ISC Guess Paper 2010

Economics

Class - XII

PART - I

General Instruction:

(i) Answer all question in Part I and five questions from Part II.

(ii). All working including rough work should be done on the same sheet as, and adjacent to the rest of the answer.

(iii). The intended marks for questions or parts of questions are given in brackets []. (Material to be supplied: Log tables including Trigonometric functions)

(iv). Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.

Q1. Answer briefly each of the questions (i) to (xv). [15x2]

(i) Define macro economics.

(ii) What is product differentiation?

(iii) Define Oligopoly.

(iv) What are inferior goods?

(v) Give two exceptions to the law of demand.

(vi) Define microeconomics.

(vii) What is meant by Balance of Current Account?

(viii) What is meant by foreign exchange rate?

(ix) Define income effect.

(x) Define transfer earning?

(xi) What is fiscal deficit?

(xii) When does marginal utility become negative?

(xiii) Differentiate between money cost and real cost.

(xiv) Discuss any one importance of a budget.

(xv) State Wagner’s Law

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