ISC 2020 Economics Question Paper for Class 12

About this paper

This is the ISC Class 12 Economics paper from the 2020 board examination, code 1220-856. It carries 80 marks and lasts three hours, with an extra fifteen minutes for reading only. Part I, of 20 marks, is compulsory: ten short questions of two marks each, covering production, utility, tax, money and the multiplier. Part II, of 60 marks, asks for any five of Questions 2 to 9, twelve marks each. Those questions run through elasticity, indifference curves, the law of variable proportions, perfect and monopolistic competition, public debt, the money supply, the investment multiplier and national income. One question gives a data set and asks for GNP at factor cost, NDP at factor cost and national income. This copy has the questions only.

Exam

ISC Class 12

Subject

Economics

Year

2020

Paper code

1220-856

Maximum marks

80

Time allowed

3 hours + 15 min reading

Questions

9

Pages

4

Answers included

No, questions only

Paper pattern

• Part I

  20 marks

  Question 1, compulsory: ten short answers, two marks each

• Part II

  60 marks

  Any five of Questions 2–9, twelve marks each

Topics covered

• Production function
• Diminishing marginal utility
• Indifference curves
• Elasticity of demand and supply
• Law of variable proportions
• Perfect and monopolistic competition
• Money and banking
• Public debt and fiscal deficit
• Balance of payments
• Investment multiplier
• National income

Questions from this paper

1. What is a production function?
2. State the law of diminishing marginal utility and mention any two assumptions of the law.
3. What is meant by MPS, and how is MPS related to the investment multiplier?
4. When the price of commodity X changes from ₹40 per unit to ₹20 per unit, demand increases by 20 units. If the price elasticity of demand is 0.5, calculate the initial and the final quantity demanded.
5. Mention the components of the M1, M2 and M3 measures of money supply used by the RBI.
6. Explain the deflationary gap with a diagram, and discuss any two monetary measures to reduce it.