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CBSE XII Economics Sample Paper, Set-10
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. What do you mean by complementary good. Give two examples? (1 Mark) Ans. It may be defined as the goods which are used together to satisfy a given want. The examples are pen and ink, car and petrol etc. 2. Why are goods demanded? (1 Mark) Ans. We demand goods and services because they have the capacity to satisfy our wants. The capacity to sat...

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CBSE XII Economics Sample Paper, Set-9
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. What is an indifference map? (1 Mark) Ans. The consumer preferences for all the bundles can be represented by a family of indifference curves as given in the diagram. It is calledindifference map. In other words a set of indifference curves iscalled indifference map.   2. Define normal goods. (1 Mark) Ans. Normal goods are those goods wh...

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CBSE XII Economics Sample Paper, Set-8
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. What do you mean by an inferior good ? (1 Mark) Ans. Inferior goods are those low quality goods whose demand generally decreases with increase in income of the consumer. 2. What happen to budget set when both prices as well as income is doubled? (1 Mark) Ans. In this situation, the budget set will remain the same because prices and income has chang...

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CBSE XII Economics Sample Paper, Set-7
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. Is perfect competition a reality or myth? (1 Mark) Ans. Perfect competition is rarely found in reality. Thus, it is considered a myth. 2. Give any two basis for market classification. (1 Mark) Ans. Two basis for market classification are: a) Number of buyers and sellersb) Nature of the commodity 3. Is market confined only to the shopping complex?...

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CBSE XII Economics Sample Paper, Set-6
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. Give any two characteristics of economic resources. (1 Mark) Ans. Two characterstics are: (i) Resources arelimited or scarcein relation to their demand.(ii) Resources can be put todiverse uses. 2. What is the problem of “How to Produce” ? (1 Mark) Ans. How to produce may be defined as the problem of choice between different techni...

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CBSE XII Economics Sample Paper, Set-5
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. Is perfect competition a reality or myth? (1 Mark) Ans. Perfect competition is rarely found in reality. Thus, it is considered a myth. 2. What is meant by Patent Right? (1 Mark) Ans. Patent Right is the official recognition of the innovators of a new product or technology. 3. Give any two basis for market classification. (1 Mark) Ans. Two basis f...

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CBSE XII Economics Sample Paper, Set-4
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. Why does a PPC slope downwards from left to right? (1 Mark) Ans. PPC slope downwards from left to right because more ofone commoditycan be produced only with less productionof another commodity or by shifting resources from the production of one commodity to another commodity. 2. Define marginal rate of transformation. (1 Mark) Ans. Marginal rate o...

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CBSE XII Economics Sample Paper, Set-3
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. What is the relationship between AR and MR under perfect competition? (1 Mark) Ans. Under perfect competition AR = MR because one pice prevails in the market. 2. Define variable cost.  (1 Mark) Ans. Costs incurred on the variable factors of production are known as variable costs. Variable cost varies with the level of output. It is zero at zer...

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CBSE XII Economics Sample Paper, Set-2
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. What is the relationship between AR and MR under perfect competition? (1 Mark) Ans. Under perfect competition AR=MR because one pice prevails in the market. 2. Define variable cost. (1 Mark) Ans. Costs incurred on the variable factors of production are known as variable costs. Variable cost varies with the level of output. It is zero at zero outpu...

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CBSE XII Economics Sample Paper, Set-1
SECTION-A [INTRODUCTORY MICRO ECONOMICS] 1. Name the India’s Central Bank. (1 Mark) Ans. India’s Central Bank is the Reserve Bank of India. 2. What is banking? (1 Mark) Ans. Banking is defined as ‘accepting for purpose of lending or investments of deposit of money from the public repayable on demand or otherwise and withdrawal by cheque, draft, order or otherwise.&rsqu...

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