ISC 2024 Economics Question Paper for Class 12

About this paper

This is the ISC Class 12 Economics paper from the 2024 board examination, code 1224-856. It carries 80 marks over three hours, with fifteen minutes extra for reading, and all thirteen questions are compulsory. Section A is 16 marks: sixteen one-mark parts, including a diagram of a shift in the supply of cotton shirts. Section B is 32 marks of short answers, and Section C is 32 marks of long answers, ending with a passage on the Monetary Policy Committee raising the repo rate from 6.25 per cent to 6.50 per cent. Internal choices are given in Questions 5, 8, 11 and 12. Other questions take up composite demand for milk, the four-sector circular flow and a calculation of the investment multiplier. This copy has the questions only.

Exam

ISC Class 12

Subject

Economics

Year

2024

Paper code

1224-856

Maximum marks

80

Time allowed

3 hours + 15 min reading

Questions

13

Pages

10

Answers included

No, questions only

Paper pattern

• Section A

  16 marks

  Question 1: sixteen objective and very short parts, one mark each

• Section B

  32 marks

  Questions 2–9, short answers; internal choice in Questions 5 and 8

• Section C

  32 marks

  Questions 10–13, long answers, the last a passage on the repo rate; internal choice in Questions 11 and 12

Topics covered

• Elasticity of demand
• Law of variable proportions
• Market forms and selling cost
• Costs and break-even
• Indifference curves
• Circular flow of income
• Consumption and the multiplier
• Government budget and taxation
• Balance of payments
• National income
• Monetary policy

Questions from this paper

1. Milk is used to make curd, sweets and chocolates. What type of demand does milk have? Give a reason.
2. Draw and explain the average fixed cost curve.
3. With a diagram, explain the relationship between average product and total product under the law of variable proportions.
4. When national income rises from ₹600 crore to ₹1,000 crore, consumption rises from ₹500 crore to ₹800 crore. Calculate the MPC and hence the investment multiplier.
5. Draw a labelled diagram and explain the circular flow of income in a four-sector model.
6. Which function of the central bank is hinted at in the passage on the Monetary Policy Committee raising the repo rate from 6.25 per cent to 6.50 per cent?