SHORT QUESTION COLLECTION OF ECONOMICS FOR CLASS XII
Chapter 1
1. What do you mean by market economy? Explain it with its features.
2. Explain law of demand.
3. Explain law of supply.
4. Distinguish between movement along and shift in demand curve.
5. Distinguish between demand and desire.
6. Make distinction between movement along and shift in supply curve.
7. What are the major reasons behind downward sloping demand curve?
8. What are the factors causing shifts in demand curve?
9. What are the factors causing shift in supply curve?
Chapter 2
1. How price elasticity of demand is it measured with the help of total outlay/ total expenditure method?
2. Define income elasticity of demand with its types.
3. What do you mean by cross elasticity of demand? Illustrate it with its types.
Chapter 3
1. Explain the law of diminishing marginal utility.
2. Explain the concept of consumer's surplus.
Chapter 4
1. Explain the features/characteristics of land.
2. Explain the process of capital formation.
3. What are the advantages of division of labor?
4. What are the factors affecting efficiency of labor?
5. Elucidate features of Joint Stock Company.
6. What are the advantages of division of labor?
Chapter 5
1. Explain the concept of Total Product (TP), Average Product (MP) and Marginal Product (MP) with appropriate example.
2. Explain the relationship between Total Product (TP), Average Product (MP) and Marginal Product (MP) in short run.
3. What do you mean by returns to scale? Explain the nature of constant returns to scale.
4. What do you mean by returns to scale? Explain the nature of increasing returns to scale.
5. What do you mean by returns to scale? Explain the nature of decreasing returns to scale.
Chapter 6
1. Define Total Revenue (TR), Average Revenue (AR) and Marginal Revenue (MR).
2. Define Average Cost (AC) and Marginal Cost (MC). Explain relationship between AC and MC.
3. Why short run average cost curve is U-shaped?
4. Define and distinguish fixed and variable cost.
Chapter 7
1. Define perfect competition market with its features.
2. Define monopoly market with its features.
3. Define and distinguish perfect competition market and monopoly market.
Chapter 8
1. Explain the uncertainty bearing theory of profit.
2. Critically explain risk-bearing theory of profit.
3. Critically explain subsistence theory of wage.
4. Critically explain wage fund theory of profit.
5. Define and differentiate economic rent and contract rent.
6. Distinguish real wage and money wage.
Chapter 9
1. Define inflation. What are the causes of inflation?
2. What do you mean by deflation. What are the causes of deflation?
3. What do you mean by cost-push inflation.
4. What do you mean by demand-pull inflation.
5. Explain the characteristics of money.
6. Explain the functions of money.
Chapter 10
1. Define and distinguish between money market and capital market.
2. Explain the role of banking system in economic development of economy.
Chapter 11
1. What do you mean by public borrowing? What are the sources of public borrowings?
2. What are the objectives of public borrowing?
3. Explain the merits and demerits of direct tax.
4. Explain the merits and demerits of indirect tax.
5. Briefly explain the cannon of taxation.
6. Define and differentiate direct and indirect tax.
7. Define public finance. Also explain the role of public finance in economic development of a country.
8. Explain the budget formulation process.
9. What do you mean by progressive tax system. Explain it with the help of appropriate example.
10. What do you mean by regressive tax system. Explain it with the help of appropriate example.
11. What do you mean by proportional tax system. Explain it with the help of appropriate example.
12. What do you mean by digressive tax system. Explain it with the help of appropriate example.
Chapter 12
1. Write short note on free trade vs protection trade.
2. Give argument in favor of free trade.
3. Explain Comparative Cost Theory of International Trade.
4. Give argument in favor of protection trade.
5. Explain the concept of balance of trade and balance of payment.
6. Write short note on disadvantages of free trade.
7. Write short note on disadvantages of free trade
8. What are the principles and objectives of WTO?
9. What are the principles and objectives of SAFTA?
LONG QUESTION COLLECTION OF ECONOMICS FOR CLASS XII
Chapter 1
1. State and explain law of demand with its exceptions.
2. State and explain low of supply with its exceptions.
3. What do you mean by shift in supply curve? Describe various factors causing shift in demand curve.
4. What do you mean by shift in demand curve? What are the major factors that causes shift in supply curve?
Chapter 2
1. What is price elasticity of demand? How is it measured with the help of total outlay or total expenditure method?
Chapter 3
1. Explain law of diminishing marginal utility with its limitations.
2. Critically explain law of substitutions or law of equi-marginal utility.
3. Explain concept of consumer surplus with its criticisms.
Chapter 4
1. Critically explain Malthusiam Theory of population.
2. Explain Optimum Theory of Population. What are its criticisms?
3. What do you mean by efficiency of labor? What are the determinants of efficiency of labor?
Chapter 5
1. Elucidate Law of Variable Proportion. In which stage a rational producer prefers to operate and why?
2. Explain laws of returns to scale with the help appropriate figures?
Chapter 6
1. Define AR, MR and TR. Explain the relationship between AR and MR under monopoly market.
2. 1. Define AR, MR and TR. Explain the relationship between AR and MR under perfect competition market.
3. Explain and illustrate short run total cost curves with the help of appropriate diagram.
Chapter 7
1. What do you mean by perfect completion market? Explain how price and output are determined under it?
2. Define monopoly market with its features. Also explain process of price and output determination under it.
Chapter 8
1. Critically explain Ricardian Thoery of Rent.
2. Explain the classical theory of interest. What are the limitations of this theory?
Chapter 9
1. Critically explain Fisher's Quantity Theory of Money.
2. What do you mean by inflation. Explain Cost Push Inflation and Demand Pull Inflation with its causes.
Chapter 10
1. What do you mean by Commercial Bank? What are the functions of Commercial Bank?
2. Define Central Bank. Also explain the functions of Central Bank.
3. A well-developed banking system is necessary condition for the economic development of a country. Do you agree or not? Justify your answer.
Chapter 11
1. What do you mean by progressive, regressive, proportional and digressive tax system?
2. What do you mean by public revenue? What are the sources of government revenue?
Chapter 12
1. What is free trade? Explain advantages and disadvantages of free trade.
2. What do you mean by protection trade or protectionism? What are its merits and demerits?
3. Critically explain Classical Theory of International Trade. Also write its criticisms.
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