HSC Class 12 Economics Question Paper Solution July 2025 Maharashtra Board Marathi Medium

HSC Board Question Paper Solution: July 2025

अर्थशास्त्र (Economics)

वेळ: ३ तास (Time: 3 Hours) | एकूण गुण: ८० (Max Marks: 80)

प्र.१. (अ) योग्य पर्याय निवडा (Choose the correct option):

(i) सूक्ष्म अर्थशास्त्रीय विश्लेषणात वापरली जाणारी पद्धत.

(अ) राशी पद्धत
(ब) समग्र पद्धत
(क) विभाजन पद्धत
(ड) सर्वसमावेशक पद्धत

उत्तर: (३) फक्त क (Only c) - विभाजन पद्धत (Slicing Method)

(ii) पूर्ण स्पर्धेत विक्रेत्याची भूमिका पुढील प्रकारची असते.

(अ) किंमतकर्ता
(ब) किंमत स्वीकारणारा
(क) किंमतभेद करणारा
(ड) यापैकी नाही

उत्तर: (२) फक्त ब (Only b) - किंमत स्वीकारणारा (Price Taker)

(iii) किंमत निर्देशांकाच्या संबंधात असलेली विधाने शोधा.

(अ) निर्देशांक एक भौगोलिक साधन आहे. (चूक)
(ब) निर्देशांकात हवेच्या दाबाचे मोजमाप केले जाते. (चूक)
(क) निर्देशांकात आर्थिक चलातील सापेक्ष बदलाचे मोजमाप केले जाते. (बरोबर)
(ड) निर्देशांक हा विशिष्ट सरासरीमध्ये असतो. (बरोबर)

उत्तर: (१) क आणि ड (c and d)

(iv) सरकारच्या सक्तीच्या कार्यामध्ये पुढीलपैकी या कार्याचा समावेश होतो.

(अ) परकीय आक्रमणापासून संरक्षण
(ब) अंतर्गत कायदा व सुव्यवस्था
(क) कल्याणकारी उपाययोजना
(ड) वस्तू व सेवांची निर्यात

उत्तर: (२) अ, आणि ब (a and b)

(v) विदेशी व्यापाराचे प्रकार खालीलप्रकारे आहेत.

(अ) आयात व्यापार
(ब) निर्यात व्यापार
(क) पुनर्निर्यात व्यापार
(ड) अंतर्गत व्यापार

उत्तर: (२) अ, ब आणि क (a, b and c)

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प्र.१. (ब) अर्थशास्त्रीय पारिभाषिक शब्द लिहा (Give Economic Term):

(i) अशी इच्छा, जिला खरेदीशक्तीचे पाठबळ आणि ते खर्च करण्याची मानसिक तयारी असते.

उत्तर: मागणी (Demand)

(ii) एका जादा नगसंख्येच्या उत्पादनामुळे एकूण खर्चात होणारी निव्वळ वाढ.

उत्तर: सीमांत खर्च (Marginal Cost)

(iii) बाजाराचा असा प्रकार ज्यात काही विक्रेते असतात.

उत्तर: अल्पाधिकार (Oligopoly)
*Note: The question says "काही विक्रेते" (Few sellers), which is Oligopoly. If it said "एकच विक्रेता" (Single seller), it would be Monopoly.

(iv) एका वर्षाच्या कालावधीत देशाच्या भौगोलिक सीमारेषेच्या आत उत्पादित होणाऱ्या अंतिम वस्तू व सेवांचे बाजारभावानुसार येणारे मूल्य.

उत्तर: स्थूल देशांतर्गत उत्पादन (Gross Domestic Product - GDP)

(v) राष्ट्राच्या भौगोलिक सीमांच्या अंतर्गत केली जाणारी वस्तू व सेवांची खरेदी-विक्री.

उत्तर: अंतर्गत व्यापार / देशी व्यापार (Internal Trade / Domestic Trade)

प्र.१. (क) खालील विधाने पूर्ण करा (Complete the statements):

(i) सूक्ष्म अर्थशास्त्राला ............ म्हणूनही ओळखले जाते.

उत्तर: (अ) किंमत सिद्धांत (Price Theory)

(ii) जेव्हा एकूण उपयोगिता महत्तम असते तेव्हा सीमांत उपयोगिता ............

उत्तर: (क) शून्य असते (Zero)

(iii) 'क्ष' अक्षास समांतर असलेला किंमत लवचिकतेचा मागणी वक्र ............

उत्तर: (अ) संपूर्ण लवचीक मागणी (Perfectly Elastic Demand)

(iv) भारताचे राष्ट्रीय उत्पन्न मोजण्यासाठी केंद्रीय सांख्यिकीय संघटनेद्वारे वापरली जाणारी पद्धत ............

उत्तर: (ड) उत्पादन पद्धती आणि उत्पन्न पद्धती यांचे एकत्रीकरण (Combination of Production and Income Method)

(v) अल्पमुदती कर्ज देणारा व घेणारा वित्तीय बाजार ............

उत्तर: (अ) नाणे बाजार (Money Market)

प्र.१. (ड) विसंगत शब्द ओळखा (Find the Odd Word Out):

(i) उपयोगितेचे प्रकार: रूप उपयोगिता, स्थल उपयोगिता, सीमांत उपयोगिता, सेवा उपयोगिता.

उत्तर: सीमांत उपयोगिता (Marginal Utility)
(इतर सर्व उपयोगितेचे प्रकार आहेत, सीमांत उपयोगिता ही संकल्पना आहे.)

(ii) मागणीचे निर्धारक घटक: किंमत, उत्पन्न, पर्यायी वस्तूंच्या किमती, गिफेनचा विरोधाभास.

उत्तर: गिफेनचा विरोधाभास (Giffen's Paradox)
(इतर सर्व मागणीचे निर्धारक घटक आहेत, हा मागणीच्या नियमाचा अपवाद आहे.)

(iii) मागणीच्या किंमत लवचीकता मोजण्याच्या पद्धती: उत्पन्न पद्धती, शेकडेवारी पद्धती, एकूण खर्च पद्धती, बिंदू पद्धती / भूमिती पद्धती.

उत्तर: उत्पन्न पद्धती (Income Method)
(उत्पन्न पद्धती ही राष्ट्रीय उत्पन्न मोजण्याची पद्धत आहे.)

(iv) पुरवठा नियमाचे अपवाद: श्रमाचा पुरवठा, कृषी उत्पादने, प्रतिष्ठेच्या वस्तू, नाशवंत वस्तू.

उत्तर: प्रतिष्ठेच्या वस्तू (Prestige Goods)
(प्रतिष्ठेच्या वस्तू हा प्रामुख्याने मागणीच्या नियमाचा अपवाद आहे. श्रमाचा पुरवठा, कृषी उत्पादने आणि नाशवंत वस्तू हे पुरवठ्याचे अपवाद मानले जातात.)

(v) करेतर उत्पन्नाचे स्रोत: शुल्क, सीमा शुल्क, विशेष अधिभार, दंड व दंडात्मक रकमा.

उत्तर: सीमा शुल्क (Customs Duty)
(सीमा शुल्क हा कराचा प्रकार आहे, इतर सर्व करेतर उत्पन्नाचे स्रोत आहेत.)

प्र.२. (अ) खालील उदाहरणांच्या आधारे संकल्पना ओळखून ती स्पष्ट करा (कोणतेही तीन):

(i) राजूने भारतीय अर्थव्यवस्थेतील एकूण उपभोग, एकूण बचत आणि एकूण गुंतवणूक याची माहिती गोळा केली.

संकल्पना: समग्रलक्षी अर्थशास्त्र (Macro Economics).
स्पष्टीकरण: समग्रलक्षी अर्थशास्त्र हे संपूर्ण अर्थव्यवस्थेचा अभ्यास करते, जसे की एकूण रोजगार, एकूण राष्ट्रीय उत्पन्न, एकूण गुंतवणूक इत्यादी.

(ii) 'क्ष' वस्तूच्या किमतीत २०% ने वाढ झाली असता 'क्ष' वस्तूच्या मागणीत २०% ने घट होते.

संकल्पना: एकक लवचीक मागणी (Unitary Elastic Demand).
स्पष्टीकरण: जेव्हा किमतीतील बदलाच्या प्रमाणाइतकेच वस्तूच्या मागणीतील बदलाचे प्रमाण असते, तेव्हा त्यास एकक लवचीक मागणी म्हणतात. (Ed = 1).

(iii) स्वराला महाराष्ट्र राज्य सरकारकडून दरमहा ₹ ८००० निवृत्तीवेतन मिळते.

संकल्पना: हस्तांतरित उत्पन्न (Transfer Payments).
स्पष्टीकरण: ज्या उत्पन्नाच्या बदल्यात कोणत्याही प्रकारची वस्तू किंवा सेवा उत्पादित केली जात नाही, त्याला हस्तांतरित उत्पन्न म्हणतात. उदा. निवृत्तीवेतन, बेकारी भत्ता.

(iv) तुषारने ₹ १,००,००० एक रकमी रक्कम तीन वर्षाकरिता बँकेत जमा केली.

संकल्पना: मुदत ठेव (Fixed Deposit / Time Deposit).
स्पष्टीकरण: मुदत ठेव म्हणजे अशी ठेव जी विशिष्ट कालावधीसाठी बँकेत ठेवली जाते आणि ज्यावर बचत ठेवीपेक्षा जास्त व्याजदर मिळतो.

प्र.२. (ब) फरक स्पष्ट करा (कोणतेही तीन):

(i) विभाजन पद्धत आणि राशी पद्धत (Slicing Method and Lumping Method):

• विभाजन पद्धत: ही पद्धत सूक्ष्म अर्थशास्त्रात वापरली जाते. यात अर्थव्यवस्थेचे लहानात लहान घटकांमध्ये विभाजन करून प्रत्येक घटकाचा स्वतंत्रपणे अभ्यास केला जातो.
• राशी पद्धत: ही पद्धत समग्रलक्षी अर्थशास्त्रात वापरली जाते. यात अर्थव्यवस्थेचा अभ्यास करण्यासाठी समग्र घटकांचा (एकत्रीकरणाचा) वापर केला जातो.

(ii) मागणीतील विस्तार आणि मागणीतील वृद्धी (Expansion of Demand and Increase in Demand):

• मागणीतील विस्तार: इतर परिस्थिती स्थिर असताना, वस्तूची किंमत कमी झाल्यामुळे मागणीत जी वाढ होते, त्यास मागणीतील विस्तार म्हणतात. हा एकाच मागणी वक्रावर वरून खाली सरकतो.
• मागणीतील वृद्धी: किंमत स्थिर असताना, इतर घटकांत (उदा. उत्पन्न, आवडीनिवडी) अनुकूल बदल झाल्यामुळे मागणीत जी वाढ होते, त्यास मागणीतील वृद्धी म्हणतात. यात मागणी वक्र उजवीकडे स्थलांतरित होतो.

(iii) साठा आणि पुरवठा (Stock and Supply):

• साठा: विशिष्ट कालावधीत विक्रेत्याकडे विक्रीसाठी उपलब्ध असलेली एकूण नगसंख्या म्हणजे साठा होय. साठा हा पुरवठ्यापेक्षा जास्त किंवा समान असू शकतो.
• पुरवठा: विशिष्ट वेळी आणि विशिष्ट किमतीला साठ्यातील जो भाग विक्रेता प्रत्यक्ष बाजारात विक्रीसाठी आणतो, त्यास पुरवठा म्हणतात.

प्र.३. खालील प्रश्नांची उत्तरे लिहा (कोणतेही तीन):

(i) सूक्ष्म अर्थशास्त्राची कोणतीही चार वैशिष्ट्ये स्पष्ट करा.

1. वैयक्तिक घटकांचा अभ्यास: सूक्ष्म अर्थशास्त्र लहानात लहान वैयक्तिक आर्थिक घटकांचा अभ्यास करते.
2. किंमत सिद्धांत: वस्तू आणि सेवांच्या किमती तसेच उत्पादन घटकांच्या किमती कशा ठरतात याचे स्पष्टीकरण देते.
3. विभाजन पद्धत: अभ्यासासाठी अर्थव्यवस्थेचे लहान भागात विभाजन केले जाते.
4. मर्यादित व्याप्ती: याचा संबंध फक्त वैयक्तिक घटकांशी येतो, संपूर्ण अर्थव्यवस्थेशी नाही.

(ii) पूर्ण स्पर्धेची कोणतीही चार वैशिष्ट्ये स्पष्ट करा.

1. असंख्य विक्रेते व ग्राहक: पूर्ण स्पर्धेत विक्रेते आणि ग्राहक यांची संख्या खूप मोठी असते.
2. एकजिनसी वस्तू: बाजारात मिळणाऱ्या वस्तू रंग, रूप, आकार, दर्जा इत्यादी बाबतीत समान असतात.
3. मुक्त प्रवेश व निर्गमन: कोणत्याही पेढीला बाजारात प्रवेश करण्याचे किंवा बाजार सोडून जाण्याचे पूर्ण स्वातंत्र्य असते.
4. एकच किंमत: बाजारात वस्तूची किंमत मागणी व पुरवठा यांच्या समतोलातून निश्चित होते आणि ती सर्वत्र समान असते.

(iv) राष्ट्रीय उत्पन्नाच्या चक्रीय प्रवाहाचे द्विक्षेत्रीय प्रतिमान स्पष्ट करा.

द्विक्षेत्रीय प्रतिमानामध्ये अर्थव्यवस्थेची विभागणी दोन क्षेत्रांत केली जाते: (१) कुटुंबे (Households) आणि (२) उद्योग संस्था (Firms).
- कुटुंबे उद्योग संस्थांना भूमी, श्रम, भांडवल व संयोजक हे उत्पादन घटक पुरवतात.
- त्याबदल्यात उद्योग संस्था त्यांना खंड, वेतन, व्याज व नफा स्वरूपात मोबदला देतात (उत्पन्न प्रवाह).
- उद्योग संस्था वस्तू व सेवांचे उत्पादन करून कुटुंबांना विकतात.
- कुटुंबे या वस्तू व सेवांवर खर्च करतात (खर्च प्रवाह).
अशा प्रकारे उत्पन्न आणि खर्चाचा प्रवाह दोन क्षेत्रांमध्ये अखंडपणे फिरत असतो.

प्र.४. खालील विधानांशी आपण सहमत आहात की नाही ते सकारण स्पष्ट करा (कोणतेही तीन):

(i) घटत्या सीमांत उपयोगिता सिद्धांताला कोणतेही खरे अपवाद नाहीत.

मी या विधानाशी सहमत आहे.
कारणे:
१. छंद, कंजूष व्यक्ती, व्यसन, सत्ता यांसारखे तथाकथित अपवाद गृहीतकांचे उल्लंघन करतात.
२. उदा. छंदांच्या बाबतीत 'एकजिनसीपणा' आणि 'सातत्य' या गृहीतकांचे पालन होत नाही.
३. त्यामुळे, हे केवळ भासमान अपवाद आहेत, खरे अपवाद नाहीत.

(ii) मक्तेदारीयुक्त स्पर्धेची अनेक वैशिष्ट्ये आहेत.

मी या विधानाशी सहमत आहे.
कारणे:
१. या बाजारात अनेक विक्रेते आणि अनेक ग्राहक असतात.
२. वस्तूभेद हे या बाजाराचे मुख्य वैशिष्ट्य आहे.
३. मुक्त प्रवेश व निर्गमन असते आणि विक्री खर्चाचा (जाहिरातीचा) मोठा प्रभाव असतो.

(iv) भारतातील नाणे बाजार महत्त्वाची भूमिका बजावतो.

मी या विधानाशी सहमत आहे.
कारणे:
१. नाणे बाजार अल्प मुदतीची कर्जाची गरज भागवतो.
२. यामुळे व्यापारी बँकांना रोखतेचे व्यवस्थापन करण्यास मदत होते.
३. हा बाजार सरकारच्या वित्तीय तूट भरून काढण्यास मदत करतो (ट्रेझरी बिल्सद्वारे).

प्र.५. खालील तक्ता, आकृती, उतारा अभ्यासून विचारलेल्या प्रश्नांची उत्तरे लिहा (कोणतेही दोन):

(i) खालील तक्त्याचे निरीक्षण करून प्रश्नांची उत्तरे लिहा:

वस्तूचे नग (Units)	एकूण उपयोगिता (TU)	सीमांत उपयोगिता (MU)
१	१०	१०
२	१८	८
३	२४	६
४	२८	४
५	३०	२
६	३०	०
७	२८	-२

प्रश्न १: वरील तक्ता पूर्ण करा. (तक्त्यात गडद रंगात उत्तरे दिली आहेत).
प्रश्न २: जेव्हा एकूण उपयोगिता घटत्या दराने वाढते तेव्हा सीमांत उपयोगिता कमी (Diminishing) होते.
प्रश्न ३: वस्तूचे सहा नग उपभोगल्यावर सीमांत उपयोगिता शून्य (Zero) उपयोगिता होते.

(ii) खालील आकृतीचे निरीक्षण करा आणि प्रश्नांची उत्तरे लिहा:

प्रश्न १: आकृती 'अ' पुरवठ्यातील विस्तार (Expansion) दर्शवते.
प्रश्न २: आकृती 'ब' पुरवठ्यातील वृद्धी / वाढ (Increase) दर्शवते.
प्रश्न ३: आकृती 'अ' मध्ये पुरवठा वक्र मूळ पुरवठा वक्राच्या वरच्या (Upward) बाजूस सरकतो.
प्रश्न ४: आकृती 'ब' मध्ये पुरवठा वक्र मूळ पुरवठा वक्राच्या उजव्या (Right) बाजूस सरकतो.

(iii) उतारा वाचन (Passage Reading):

प्रश्न १: २००९ ते २०१४ या कालावधीसाठी भारताचा सरासरी वार्षिक विकास दर किती आहे?
उत्तर: २००९ ते २०१४ या कालावधीत भारताचा स्थूल देशांतर्गत उत्पादन सरासरी वार्षिक विकास दर ६ ते ७% (6 to 7%) इतका आहे.

प्रश्न २: भारताच्या राष्ट्रीय उत्पन्नाच्या वाढीच्या प्रवृत्तीमध्ये कोणत्या घटकांनी व्यत्यय आणला?
उत्तर: २००८ मधील जागतिक आर्थिक संकट आणि २०२० मधील कोविड-१९ साथीचा रोग या घटकांनी व्यत्यय आणला.

प्रश्न ३: दिलेल्या उताऱ्यावर स्वमत लिहा.
उत्तर: उतारा असे दर्शवतो की भारतीय अर्थव्यवस्था आव्हानांना तोंड देत असूनही लवचिक आहे. 'मेक इन इंडिया' आणि 'डिजिटल इंडिया' यांसारख्या उपक्रमांमुळे भविष्यात शाश्वत आर्थिक विकासाची आणि रोजगार निर्मितीची मोठी संधी आहे.

प्र.६. सविस्तर उत्तरे लिहा (कोणतेही दोन) (Answer in Detail):

(i) मागणीचा नियम स्पष्ट करून मागणीच्या नियमाची गृहीतके स्पष्ट करा.

सिद्धांत: डॉ. अल्फ्रेड मार्शल यांच्या मते, "इतर परिस्थिती स्थिर असताना, वस्तूची किंमत वाढली असता मागणी घटते आणि वस्तूची किंमत कमी झाली असता मागणी वाढते."
सूत्र: Dx = f(Px)
गृहीतके (Assumptions):

1. उत्पन्न स्थिर असावे: ग्राहकाच्या उत्पन्नात बदल झाल्यास हा नियम लागू पडत नाही.
2. लोकसंख्या स्थिर असावी: लोकसंख्या वाढल्यास किंमत वाढूनही मागणी वाढू शकते.
3. पर्यायी वस्तूंच्या किमती स्थिर: पर्यायी वस्तूंच्या किमतीत बदल झाल्यास मागणी बदलू शकते.
4. पूरक वस्तूंच्या किमती स्थिर.
5. भविष्यातील किमतीचा अंदाज नसावा: जर भविष्यात किंमत वाढणार असेल, तर आज किंमत वाढूनही मागणी वाढते.
6. आवडीनिवडी, सवयी स्थिर असाव्यात.
7. कररचनेत बदल नसावा.

(ii) मागणीची लवचिकता निर्धारित करणारे घटक स्पष्ट करा.

मागणीची लवचिकता निर्धारित करणारे प्रमुख घटक खालीलप्रमाणे आहेत:

1. वस्तूचे स्वरूप: जीवनावश्यक वस्तूंची मागणी अलवचिक असते (उदा. औषधे), तर सुखसोयीच्या/चैनीच्या वस्तूंची मागणी लवचिक असते (उदा. कार).
2. पर्यायी वस्तूंची उपलब्धता: ज्या वस्तूंना बाजारात अनेक पर्याय उपलब्ध आहेत (उदा. साबण), त्यांची मागणी जास्त लवचिक असते.
3. वस्तूचे अनेक उपयोग: जी वस्तू अनेक गरजा पूर्ण करण्यासाठी वापरली जाते (उदा. वीज, कोळसा), तिची मागणी लवचिक असते.
4. व्यसनाधीन वस्तू: सवयीच्या वस्तूंची मागणी सहसा अलवचिक असते (उदा. तंबाखू).
5. टिकाऊपणा: टिकाऊ वस्तूंची (उदा. फर्निचर) मागणी लवचिक असते, तर नाशवंत वस्तूंची (उदा. दूध) मागणी अलवचिक असते.
6. किंमत पातळी: अत्यंत महाग आणि अत्यंत स्वस्त वस्तूंची मागणी अलवचिक असते.

(iii) भारतातील सार्वजनिक खर्चात वाढ होण्याची कारणे स्पष्ट करा.

भारतात सार्वजनिक खर्चात वाढ होण्याची प्रमुख कारणे:

1. शासनाच्या कार्यात वाढ: आधुनिक काळात सरकार केवळ संरक्षणच नाही, तर शिक्षण, आरोग्य आणि आर्थिक विकासाची कार्येही करते, ज्यामुळे खर्च वाढतो.
2. लोकसंख्येची वेगाने वाढ: वाढत्या लोकसंख्येच्या गरजा पूर्ण करण्यासाठी सरकारला जास्त खर्च करावा लागतो.
3. शहरीकरण: वाढत्या शहरीकरणामुळे पाणी, वीज, रस्ते, स्वच्छता यांसारख्या नागरी सुविधांवर सरकारला मोठा खर्च करावा लागतो.
4. संरक्षण खर्च: देशाच्या सुरक्षिततेसाठी आधुनिक शस्त्रास्त्रे आणि सैन्यावर केला जाणारा खर्च सतत वाढत आहे.
5. लोकशाही पद्धती: निवडणुका, विधिमंडळे आणि प्रशासकीय यंत्रणेवर होणारा खर्च वाढला आहे.
6. भाववाढ: वस्तू आणि सेवांच्या किमती वाढल्यामुळे सरकारी प्रकल्प पूर्ण करण्यासाठी जास्त निधी लागतो.

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HSC Economics Board Question Paper Solution July 2023 - Maharashtra Board

BOARD QUESTION PAPER : JULY 2023
ECONOMICS

Time: 3 Hrs.
Max. Marks: 80

Q.1. (A) Complete the following statements: (5)

i. The branch of economics that deals with the allocation of resources is known as _______.

(a) Micro economics (b) Macro economics (c) Econometrics (d) Agricultural economics

Answer: (a) Micro economics

ii. Net addition made to the total revenue by selling an extra unit of a commodity is _______.

(a) total revenue (b) marginal revenue (c) average revenue (d) marginal cost

Answer: (b) marginal revenue

iii. Symbolically, the functional relationship between Demand and Price can be expressed as _______.

(a) D_x = f(P_x) (b) D_x = f(P_z) (c) D_x = f(y) (d) D_x = f(T)

Answer: (a) D_x = f(P_x)

iv. In India, National Income Committee establishment year is _______.

(a) 1952 (b) 1949 (c) 1947 (d) 1950

Answer: (b) 1949

v. Marginal Utility of the commodity becomes negative when Total Utility of a commodity is _______.

(a) rising (b) constant (c) falling (d) zero

Answer: (c) falling

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Q.1. (B) Find the odd word out: (5)

i. Types of Elasticity of Demand: Income elasticity, Unitary elasticity, Cross elasticity, Price elasticity.

Answer: Unitary elasticity
(Reason: It is a degree of elasticity, whereas others are types of elasticity.)

ii. Factors of production: Profit, Labour, Capital, Entrepreneur.

Answer: Profit
(Reason: It is a reward for production, whereas others are factors of production.)

iii. Market structure on the basis of competition: Perfect competition, Monopoly, Oligopoly, Very short period market.

Answer: Very short period market
(Reason: It is a market based on time, whereas others are based on competition.)

iv. Types of Bank Accounts: Saving account, D-mat account, Recurring account, Current account.

Answer: D-mat account
(Reason: It is related to shares/securities, whereas others are banking fund accounts.)

v. Classification of Public Expenditure: Revenue expenditure, Capital expenditure, Consumption expenditure, Developmental expenditure.

Answer: Consumption expenditure
(Reason: The others are major classifications of public expenditure in the syllabus context, while consumption is a functional nature.)

Q.1. (C) Give economic term: (5)

i. The cost incurred by the firm to promote sales.

Answer: Selling Cost

ii. The tax which is paid by the taxpayer on his income and property.

Answer: Direct Tax

iii. The capacity of a commodity to satisfy human wants.

Answer: Utility

iv. Wear and tear of capital assets, due to their use in the process of production.

Answer: Depreciation

v. A desire which is backed by willingness to purchase and ability to pay.

Answer: Demand (or Effective Demand)

Q.1. (D) Complete the correlation: (5)

i. Pen and ink :       : : Tea and coffee : substitute goods

Answer: Complementary goods (or Joint demand)

ii. Micro economics: Tree : : Macro economics :      .

Answer: Forest

iii.       : Base year prices : : P₁ : Current year prices

Answer: P₀

iv. Demand curve :       : : Supply curve : Upward

Answer: Downward

v. Theoretical difficulty : Transfer payments : :       : Valuation of inventories.

Answer: Practical difficulty

Q.2. (A) Identify and explain the following concepts (Any THREE): (6)

i. Savita collected the information about individual income in a particular firm.

(A) Identified Concept: Micro Economics (or Study of Individual Units).
(B) Explanation: Micro economics is the branch of economics that studies the behaviour of individual economic units such as an individual consumer, individual producer, or individual firm. Savita is studying a specific, small component of the economy.

ii. India purchased petroleum from Iran.

(A) Identified Concept: Import Trade.
(B) Explanation: Import trade refers to the purchase of goods and services by one country from another country. Here, India is buying petroleum from a foreign country (Iran), which constitutes an import.

iii. Prakash receives monthly pension of ₹ 15,000/- from the State Government.

(A) Identified Concept: Transfer Payment.
(B) Explanation: Transfer payments are unilateral payments made by the government to individuals without any corresponding production of goods or services. A pension is income received without rendering current productive services.

iv. Price of salt increases by ₹ 20 to ₹ 50, still there is no change in demand for salt.

(A) Identified Concept: Perfectly Inelastic Demand.
(B) Explanation: When a percentage change in price leads to no change in the quantity demanded, it is called perfectly inelastic demand (Ed = 0). Salt is a necessity, so demand remains constant despite price rise.

v. Meena deposited a lumpsum amount of ₹ 1,50,000 in the bank, for a period of one year.

(A) Identified Concept: Fixed Deposit (Time Deposit).
(B) Explanation: A Fixed Deposit is a type of account where a lump sum amount is deposited by a customer for a specified period of time. It carries a higher rate of interest compared to savings accounts.

Q.2. (B) Distinguish between (Any THREE): (6)

(Note: In the exam, students are expected to draw two columns.)

i. Micro Economics and Macro Economics

• Meaning: Micro economics studies the behaviour of individual economic units. Macro economics studies the behaviour of the whole economy / aggregates.
• Scope: Micro deals with individual demand, supply, product pricing, etc. Macro deals with national income, general price level, employment, etc.
• Method: Micro uses the Slicing method. Macro uses the Lumping method.

ii. Expansion of demand and Contraction of demand

• Meaning: Expansion of demand refers to a rise in quantity demanded due to a fall in price alone. Contraction of demand refers to a fall in quantity demanded due to a rise in price alone.
• Movement: Expansion involves a downward movement along the same demand curve. Contraction involves an upward movement along the same demand curve.

iii. Gross Domestic Product (GDP) and Gross National Product (GNP)

• Meaning: GDP is the market value of all final goods and services produced within the domestic territory of a country during a year. GNP is the market value of all final goods and services produced by the residents of a country (including net factor income from abroad) during a year.
• Formula: GDP = C + I + G + (X - M). GNP = C + I + G + (X - M) + (R - P), where (R-P) is Net factor income from abroad.

iv. Public Finance and Private Finance

• Objective: The objective of Public Finance is to maximize social welfare. The objective of Private Finance is to fulfill private interests or maximize personal profit.
• Determination of Expenditure: Government first determines the volume of expenditure and then finds resources (income). Individuals determine income first and then plan expenditure.

v. Simple Index Number and Weighted Index Number

• Definition: Simple Index Number is constructed where every commodity is given equal importance. Weighted Index Number is constructed where weights are assigned to various commodities according to their relative importance.
• Method: Simple uses Simple Aggregative or Simple Average of Price Relatives method. Weighted uses Weighted Aggregative (Laspeyre’s, Paasche’s) or Weighted Average of Price Relatives.

Q.3. Answer the following (Any THREE):

i. Explain any four features of Micro economics.

1. Study of Individual Units: Micro economics focuses on small individual units like individual consumer, individual firm, or price of a particular commodity.
2. Price Theory: It is known as price theory because it deals with the determination of prices of goods and services as well as factors of production.
3. Slicing Method: It splits or slices the whole economy into small individual units and studies each unit separately in detail.
4. Partial Equilibrium: It analyzes the equilibrium position of an individual economic unit assuming 'other things being constant' (Ceteris Paribus), ignoring the interdependence of other variables.

ii. Explain the two sector model of circular flow of national income.

The two-sector model involves Households and Firms (Business Sector) in a closed economy without government or foreign trade.
1. Upper Loop (Factor Market): Households supply factors of production (Land, Labour, Capital, Entrepreneur) to firms. In return, firms make factor payments (Rent, Wages, Interest, Profit) to households.
2. Lower Loop (Product Market): Firms produce goods and services and sell them to households. Households spend their income on these goods (Consumption Expenditure), which flows back to firms as revenue.
This continuous flow of production, income, and expenditure creates a circular flow.

iii. Explain any four types of Utility.

1. Form Utility: Created by changing the shape or structure of existing material (e.g., wood into furniture).
2. Place Utility: Created by changing the place of utilization. Transport creates place utility (e.g., mangoes transported from Konkan to Mumbai).
3. Time Utility: Created when utility increases with a change in time of utilization (e.g., storing blood in a blood bank for later use).
4. Service Utility: Arises when personal services are rendered by professionals (e.g., services of a doctor or teacher).

iv. Explain the meaning of budget with its types.

Meaning: A budget is a financial statement showing the expected receipts and proposed expenditure of the government for the coming financial year.
Types:
1. Balanced Budget: Estimated Revenue = Estimated Expenditure.
2. Surplus Budget: Estimated Revenue > Estimated Expenditure. (Used during inflation).
3. Deficit Budget: Estimated Revenue < Estimated Expenditure. (Used during depression/developing economy).

v. Explain any four factors influencing elasticity of demand.

1. Nature of Commodity: Necessities (salt, medicine) have inelastic demand, while luxuries (car, AC) have elastic demand.
2. Availability of Substitutes: Goods with close substitutes (tea/coffee) have elastic demand. Goods without substitutes (salt) have inelastic demand.
3. Number of Uses: Single-use goods have less elastic demand. Multi-use goods (electricity, coal) have more elastic demand.
4. Habits: Habitual goods (cigarettes, liquor) have inelastic demand as consumers are addicted.

Q.4. State with reasons whether you agree or disagree with the following statements (Any THREE):

i. The Law of diminishing marginal utility is based on many assumptions.

Agree.
Reason 1: The law assumes homogeneity, meaning all units consumed are identical in size, shape, color, and taste.
Reason 2: It assumes continuity in consumption without time gaps.
Reason 3: It assumes the consumer is rational and seeks to maximize satisfaction.
Reason 4: It assumes constancy of all other factors like income, taste, and habits.

ii. Index numbers are free from limitations.

Disagree.
Reason 1: Index numbers are based on samples, so sampling errors are possible.
Reason 2: There is a bias in the selection of the base year; if the base year is not normal, results are misleading.
Reason 3: Quality changes in commodities are often ignored.
Reason 4: Different formulas (Laspeyre's vs Paasche's) give different results.

iii. Supply curve slopes downwards from left to right.

Disagree.
Reason 1: The supply curve slopes upwards from left to right.
Reason 2: This is due to the direct relationship between price and quantity supplied.
Reason 3: According to the Law of Supply, higher prices induce producers to supply more to maximize profit.
Reason 4: Only in exceptional cases (like the backward bending supply curve of labour) does it slope backwards/downwards, but the general supply curve is upward sloping.

iv. Foreign trade plays an important role in economic development of country.

Agree.
Reason 1: It allows a country to earn foreign exchange.
Reason 2: It encourages investment and division of labour.
Reason 3: It provides consumers with a variety of goods and stabilizes price levels.
Reason 4: It helps in the import of advanced technology and capital goods necessary for development.

v. Fees, fines and penalties are a major source of revenue for the Government.

Disagree.
Reason 1: The major source of revenue for the government is Taxes (Direct and Indirect).
Reason 2: Fees, fines, and penalties are sources of Non-Tax Revenue.
Reason 3: The objective of fines and penalties is not to earn revenue but to impose discipline and check rule violations.
Reason 4: The collection from these sources is very small compared to tax revenue.

Q.5. Study the following table, figure, passage and answer the questions given below it (Any TWO):

i. Observe the following table and answer the questions given below it: (4)

Commodity	Base Year		Current Year		p1q1	p0q1
	Price p0	Qty q0	Price p1	Qty q1
A	2	10	5	8	40	16
B	4	5	8	3	24	12
C	1	7	2	10	20	10
D	5	8	10	5	50	25
Total	-	-	-	-	134	63

Questions:

1. Fill the blank boxes of the above schedule. (2)

Answer:
For Commodity B, p₁q₁ = 8 × 3 = 24
For Commodity C, p₀q₁ = 1 × 10 = 10

2. Apply the given formula and find out Paasche’s Index Number. (2)

Formula: $$ P_{01} = \frac{\sum p_1q_1}{\sum p_0q_1} \times 100 $$

Calculation:
$$ P_{01} = \frac{134}{63} \times 100 $$
$$ P_{01} = 2.1269 \times 100 $$
$$ P_{01} = 212.70 $$

ii. On the basis of the given diagram state whether the following statements are True or False: (4)

(Refer to the diagram in the question paper where A is the Y-intercept, E is the X-intercept, and C is the midpoint.)

1. Demand at point ‘C’ is relatively elastic demand.

False. (Point C appears to be the geometric midpoint of the demand curve. At the midpoint, demand is Unitary Elastic, Ed = 1).

2. Demand at point ‘B’ is unitary elastic demand.

False. (Point B is on the upper segment of the demand curve. Here, the lower segment is greater than the upper segment, so demand is Relatively Elastic, Ed > 1).

3. Demand at point ‘D’ is perfectly inelastic demand.

False. (Point D is on the lower segment. Here, the lower segment is less than the upper segment, so demand is Relatively Inelastic, Ed < 1. Perfectly Inelastic is at the X-axis intercept).

4. Demand at point ‘A’ is perfectly elastic demand.

True. (Point A is the Y-axis intercept. At this point, elasticity is infinite, Ed = ∞).

iii. Read the given passage and answer the questions: (4)

1. Name the largest tur dal producer districts in Maharashtra. (1)

Answer: Latur, Hingoli, and Akola are the largest tur dal producer districts.

2. What was the production of tur dal in the year 2020-21 of Maharashtra? (1)

Answer: The production of tur dal in the year 2020-21 was 42.24 lakh tonne.

3. Express your opinion about given passage. (2)

Answer: Agriculture is highly dependent on climatic conditions, making production unpredictable. The fluctuation in production (like the 20-25% drop) directly impacts prices, causing inflation for consumers and potential losses for farmers if not managed. The government's intervention (Minimum Support Price, buying stock) is crucial to stabilize prices and support farmers, but logistical issues like storage (godowns) need to be addressed to prevent wastage.

Q.6. Answer the following questions in detail (Any TWO):

i. State and explain the law of demand with exceptions.

Statement of the Law: According to Prof. Alfred Marshall, "Other things being equal, higher the price of a commodity, smaller is the quantity demanded and lower the price of a commodity, larger is the quantity demanded."

Formula: D_x = f(P_x) where D is Demand and P is Price. There is an inverse relationship.

Exceptions to the Law of Demand:
1. Giffen's Paradox: For inferior goods or 'Giffen goods', demand decreases when price falls (due to the income effect). Sir Robert Giffen observed this with bread in England.
2. Prestige Goods: Rich people buy more of expensive goods like diamonds or luxury cars when their prices rise to display status (Veblen Effect).
3. Speculation: If consumers expect prices to rise further in the future, they will buy more now even at a higher price.
4. Price Illusion: Consumers may believe that high-priced goods are of better quality and thus demand more.
5. Habitual Goods: Even if prices rise, demand for habitual goods (like tea or tobacco) may not fall.

ii. Explain the functions of Reserve Bank of India.

The Reserve Bank of India (RBI) is the central bank of the country, established in 1935. Its main functions are:

1. Issue of Currency Notes: RBI has the monopoly/sole right to issue currency notes (except one rupee notes and coins) in India to ensure uniformity.

2. Banker to the Government: It acts as a banker, agent, and advisor to the Central and State Governments. It manages government accounts and public debt.

3. Banker's Bank: It exercises statutory control over commercial banks. Banks must maintain a certain Cash Reserve Ratio (CRR) with the RBI. It acts as the 'Lender of Last Resort' for banks.

4. Controller of Credit: This is a vital function. RBI controls the money supply and credit in the economy using quantitative (Bank Rate, OMO, CRR) and qualitative methods to maintain stability.

5. Custodian of Foreign Exchange Reserves: RBI maintains and manages the country's foreign exchange reserves and maintains the external value of the Rupee.

iii. Explain the meaning of perfect competition with its features.

Meaning: Perfect competition is an ideal and imaginary market structure where there are a large number of buyers and sellers producing and selling homogeneous products at a single uniform price determined by market forces (demand and supply).

Features:
1. Large Number of Sellers and Buyers: There are so many sellers and buyers that no single individual can influence the market price. Each seller is a 'price taker'.
2. Homogeneous Product: Products sold are identical in size, shape, color, taste, and quality. They are perfect substitutes.
3. Free Entry and Exit: There are no barriers to entry or exit. Firms can enter if there is profit and leave if there is a loss.
4. Single Price: A single, uniform price prevails in the market, determined by the interaction of total demand and total supply.
5. Perfect Knowledge: Buyers and sellers have perfect knowledge about market conditions and prices.
6. Perfect Mobility of Factors: Factors of production (labour, capital) are perfectly mobile geographically and occupationally.
7. No Transport Cost: It is assumed that transport costs do not exist, ensuring price uniformity.

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Maharashtra HSC Board Economics 2024 Question Paper Solution

Maharashtra HSC Board Exam 2024
ECONOMICS (49)

Date: 2024 Marks: 80 Time: 3 Hrs Set: J-904

Notes:

1. All questions are compulsory.
2. Draw neat tables / diagrams wherever necessary.
3. Figures to the right indicate full marks.
4. Write answers to all main questions on new pages.

Q. 1. (A) Choose the correct option: [5 Marks]

(i) Method adopted in micro economic analysis

• (a) Lumping method
• (b) Aggregative method
• (c) Slicing method
• (d) Inclusive method

Options: (1) a, c, d    (2) b, c, d    (3) Only c    (4) Only a

Answer: Option (3) Only c (Slicing method)

(ii) Factors which are working in unorganised money market.

• (a) Money lenders
• (b) Commercial bank
• (c) Hundi
• (d) Chit funds

Options: (1) a, b, c    (2) b, c    (3) b, d    (4) a, c, d

Answer: Option (4) a, c, d

(iii) Optional functions of Government.

• (a) Protection from external attack
• (b) Provision of education and health services
• (c) Provision of social security measures
• (d) Collection of tax

Options: (1) b, c    (2) a, b, c    (3) b, c, d    (4) All of the above

Answer: Option (1) b, c

(iv) Statements that highlight the significance of index numbers.

• (a) Index numbers are useful for making future predictions.
• (b) Index numbers help in the measurement of inflation.
• (c) Index numbers help to frame suitable policies.
• (d) Index numbers can be misused.

Options: (1) b, c, d    (2) a, b, c    (3) a, b, d    (4) a, c, d

Answer: Option (2) a, b, c

(v) Blood bank is an example of _____.

• (a) Place utility
• (b) Knowledge utility
• (c) Service utility
• (d) Time utility

Options: (1) a, b, c    (2) b, c, d    (3) a, b, d    (4) Only d

Answer: Option (4) Only d

Economics Board Questions with Solution

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• Economics - March 2023 - Marathi Medium View Answer Key
• Economics - July 2023 - English Medium View Answer Key
• Economics - March 2022 - English Medium View Answer Key
• Economics - March 2022 - Marathi Medium View Answer Key
• Economics - July 2022 - English Medium View Answer Key
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• Economics - July 2018 View
• Economics - March 2019 View

Q. 1. (B) Find the odd word out: [5 Marks]

(i) Types of demand: Direct demand, Indirect demand, Composite demand, Market demand.

Answer: Market demand

(ii) Features of National Income: Financial year, Money value, Static concept, Flow concept.

Answer: Static concept

(iii) Types of budget: Deficit budget, Zero budget, Balanced budget, Surplus budget.

Answer: Zero budget

(iv) Legal monopoly: Patent, OPEC, Copyright, Trade mark.

Answer: OPEC

(v) Financial Assets: Bonds, Land, Govt. Securities, Derivatives.

Answer: Land

Q. 1. (C) Give economic term: [5 Marks]

(i) More quantity is demanded due to changes in the favourable factors determining demand other than price.

Answer: Increase in demand

(ii) Deposits that are withdrawable on demand.

Answer: Demand Deposits (or Current Deposits)

(iii) Charging different prices to different consumers for the same product or services.

Answer: Price Discrimination

(iv) Net addition made to total cost by producing one more unit of output.

Answer: Marginal Cost

(v) Degree of responsiveness of quantity demanded to change in income only.

Answer: Income Elasticity of Demand

Q. 1. (D) Complete the correlation: [5 Marks]

(i) General equilibrium : Macro Economics : : _________ : Micro Economics

Answer: Partial equilibrium

(ii) Output method : _________ : : Income method : Factor cost method

Answer: Product method (or Inventory method)

(iii) Form utility : Furniture : : _________ : Doctor

Answer: Service utility

(iv) Perfectly elastic demand : Ed = ∞ : : _________ : Ed = 0

Answer: Perfectly inelastic demand

(v) _________ : Change in supply : : Other factors constant : Variation of supply

Answer: Price constant

Q. 2. (A) Identify and explain the following concepts (Any THREE): [6 Marks]

(i) Manisha satisfied her want of writing an essay by using pen and notebook.

Concept: Utility (Specifically Form Utility).

Explanation: Utility is the capacity of a commodity to satisfy human wants. Here, the pen and notebook possess the utility to satisfy the want of writing an essay.

(ii) Raghu’s father invested his money in a market for long term funds both equity and debt raised within and outside the country.

Concept: Capital Market.

Explanation: Capital market is a market for long term funds represented by equity and debt. It deals with financial assets having a maturity period of more than one year.

(iii) Due to mandatory use of masks during corona epidemic the demand for mask producing labour has increased.

Concept: Derived Demand (or Indirect Demand).

Explanation: Derived demand refers to demand for goods which are needed for further production. Factors of production like labour have derived demand because they are demanded to produce final goods (masks).

(iv) Maharashtra purchased wheat from Punjab.

Concept: Internal Trade (Domestic Trade).

Explanation: Internal trade refers to buying and selling of goods and services within the political boundaries of a country. Trade between two states of the same country is internal trade.

(v) Jagruti receives monthly pension of ₹ 5,000 from the state government.

Concept: Transfer Payment.

Explanation: Transfer payments are payments made by the government to individuals without any corresponding production of goods or services in return, such as pensions, unemployment allowances, etc.

Q. 2. (B) Distinguish between (Any THREE): [6 Marks]

(i) Recurring deposits and Fixed deposits

• Nature: Recurring deposits require regular monthly savings for a fixed period. Fixed deposits involve a lump sum amount deposited for a fixed period.
• Objective: RD encourages regular savings habit among low/middle income groups. FD allows parking surplus funds for higher interest.

(ii) Total utility and Marginal utility

• Meaning: Total utility (TU) is the aggregate of utility derived from all units consumed. Marginal utility (MU) is the additional utility derived from the consumption of an additional unit.
• Trend: TU increases at a diminishing rate. MU goes on diminishing with every successive unit consumed.

(iii) Perfectly elastic demand and Perfectly inelastic demand

• Meaning: Perfectly elastic demand is when a slight change in price leads to an infinite change in quantity demanded. Perfectly inelastic demand is when quantity demanded remains constant regardless of price change.
• Elasticity (Ed): Ed = ∞ (Infinity) vs Ed = 0 (Zero).

(iv) Price Index and Quantity Index

• Meaning: Price Index Number measures the general changes in the prices of goods. Quantity Index Number measures the changes in the level of output or physical volume of production.
• Variable: It considers price changes. It considers quantity/volume changes.

(v) Internal debt and External debt

• Source: Internal debt is raised from within the economy (citizens, banks). External debt is raised from outside the country (foreign govts, IMF).
• Currency: Internal debt is in domestic currency. External debt is in foreign currency.

Q. 3. Answer the following (Any THREE): [12 Marks]

(i) Explain any four types of demand.

1. Direct Demand: Demand for goods that satisfy wants directly (e.g., Food, Clothes).
2. Indirect (Derived) Demand: Demand for factors of production required to produce final goods (e.g., Demand for labour).
3. Complementary (Joint) Demand: When two or more goods are demanded together to satisfy a single want (e.g., Car and Fuel).
4. Composite Demand: Demand for a commodity that can be put to several uses (e.g., Electricity).
5. Competitive Demand: Demand for substitutes (e.g., Tea and Coffee).

(ii) Explain any four problems of capital market in India.

1. Financial Scams: Frequent financial scams have eroded investor confidence.
2. Insider Trading: Illegal practice of trading with non-public information affects market integrity.
3. Inadequate Debt Instruments: The market for debt instruments is not as developed as the equity market.
4. Decline in Efficiency: Delays in settlement and other procedural issues reduce efficiency.

(iii) Explain any four features of utility.

1. Relative Concept: Utility relates to time and place (e.g., Woolen clothes have utility in winter).
2. Subjective Concept: It differs from person to person based on taste and preference.
3. Ethically Neutral: Utility does not distinguish between good or bad (e.g., A knife has utility for a housewife and a killer).
4. Differs from Usefulness: A commodity may have utility but not usefulness (e.g., Liquor).

(iv) Explain any four reasons for the growth of public expenditure.

1. Increase in Government Activities: Modern states are welfare states, performing many functions beyond just defense.
2. Rapid Increase in Population: More population requires more spending on education, health, and infrastructure.
3. Growing Urbanization: Shift to cities creates need for water, roads, and transport systems.
4. Defense Expenditure: War threats and modern warfare require huge spending on defense.

(v) Explain any four features of macro economics.

1. Study of Aggregates: It deals with the whole economy (National Income, Total Employment).
2. General Equilibrium Analysis: It deals with the behavior of large aggregates and their functional relationship.
3. Lumping Method: It studies the forest rather than the trees (whole economy).
4. Growth Models: It studies factors of economic growth and development.

Q. 4. State with reasons whether you agree or disagree with the following statements (Any THREE): [12 Marks]

(i) Over the last 75 years, India’s foreign trade has undergone a complete change in terms of composition and direction.

Agree.

Reasons: 1. Before independence, India exported raw materials and imported finished goods. Now, India exports manufactured goods, software, and engineering products. 2. The direction has shifted from being dependent on UK/USA to a diversified trade with UAE, China, Germany, and other Asian countries. 3. Volume and value of trade have increased manifold.

(ii) Macro economics is different from micro economics.

Agree.

Reasons: 1. Micro economics studies individual units (tree), while Macro economics studies the whole economy (forest). 2. Micro uses Slicing method; Macro uses Lumping method. 3. Micro deals with Partial Equilibrium; Macro deals with General Equilibrium. 4. Micro focuses on Price Theory; Macro focuses on Income and Employment Theory.

(iii) Price maker is the only feature of monopoly market.

Disagree.

Reasons: 1. While 'Price Maker' is a key feature, it is not the *only* feature. 2. Other features include Single Seller, No Close Substitutes, Barriers to Entry, and Price Discrimination. 3. A monopolist also has complete control over market supply.

(iv) There are many sources of non-tax revenue.

Agree.

Reasons: 1. Besides taxes, the government earns from Fees (e.g., Education fees, Registration fees). 2. Prices of public goods and services (e.g., Railway fares). 3. Special Assessments (Betterment levy). 4. Fines and Penalties. 5. Grants and Gifts from foreign governments or institutions.

(v) There are many types of index numbers.

Agree.

Reasons: 1. Price Index Number (measures price changes). 2. Quantity Index Number (measures output changes). 3. Value Index Number (combines price and quantity). 4. Special Purpose Index Numbers (e.g., Import-Export Index, Share Price Index).

Q. 5. Study the following table, figure, passage and answer the questions given below it (Any TWO): [8 Marks]

(i) Observe the following table and answer the questions given below it:

Commodities	Prices in 2006 (Base Year)	Prices in 2019 (Current Year)
	\(P_0\) (in ₹)	\(P_1\) (in ₹)
A	20	30
B	30	45
C	40	60
D	50	75
E	60	90

Questions:

(1) Write the formula for calculation of price index.

\(P_{01} = \frac{\sum P_1}{\sum P_0} \times 100\)

(2) Find the value of \(\sum P_0\) and \(\sum P_1\).

\(\sum P_0 = 20+30+40+50+60 = 200\)
\(\sum P_1 = 30+45+60+75+90 = 300\)

(3) Find the price index \(P_{01}\).

\(P_{01} = \frac{300}{200} \times 100\)
\(P_{01} = 1.5 \times 100 = 150\)

(ii) Observe the given diagram (Page 5) and answer the following questions:

(Diagram analysis: The diagram shows shifts in demand curve from D to D1 and D to D2 while price remains constant at P)

Questions:

(1) Rightward shift in demand curve ..........

Increase in demand

(2) Leftward shift in demand curve ...........

Decrease in demand

(3) Price remains ........

Constant

(4) Increase and decrease in demand comes under........

Changes in Demand

(iii) Read the given passage and answer the questions:

(Passage discusses Market concept, types including perfect and imperfect competition, and Monopolistic competition features like selling cost.)

Questions:

(1) Explain the concept of Market from Economic sense.

In Economics, a market is not necessarily a place but an arrangement through which buyers and sellers come in contact with each other directly or indirectly and exchange goods.

(2) Write the classification of Market.

Market can be classified on the basis of place, time, and competition (Perfect competition and Imperfect competition).

(3) Write your own opinion about selling cost.

Selling cost refers to the expenditure incurred to create demand (ads, hoardings). In my opinion, while it informs consumers about products, it also increases the final price of the commodity, often leading to wasteful expenditure on aggressive marketing.

Q. 6. Answer the following questions in detail (Any TWO): [16 Marks]

(i) Explain the concept of price elasticity with its types.

Meaning: Price elasticity of demand refers to the degree of responsiveness of quantity demanded to a change in price only.

Types:

1. Perfectly Elastic Demand (Ed = ∞): Slight change in price causes infinite change in demand. Curve is horizontal parallel to X-axis.
2. Perfectly Inelastic Demand (Ed = 0): Change in price causes no change in demand. Curve is vertical parallel to Y-axis.
3. Unitary Elastic Demand (Ed = 1): Percentage change in demand is equal to percentage change in price. Curve is a rectangular hyperbola.
4. Relatively Elastic Demand (Ed > 1): Percentage change in demand is greater than percentage change in price. Curve is flatter.
5. Relatively Inelastic Demand (Ed < 1): Percentage change in demand is less than percentage change in price. Curve is steeper.

(ii) Explain the concept of National income and explain the practical difficulties involved in the measurement of National income.

Concept: National Income is the total money value of all final goods and services produced in a country during a financial year.

Practical Difficulties:

1. Problem of Double Counting: Difficulty in distinguishing between intermediate and final goods leads to counting the same value multiple times.
2. Non-Monetized Sector: In India, much production (especially agriculture for self-consumption) is not exchanged for money, so it is excluded.
3. Inadequate and Unreliable Data: Data regarding small scale industries, unorganized sector is often unavailable or inaccurate.
4. Depreciation: Calculating exact depreciation of capital assets is difficult due to varying rates and methods.
5. Capital Gains/Losses: Increase in value of assets due to inflation is not real production but complicates calculation.
6. Illiteracy and Ignorance: Small producers do not maintain accounts, making assessment difficult.

(iii) State and explain the law of supply with assumptions.

Statement: "Other things remaining constant, higher the price of a commodity, more is the quantity supplied and lower the price of a commodity, less is the quantity supplied."

Formula: \(Sx = f(Px)\) (Direct relationship).

Assumptions:

1. Constant Cost of Production: If costs increase, supply may not increase even if price rises.
2. Constant Technique of Production: Technology should not change.
3. Constant Government Policy: Tax and trade policies should remain unchanged.
4. No Change in Weather Conditions: Especially for agricultural goods.
5. No Change in Transport Cost: Transport facilities and costs remain static.
6. Prices of Other Goods Constant: Producers should not shift to other goods.
7. No Future Expectations: Sellers should not expect further price changes.