HSC Economics question bank with solutions class 12 Maharashtra Board

HSC Economics question bank with solutions

Q.6 Answer in detail

1. Explain the law of diminishing marginal utility and its exceptions
2. Explain the law of demand and its exceptions
3. Explain the concept of price elasticity of demand and its types
4. Explain the law of supply and its exceptions
5. Explain the practical difficulties in the estimation of national income
6. Explain the income method and expenditure method of measurement of national income
7. Explain the Total expenditure method and Geometric method of measuring price elasticity of demand
8. Explain the concept of public revenue and its sources

Q.5 Study the following table, figure, passage and answer the questions given below it.

(for Question No.5 refer to the book and solve all question detail on YouTube)

Q.4 State with reasons whether you agree or disagree with the following statements:

1. The scope of microeconomics is unlimited
2. Macroeconomics is different from Microeconomics
3. When total utility is maximum, marginal utility is zero
4. There are no exceptions to the law of diminishing marginal utility
5. There are no exceptions to the law of demand
6. There is an inverse relationship between price and demand
7. The supply curve of labour is backward bending
8. There is a direct relationship between price and quantity supplied
9. There are many exceptions to the law of supply
10. Seller is the price maker under perfect competition
11. There is product differentiation under monopolistic competition
12. Selling cost is the only feature of monopolistic competition
13. Index numbers measure changes in the price level only
14. There are many theoretical difficulties in the estimation of national income
15. Issue of currency notes is the only function of the Reserve Bank of India
16. Commercial banks create credit
17. Foreign trade leads to the division of labour and specialization
18. There is no difference between Balance of payment and Balance of trade

Q.3 Answer the following:

1. Explain the concept of microeconomics and its features
2. Explain the Importance of microeconomics
3. Explain the concept of macroeconomics and its features
4. Explain the scope of macroeconomics
5. Explain types of utility
6. Explain any four features/characteristics of utility
7. Explain the relationship between total utility and marginal utility
8. Explain types of demand
9. Explain the types of elasticity of demand
10. Explain features of perfect competition
11. Explain the concept of oligopoly with any four features
12. Explain features of monopoly
13. Explain features of monopolistic competition
14. Explain the types of index numbers
15. Explain the two-sector model of the circular flow of national income
16. Explain non-tax sources of public revenue
17. Explain the structure of the organized sector of the money market in India
18. Explain the structure of the unorganized sector of the money market in India
19. Explain the functions of commercial banks
20. Explain the functions of the Reserve Bank of India
21. Explain the role of the money market in India
22. Explain the role of the Indian Capital Market
23. Explain the types of foreign trade
24. Explain the various reasons for the growth of public expenditure.
25. Explain in detail the output method of measuring national income
26. Construct Quantity index number from the given data:
    

    Commodity	A	B	C	D	E
    Base year quantities	170	150	100	195	205
    Current year quantities	90	70	75	150	95

Q.2.B Distinguish between:

1. Microeconomic and Macroeconomics
2. Stock and Supply
3. Total cost and Total revenue
4. Total utility and Marginal Utility
5. Individual demand schedule and Market Demand Schedule
6. Demand curve and Supply Curve
7. Direct tax and Indirect tax
8. Expansion of demand and Contraction of demand
9. Increase in demand and Decrease in demand
10. Expansion of supply and Contraction of supply
11. Increase in supply and Decrease in supply
12. Price elasticity of demand and income elasticity of demand
13. Perfectly elastic demand and Perfectly inelastic demand
14. Public finance and Private finance
15. Revenue expenditure and Capital expenditure
16. Internal debt and External debt
17. Money market and Capital market
18. Demand deposits and Time deposits
19. Import Trade and Export trade
20. Internal trade and Foreign trade
21. Slicing method and Lumping method
22. Partial equilibrium and General equilibrium
23. Direct demand and Indirect demand
24. Gross Domestic Product and Net Domestic Product
25. Balance of payment and Balance of Trade
26. Short period and Long period
27. Perfect Competition and Monopoly
28. Monopoly and Monopolistic competition
29. Simple index number and Weighted index number
30. Price index number and Quantity index number

Q.2.A.Identify and Explain the concepts from the given illustrations:

(for Question No.2B refer to the book and solve all question detail on YouTube)

For Question No.1 refer to the book

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Reference: MHSB Books

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