Important Questions of Economics: HSC Board Exam 2021
Important Questions of Economics
This is mostly like questions for Economics. Study these questions first given below after that watch the video for detailed information on Important Questions of economics for the HSC Board Exam 2021.
Q.2 A. Identify and Explain the Concept Any (3) Out of (5) [6 Marks]
For Q.2 you must understand the topics conceptually then only you will be able to answer the questions. And if you study long answers and distinguish between, brief answers and agree disagree you will be able to attempt Q.2 easily.
Q.2 B. Distinguish between any (3) Out of (5) [6 Marks]
- Desire and Demand
- Expansion of demand and Contraction of demand
- Increase in demand and Decrease in demand
- Individual demand and Market demand
- Perfectly elastic demand and Perfectly inelastic demand
- Relatively elastic and Relatively inelastic demand.
- Stock and Supply.
- Expansion of Supply and Increase in Supply.
- Contraction of Supply and Decrease in Supply.
- Average Revenue and Average Cost.
- Public finance and Private finance.
- Direct Tax and Indirect tax.
- Money market and Capital market.
- Demand deposit and Time deposit.
- Organized sector and Unorganized sector of the money market.
- Internal trade and International trade.
- Balance of payments and Balance of trade.
|Individual demand||Market demand|
|It refers to the quantity of a commodity demanded by a consumer at various alternative prices during a given period.||It refers to the sum of the total quantity supplied by all sellers in the market at various alternative prices during years.|
|It is a micro concept||It is a macro concept|
|It indicates the supply of a sellers||It indicates quantity supplied by all sellers|
|Total utility||Marginal utility|
|Total utility is the sum of all utilities derived by a consumer from all units of a commodity consumed by him.||Marginal Utility is the utility derived from the consumption of an additional or extra unit of a commodity.|
|TU = ∑mu
TU= Total Utility, ∑MU = sum total of marginal utilities
MUn = TUn – TUn-1
|It is always positive. It starts diminishing when marginal utility becomes zero||It is positive, zero, and negative. It starts diminishing at the beginning.|
|When a person is willing to get something it is called desire.
|Demand is a desire backed by the ability and willingness to pay for a commodity.|
|Desire is a narrow concept||Demand is a broad concept|
|Desire to have something is not demand
e.g. beggar’s desire to have a car is not demand
|Demand is followed by desire and ability.|
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Q.3. Answer the following questions any (3) Out of (5) [12 Marks]
- Explain the features of Microeconomics.
- Explain the features of Macroeconomics.
- Types of Utility
- State the characteristic of Utility
- Types of demand
- Explain the concept of total cost and total revenue.
- Explain the features of Oligopoly.
- Explain the meaning of Monopolistic competition with its features.
- Explain the meaning of Perfect competition with its features.
- Explain the functions of the commercial bank.
- Explain the concept of foreign trade and its types.
- Explain the role of the capital market in India.
- Explain the problems of the capital market in India.
- Explain the meaning and role of foreign trade.
- Explain the two-sector model of the circular flow of national income.
- Explain the features of national income.
- State the types and importance of the Government budget.
- Explain non-tax sources of revenue of the Government.
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Q.4 State with reasons whether you agree or disagree with the following statements any (3) Out of (5)[12 Marks]
- Macroeconomics is different from microeconomics.
- Microeconomics is known as Income theory.
- Law of DMU explained with the help of MU and TU/ There is no relationship between Marginal Utility(MU) and Total Utility(TU)
- Price is the only determinant of demand.
- The goods and services tax (GST) has replaced almost all indirect taxes in India.
- The obligatory function is the only function of the Government.
- Fines and penalties are a major source of revenue for the Government.
Micro-economics is also known as price theory
- Because Micro-economic studies help in determining the price of particular product and
- It explains how the relative prices of thousands of commodities are determined.
- It also deals with the theory of distribution i.e. what is the price of factors of production in the form of land, labour, capital, and entrepreneur in the form of rent, wages, interest, and profit are determined.
- Therefore Micro-economic is known as price theory.
Q. When the Marginal utility is zero total utility is the highest.
Ans.: I agree with the statement that when marginal utility is zero Total utility is the highest
Total utility is the sum of all utilities derived by a consumer from all units of a commodity consumed by him.
Symbolically TU = ∑mu
TU= Total Utility
∑MU = sum total of marginal utilities
Marginal Utility is the utility derived from the consumption of an additional or extra unit of a commodity.
Symbolically MUn = TUn – TUn-1
Schedule/ table: Watch a detailed video on my youtube channel
Diagram: Watch a detailed video on my youtube channel
Q.5 Study the following table, figure, passage, and answer the questions given below it. any (2) Out of (3) [8 Marks]
For Q.5 you must refer book and practice from an exercise given in the books
Q.6 Answer in detail [16 Marks]
- State and explain the law of diminishing marginal utility with exceptions
- State and explain the law of demand with exceptions.
- What is the elasticity of demand? explain types of price elasticity of demand
- Explain the method of measuring elasticity of demand?
- State and explain the law of supply with exceptions.
- There are many theoretical difficulties in the measurement of national income.
- There are many Practical difficulties in the measurement of national income.
- Explain the different methods of measuring National Income
- Explain various reasons for the growth of public expenditure.
- Explain the functions of RBI.
- Explain the role of the money market in India.
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Reference: MHSB Books