Calculate its price elasticity of demand?

8 Explain the law of diminishing marginal utility with the help of a utility schedule.

Or

Explain the conditions of consumer’s equilibrium with the help of utility analysis.

9 Explain the effect of change price of related goods which can be used in place of other goods.

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