Class – XII
Subject – Economics
Time: 3 hours M.M 100
1) All questions in both the sections are compulsory.
2) Marks for questions are indicated against each.
3) Questions 1 -5 and 17-21 are very short answer questions carrying 1 mark.
4) They are to be answered in one sentence each.
5) Questions 6-10 and 22-26 are short answer questions carrying 3 marks each. Answers to them should not normally exceed 60 words each.
6) Questions 11-13 and 27-29 are also short answer questions of 4 marks each. Answers to them should not normally exceed 70 words each.
7) Questions 14- 16 and 30-32 are long answer questions of 6 marks each. Answers to them should not normally exceed 100 words each.
8) Answers should be brief and to the point and the above word limits be adhered to as far as possible.
9) All parts of the question should be answered at one place.
INTRODUCTORY MICRO ECONOMICS
1. What causes a downward movement along a demand curve of a commodity?
2. Define fixed cost. 
3. What is an oligopoly? 
4. When supply of a good rises due to its own price, what is the change in supply called? 
5. What is meant by normative economics? 
6. What is meant by an economic problem? Why do they arise? 
7. Explain the inverse relationship between price of a commodity and its demand. 
8. Explain the effect of the following changes on the demand for a commodity by
an individual household, with the help of diagrams:
1 A rise in money income of the household in case the commodity is inferior
2 A favourable change in taste
What is meant by price elasticity of demand? How does nature of a... [continues]
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