HSC Economics Question Paper March 2023 Solution Maharashtra Board Marathi Medium

बोर्ड प्रश्नपत्रिका : मार्च २०२३
अर्थशास्त्र (Economics)

वेळ: ३ तास | एकूण गुण: ८०

प्र. १. (अ) खालील विधाने पूर्ण करा. [५]

(i) सूक्ष्म अर्थशास्त्र या नावाने ओळखले जाते _______ .

• (अ) उत्पन्न सिद्धांत
• (ब) किंमत सिद्धांत
• (क) वृद्धी सिद्धांत
• (ड) रोजगार सिद्धांत

उत्तर: (ब) किंमत सिद्धांत

(ii) नाणे बाजारातील निधीच्या कमतरतेचे कारण _______ .

• (अ) अपुरी बचत
• (ब) रोख रकमेची वाढती मागणी
• (क) असंघटित क्षेत्र
• (ड) वित्तीय गैरव्यवस्था

उत्तर: (अ) अपुरी बचत

(iii) जेव्हा सीमांत उपयोगिता ऋण होते, तेव्हा एकूण उपयोगिता _______ .

• (अ) वाढते
• (ब) स्थिर असते
• (क) घटते
• (ड) शून्य असते

उत्तर: (क) घटते

(iv) कोणत्याही शासनाच्या सार्वजनिक खर्चाची प्रवृत्ती ही _______ .

• (अ) स्थिर असते
• (ब) वाढती असते
• (क) घटती असते
• (ड) बदलती असते

उत्तर: (ब) वाढती असते

(v) हलक्या प्रतीच्या वस्तूच्या बाबतीत उत्पन्न व मागणी यांत _______ .

• (अ) प्रत्यक्ष संबंध असतो
• (ब) व्यस्त संबंध असतो
• (क) कोणताही बदल नाही
• (ड) प्रत्यक्ष आणि व्यस्त संबंध असतो

उत्तर: (ब) व्यस्त संबंध असतो

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(ब) विसंगत शब्द ओळखा. [५]

(i) प्राप्ती संकल्पना: एकूण प्राप्ती, सरासरी प्राप्ती, एकूण खर्च, सीमांत प्राप्ती

उत्तर: एकूण खर्च

(ii) संख्यात्मक पतनियंत्रण साधने: बँक दर, खुल्या बाजारातील रोख व्यवहार, परकीय विनिमय दर, रोकड निधीचे बदलते गुणोत्तर

उत्तर: परकीय विनिमय दर

(iii) सूक्ष्म अर्थशास्त्राची व्याप्ती: वस्तूच्या किंमत निश्चितीचे सिद्धांत, उत्पादन घटकाच्या किंमत निश्चितीचे सिद्धांत, आर्थिक वृद्धी व विकासाचे सिद्धांत, आर्थिक कल्याणाचे सिद्धांत

उत्तर: आर्थिक वृद्धी व विकासाचे सिद्धांत

(iv) करेतर उत्पन्न: शुल्क, दंड, संपत्ती कर, अधिभार

उत्तर: संपत्ती कर

(टीप: संपत्ती कर हा प्रत्यक्ष कर आहे, करेतर उत्पन्न नाही.)

(v) साध्या निर्देशांकांचे प्रकार: लासपेअरचा किंमत निर्देशांक, किंमत निर्देशांक, संख्यात्मक निर्देशांक, मूल्य निर्देशांक

उत्तर: लासपेअरचा किंमत निर्देशांक

(टीप: हा भारान्वित निर्देशांकाचा प्रकार आहे.)

(क) अर्थशास्त्रीय पारिभाषिक शब्द लिहा. [५]

(i) एखाद्या विशिष्ट कालखंडात निर्माण करण्यात आलेल्या वस्तू आणि सेवांचे दुहेरी मोजदाद होऊ न देता केलेले मापन होय.

उत्तर: राष्ट्रीय उत्पन्न (किंवा अंतिम वस्तू पद्धत)

(ii) अशा इच्छा, जिला खरेदी शक्तीचे पाठबळ आणि ते खर्च करण्याची मानसिक तयारी असते.

उत्तर: मागणी

(iii) किमतीतील बदलामुळे वस्तूच्या मागणीत घडून येणारा बदल.

उत्तर: मागणीतील विचलन (किंवा किंमतजन्य मागणी)

(iv) प्रत्यक्ष व्यवहारात आढळून येणारा बाजाराचा प्रकार.

उत्तर: मक्तेदारीयुक्त स्पर्धा

(v) स्वातीने पावसाळ्यात तिच्या वडिलांसाठी रेनकोट खरेदी केला.

उत्तर: काल उपयोगिता

(ड) विधाने व तर्क प्रश्न सोडवा. [५]

(i) विधान (अ): पूर्ण स्पर्धेच्या बाजारात वस्तूची किंमत, मागणी आणि पुरवठ्याच्या समतोलातून ठरते.
तर्क विधान (ब): असंख्य ग्राहक आणि विक्रेते असल्याने कोणतीही एक व्यक्ती किमतीवर प्रभाव टाकू शकत नाही.

उत्तर: (क) दोन्ही विधाने सत्य असून विधान 'ब' हे विधान 'अ' चे योग्य स्पष्टीकरण आहे.

(ii) विधान (अ): एका वस्तूच्या किंमतीतील बदल हा अन्य वस्तूच्या मागणीत बदल घडवतो.
तर्क विधान (ब): उपभोक्त्याच्या उत्पन्नातील बदल हा वस्तूच्या मागणीत बदल घडवतो.

उत्तर: (ड) दोन्ही विधाने सत्य असून विधान 'ब' हे विधान 'अ' चे योग्य स्पष्टीकरण नाही.

(स्पष्टीकरण: पहिले विधान छेदक लवचिकता दर्शवते आणि दुसरे विधान उत्पन्न लवचिकता दर्शवते. दोन्ही सत्य आहेत पण एकमेकांचे स्पष्टीकरण नाहीत.)

(iii) विधान (अ): स्व: उपभोगासाठीचे उत्पादन राष्ट्रीय उत्पन्नात मोजले जात नाही.
तर्क विधान (ब): स्व: उपभोगासाठीचे उत्पादन विक्रीसाठी बाजारात येत नाही.

उत्तर: (ब) विधान 'अ' असत्य आहे; पण तर्कविधान 'ब' सत्य आहे.

(स्पष्टीकरण: १२वी च्या पाठ्यपुस्तकानुसार, स्व-उपभोगासाठीच्या उत्पादनाचे अंदाजित मूल्य राष्ट्रीय उत्पन्नात मोजले जाते. त्यामुळे विधान 'अ' तांत्रिकदृष्ट्या असत्य मानले जाते.)

(iv) विधान (अ): व्यापारी बँकेअंतर्गत परकीय विनिमय व्यवस्थापन व नियंत्रण केले जाते.
तर्क विधान (ब): भारतीय रिझर्व्ह बँकेला अधिकृत विनिमय दर कायम ठेवणे आणि त्याची स्थिरता टिकवावी लागते.

उत्तर: (ब) विधान 'अ' असत्य आहे; पण तर्कविधान 'ब' सत्य आहे.

(स्पष्टीकरण: परकीय विनिमय नियंत्रण हे मध्यवर्ती बँकेचे (RBI) कार्य आहे, व्यापारी बँकेचे नाही.)

(v) विधान (अ): पुरवठा ही सापेक्ष संकल्पना आहे.
तर्क विधान (ब): पुरवठा नेहमी किंमत, वेळ आणि नगसंख्या या संदर्भात स्पष्ट केला जातो.

उत्तर: (क) दोन्ही विधाने सत्य असून विधान 'ब' हे विधान 'अ' चे योग्य स्पष्टीकरण आहे.

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प्र. २. (अ) खालील उदाहरणांच्या आधारे संकल्पना ओळखून ती स्पष्ट करा (कोणतेही तीन). [६]

(i) एका टेबल विक्रेत्याने ₹ २,००० प्रतिटेबल याप्रमाणे १५ टेबलची विक्री केली त्यापासून त्याला ₹ ३०,००० मिळाले.

संकल्पना: एकूण प्राप्ती (Total Revenue)

स्पष्टीकरण: वस्तूच्या विक्री नंतर संयोजकाला मिळणारी एकूण रक्कम म्हणजे एकूण प्राप्ती होय.
सूत्र: एकूण प्राप्ती = किंमत × नगसंख्या (२००० × १५ = ३००००).

(ii) इंग्लंडने भारतातून कापसाची आयात केली व त्यापासून कपडे तयार करून ते मलेशियात विकले.

संकल्पना: पुनर्निर्यात व्यापार (Entreport Trade)

स्पष्टीकरण: जेव्हा एका देशातून माल आयात करून, त्यावर प्रक्रिया करून किंवा तसाच तो दुसऱ्या देशाला निर्यात केला जातो, तेव्हा त्यास पुनर्निर्यात व्यापार म्हणतात.

(iii) अशोकने आपल्या उत्पन्नातून उत्पन्न व संपत्ती कर भरला.

संकल्पना: प्रत्यक्ष कर (Direct Tax)

स्पष्टीकरण: जो कर करदात्याच्या उत्पन्नावर किंवा संपत्तीवर आकारला जातो आणि ज्याचा बोजा दुसऱ्यावर ढकलता येत नाही, त्याला प्रत्यक्ष कर म्हणतात.

(iv) राजूचे वडील त्यांचे पैसे देशातील आणि देशाबाहेरील एकत्रित समभाग आणि कर्ज अशा दोन्ही दीर्घ मुदत निधीच्या बाजारपेठेत गुंतवितात.

संकल्पना: भांडवल बाजार (Capital Market)

स्पष्टीकरण: भांडवल बाजार ही अशी बाजारपेठ आहे जिथे दीर्घकालीन निधीचे (समभाग, कर्जरोखे इ.) व्यवहार होतात.

(v) गरीब व्यक्तीला कार हवी आहे.

संकल्पना: इच्छा (Desire)

स्पष्टीकरण: केवळ एखाद्या वस्तूची आस असणे म्हणजे इच्छा होय. इथे खरेदी शक्तीचा अभाव असल्याने ही केवळ इच्छा आहे, मागणी नाही.

(ब) फरक स्पष्ट करा (कोणतेही तीन). [६]

(i) एकक लवचीक मागणी आणि जास्त लवचीक मागणी:

• एकक लवचीक: किंमतीतील शेकडा बदलाच्या प्रमाणाइतकाच मागणीत शेकडा बदल होतो (Ed = 1).
• जास्त लवचीक: किंमतीतील शेकडा बदलापेक्षा मागणीतील शेकडा बदल जास्त असतो (Ed > 1).

(ii) राष्ट्रीय उत्पन्न मापनाची उत्पादन पद्धती आणि उत्पन्न पद्धती:

• उत्पादन पद्धती: एका वर्षात उत्पादित झालेल्या अंतिम वस्तू व सेवांचे बाजारमूल्य विचारात घेतले जाते.
• उत्पन्न पद्धती: उत्पादनाच्या घटकांना मिळणाऱ्या मोबदल्यांची (खंड, वेतन, व्याज, नफा) बेरीज केली जाते.

(iii) मागणी ठेव आणि मुदत ठेव:

• मागणी ठेव: खातेदाराच्या मागणीनुसार कधीही काढता येणाऱ्या ठेवी (उदा. बचत व चालू खाते). व्याजदर कमी असतो.
• मुदत ठेव: विशिष्ट कालावधीसाठी ठेवलेल्या ठेवी. मुदतपूर्व काढता येत नाहीत (साधारणपणे). व्याजदर जास्त असतो.

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प्र. ३. खालील प्रश्नांची उत्तरे लिहा (कोणतेही तीन). [१२]

(i) सूक्ष्म अर्थशास्त्राचे महत्त्व कोणत्याही चार मुद्द्यांच्या आधारे स्पष्ट करा.

उत्तर:

1. किंमत निर्धारण: वस्तूंच्या आणि उत्पादन घटकांच्या किंमती कशा ठरतात हे समजण्यास मदत होते.
2. मुक्त बाजार अर्थव्यवस्था: मुक्त बाजारपेठेची कार्यपद्धती समजण्यास उपयुक्त.
3. व्यवसायातील निर्णय: उत्पादन खर्च, किंमत धोरण, नफा इत्यादींविषयी निर्णय घेण्यास संयोजकास मदत.
4. शासनास उपयुक्त: कर धोरण, सार्वजनिक खर्च धोरण ठरवण्यासाठी शासनास मार्गदर्शन करते.

(ii) मागणीची किंमत लवचिकता मोजण्याची गुणोत्तर (शेकडेवारी) पद्धत स्पष्ट करा.

उत्तर: या पद्धतीत मागणीतील शेकडा बदलाला किंमतीतील शेकडा बदलाने भागले जाते.
सूत्र: \( Ed = \frac{\%\Delta Q}{\%\Delta P} \)
जेथे, \( \Delta Q \) = मागणीतील बदल, \( \Delta P \) = किंमतीतील बदल.

(iii) राष्ट्रीय उत्पन्नाची कोणतीही चार वैशिष्ट्ये स्पष्ट करा.

उत्तर:

1. स्थूल आर्थिक संकल्पना: हे संपूर्ण अर्थव्यवस्थेचे उत्पन्न दर्शवते.
2. अंतिम वस्तू व सेवांचे मूल्य: फक्त अंतिम वस्तूंचे मूल्य मोजले जाते, मध्यम वस्तूंचे नाही.
3. निव्वळ समग्र मूल्य: यात घसारा खर्च वजा केला जातो.
4. प्रवाही संकल्पना: हे एका विशिष्ट कालावधीत (एका वर्षात) मोजले जाते.

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प्र. ४. खालील विधानांशी आपण सहमत आहात, की नाही ते सकारण स्पष्ट करा (कोणतेही तीन). [१२]

(i) पुरवठ्याच्या नियमाला कोणतेही अपवाद नाहीत.

उत्तर: मी या विधानाशी असहम आहोत.

कारण: पुरवठ्याच्या नियमाला खालील अपवाद आहेत: १. श्रमाचा पुरवठा (मागे वळणारा वक्र), २. कृषी उत्पादने (हवामानावर अवलंबून), ३. रोख रकमेची तीव्र गरज, ४. नाशवंत वस्तू.

(ii) व्यापारतोल आणि व्यवहारतोल या दोन्ही संकल्पना वेगवेगळ्या आहेत.

उत्तर: मी या विधानाशी सहमत आहे.

कारण: 'व्यापारतोल' मध्ये फक्त दृश्य वस्तूंच्या आयात-निर्यातीचा समावेश होतो. तर 'व्यवहारतोल' मध्ये दृश्य वस्तू, अदृश्य सेवा, आणि भांडवली व्यवहारांचा समावेश होतो. व्यवहारतोल ही व्यापक संकल्पना आहे.

(iii) निर्देशांक अर्थशास्त्रीयदृष्ट्या खूप महत्त्वपूर्ण आहे.

उत्तर: मी या विधानाशी सहमत आहे.

कारण: १. आर्थिक धोरणे ठरवण्यासाठी उपयुक्त. २. चलनवाढ मोजण्यासाठी. ३. भविष्यातील आर्थिक कल समजण्यासाठी. ४. राहणीमान मोजण्यासाठी.

(iv) राष्ट्रीय उत्पन्नाची गणना करताना कोणत्याही प्रकारच्या तात्विक अडचणी येत नाहीत.

उत्तर: मी या विधानाशी असहम आहोत.

कारण: अनेक तात्विक अडचणी येतात, जसे की: १. हस्तांतरित देणी (Transfer Payments). २. बेकायदेशीर उत्पन्न. ३. विना-मोबदला सेवा. ४. स्व-उपभोगासाठीचे उत्पादन.

(v) स्थूल अर्थशास्त्र हे सूक्ष्म अर्थशास्त्रापेक्षा वेगळे आहे.

उत्तर: मी या विधानाशी सहमत आहे.

कारण: सूक्ष्म अर्थशास्त्र वैयक्तिक घटकांचा अभ्यास करते (उदा. एक उपभोक्ता), तर स्थूल अर्थशास्त्र समग्र घटकांचा अभ्यास करते (उदा. राष्ट्रीय उत्पन्न). त्यांची व्याप्ती आणि साधने भिन्न आहेत.

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प्र. ५. खालील तक्ता, आकृती, उतारा अभ्यासून विचारलेल्या प्रश्नांची उत्तरे लिहा (कोणतेही दोन). [८]

(i) खालील तक्त्याचे निरीक्षण करून प्रश्नांची उत्तरे लिहा.

वस्तूचे नग	एकूण उपयोगिता (TU)	सीमांत उपयोगिता (MU)
१	६	६
२	११	५
३	१५	४
४	१५	०
५	१४	-१

प्रश्न (१): वरील तक्ता पूर्ण करा.

उत्तर: वरील तक्त्यात गडद अक्षरात उत्तरे दिली आहेत.

प्रश्न (२) (अ): जेव्हा एकूण उपयोगिता महत्तम असते तेव्हा सीमांत उपयोगिता _______ .

उत्तर: शून्य असते.

प्रश्न (२) (ब): जेव्हा एकूण उपयोगिता घटते तेव्हा सीमांत उपयोगिता _______ .

उत्तर: ऋण असते.

(ii) आकृतीमधील 'अ इ' हा रेषीय मागणी वक्र आहे. विधाने सत्य की असत्य लिहा.

(आकृतीत रेषीय मागणी वक्र दर्शविला आहे. 'क' बिंदू मध्यबिंदूच्या खाली, 'ब' बिंदू मध्यभागी, 'ड' बिंदू क्ष-अक्षावर आणि 'अ' बिंदू य-अक्षावर आहे.)

(१) 'क' या बिंदूवर मागणी अधिक लवचीक आहे.

उत्तर: असत्य (क बिंदू खालच्या भागात असल्याने मागणी कमी लवचीक असते).

(२) 'ब' या बिंदूवर मागणी एकक लवचीक आहे.

उत्तर: सत्य (मध्यबिंदूवर लवचिकता = १ असते).

(३) 'ड' या बिंदूवर मागणी संपूर्ण अलवचिक आहे.

उत्तर: सत्य (क्ष-अक्षावर लवचिकता = ० असते).

(४) 'अ' या बिंदूवर मागणी संपूर्ण लवचीक आहे.

उत्तर: सत्य (य-अक्षावर लवचिकता = अनंत असते).

(iii) उताऱ्यावरील प्रश्न.

(१) निर्देशांकाचा अर्थ सांगा.

उत्तर: भौगोलिक स्थान, वेळ किंवा इतर वैशिष्ट्ये इत्यादींच्या सापेक्ष बदलासाठी किंवा बदलाचे प्रमाण दाखविण्यासाठी वापरले जाणारे तंत्र म्हणजे निर्देशांक होय.

(२) निर्देशांकाचा वापर कोणास होतो?

उत्तर: निर्देशांक अर्थतज्ज्ञ, शेतकरी, व्यापारी, शासक, शिक्षणतज्ज्ञ आणि मजूर संघटनांचे पुढारी या सर्वांना उपयोगी पडतो.

(३) वरील उताऱ्याविषयी स्वमत लिहा.

उत्तर: निर्देशांक हे केवळ अर्थशास्त्रापुरते मर्यादित नसून ते इतिहास, समाजशास्त्र, शिक्षणशास्त्र अशा अनेक क्षेत्रांत उपयुक्त आहे. भविष्यातील नियोजन आणि धोरणे आखण्यासाठी हे एक अत्यंत प्रभावी संख्याशास्त्रीय साधन आहे.

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प्र. ६. सविस्तर उत्तरे लिहा (कोणतीही दोन). [१६]

(१) मागणीचा नियम अपवादासह स्पष्ट करा.

रूपरेषा:
१. प्रस्तावना: डॉ. अल्फ्रेड मार्शल यांनी १८९० मध्ये 'अर्थशास्त्राची मूलतत्वे' या ग्रंथात हा नियम मांडला.
२. सिद्धांत: "इतर परिस्थिती स्थिर असताना, वस्तूची किंमत वाढली असता मागणी घटते आणि किंमत कमी झाली असता मागणी वाढते."
३. तक्ता व आकृती: किंमत आणि मागणी यांचा व्यस्त संबंध दाखवणारा तक्ता व आकृती काढावी (मागणी वक्र वरून खाली येणारा).
४. अपवाद:

• गिफेन वस्तू (हलक्या प्रतीच्या वस्तू).
• प्रतिष्ठेच्या वस्तू.
• भविष्यकालीन किंमतीचा अंदाज.
• किंमतीचा आभास.
• सवयीच्या वस्तू.

(२) मक्तेदारीचा अर्थ सांगून वैशिष्ट्ये स्पष्ट करा.

रूपरेषा:
१. अर्थ: 'मक्तेदारी' (Monopoly) म्हणजे असा बाजार जिथे एकच विक्रेता असतो आणि ज्याचे पुरवठ्यावर पूर्ण नियंत्रण असते. वस्तूला जवळचा पर्याय नसतो.
२. वैशिष्ट्ये:

• एकच विक्रेता.
• पर्यायी वस्तूंचा अभाव.
• प्रवेशावर निर्बंध.
• बाजार पुरवठ्यावर पूर्ण नियंत्रण.
• मूल्यभेद (Price Discrimination).
• उद्योग संस्था हीच उद्योग.

(३) सार्वजनिक खर्चात वाढ होण्याची कारणे स्पष्ट करा.

रूपरेषा:
१. शासनाच्या कार्यात वाढ: संरक्षण, प्रशासन यासोबतच कल्याणकारी योजनांची अंमलबजावणी.
२. लोकसंख्येचा जलद वाढ: वाढत्या लोकसंख्येला सोयीसुविधा पुरवण्यासाठी खर्च वाढतो.
३. शहरीकरण: शहरांमधील रस्ते, वीज, पाणी यावरील खर्च.
४. संरक्षण खर्च: आधुनिक युद्धसामग्री आणि सुरक्षेवरील खर्च.
५. लोकशाही पद्धती: निवडणुका आणि लोकशाही प्रक्रियेवर होणारा खर्च.
६. भाववाढ: वस्तू व सेवांच्या किंमती वाढल्याने शासनाचा खर्च वाढतो.
७. आपत्ती व्यवस्थापन: नैसर्गिक आपत्तींसाठी (पूर, दुष्काळ) होणारा खर्च.

Maharashtra Board 12th Economics Question Paper Solution October 2021

BOARD QUESTION PAPER : OCTOBER 2021 ECONOMICS

Time: 3 Hrs. | Max. Marks: 80

Q.1. (A) Choose the correct option from given options: (5 Marks)

(i) The branch of Economics that deals with the allocation of resources.

• (a) Micro Economics
• (b) Macro Economics
• (c) Econometrics
• (d) Monetary Economics

Options: (1) a, b, c (2) a, b (3) only ‘a’ (4) None of these

Answer: (3) only ‘a’

(ii) Two or more goods demanded jointly to satisfy a single want.

• (a) Direct
• (b) Indirect
• (c) Joint/ Complementary
• (d) Composite demand

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

Answer: (4) only ‘c’

(iii) Homogeneous product is a feature of this market.

• (a) Monopoly
• (b) Monopolistic competition
• (c) Perfect competition
• (d) Oligopoly

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

Answer: (1) only ‘c’

(iv) Economist who is of the view that public finance is one of those subjects which are on the borderline between economics and politics.

• (a) Adam Smith
• (b) Alfred Marshall
• (c) Prof. Hugh Dalton
• (d) Prof. Findlay Shirras

Options: (1) only ‘a’ (2) only ‘b’ (3) only ‘c’ (4) only ‘d’

Answer: (3) only ‘c’

(v) Role of foreign trade.

• (a) To earn foreign exchange.
• (b) To encourage investment.
• (c) Leads to division of labour.
• (d) Brings change in composition of exports.

Options: (1) a, b, c (2) a, b, c, d (3) a, b, d (4) None of these

Answer: (2) a, b, c, d

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Q.1. (B) Complete the following correlations: (5 Marks)

(i) Micro Economics : Tree : : Macro Economics : _________

Answer: Forest

(ii) Single consumer : Individual demand : : Many consumers : _________

Answer: Market demand

(iii) _________ : Downward sloping curve : : Supply curve : Upward sloping curve.

Answer: Demand curve

(iv) Price index : Inflation : : _________ : Agricultural production.

Answer: Quantity Index Number

(v) _________ : Central bank : : State Bank of India : Commercial bank.

Answer: Reserve Bank of India (RBI)

Q.1. (C) Give economic terms for the following descriptions: (5 Marks)

(i) Utility of a commodity increases with a change in its time of utilization.

Answer: Time Utility

(ii) The demand for a commodity which can be put to several uses.

Answer: Composite Demand

(iii) The market where there are a few sellers.

Answer: Oligopoly

(iv) Financial statement showing the expected receipts and proposed expenditure of the government in the coming financial year.

Answer: Government Budget

(v) Deposits withdrawable on demand.

Answer: Demand Deposits

Q.1. (D) Complete and rewrite the following statements: (5 Marks)

(i) When Marginal Utility (MU) is negative, Total Utility (TU) is _________.

• (a) Rising
• (b) Not changing
• (c) Falling
• (d) Zero

Answer: (c) Falling

(ii) When less units are demanded at high price it shows __________.

• (a) Increase in demand
• (b) Expansion of demand
• (c) Decrease in demand
• (d) Contraction in demand

Answer: (d) Contraction in demand

(iii) Revenue per unit of output sold is ________.

• (a) Total revenue
• (b) Marginal revenue
• (c) Average revenue
• (d) Marginal expenditure

Answer: (c) Average revenue

(iv) Organised sector of money market in India includes _________.

• (a) Indigenous bankers
• (b) Money lenders
• (c) Commercial Banks
• (d) Unregulated non-bank financial intermediaries

Answer: (c) Commercial Banks

(v) Purchase of goods and services by one country from another country is ________.

• (a) Export trade
• (b) Import trade
• (c) Entrepot trade
• (d) Internal trade

Answer: (b) Import trade

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

(i) Madhav collected information about monthly expenditure of a family.

Concept: Micro Economics / Study of Individual Unit

Explanation: Micro Economics is the study of the economic behavior of individual units like a household, a firm, or a specific industry. Here, Madhav is studying the expenditure of a single family, which is a microscopic component of the economy.

(ii) Pooja satisfied her need of writing an essay by using pen and notebook.

Concept: Joint Demand / Complementary Demand

Explanation: When two or more goods are demanded jointly to satisfy a single want, it is known as joint or complementary demand. Here, both pen and notebook are required together to satisfy the want of writing an essay.

(iii) There are many firms producing soaps in India.

Concept: Monopolistic Competition

Explanation: Monopolistic competition is a market structure where there are many sellers selling differentiated products. Soaps (like Lux, Dove, Hamam) are produced by many firms and are close substitutes but not identical (product differentiation), which is a characteristic of monopolistic competition.

(iv) Ramesh prepared share price index number.

Concept: Special Purpose Index Number

Explanation: Index numbers constructed for a specific purpose are called special purpose index numbers. A share price index helps in measuring changes in the prices of shares in the stock market.

(v) Fall in price of sugar by 50% results in 50% rise in demand.

Concept: Unitary Elastic Demand

Explanation: When the percentage change in quantity demanded is exactly equal to the percentage change in price, it is called unitary elastic demand ($Ed = 1$). Here, 50% fall in price leads to exactly 50% rise in demand.

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

(1) Form Utility and Knowledge Utility

Form Utility	Knowledge Utility
1. It is created when the shape or structure of existing material is changed.	1. It is created when a consumer acquires knowledge about a particular product.
2. Example: Making furniture from wood or toys from clay.	2. Example: Knowing the functions of a computer or mobile phone increases its utility.

(2) Perfect competition and Monopolistic competition

Perfect Competition	Monopolistic Competition
1. Products are homogeneous (identical in all respects).	1. Products are differentiated (similar but not identical).
2. There is no selling cost involved as products are identical.	2. Selling costs (advertisement) are heavy to differentiate products.

(3) Partial equilibrium and General equilibrium

Partial Equilibrium	General Equilibrium
1. It studies the equilibrium position of an individual unit (e.g., a single consumer or firm) in isolation.	1. It studies the equilibrium of the economy as a whole, considering interrelationships between all variables.
2. It assumes "Ceteris Paribus" (other things remaining constant).	2. It does not assume other things constant; it assumes "everything depends on everything else".

(4) Direct tax and Indirect tax

Direct Tax	Indirect Tax
1. It is paid by the person on whom it is levied. The burden cannot be shifted to others.	1. It is levied on goods and services. The burden can be shifted to others (consumers).
2. Examples: Income Tax, Wealth Tax.	2. Examples: GST (Goods and Services Tax), Excise Duty.

(5) Perfectly elastic demand and Perfectly inelastic demand

Perfectly Elastic Demand	Perfectly Inelastic Demand
1. When a slight or zero change in price brings about an infinite change in quantity demanded.	1. When a change in price brings no change in quantity demanded.
2. Elasticity (Ed) = $\infty$. The demand curve is a horizontal line parallel to the X-axis.	2. Elasticity (Ed) = 0. The demand curve is a vertical line parallel to the Y-axis.

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

(i) Explain any four features of perfect competition.

Features of Perfect Competition:

1. Large number of sellers and buyers: There are so many sellers and buyers that no single individual can influence the market price. The price is determined by market forces.
2. Homogeneous Product: Products sold by all firms are identical in size, shape, color, taste, etc. They are perfect substitutes for each other.
3. Free Entry and Exit: There are no barriers for new firms to enter the market or existing firms to leave the market.
4. Perfect Knowledge: Both buyers and sellers have perfect knowledge about the market conditions, especially the price and quality of products.
5. Single Price: A single uniform price prevails in the market, determined by the interaction of demand and supply.

(ii) Calculate Quantity Index Number from the given data:

Commodity	Qty in 2010 ($q_0$)	Qty in 2011 ($q_1$)
A	20	55
B	35	60
C	75	110
D	70	75

Solution:

Formula for Quantity Index Number: $Q_{01} = \frac{\sum q_1}{\sum q_0} \times 100$

Step 1: Calculate $\sum q_0$ (Total Quantity of Base Year)

$\sum q_0 = 20 + 35 + 75 + 70 = 200$

Step 2: Calculate $\sum q_1$ (Total Quantity of Current Year)

$\sum q_1 = 55 + 60 + 110 + 75 = 300$

Step 3: Apply Formula

$Q_{01} = \frac{300}{200} \times 100$

$Q_{01} = 1.5 \times 100 = 150$

Ans: Quantity Index Number is 150.

(iii) Explain any four sources of non-tax revenue of the government.

1. Fees: A fee is paid by persons in return for specific services rendered by the government, e.g., education fees, registration fees.
2. Prices of Public Goods and Services: The government sells various goods and services (like railway services, postal services) to citizens. The price charged for these is a source of revenue.
3. Special Assessment: This is a payment made by citizens of a particular locality in exchange for some special facilities provided by the government, like roads or street lights, which increase property value.
4. Fines and Penalties: These are imposed on people who violate the laws of the country. The objective is to curb crimes, but it also generates revenue.
5. Gifts, Grants, and Donations: The government may receive gifts and grants from foreign governments or international organizations, especially during crises.

(iv) Explain the function of acceptance of deposits of commercial bank.

Accepting deposits constitutes the primary function of commercial banks. Banks accept deposits from the public in various forms:

1. Demand Deposits: These are deposits that can be withdrawn on demand by the depositor. They include:
   • Current Account: Usually opened by businessmen; allows unlimited withdrawals; no interest is paid (overdraft facility available).
   • Savings Account: Opened by individuals to encourage savings; limited withdrawals allowed; earns nominal interest.
2. Time Deposits: These are deposits made for a fixed period. They include:
   • Fixed Deposits: Lump sum amount deposited for a fixed period; carries a higher rate of interest.
   • Recurring Deposits: Regular monthly deposits for a specific period; encourages regular savings.

(v) Explain any four features of National Income.

1. Macroeconomic Concept: National income represents the income of the economy as a whole, not of an individual. It is an aggregate concept.
2. Value of Final Goods and Services: Only the value of final goods and services produced in the economy is included to avoid double counting. Intermediate goods are excluded.
3. Net Aggregate Value: It includes the net value of goods and services, meaning depreciation cost of capital assets is deducted (Net National Product).
4. Flow Concept: National income is a flow concept measured over a specific period of time, usually a financial year (1st April to 31st March in India).
5. Monetary Valuation: National income is always expressed in monetary terms (money value).

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

(i) There are exceptions to the law of supply.

I Agree with this statement.

Reasons:

• Supply of Labour: The supply curve of labour bends backwards. At very high wage rates, workers prefer leisure over work, so supply of labour decreases as wages rise.
• Agricultural Goods: The supply of agricultural goods depends on weather conditions, not just price. Even if prices are high, supply cannot be increased immediately if production is low due to bad weather.
• Urgent Need for Cash: If a seller needs cash urgently, they may sell more goods even at a lower price, violating the law.
• Perishable Goods: Sellers of perishable goods (like fish, milk) cannot store them for long and must sell them even at lower prices.
• Rare Articles: The supply of rare goods (like antiques) is fixed and cannot be increased even if prices rise.

(ii) The scope of Macro Economics is unlimited.

I Disagree with this statement.

Reasons:

• While the scope of Macro Economics is vast, it is not "unlimited". It is defined by specific fields of study.
• Subject Matter: It is limited to the study of aggregates like National Income, General Price Level, Employment, and Economic Growth.
• Exclusion of Individual Units: It does not study individual behavior or individual prices (which is the scope of Micro Economics).
• Defined Theories: Its scope is specifically categorized into: Theory of Income and Employment, Theory of General Price Level, Theory of Growth and Development, and Macro Theory of Distribution.

(iii) Price Index number is the only type of Index number.

I Disagree with this statement.

Reasons:

• Price Index Number measures changes in the general price level, but it is not the only type.
• Quantity Index Number: This measures changes in the level of output or physical volume of production (e.g., agricultural or industrial production).
• Value Index Number: This measures changes in the value of a variable (Value = Price × Quantity).
• Special Purpose Index Number: These are constructed for specific purposes, such as Import-Export Index, Share Price Index, or Labour Productivity Index.

(iv) Reserve Bank of India performs various functions.

I Agree with this statement.

Reasons:

• Issue of Currency: RBI has the monopoly to issue currency notes (except one rupee notes and coins).
• Banker to the Government: It acts as a banker, agent, and advisor to the Central and State governments.
• Banker's Bank: It supervises and controls commercial banks and acts as a lender of last resort.
• Custodian of Foreign Exchange: It maintains the country's foreign exchange reserves.
• Controller of Credit: It controls the money supply and credit in the economy using quantitative and qualitative tools.

(v) Obligatory function is the only function of the government.

I Disagree with this statement.

Reasons:

• The government performs two types of functions: Obligatory and Optional.
• Obligatory Functions: These are compulsory functions like protection from external attack, maintaining internal law and order, etc.
• Optional Functions: In a modern welfare state, the government also performs optional functions for social welfare, such as providing education, health services, social security pensions, and infrastructure development.
• Therefore, obligatory functions are not the only functions.

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

(i) Study the following table:

Units of x	Total Utility	Marginal Utility
1	10	10
2	18	8
3	24	6
4	28	4
5	30	2
6	30	0
7	28	–2

(1) With the help of above schedule draw total utility and marginal utility curve. (2 Marks)

(Note: Students should draw a graph with Units on X-axis and Utility on Y-axis. Plot TU points rising, flattening at 30, then falling. Plot MU points falling continuously, crossing X-axis at 6th unit, and going negative at 7th.)

(2) When total utility is maximum marginal utility is _______. (1 Mark)

Answer: Zero (0)

(3) When total utility falls marginal utility becomes _______. (1 Mark)

Answer: Negative

(ii) Study the diagram:

(1) The above diagram shows direct relationship between quantity supplied and _______. (1 Mark)

Answer: Price

(2) In above diagram, supply curve ‘SS’ has _______ slope. (1 Mark)

Answer: Positive / Upward

(3) Rise in price leads to upward movement of supply on the same supply curve from point ‘R’ to point ‘T’. This movement is known as _______. (1 Mark)

Answer: Expansion of supply

(4) Fall in price leads to downward movement of supply on the same supply curve from point ‘R’ to point ‘M’. The movement is known as _______. (1 Mark)

Answer: Contraction of supply

(iii) Read the passage (about India's economy) and answer:

(1) What is the prime source of livelihood for the majority of population in India? (1 Mark)

Answer: Agriculture or agro-based industries are the prime source of livelihood for the majority (two-thirds) of the population in India.

(2) Which sector is developing very fast in India in the recent years? (1 Mark)

Answer: The service sector (services based businesses) is developing very fast in India in recent years.

(3) Give your opinion about India’s economy with reference to the above passage. (2 Marks)

Answer: Based on the passage, India's economy is a developing and diverse economy. While it is still heavily reliant on agriculture for employment, it is rapidly transitioning due to the growth of high-tech industries and services. India is integrating with the global economy through outsourcing and skilled technicians, showing immense potential in manufacturing and technology sectors.

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

(i) Explain the Law of Demand with its assumptions.

Introduction: The Law of Demand was propounded by Dr. Alfred Marshall in his book 'Principles of Economics' (1890). It establishes the functional relationship between price and quantity demanded.

Statement of the Law: "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."

Symbolically: $D_x = f(P_x)$ where D is Demand, P is Price, f is function.

Schedule & Diagram: (Description) The demand schedule shows an inverse relationship. As price falls (50, 40, 30...), demand rises (1, 2, 3...). The Demand Curve (DD) slopes downwards from left to right, indicating a negative relationship.

Assumptions: The law holds true only if "other things remain equal" (Ceteris Paribus). These are:

1. Constant Level of Income: Consumer's income must remain constant. If income rises, demand may rise even at a higher price.
2. No Change in Population: The size and composition of the population should remain unchanged.
3. Prices of Substitute Goods Remain Constant: If the price of a substitute (e.g., coffee) rises, demand for the commodity (tea) may rise even if its price is constant.
4. Prices of Complementary Goods Remain Constant: Change in price of complementary goods affects demand.
5. No Expectation of Future Price Change: Consumers should not expect further price changes in the near future.
6. No Change in Tastes and Preferences: Habits, tastes, and fashion should remain constant.
7. No Change in Taxation Policy: Government tax policies regarding direct and indirect taxes should not change.

(ii) Explain the concept of price elasticity of demand and its types.

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

Formula: $Ed = \frac{\% \Delta Q}{\% \Delta P}$

Types of Price Elasticity of Demand:

1. Perfectly Elastic Demand ($Ed = \infty$): When a slight or zero change in price brings about an infinite change in quantity demanded. Curve: Horizontal straight line parallel to X-axis.
2. Perfectly Inelastic Demand ($Ed = 0$): When a percentage change in price has no effect on the quantity demanded. Curve: Vertical straight line parallel to Y-axis.
3. Unitary Elastic Demand ($Ed = 1$): When the percentage change in quantity demanded is exactly equal to the percentage change in price. Curve: Rectangular Hyperbola.
4. Relatively Elastic Demand ($Ed > 1$): When the percentage change in quantity demanded is greater than the percentage change in price. Curve: Flatter slope.
5. Relatively Inelastic Demand ($Ed < 1$): When the percentage change in quantity demanded is less than the percentage change in price. Curve: Steeper slope.

(iii) Explain Income and Expenditure method of measuring national income.

1. Income Method:

This method measures national income from the side of distribution. It is the sum total of all factor incomes (Rent, Wages, Interest, Profit) earned by the owners of factors of production during a year.

Formula: $NI = Rent + Wages + Interest + Profit + Mixed Income + Net Factor Income from Abroad (NFIA)$

Precautions: Transfer payments (pensions) are excluded. Illegal income is excluded. Imputed value of production for self-consumption is included.

2. Expenditure Method:

This method measures national income by aggregating all final expenditure incurred by the society in a year. It sums up Consumption, Investment, and Government expenditure.

Formula: $NI = C + I + G + (X - M) + (R - P)$

• C: Private Final Consumption Expenditure.
• I: Gross Domestic Private Investment.
• G: Government Final Consumption and Investment Expenditure.
• X-M: Net Exports (Exports - Imports).
• R-P: Net Receipts from abroad.

Precautions: Expenditure on intermediate goods is excluded. Expenditure on second-hand goods is excluded. Transfer payments are excluded.

HSC Economics Board Question Paper March 2022 Solution | Maharashtra Board

Board Question Paper : March 2022

ECONOMICS

Time: 3 Hrs. Max. Marks: 80

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 page.

Q.1. (A) Complete the correlations:

(5 Marks)

(i) Macro Economics : _________ : : Micro Economics : Price theory

Answer: Income theory (or Theory of Income and Employment)

(ii) Direct demand : Food and Mobiles : : _________ : Land and Labour.

Answer: Indirect demand (or Derived demand)

(iii) Perfectly elastic demand : Ed = ∞ : : _________ : Ed = 1.

Answer: Unitary elastic demand

(iv) Output method : Product method : : _________ : Factor cost method.

Answer: Income method

(v) Personal income tax : _________ : : Goods and service tax (GST) : Indirect tax.

Answer: Direct tax

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Q.1. (B) Give economic terms:

(5 Marks)

(i) Additional utility derived by a consumer from an additional unit consumed.

Answer: Marginal Utility (MU)

(ii) Price being constant, demand falls due to unfavorable change in other factors.

Answer: Decrease in demand

(iii) Revenue per unit of output sold.

Answer: Average Revenue (AR)

(iv) Period in which all factors of production are variable.

Answer: Long run

(v) The gross market value of all final goods and services produced within the domestic territory of a country during a period of a year.

Answer: Gross Domestic Product (GDP)

Q.1. (C) Complete the following statements:

(5 Marks)

(i) Whole Economy is studied in _______.

• (a) Micro Economics
• (b) Macro Economics
• (c) Econometrics
• (d) Natural Sciences

Answer: (b) Macro Economics

(ii) When percentage change in quantity demanded is less than percentage change in price, the demand curve is _______.

• (a) Flatter
• (b) Steeper
• (c) Rectangular hyperbola
• (d) Horizontal

Answer: (b) Steeper
Reason: Ed < 1 (Relatively Inelastic Demand) has a steeper curve.

(iii) The cost incurred by the firm to promote sales _______.

• (a) Total cost
• (b) Average cost
• (c) Marginal cost
• (d) Selling cost

Answer: (d) Selling cost

(iv) Budget that consists of revenue receipts and revenue expenditure _______.

• (a) Capital budget
• (b) Government budget
• (c) Revenue budget
• (d) Family budget

Answer: (c) Revenue budget

(v) Purchase of goods and services from one country and selling them to another country is _______.

• (a) Entrepot trade
• (b) Import trade
• (c) Export trade
• (d) National trade

Answer: (a) Entrepot trade

Q.1. (D) Assertion and reasoning questions:

(5 Marks)

(i) Assertion (A): Marginal utility (MU) goes on diminishing.
Reasoning (R): Total utility (TU) increases at diminishing rate.

Answer: (c) Both statements A and R are true and R is the correct explanation of A.

(ii) Assertion (A): With rising price, supply of commodity falls.
Reasoning (R): Seller earns more profit at higher price.

Answer: (b) Assertion (A) is false but Reasoning (R) is true.

(iii) Assertion (A): Index number considers all factors.
Reasoning (R): Index number is based on samples.

Answer: (b) Assertion (A) is false but Reasoning (R) is true.

(iv) Assertion (A): Money market economises use of cash.
Reasoning (R): Money market does not deal with financial instruments that are close substitutes of money.

Answer: (a) Assertion (A) is true but Reasoning (R) is false.
Correction: Money market deals with instruments that ARE close substitutes for money.

(v) Assertion (A): International trade leads to division of labour and specialisation.
Reasoning (R): India’s national trade is not increasing.

Answer: (a) Assertion (A) is true but Reasoning (R) is false.

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

(6 Marks)

(i) Asha collected the information about the income of a particular firm.

Answer:

Identified Concept: Micro Economics (Study of individual unit).

Explanation: Micro economics is the study of the behavior of small individual economic units, such as individual firms, individual prices, individual households, etc. Since Asha is collecting data on a "particular firm," it falls under the scope of Micro Economics.

(ii) Ramesh’s demand for salt remained unchanged inspite of a 10% rise in its price.

Answer:

Identified Concept: Perfectly Inelastic Demand.

Explanation: When a percentage change in price leads to no change in the quantity demanded, it is known as perfectly inelastic demand. In this case, $Ed = 0$. Salt is a necessity, so its demand typically remains unchanged despite price fluctuations.

(iii) Out of 4000 kgs of rice the farmer offered to sale 1000 kgs of rice in the market at ₹ 40 per kg.

Answer:

Identified Concept: Individual Supply.

Explanation: Supply is that part of the stock which a seller is willing and able to offer for sale at a specific price during a specific period. Here, 1000 kgs is the actual quantity offered for sale (Supply), while 4000 kgs is the Stock.

(iv) Shobha collected data regarding the money value of all final goods and services produced in the country for the financial year 2019-20.

Answer:

Identified Concept: National Income (Product Method/Output Method).

Explanation: National Income is the total money value of all final goods and services produced within the domestic territory of a country during a given year. Collecting such aggregate data represents the calculation of National Income.

(v) Lucy deposited a lumpsum amount of ₹ 1,00,000/- in the Bank of India for the period of one year.

Answer:

Identified Concept: Fixed Deposit (Time Deposit).

Explanation: A Fixed Deposit is a type of account where a lump sum amount is deposited by a customer for a specific fixed period of time (e.g., one year). It carries a higher rate of interest compared to savings accounts and cannot be withdrawn before maturity without a penalty.

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

(6 Marks)

(i) Slicing method and lumping method.

Answer:

Slicing Method	Lumping Method
Used in Micro Economics.	Used in Macro Economics.
It splits or slices the economy into small individual units (e.g., individual income, individual demand) and studies them in detail.	It lumps or groups the whole economy together (e.g., National Income, Aggregate Demand) and studies it as a whole.

(ii) Joint/complementary demand and competitive demand.

Answer:

Joint/Complementary Demand	Competitive Demand
When two or more goods are demanded together to satisfy a single want.	When two goods are substitutes for each other and can satisfy the same want.
Example: Car and Petrol, Pen and Ink.	Example: Tea and Coffee, Sugar and Jaggery.

(iii) Total revenue and marginal revenue.

Answer:

Total Revenue (TR)	Marginal Revenue (MR)
It is the total income earned by a firm from the sale of a given quantity of commodity.	It is the net addition made to total revenue by selling one extra unit of the commodity.
Formula: $TR = Price \times Quantity$	Formula: $MR = TR_n - TR_{n-1}$

(iv) Price Index Number and Quantity Index Number.

Answer:

Price Index Number	Quantity Index Number
It measures the general changes in the prices of goods between two periods.	It measures the changes in the level of output or physical volume of production in the economy.
It is used to measure inflation and value of money.	It is used to measure changes in agricultural and industrial production.

(v) Internal debt and External debt.

Answer:

Internal Debt	External Debt
Debt raised by the government within the country (from citizens, banks, etc.).	Debt raised by the government from outside the country (foreign governments, IMF, World Bank).
It is in domestic currency and does not involve the drain of resources.	It is in foreign currency and involves the payment of interest to foreign entities.

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

(12 Marks)

(i) Explain the scope of macro economics.

Answer:

The scope of Macro Economics explains the subject matter it covers. It includes:

1. Theory of Income and Employment: Macro economics analyzes the factors determining the level of national income and employment. It studies consumption function and investment function to understand business cycles.
2. Theory of General Price Level and Inflation: It studies how the general price level is determined and the causes of fluctuations in it (inflation and deflation).
3. Theory of Growth and Development: It studies the causes of underdevelopment and poverty in poor countries and suggests strategies for accelerating growth.
4. Macro Theory of Distribution: It deals with the relative shares of rent, wages, interest, and profit in the total national income.

(ii) Explain any four features of monopoly.

Answer:

1. Single Seller: In a monopoly, there is only one seller or producer of the commodity, but there are many buyers.
2. No Close Substitutes: The product sold by the monopolist has no close substitutes. Buyers have no choice but to buy from the monopolist or go without it.
3. Barriers to Entry: Entry of new firms into the industry is restricted due to legal, natural, or technological barriers.
4. Price Maker: The monopolist has complete control over the supply of the product and can fix the price. Hence, a monopolist is a price maker, not a price taker.

(iii) Elaborate any four features of utility.

Answer:

1. Relative Concept: Utility is related to time and place. Woolen clothes have utility in winter but not summer; sand has utility at a construction site but not at a riverbank.
2. Subjective Concept: Utility is a psychological concept and differs from person to person. A book has utility for a literate person but not for an illiterate one.
3. Ethically Neutral: The concept of utility has no ethical consideration. A knife has utility for a housewife to cut vegetables and for a killer to harm someone; economics considers both as utility.
4. Differs from Usefulness: A commodity may have utility but not usefulness. For example, liquor has utility for an addict but is harmful (not useful) to health.

(iv) Write any four practical difficulties in national income estimation.

Answer:

1. Problem of Double Counting: The greatest difficulty is distinguishing between final goods and intermediate goods. If intermediate goods are counted, it leads to double counting and overestimation of NI.
2. Existence of Non-Monetized Sector: In developing countries like India, a significant part of production (especially agriculture) is for self-consumption and is exchanged through barter, leading to underestimation.
3. Inadequate and Unreliable Data: Data regarding production, cost, and small-scale industries is often unavailable or unreliable due to illiteracy and lack of record-keeping.
4. Valuation of Inventories: Raw materials, intermediate goods, and semi-finished products in stock must be valued. Mistakes in valuing these inventories can distort NI estimates.

(v) Explain the Ratio method of measuring price elasticity of demand.

Answer:

The Ratio Method (also known as the Percentage Method or Arithmetic Method) was developed by Prof. Marshall. According to this method, price elasticity of demand is measured by dividing the percentage change in quantity demanded by the percentage change in price.

Formula:

$$Ed = \frac{\%\text{ Change in Quantity Demanded}}{\%\text{ Change in Price}}$$ $$Ed = \frac{\%\Delta Q}{\%\Delta P}$$

Mathematically:

$$Ed = \frac{\Delta Q}{Q} \times \frac{P}{\Delta P}$$

Where:

• $Q$ = Original Quantity
• $\Delta Q$ = Change in Quantity
• $P$ = Original Price
• $\Delta P$ = Change in Price

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

(12 Marks)

(i) There are no exceptions to the law of diminishing marginal utility.

Answer:

I Disagree.

Reason: There are several exceptions to the law of DMU where MU increases or remains constant with additional units:

• Hobbies: For collectors (stamps, coins), every additional unit gives more pleasure.
• Misers: Every additional rupee gives more satisfaction to a miser.
• Addictions: For drunkards, the level of intoxication and utility increases with every additional drink.
• Power: A person desires more power as they acquire some.

(ii) Supply curve of labour is backward bending.

Answer:

I Agree.

Reason:

• Initially, as wage rates rise, a worker prefers to work more hours to earn more, so the supply of labour increases (upward sloping curve).
• However, after a certain level of income is reached, the worker prefers leisure over work.
• At very high wage rates, the worker reduces working hours to enjoy the earned income. Thus, the supply curve bends backward.

(iii) Price under perfect competition is decided by the interaction between demand and supply.

Answer:

I Agree.

Reason:

• Under perfect competition, no single buyer or seller can influence the price.
• The equilibrium price is determined by the intersection of the market demand curve and the market supply curve.
• Marshall compared this to the two blades of a pair of scissors; both blades (demand and supply) are needed to cut the cloth (determine price).

(iv) Capital market plays an important role in India.

Answer:

I Agree.

Reason:

• Mobilization of Savings: It mobilizes long-term savings from various sections of society.
• Capital Formation: It channels these savings into productive investments, aiding capital formation.
• Industrial Growth: It provides long-term funds to industries for expansion and modernization.
• Technical Assistance: Financial institutions in the capital market provide technical and consultancy services.

(v) Balance of Payment is same as Balance of Trade.

Answer:

I Disagree.

Reason:

• Balance of Trade (BoT): It is the difference between the value of a country's exports and imports of visible goods only. It is a narrow concept.
• Balance of Payments (BoP): It is a systematic record of all economic transactions (goods, services, and capital transfers) between residents of a country and the rest of the world. It is a broader concept including BoT.

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

(8 Marks)

(i) Study the table and calculate GDP and NDP.

Components	₹ Crores
Consumption (C)	800/-
Investment (I)	700/-
Government Expenditure (G)	400/-
Net Export (X-M)	-150/-
Depreciation (D)	100/-

Answer:

(1) Calculate GDP (Gross Domestic Product):

$$GDP = C + I + G + (X - M)$$ $$GDP = 800 + 700 + 400 + (-150)$$ $$GDP = 1900 - 150 = 1750 \text{ Crores}$$

(2) Calculate NDP (Net Domestic Product):

$$NDP = GDP - Depreciation$$ $$NDP = 1750 - 100$$ $$NDP = 1650 \text{ Crores}$$

(ii) Identify the price elasticity of demand from the following diagrams:

Diagram (1)

Vertical Line Parallel to Y-axis

Diagram (2)

Horizontal Line Parallel to X-axis

Diagram (3)

Steep Curve ($\%\Delta P > \%\Delta Q$)

Diagram (4)

Flatter Curve ($\%\Delta Q > \%\Delta P$)

Answer:

1. Diagram (1): Perfectly Inelastic Demand ($Ed = 0$).
2. Diagram (2): Perfectly Elastic Demand ($Ed = \infty$).
3. Diagram (3): Relatively Inelastic Demand ($Ed < 1$).
4. Diagram (4): Relatively Elastic Demand ($Ed > 1$).

(iii) Passage about Commercial Banks and Nationalisation.

(Passage Text: Commercial banks act as intermediaries... Due to bank nationalisation in 1969... services like safe deposit lockers...)

Answer:

(1) Write any two benefits of Bank nationalisation.

• Increase in loan disbursement in urban and rural areas.
• Agriculture and retail traders started getting more loans.

(2) Write various services provided by banks.

Safe deposit lockers, D-mat facility, internet banking, mobile banking, etc.

(3) Write your opinion about the above passage.

The passage highlights the transformative role of commercial banks in India's development. Bank nationalisation in 1969 was a crucial step that shifted banking from "Class Banking" to "Mass Banking," ensuring credit access to neglected sectors like agriculture. The diversification into digital services shows that banks are modernizing to meet the financial needs of a growing economy.

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

(16 Marks)

(i) Explain the concepts of variation and changes in demand with the help of diagrams.

Answer:

A. Variation in Demand

When the demand for a commodity changes only due to a change in its price, while other factors remain constant, it is called variation in demand. It is of two types:

1. Expansion of Demand: Rise in quantity demanded due to a fall in price. It is shown by a downward movement on the same demand curve.
2. Contraction of Demand: Fall in quantity demanded due to a rise in price. It is shown by an upward movement on the same demand curve.

B. Changes in Demand

When the demand for a commodity changes due to changes in other factors (like income, population, taste, etc.), while price remains constant, it is called changes in demand. It is of two types:

1. Increase in Demand: More quantity is demanded at the same price. The demand curve shifts to the right.
2. Decrease in Demand: Less quantity is demanded at the same price. The demand curve shifts to the left.

(Note: Students are expected to draw 4 separate diagrams: Expansion, Contraction, Increase, and Decrease).

(ii) Explain the meaning of index number. Explain various steps involved in the construction of index number.

Answer:

Meaning: An Index Number is a statistical device used to measure changes in an economic variable (like price or quantity) or a group of variables over a period of time.

Steps in Construction of Index Number:

1. Purpose of Index Number: The scope and purpose must be clearly defined (e.g., for retail prices or wholesale prices) to select appropriate data.
2. Selection of Base Year: A base year is the reference year against which comparisons are made. It should be a normal year (free from wars, calamities) and not too distant in the past.
3. Selection of Items: A representative sample of commodities (basket of goods) should be selected based on the purpose (e.g., goods consumed by working class).
4. Selection of Price Quotations: Accurate price data must be collected from reliable markets. Wholesale prices or retail prices are chosen based on requirements.
5. Choice of Suitable Average: An arithmetic mean is commonly used because it is simple, though geometric mean is statistically more accurate.
6. Selection of Proper Weight: Items should be given weights according to their relative importance (Quantity weights or Value weights).
7. Selection of Suitable Formula: The appropriate formula (Laspeyre's, Paasche's, or Fisher's) must be chosen for calculation.

(iii) Explain various sources of public revenue.

Answer:

Public revenue refers to the aggregate collection of income by the government from various sources. The main sources are classified into Tax Revenue and Non-Tax Revenue.

1. Tax Revenue

A tax is a compulsory contribution from the person to the government without reference to special benefits conferred.

• Direct Tax: Incidence and impact fall on the same person (e.g., Income Tax, Wealth Tax).
• Indirect Tax: Incidence and impact fall on different persons. It is levied on goods and services (e.g., GST).

2. Non-Tax Revenue

• Fees: Compulsory payment for a specific service rendered by the government (e.g., Education fee, Registration fee).
• Prices of Public Goods/Services: Prices charged by public authorities for services like railway fares, postal charges.
• Special Assessment: Payment by citizens in a particular locality in exchange for specific improvements (e.g., roads, street lights) that increase property value.
• Fines and Penalties: Imposed on violators of laws to maintain order, not to earn revenue (e.g., Traffic fines).
• Gifts, Grants, and Donations: Voluntary contributions during emergencies or foreign aid.
• Special Levies: Duties levied on commodities harmful to health (e.g., on liquor/cigarettes).
• Borrowings: Government borrows from internal and external sources to meet deficits.