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HSC ECONOMICS JULY 2017 BOARD PAPER SOLUTION

HSC Economics July 2017 Board Paper Solution

HSC ECONOMICS JULY 2017 BOARD PAPER SOLUTION

Name Page No. 1 Name Page No. 2
Q. 1. A. Fill in the blanks using proper alternatives given in the brackets.
(1) Demand for car and petrol is ____________ demand.
(Direct / Indirect / Joint / Composite)
(2) \( \text{Total Revenue} \div \text{number of units sold} \) = ______________
(Average Cost / Average Revenue / Marginal Cost / Total Cost)
(3) Personal Income - Direct Tax = ________________
(Private income / Disposable income / National Income / Total Income)
(4) ____________ bank has the monopoly of note issue.
(Commercial / Co - operative / Central / Industrial )
(5) When Government revenue exceeds government expenditure. It is known as a _______________ budget.
(Surplus / balanced / deficit / unbalanced)

Economics Board Questions with Solution

Q. 1. B. Match the following: [5]

Study the two groups below and identify the correct pairs.

Group ‘A’ Group ‘B’
(a) Marginal utility (1) Price Discrimination
(b) Medicines (2) Legal tender money
(c) Monopoly (3) Government bank
(d) Currency Notes (4) Utility from last unit.
(e) Central Bank (5) Inelastic demand
(6) Commercial bank
(7) Utility of all units
(8) Elastic demand

Correct Matching Answers:

(a) Marginal utility matches with (4) Utility from last unit.
(b) Medicines matches with (5) Inelastic demand
(c) Monopoly matches with (1) Price Discrimination
(d) Currency Notes matches with (2) Legal tender money
(e) Central Bank matches with (3) Government bank
Q. 1. C. State whether the following statements are ‘True’ or ‘False’.
(1) Adam Smith is known as the ‘Father of Economic’. (True)
(2) Better transport facility increase supply at the same price. (True)
(3) There is no need of advertisement in monopolistic competition. (False)
(4) Depreciation is included in net investment. (False)
(5) Central Bank acts as a lender of the last resort. (True)
(6) Budget is not prepared for each and every year. (False)
Q. 2. A. Define / Explain the following concepts. (Any Three)
(3) Stock
Q. 2. (B) Give reasons or Explain the following statements. (Any Three)
Q. 3. (A) Distinguish between (Any Three)
Q3. B. Write short notes (Any Two)
Q. 4. Answer the following Questions. [Any Three]
Q. 5. State with reason whether you agree or disagree with the following statements. (any Three)
Q. 6. Write Explanatory answer. (Any Two )
(1) State and explain the law of demand with its exception.
EXPLAIN THE LAW OF DEMAND? EXCEPTION TO THE LAW OF DEMAND
(2) What is perfect competition? Explain price determination under perfect competition.
(3) What is national income. Explain how national income is measured by output method.
(4) What do you mean by aggregate supply? Explain determinants of aggregate supply?

ECONOMICS HSC IMPORTANT QUESTIONS FOR BOARD EXAM

ALMOST 99.99% SURE QUESTIONS.

Define / Explain the following concepts. (Any Three)
Autonomous consumption General equilibrium Government budget. Individual Economic unit. Individual demand Induced Consumption Expenditure Labour Land Macroeconomic variables Macroeconomics Market Market Demand Microeconomics Token coins Total output Unitary elastic demand.
Give reasons or explain the following (Any Three) (6)
A deficit budget may prove useful during the period of depression. Agricultural goods are exceptions to the law of supply. All desires are not demand. An entrepreneur is called a leader of the organization. Autonomous investment is not directly linked with profit. Unpaid services are not included in national income. Utility has no ethical consideration. Utility is a relative concept. Utility is ethically neutral. With the increase in income, both consumption and savings increase.
Distinguish between (Any Three) (6)
Average Revenue and Average cost Central Bank and Commercial Bank. Convertible paper money and Inconvertible paper money. Demand curve and supply curve Desire and demand Direct Tax and Indirect Tax. Direct demand and Indirect demand. Expansion of demand and Increase in demand. Extension of supply and contraction of supply. Form Utility and Time Utility.
Write short notes (Any Two) (6)
Credit creation. Subject matter of microeconomics. Total expenditure method of measuring Elasticity of Demand. Types of Monopoly. Types of capital. Types of loans of commercial bank.
Write short answers for the following questions (Any Three) (12)
Explain different types of loans and advances provided by commercial banks. Explain features of National Income. Explain features of utility Explain qualitative measures of credit control adopted by the Central Bank. Explain the Law of Demand. Explain the agency function of Commercial Bank. Explain the budget expenditure of the government. Explain the circular flow of National Income What is the importance of the study of Microeconomics?
Explain with reasons whether you ‘agree’ or ‘disagree’ with the following statements (Any Three) (12)
Aggregate demand depends only on the consumption expenditure. Aggregate supply is influenced only by availability of natural resources. Barter system did not have any difficulty. Bank rate is a quantitative measure of credit control. Cash reserve ratio is a quantitative measure of credit control. There are no exceptions to the law of supply. There is difference between Micro Economics and Macro Economics. There is difference between stock and supply. There is direct relationship between price and quantity supplied. There is no difference between the Central bank and a commercial bank. There is no relationship between marginal utility and total utility. Various factors influence Elasticity of Demand. Various factors influence the demand for a commodity.
Write explanatory answers. (Any Two): (16)
Explain any ‘two methods’ of measuring price elasticity of demand. Explain the practical difficulties involved in the measurement of national income. State and explain the law of demand with assumptions. What is elasticity of demand? Explain the types of price elasticity of demand. Explain Ratio method and Geometric method of measuring price elasticity of demand. Explain the subjective and objective factors determining consumption function.
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