JAC Class 12 economics Question Paper 2018 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the 2018 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. Question 16 offers an "Or" choice between the AC–MC relation and returns to a factor versus returns to scale, and Question 32 between ex-post saving and investment and the Keynesian theory of employment. Full marks and time are not printed on this copy.

Exam

JAC Class 12

Subject

Economics

Year

2018

Questions

32

Pages

5

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 of an economy
• Law of diminishing marginal utility
• Price elasticity of demand
• Law of supply
• Production, returns to a factor and returns to scale
• Cost: AC and MC
• Perfect competition and monopoly
• National income and GNP
• Money and its functions
• Government budget and taxes
• Balance of payments and flexible exchange rate
• Investment, saving and Keynesian theory of employment

Questions from this paper

1. What are the main causes of the origin of economic problems?
2. Distinguish between flow and stock.
3. How is price determined under a monopoly market?
4. Explain the relation between marginal cost and average cost with the help of a cost table.
5. Describe the merits and demerits of the flexible exchange rate system.
6. What are ex-post savings and ex-post investment?