XII Standard - 12th - Economics - First Midterm Test Question Paper - Samacheer Kalvi

 

First Mid-term Test

Class: XII                                                                                          Marks: 90

Sub: Economics                                                                               Time: 3:00 Hrs.  

I. Choose the best answers from the given options below:                        20x1=20

1)      Microeconomics is concerned with

           a)The economy as a whole                         b) Different sectors of an economy

      c) The study of individual economic units behaviour    d) The interactions within the entire economy

2)      Who is the Father of Economics?

      a) Max Muller       b) Adam Smith            c) Karl Marx              d) Paul A Samuelson

3)      Total revenue is equal to total output sold multiplied by

      a) Price                 b) Total cost                c) Marginal revenue    d)Marginal cost

4)      Identify the correct characteristics of utility

      a) It is equivalent to ‘usefulness’              b) It has moral significance

      c) It is same as pleasure                            d) It depends upon consumer’s mental attitude

5)      Indifference curve was first introduced by

      a) J.R.Hicks                      b) R.G.D Allen            c) Keynes                    d) Edgeworth

6)      The chief exponent of the Cardinal utility approach was

     a) J.R.Hicks                       b) R.G.D Allen            c) Marshall                 d) Stigler

7)      Gossen’s first law is known as.

     a) Law of equi-marginal utility.     b) Law of diminishing marginal utility

     c) Law of demand                              d) Law of Diminishing returns.

8)      Increase in demand is caused by

     a) Increase in tax     b) Higher subsidy     c) Increase in interest rate     d) Decline in population

9)      A consumer is in equilibrium when marginal utilities from two goods are

     a) Minimum           b) Maximum   c) Equal           c) Increasing

10)  Product obtained from additional factors of production is termed as

    a) Marginal product b) Total product c) Average product d) Annual product

11)  The primary factors of production are:

    a) Labour and Organisation    b) Labour and Capital     

     c) Land and Capital                d) Land and Labour.

12)  If average product is decreasing, then marginal product

    a) must be grater than average product    b) must be less than average product

    c) must be increasing                              d) both a and c

13)  Cost refers to ________

   a) price         b) value           c) fixed cost     d) cost of production

14)  The costs of self–owned resources are termed as ________ cost.

  a) real                                    b) explicit                    c) money                                 d) implicit

15)  Find total cost where TFC=I00 and TVC = 125.

 a) 125                                     b) 175                          c) 225                                      d) 325

16)  Revenue received from the sale of products is known as _______ revenue.

 a) profit                      b) total revenue           c) average                               d) marginal

17)  Which theory is generally included under micro economics?

 a) Price Theory          b) Income Theory      c) Employment Theory           d) Trade Theory

18)  Gossen’s first law is known as.

 a) Law of equi-marginal utility.        b) Law of diminishing marginal utility.

 c) Law of demand.                             d) Law of Diminishing returns.

19)  Which of the following is not a characteristic of land?

 a) It is limited supply                         b) It is mobile              c) Heterogeneous        d) Gift of Nature

20)  The locus of the points which gives same level of satisfaction is associated with

a) Indifference Curves            b) Cardinal Analysis   c) Law of Demand      d) Law of Supply

II. Answer any SEVEN of the following questions Q.NO:30 is compulsory 7x2=14 

21. Define Macro Economics.

22. Classify the economies based on status of development.

23. Define GDP deflator.

24. Why is self-consumption difficult in measuring national income?

25. Give short note on Expenditure method.

26. List out the assumptions of Say’s law.

27. Define marginal propensity to consume (MPC).

28. Define Multiplier.

29. What is commodity Money?

30. What is stagflation?

III. Answer any SEVEN of the following questions. Q.NO-40 is compulsory 7X3=21

31. State the importance of Macro Economics.

32. Briefly explain the two sector circular flow model.

33. Write a short note on per capita income

34. Give short note on Expenditure method

35. What do you mean by aggregate demand? Mention its components.

36. Explain the differences between classical theory and Keynes theory

37. Explain the differences between classical theory and Keynes theory

38. Write a note on metallic money

39. What are the determinants of money supply?

40. State Cambridge equations of value of money.

 IV. Answer All the questions:                                                                              7x5=35

41. a) Discuss the scope of Macro Economics.

(OR)

       b) What are the difficulties involved in the measurement of national income?

42. a) Explain the importance of national income.

(OR)

      b) What are the causes and effects of inflation on the economy?

43. a ) Discuss the various methods of estimating the national income of a country.

(OR)

      b) Discuss the importance of social accounting in economic analysis.

44. a) Compare the feature among Capitalism, Secularism and Mixedism.

(OR)

      b) What do you mean by aggregate demand ? Mention its components.

45. a) Critically explain Say’s law of market.

(OR)

      b) Narrate the equilibrium between ADF and ASF with diagram

46. a) Explain the differences between classical theory and Keynes theory

(OR)

      b) Explain the differences between classical theory and Keynes theory

 

(OR)

47. a) Illustrate the functioning of an economy based on its activities.

(OR)

      b) Explain disinflation.