JAC Class 12 economics Question Paper 2015 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the 2015 board examination, reproduced in English with an answer under every question. All 32 questions are compulsory, in two groups: 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, three four-mark Short Answer II questions and three six-mark long answers, with word limits of 60, 70 and 100 words. Two Group B questions offer an "Or" alternative, on money as a medium of exchange and on direct versus indirect taxes. Full marks and time are not printed on this copy.

Exam

JAC Class 12

Subject

Economics

Year

2015

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

• Production possibility curve and opportunity cost
• Law of diminishing marginal utility
• Theory of demand
• Price elasticity of supply
• Short-run and long-run production functions
• Profit maximisation
• Perfect competition and monopoly
• Money and barter system
• Central bank and commercial banks
• Aggregate demand and aggregate supply
• Government budget, fiscal deficit and taxes
• Full employment and saving

Questions from this paper

1. What are the assumptions of the production possibility curve?
2. Why is a firm a price maker under monopoly?
3. What is the difference between short-run and long-run production functions?
4. Critically examine the law of diminishing marginal utility.
5. What is fiscal deficit? What are its effects?
6. "Money is what money does." Explain the statement.