SEVENTH DAY ADVENTIST HIGHER SECONDARY SCHOOL

132FT. RING ROAD, HARIPURA, MANINAGAR[E], AHMEDABAD – 380 008

REVISION TEST – I
STD.XII [ECONOMICS]
NAME: ________________ DATE: 23/06/2021
SECTION:_______ TIME: 1 ½ Hrs.
ROLL NO._______ MARKS: 50
PART - I

Q.1. Answer in short. [10x2=20]

1. How does an increase in income affect the demand for an inferior good?
2. State the Law of Diminishing Marginal utility.
3. What do you understand by change in quantity demanded?
4. Different between ex-ante demand and ex-post demand.
5. Define cross price elasticity of demand.
6. State two methods of measurement of elasticity of demand.
7. Draw a demand curve showing relatively inelastic demand.
8. What is supply function?
9. Technical advancement leads to cost saving with the help of a diagram,
explain the effect of technical advancement on the supply curve.
10 Differentiate between stock and supply.

PART- II
(Attempt any five questions) [5x6=30]

Answer in detail
Q.2.
a) Differentiate between extension and increase in demand. [3]
b) Explain the following phenomenon as exceptions to the Law of Demand.
(i) Expectation regarding future prices.
(ii) conspicuous consumption by a consumer. [3]

Q.3. Explain any four determinants of demand. [6]

Q.4.
a) Explain any two factors affecting elasticity of demand of a commodity. [3]
b) Draw a straight line demand curve touching the two axes and show the
elasticity (i) At X- intercept (ii)At Y- intercept (iii) At midpoint [3]
Q.5.
a) Why is labour supply a backward bending curve? Explain with the help of a diagram. [3]

b) Find the elasticity of demand of X and Y on the basis of the demand schedule given
below and specify which one is more elastic. [3]

Good X Good Y
Px(Rs.) D2 (Units Py (Rs.) Dy (Units)
8 10 8 10
4 12 6 25

Q.6. Explain the law of Supply with the help of a hypothetical supply schedule and curve. [6]

Q.7.
a) Differentiate between change in quantity supplied and change in supply. [3]
b) Explain any two reasons why the supply curve is upward sloping. [3]

Q.8.
a) Complete the following table and draw a Supply Curve for the firm A. [3]

Price per unit Supply by firm Supply by firm B Market Supply

A
2 5 5 ?
3 ? 10 17
4 9 ? 24
5 11 20 ?

b) State any five causes for the rightward shift of supply curve. [3]

Q.9
a) Explain any four determinant of supply. [6]