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Class-12 Economics 2022 SOLUTIONS

48. Select and write the correct alternative : When total utility are fixed then marginal utility are – (a) Zero (b) Positive (c) Negative
49. Fill in the blanks : (i) Average revenue = ____/ Quantity (ii) The government imposed upper limit on the price of a goods or
50. Write True or False : (i) Opportunity cost is also called the economic cost. (ii) Goods and Service Tax (GST) is concept of One
51. Match the columns : (i) Substitutes goods (a) Ultimate consumers (ii) Complements goods (b) Tea and Coffee
52. Answer in one sentence : (i) When was the World Bank established ? (ii) What is the relationship between demand and price of a
53. What is the central problem of an economy ?
54. Write any two differences between a centrally planned economy and market economy.
55. A market where there are only two consumers and suppose their demands for the goods are given as follows :
56. What is the inferior goods ? Give examples.
57. What is the price elasticity of supply ?
58. What is the supply curve of a firm in the long run ?
59. Explain the market equilibrium price,
60. What is the price floor ? Give example.
61. What is the average income ? Write the formula.
62. What is the meaning of oligopoly ?
63. What is the meaning of macro economy analysis ?
64. Why and when did the world great depression happen?
65. What is the gross national product of income?
66. Write the meaning of personal disposable income.
67. What is the barter system
68. What are the main functions of money ?
69. Are fiscal deficits inflationary?
70. What is 'Budget' ?
71. What is the open economy?
72. Name the financial institutions of international standard.
73. Write distinguish between micro economics and macro economics.
74. What is the subject matter of economics ?
75. What are the characteristics of a perfectly competitive market ?
76. Write the effecting factors of commodity of supply.
77. What is the aggregate demand ? Write main components.
78. Explain 'Paradox of Thrift'.
79. What are the objectives of government budget ? Write.
80. Why public goods must be provided by the government? Explain.
81. What is the Demand curve and the law of demand ? Write.
82. Write the main characteristics of Indifference curves.
83. Briefly write the concepts of the cost function.
84. Why are the cost curves 'U' shaped ?
85. Write the main methods to calculate the National Income.
86. What are the main factors of production and what are called the remunerations to each of them ?
87. What is meant by demand and supply of money ? Write.
88. Explain the main functions of Reserve Bank.
MP Board Class-12 Economics Notes