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Probable Questions for Class XII (Economics)

Class 12 Economics – Ten Most Important Questions

Probable Questions for Class XII (Economics)

Group - A


10 Marks

1. What is price elasticity of demand? Explain its types.
2. Define elasticity of demand. How is it measured with the help of total outlay method?
3. What is price elasticity of supply? Explain its types.
4. Define income elasticity of demand. Explain its types.
5. Explain the law of diminishing marginal utility. What are its limitations?
6. Explain the law of substitution.
7. Explain the law of variable proportion.
8. Explain the law of returns to scale in production.
9. What is perfect competition? How are price and output determinant under it?
10. Define monopoly. How are price and output determinant under it?



11. Critically explain the Ricardian theory of rent.

12. Explain the classical theory of interest. What are its criticisms?
5 Marks
1. Explain major types of income elasticity of demand
2. Explain major types of cross elasticity of demand.
3. What are the determinants of elasticity of demand?
4. How price elasticity of demand measures by point method?
5. Explain the relationship between TU and MU with the help of table and figure.
6. Explain the concept of consumer’s surplus.
7. Describe the importance of consumer surplus.
8. Explain the relationship between total product and marginal product.
9. Explain the increasing returns to scale in production.
10. Explain the nature of revenue curves under perfect competition market.
11. Derive AR and MR from TR under monopoly market.
12. Explain the relationship between TFC, TVC and TC curves.
13. Graphically explain the relationship between AC and MC.
14. Why short run average cost curves is ‘U’ shaped?
15. Explain the equilibrium condition of firm under TR-TC approach in monopoly.
16. Explain the equilibrium condition of firm under TR-TC approach in perfect competition.
17. Explain the equilibrium condition of firm under MR-MC approach in monopoly.
18. Explain the equilibrium condition of firm under MR-MC approach in perfect competition.
19. Explain the subsistence theory of wage.
20. Describe the wage fund theory of wage.
21. Explain the risk bearing theory of profit.
22. Describe the uncertainty bearing theory of profit.
2 Marks
1. Define elasticity of demand.
2. Define Price elasticity of demand.
3. Define income elasticity of demand.
4. What is cross elasticity of demand?
5. Define marginal and total utility.
6. What is consumer surplus?
7. Define production and production function.
8. What is short-run and long-run in production?
9. Define perfect competition market.
10. What is monopoly market?
11. Define total and marginal revenue.
12. Define money cost and real cost.
13. Define explicit and implicit cost.
14. Define opportunity cost.
15. Define fixed cost and variable cost.
16. What is factor pricing?
17. Define economic and contract rent.
18. What is the concept of nominal and real wages?
19. Define gross interest and net interest.
20. Distinguish between gross profit and net profit.





Group - B

10 Marks
1. Define money. Explain various functions of money.
2. Critically explain the quantity theory of money.
3. Explain various functions of Central Bank.
4. Explain the functions of Commercial Bank with reference to Nepal.
5. What is direct tax? Explain the merits and demerits of direct tax.
6. Define indirect tax? Explain its merits and demerits.
7. What is budget? Explain the process of budget formulation in Nepal.
8. What is tax? Explain the Canons of taxation.
9. Critically explain the comparative cost theory of international trade.
10. What is free trade? Explain advantage and disadvantage of free trade.
5 Marks
1. Distinguish between closed and open economy.
2. Explain the major macroeconomic variables.
3. Explain the importance of macroeconomics.
4. Distinguish between GDP and GNP.
5. How is national income computed from the expenditure method?
6. How is national income computed from the product method?
7. How is national income measure by income method?
8. Explain major difficulties in the measurement of National Income.
9. Explain the circular flow income in two sector economy?
10. Describe various types of money.
11. Explain the major causes of inflation.
12. Describe various causes of deflation.
13. Explain the consequences of inflation.
14. Describe the importance of banking system.
15. Distinguish between money market and capital market.
16. Describe the important roles of public finance.
17. Explain the role of government finance.
18. What are the sources of public revenue?
19. Explain the concept of Progressive and proportional tax.
20. Explain the characteristics of good tax system.
21. What are the sources of public borrowing?
22. Explain the process of budget formulation in Nepal.
23. What is the importance of international trade?
24. Give your arguments in favour of free trade.
25. Give your arguments in favour of protectionism.
26. What are the disadvantages of protection policy in trade?
27. What are the major problems of foreign trade?
28. Write the growth and trend of Nepalese foreign trend.
2 Marks
1. What is macroeconomics?
2. Define closed and open economy.
3. What is unemployment?
4. What is GDP deflator?
5. What is national income?
6. Define nominal and real GDP.
7. Define Per-Capita Income.
8. Draw a circular flow income of two sector economy.
9. Write major difficulties in the measurement of National Income.
10. What is value of money?
11. Define inflation.
12. What Deflation?
13. What is Bank?
14. What is public finance?
15. What is Proportional tax?
16. What is public borrowing?
17. What is budget?
18. Write the concept of international trade.
19. Define balance of payment.
20. Define balance of trade.
21. What is free trade?
22. What are the objectives of SAFTA?
23. Write short note on WTO.
24. Write short note on SAFTA.
25. What are the objectives of WTO?

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