JAC Class 12 economics Question Paper 2014 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the 2014 board examination, reproduced in English with an answer under every question. All 32 questions are compulsory and are split into Group A on microeconomics (Questions 1–16) and Group B on macroeconomics (Questions 17–32). Each group has five one-mark multiple-choice questions, five three-mark Short Answer I questions (up to 60 words), three four-mark Short Answer II questions (up to 70 words) and three six-mark long answers (up to 100 words). Several answers use formulas and diagrams, for example for elasticity of demand, APS and MPS, and excess demand. Full marks and time are not printed on this copy.

Exam

JAC Class 12

Subject

Economics

Year

2014

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
• Consumer behaviour and utility
• Theory of demand and elasticity of demand
• Theory of supply
• Production function and law of variable proportions
• Cost curves
• Monopoly and monopolistic competition
• National income and its measurement
• Money and banking
• Monetary policy instruments
• Government budget, taxation and public expenditure
• Consumption, saving and excess demand

Questions from this paper

1. Explain why a production possibility curve is concave.
2. Why is the average cost curve in the short run U-shaped?
3. Explain the law of variable proportions with the help of total product and marginal product curves.
4. Distinguish between a cheque and an overdraft.
5. What are the principal instruments of monetary policy of the central bank?
6. What is excess demand? What is its impact on output and price?