JAC Class 12 economics Question Paper 2020 with Solution

About this paper

This is the Jharkhand Academic Council (JAC) Class 12 Economics paper from the Annual Examination 2020, reproduced in English with an answer under every question. It carries 100 marks for three hours, and 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, with word limits of 60, 70 and 100 words. Many answers are worked with schedules and diagrams, such as the marginal utility schedule and the inflationary gap diagram.

Exam

JAC Class 12

Subject

Economics

Year

2020

Maximum marks

100

Time allowed

3 hours

Questions

32

Pages

6

Answers included

Yes

Paper pattern

• Group A

  50 marks

  Microeconomics, Questions 1–16: multiple choice (1 × 5), Short Answer I (3 × 5), Short Answer II (4 × 3) and long answer (6 × 3)

• Group B

  50 marks

  Macroeconomics, Questions 17–32: multiple choice (1 × 5), Short Answer I (3 × 5), Short Answer II (4 × 3) and long answer (6 × 3)

Topics covered

• Opportunity cost
• Theory of demand
• Law of diminishing marginal utility
• Short-run and long-run production functions
• Market forms: perfect competition, monopoly and monopolistic competition
• Price determination and shifts in demand and supply
• National income and factor income
• Aggregate demand and inflationary gap
• Central bank and its functions
• Government budget
• Balance of trade and balance of payments

Questions from this paper

1. If total product at 2 units of labour employed is 22 and total product at 1 unit is 10, what is the marginal product?
2. Distinguish between contraction of demand and decrease in demand.
3. Differentiate between substitute goods and complementary goods.
4. Explain the law of diminishing marginal utility with the help of a diagram.
5. Explain the concept of inflationary gap with the help of a diagram. State any two methods of correcting it.
6. Explain balanced budget, surplus budget and deficit budget.