JAC Class 12 economics Question Paper 2017 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the 2017 board examination, reproduced in English with an answer under every question. All 32 questions are compulsory and are divided 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, three four-mark Short Answer II questions and three six-mark long answers, with word limits of 60, 70 and 100 words. Question 16 and Question 32 each offer an "Or" alternative, on the features of a monopoly market and on deficient demand. Full marks and time are not printed on this copy.

Exam

JAC Class 12

Subject

Economics

Year

2017

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
• Utility and consumer behaviour
• Demand and elasticity of demand
• Supply
• Production costs
• Revenue: AR and MR
• Market price, perfect competition and monopoly
• National income and circular flow
• Aggregate demand, investment multiplier and deficient demand
• Central bank functions
• Government budget and expenditure
• Balance of payments, exchange rate and barter system

Questions from this paper

1. Mention the elasticity of demand for the following goods: salt, diamond and milk.
2. Explain the relationship between MR and AR, using a diagram.
3. Differentiate between market price and normal price.
4. What do you mean by production cost? Distinguish between explicit cost and implicit cost.
5. Define investment multiplier. How is it related to the marginal propensity to consume?
6. What are the difficulties of the barter system? Explain how money has removed these difficulties.