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UT- 1, 2021-22
Grade XII
Subject: Economics (030)
Time allowed: 2 hours Maximum Marks: 50

General Instructions:

 This question paper contains 4 sections: Section A, B, C and D.

 There are total 30 questions. All questions are compulsory. Marks for questions are indicated against
each question.
 Question No. 1-24 are objective type questions carrying 1 mark each. They are required to be answered
in one word or one sentence each.
 Question No. 25 & 26 are short answer questions carrying 3 marks each. Answers to them should not
normally exceed 60-80 words each.
 Question No. 27 & 28 are also short answer questions carrying 4 marks each. Answers to them should
not normally exceed 80-100 words each.
 Question No. 29 & 30 are long answer questions carrying 6 marks each. Answer to them should not
normally exceed 100-150 words each.
 Answers should be brief and to the point and the above word limit be adhered to as far as possible.
 In addition to this, separate instructions are given with each section and question, wherever necessary.

Section – A

Q1. What was the infant mortality rate during the British period? 1

Q2. Which Indian industry was adversely affected due to the partition? 1

Q3. ________ is described as a “year of great divide”. 1

Q4. The first official census was conducted in the year _______. 1

Q5. What was the main cause of food shortage in India after partition? 1

Q6. Which industry received the major setback during the colonial rule? 1

Q7. ________ was the most important infrastructure developed during the British rule? 1

Grade XII / Economics / UT-1, Session 2021-22 1

Q8. Identify the statement which is not true in the context of demographic condition of India during British rule –1

a. High British rate

b. Low death rate

c. Low IMR

d. High literacy rate

Q9. More than half of India‟s foreign trade was restricted to: 1

a. China

b. Britain

c. Korea

d. Sri Lanka

Q10. The opening of Suez Canal served as a direct route for ships operating between : 1

a. India and America

b. India and Japan

c. India and Pakistan

d. India and Britain

Q11. Read the following statements Assertion (A) and (R). Choose one of the alternatives given below. 1

Assertion (A): In national income, value of only final goods and services produced in the economy are
considered

Reasoning (R): National income is always expressed in monetary terms.

a. (A) is true but (R) is false

b. (A) is false but (R) is true
c. Both (A) and (R) are true and (R) is the correct explanation of (A)
d. Both (A) and (R) are true and (R) is not the correct explanation of (A)

Q12. Name some notable economists who estimated India‟s per capita income during the colonial period. 1

Q13. What was the life expectancy during British period? 1

Q14. Losses are classified as: 1

a. Stock variable

b. Flow variable

c. Either (a) or (b)

d. Neither (a) nor (b)

Q15. Money flow involves exchange of: 1

Grade XII / Economics / UT-1, Session 2021-22 2

 a. Goods and Services

b. Gifts

c. Money

d. None of these

Q16. Which of the following is not considered a Factor income? 1

a. Rent

b. Wages

c. Gift from abroad

d. Profit

Q17. Net factor income from abroad is: 1

a. Export minus Imports

b. Visible Export minus Visible Imports

c. Factor income received from abroad minus factor incomes paid abroad

d. Factor incomes received from abroad

Q18. Japanese Embassy in India is a part of domestic territory of: 1

a. India

b. Japan

c. Both (a) and (b)

d. International Arena

Q19. Can purchase of a new car categorized as an intermediate good? 1

Q20. What is meant by consumption of fixed capital? 1

Q21. If NDPfc is Rs. 1000 cr and NFIA is (-)5 cr , how much will be the national income? 1

Q22. When will GDP of an economy be equal to GNP? 1

Q23. Domestic factor income is another name for: 1

a. NDPfc

b. NNPmp

c. GDPfc

d. NNPfc

Q24. Which of the following is not a component of operating surplus? 1

Grade XII / Economics / UT-1, Session 2021-22 3

 Section - B

Q25. How did commercialization of agriculture resulted in famines? 3

OR

State any three reasons for development of railway in India.

Q26. Calculate NDPfc. 3

i. GNPmp = 8000
ii. Depreciation = 600
iii. Net factor income from abroad = 300
iv. Net Indirect Tax = 700

Section - C

Q27. “Decline of handicraft industry adversely affected the Indian economy” Comment. 4

OR

Discuss the land settlement system introduced under the British rule.

Q28. Define Externalities. Give an example of negative externalities. What is its impact on welfare? 4

Section - D

Q29. How will you treat the following items in the calculation of „Domestic Income‟ and „National Income‟? 6

a. Profits earned by a branch of foreign company in India

b. Salaries of Indian employees working in Chinese Embassy
c. Retained earnings of foreign companies from India

Q30. From the following data, Calculate “National Income” by: 6

a. Income method b. Expenditure method

1. Interest 150
2. Rent 250
3. Govt. final consumption expenditure 600
4. Private final consumption expenditure 1200
5. Profits 640
6. Compensation of employees 1000
7. Net factor income to abroad 30
8. Net indirect taxes 60
9. Net exports (-40)
10. Consumption of fixed capital 50
11. Net domestic capital formation 340

OR

Write down some of the limitations of using GDP as an Index of welfare of a country.

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