JAC Class 12 economics Question Paper 2013 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the 2013 board examination, with an answer written under every question. Questions are printed in Hindi and English, and the answers are in Hindi. All 32 questions are compulsory: Group A (Questions 1–16) covers microeconomics and Group B (Questions 17–32) covers macroeconomics. Each group has five one-mark multiple-choice questions, five three-mark Short Answer I questions, three four-mark Short Answer II questions and three six-mark long answers. A few questions, such as price determination under perfect competition and exchange rate, carry an "Or" alternative. Full marks and time are not printed on this copy.

Exam

JAC Class 12

Subject

Economics

Year

2013

Questions

32

Pages

4

Answers included

Yes

Paper pattern

• Group A

  50 marks

  Microeconomics, Questions 1–16: five 1-mark multiple-choice questions, five 3-mark Short Answer I, three 4-mark Short Answer II and three 6-mark long answer questions

• Group B

  50 marks

  Macroeconomics, Questions 17–32: five 1-mark multiple-choice questions, five 3-mark Short Answer I, three 4-mark Short Answer II and three 6-mark long answer questions

Topics covered

• Central problems and production possibility curve
• Theory of demand
• Production function and returns to scale
• Theory of supply
• Cost and revenue
• Perfect competition and monopoly
• Money and barter system
• Circular flow of income
• Central bank and credit control
• Commercial banks
• Government budget and taxation
• Balance of payments and exchange rate

Questions from this paper

1. What are the exceptions to the law of demand?
2. "Demand and supply are the two blades of a pair of scissors." Explain briefly in regard to price determination.
3. Explain the laws of returns to scale with the help of a suitable diagram.
4. What are 'leakage' and 'injection' in the circular flow of income?
5. State any three methods by which the central bank tries to control the quantity of credit.
6. What do you mean by exchange rate? How is it determined?