Xii Economics 2022 Revision Model Question

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ECONOMICS – XII (REVISION EXAM MODEL QUESTION PAPER CHAP. 1 - 4)
MARKS: 90
PART - A
I CHOOSE THE CORRECT ANSWER 20×1=20
1. Identify the flow variable.
a) money supply
b) assests
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c) income
d) foreign exchange reserves
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2. Indicate the contribution of J M Keynes to economics.
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a) Wealth of Nations
b) General Theory
c) Capital
d) Public Finance
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3. An economic system where the
economic activities of a nation are

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done both by the private and public
together is termed as_____________.

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a) Capitalistic Economy
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b) Socialistic Economy
c) Globalisic Economy
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d) Mixed Economy
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4. An economy consists of
a) consumption sector
b) Production sector
c) Government sector
d) All the above
5. Income method is measured by
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summing up of all forms of ……………
(a) Revenue
(b) Taxes
(c) expenditure
(d) Income
6. The value of NNP at production point
is called ……
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(a) NNP at factor cost
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(b) NNP at market cost
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(c) GNP at factor cost
(d) Per capita income
7. Which is a flow concept ?

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(a) Number of shirts
(b) Total wealth

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(c) Monthly income
(d) Money supply

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8. Which is the largest figure?
(a) Disposable income

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(b) Personal Income

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(c) NNP
(d) GNP
9. Structural unemployment is a feature in a ………..
(a) Static society
(b) Socialist society
(c) Dynamic society
(d) Mixed economy
10. Keynes theory emphasized on ……
equilibrium.
(a) Very short run
(b) Short run
(c) Very long run
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(d) Long run
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11. The basic concept used in Keynes
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Theory of Employment and Income
is…………….
(a) Aggregate demand
(b)Aggregate supply
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(c) Effective demand
(d) Marginal Propensity Consume

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12. Keynes theory pursues to replace

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laissez faire by …………

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(a) No government intervention
(b) Maximum intervention

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(c) State intervention in certain

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situation
(d) Private sector intervention
13. As income increases, consumption
will _________
a)fall
b) not change
c) fluctuate
d) increase
14. In an open economy import _________ the value of the multiplier.
a) Reduces
b) increase
c) does not change
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d) changes
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15. The term super multiplier was first
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used by
a) J.R.Hicks
b) R.G.D. Allen
c) Kahn
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d) Keynes
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16. The term MEC was introduced by
a) Adam Smith
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b) J.M. Keynes
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c) Ricardo
d) Malthus
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17. ________ is for a simple

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economy with households and firms.
a) Three sector model
b) four Sector Model
c) one sector model
d) Two Sector Model
18. ___________is for a mixed
and closed economy with households,
firms and government.
a) four Sector Model
b) one sector model
c) Two Sector Model
d) Three Sector Model
19. _________ is one of the most significant macroeconomic variables.
a) personal income
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b) monthly income
c) profit
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d)national income
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20._______ first introduced the concept of national income.
a) marshal
b) Adam smith
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c) J .R. Hicks
d) Simon Kuznets
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PART – B
II ANSWER ANY 7 OF THE FOLLOWINGS 7×2=14

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(NOTE: COMPULSORY Q.NO.30)

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21. ‘Circular Flow of Income’ – Define.
22. Define GDP deflator.

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23. Give reasons for labour retrenchment at present situation.

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24. List out the assumptions of Say’s law.
25. What are the components of aggregate supply ?
26.What is consumption function?
27. Define Marginal Propensity to Save (MPS).
28. Define Multiplier.
29. Explain three sector circular flow model.
30. Write short note on Ragnar Frisch.
PART – C
III ANSWER ANY 7 OF THE FOLLOWINGS 7×3=21
(NOTE: COMPULSORY Q.NO.40)
31. State the importance of Macro Economics.
32. Distinguish between Capitalism and Globalism.
33. Briefly explain the two sector circular flow model.
34.Write a short note on per capita income
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35. What is the solution to the problem of double counting in the estimation of National income?
36. Write short note on the implications of Say’s law.
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37. Explain Keynes’ theory in the form of flow chart.
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38. Mention the differences between accelerator and multiplier effect
39. Define Real income
40. Explain four sector circular flow model.
PART – D
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IV ANSWER IN DETAIL 7×5=35
41. a) Compare the feature among Capitalism, Secularism and Mixedism.(or)

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b) Discuss the various methods of estimating the national income of a country
42.a) Describe the types of unemployment.(or) b) Indicate the demerits of capitalism

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43.a) Explain the operation of the Accelerator.(or)

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b) Outline the features of mixedism
44. a) Critically explain Say’s law of market.

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(or) b) Indicate the merits of capitalism

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45.a) What are the differences between MEC and MEI?(or) b) Indicate the features of capitalism
46.a) Enumerate the merits of socialism (or)
b) Indicate the features of socialism
47.a) Enumerate the merits of mixedism (or)
b) Indicate the demerits of mixedism
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ECONOMICS – XII (REVISION EXAM MODEL QUESTION PAPER CHAP. 1 - 4)

I CHOOSE THE CORRECT ANSWER 20×1=20

1. Identify the flow variable.

d) foreign exchange reserves

economic activities of a nation are

done both by the private and public

together is termed as_____________.

d) All the above

5. Income method is measured by

summing up of all forms of ……………

6. The value of NNP at production point

(d) Per capita income

7. Which is a flow concept ?

(b) Total wealth

(c) Monthly income

(d) Money supply

8. Which is the largest figure?

(a) Disposable income

(b) Personal Income

9. Structural unemployment is a feature in a ………..

(a) Static society

(b) Socialist society

(c) Dynamic society

(d) Mixed economy

10. Keynes theory emphasized on ……

(a) Very short run

(b) Short run

(c) Very long run

(a) Aggregate demand

(d) Marginal Propensity Consume

12. Keynes theory pursues to replace

laissez faire by …………

(a) No government intervention

(b) Maximum intervention

(c) State intervention in certain

(d) Private sector intervention

13. As income increases, consumption

14. In an open economy import _________ the value of the multiplier.

c) does not change

16. The term MEC was introduced by

17. ________ is for a simple

economy with households and firms.

a) Three sector model

b) four Sector Model

c) one sector model

d) Two Sector Model

18. ___________is for a mixed

and closed economy with households,

firms and government.

a) four Sector Model

b) one sector model

c) Two Sector Model

d) Three Sector Model

19. _________ is one of the most significant macroeconomic variables.

II ANSWER ANY 7 OF THE FOLLOWINGS 7×2=14

(NOTE: COMPULSORY Q.NO.30)

21. ‘Circular Flow of Income’ – Define.

22. Define GDP deflator.

23. Give reasons for labour retrenchment at present situation.

24. List out the assumptions of Say’s law.

25. What are the components of aggregate supply ?

26.What is consumption function?