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economics paper term 2

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economics paper term 2

CBSE Class 12 Economics Sample paper for Term 2 with solutions: Practice this to get 100% marks

Cbse has released the class 12 economics sample papers for term 2 with solutions on its official website. check the full cbse class 12 economics term 2 sample paper below..

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CBSE Class 12 Economics Sample paper with solutions: Practice this to get 100% marks

CBSE Class 12 Economics sample paper: The CBSE sample papers for the Term 2 board exam scheduled for March-April were released a few days ago and this time, it is vital for students to practice as many sample papers as possible because of the major pattern change by the CBSE board.

How to check and download CBSE class 12 sample papers?

Students are advised to visit the official website and download the sample papers directly from the official website to score high in their term-2 board exams.

Check the full Class 12 Economics Term 2 sample paper:

economics paper term 2

CBSE Class 12 Economics Term 2 Question Paper 2022 | Download Free PDF with Solutions

Class 12 Economics comprises chapters about microeconomics, macroeconomics and Indian economic development. It is a vast syllabus that needs proper preparation to score well on the board exam. The best way to assess your preparation is to practise solving CBSE Class 12 Economics Question Paper.

The experts of Vedantu have compiled accurate answers to all the questions in this paper. Compare your answers to the solution and check your preparation level accordingly. Find out where you can improve to score more in the board exam.

CBSE Class 12 Economics Term 2 Question Paper 2022 with Solutions - PDF will be uploaded soon

Importance of CBSE Class 12 Economics Question Paper 2022

Class 12 Economics is an interesting subject with a comprehensive syllabus that covers the different domains of microeconomics, macroeconomics and Indian economic development over the years.

All the chapters need equal attention from the students of Class 12 to ensure the best preparation before the board exam. Once the CBSE syllabus is prepared, students need an assessment platform to check it. By using the Economics Grade 12 Term 2 Question Paper 2022 as a mock exam paper, they can trace the shortcomings and can concentrate on their areas.

Students will also find the answers to all the questions included in the sections of this question paper. These answers have been compiled by the experts by following the CBSE guidelines . Hence, the answering format is perfect to follow and score more in the board exam.

It will also become easier to identify the question format used by the CBSE board . Practising solving such questions will make students accustomed to the pattern followed. They will be able to design a strong strategy to attempt all the questions within the stipulated time.

Hence, Class 12 Economics previous year’s question papers are ideal for giving mock exams at home and testing your preparation perfectly. You can refer to the solutions available with the question paper for convenience and make your practice sessions more productive.

Benefits of Class 12 Economics Question Paper 2022 Solution

Here is how you can benefit from solving CBSE Class 12 Economics 2022 question paper at home.

Time-bound Practice : One of the prime reasons for giving mock exams at home is time management. An elaborate question needs careful attention in all the sections. Mock tests enable you to become more efficient in handling all the questions on time.

Experience : Solving the Economics previous year’s question papers will help you to gain experience. This experience will reveal the question pattern followed by the CBSE board. It will help you to design a strategic approach to attempt such questions.

Confidence : Boost your confidence by solving the CBSE Class 12 Economics question papers . This confidence will help you organise your thoughts during the CBSE board exam.

Download Class 12 Economics Term 2 Question Paper PDF

Add the Class 12 Economics Question Paper 2022 solution Free PDF to your study material and make your practice sessions more fruitful. Give mock exams at home and use the solution to assess your preparation level. Find out the chapters that need more attention and make your preparation better.

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FAQs on CBSE Class 12 Economics Term 2 Question Paper 2022 with Solutions

1. What is the time limit of the Class 12 Economics CBSE exam?

The time allotted for the CBSE Class 12 Economics exam is 1.5 hours.

2. What is the format of the Class 12 Economics Question Paper?

There are three sections. Section A and Section B contain 24 questions. An examinee needs to attempt 20 questions in each section. Section C contains 12 questions, and the student needs to attempt 10 questions.

A total of 50 questions need to be attempted in the entire paper. These questions are distributed in three sections.

3. What is the best way to prepare for the Class 12 Economics Term 2 Board Exam?

Complete the entire syllabus first and revise all the chapters. Prepare and give mock exams at home using the previous year’s question paper and clarify your doubts.

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economics paper term 2

  • CBSE Class 12 Economics Sample Paper 2022 (Term 2)

Description

CBSE Board has released the Class 12 CBSE Economics sample paper 2022 for term 2. Students can download this file to get access to the same and start their exam preparation.

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CBSE Class 12 Term 2 Economics Sample Papers With Marking Scheme

Cbse class 12 term 2 economics sample papers with marking scheme download free pdf.

CBSE Board is all set to conduct the term 2 board exam of class 12th Economics, and that is why they have released the CBSE Term 2 Class 12 Economics Sample Papers with Marking Scheme to give students an idea of the upcoming board exam pattern.

The sample papers of Economics contain the information regarding the question types, marks weightage, and the level of difficulty. It helps students to save themselves from damaging their score in the board exam. Therefore, the students are suggested to practice questions referring to the released sample papers. The CBSE Term 2 Sample Papers with Marking Scheme of Economics PDF is available here for free of cost.You can also download here CBSE Term 2 Class 12 Study Material .

CBSE Class 12 Economics Sample Paper Download Free PDF With Marking Scheme

Economics exams are held for 100 marks and it is a very scoring subject in which students can score upto 100% marks. Therefore, candidates should know about the marking scheme in order to identify which topics are worth giving more time so that scoring high marks can be easier.

By solving the sample papers, knowing about the important chapters becomes much easier. Apart from this the SQP enables students to have access to the numerous set of questions to practice. Additionally, the SQP is a very good study material that allows board candidates to assess their preparation level for the subject.

Various Types Of Questions In Term 2 Exam

Term 2 exam of class 12th Economics will have questions from 50% remaining syllabus out of 100%, hence for students it is important to know about the question types that will be asked in the upcoming board examination. Second term exam will consist of mixed types of questions in which subjective, objective, and case based problems can be asked.

Furthermore, solving these types of questions before the actual exam ensures students have gained good control over each concept precisely. In case, you are unable to solve all the questions then it will be a great opportunity to find out the problems and topics where you lack, the sample papers of 12th class Economics can help you in doing so. Previous year question papers can also help you in self-assessment.

Benefits of Solving Class 12th Term 2 Economics Sample papers with Marking Scheme

By solving the class 12th sample papers of Economics you can easily understand the board papers motive and can prepare accordingly. The SQP also guides you to learn the ways to answer the questions in the exam. It makes you aware of the exam papers so that you can have control of yourself while writing the answers.

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economics paper term 2

CBSE Sample Papers for Class 12 Economics Term 2 Set 5 with Solutions

Students can access the  CBSE Sample Papers for Class 12 Economics with Solutions and marking scheme Term 2 Set 5 will help students in understanding the difficulty level of the exam.

Time allowed: 2 Hours Maximum Marks: 40

General Instructions:

  • This is a Subjective Question Paper containing 13 questions.
  • This paper contains 5 questions of 2 marks each, 5 questions of 3 marks each and 3 questions of 5 marks each.
  • 2 marks questions are Short Answer Type Questions and are to be answered in 30-50 words.
  • 3 marks questions are Short Answer Type Questions and are to be answered in 50-80 words.
  • 5 marks questions are Long Answer Type Questions and are to be answered in 80-120 words.
  • This question paper contains Case/Source Based Questions.

CBSE Sample Papers for Class 12 Economics Term 2 Set 5 with Solutions

Question 1. When is gross national product of an economy equal to gross national product? OR How is GDP at current prices converted into GDP at constant prices? (2) Answer: When net factor income from abroad is zero, gross national product of an economy is equal to gross national product. OR The following formula is used to covert GDP at current prices into GDP at constant prices:

GDP at constant prices \(=\frac{\text { GDP at current prices }}{\text { Current Price Index }} \times 100\)

Question 2. Calculate equilibrium level of income: (i) Autonomous consumption = ₹200 (ii) Marginal propensity to consume = 0.9 (iii) Investment expenditure = ₹1,000 OR An economy is in equilibrium. Find Marginal Propensity to Consume from the following: National Income = ₹2,000 Autonomous Consumption = ₹400 Investment Expenditure = ₹200 (2) Answer: Y = C + l and C = ₹200 + 0.9 Y l = ₹1,000 Y = ₹200 + 0.9Y + ₹1,000 0.1Y = ₹1,200 Y = ₹12,000 OR Given, Y = ₹2,000, C = ₹400, l = ₹200 We know, Y = C + b(Y) + l ₹2,000 = ₹400 + b(₹2,000) + ₹200 ₹2,000 = ₹400 + ₹200 + b(₹2,000) ₹2,000 – ₹600 = b (₹2,000) b = 1 400/2 000 = 0.7 b or MPC = 0.7

CBSE Sample Papers for Class 12 Economics Term 2 Set 5 With Solutions 1

(b) The value of Average Propensity to Consume (APC) can be greater that one. This is because total consumption can be greater than total income, due to the existence of autonomous consumption. OR APS will be equal to zero at Point B as it indicates break-even level of income where Savings (S) are zero or Consumption(C) is equal to Income (Y).

Question 4. State the names of six Indian Systems of Medicines (ISM) under AYUSH scheme of Government of India. (2) Answer: The six Indian Systems of Medicines (ISM) under AYUSH scheme of Government of India includes: Ayurveda, Yoga, Unani, Siddha, Naturopathy and Homeopathy.

Question 5. ‘Self-employed workforce is higher in rural areas.’ Justify the given statement with a valid argument. (2) Answer: Most of the rural people are mainly engaged in agriculture and do farming on their own plots thus, self-employed workforce is higher in rural areas.

Question 6. All three countries India, China and Pakistan had started planning their development strategies in similar ways.” Explain. OR “Human development is more progressed in China than in India.” Explain. (3) Answer: While India announced its first Five Year Plan for 1951-56, Pakistan announced its first five-year plan, now called the Medium Term Development Plan, in 1956. China announced its First Five Year Plan in 1953. Since 2018, Pakistan is working on the basis of 12th Five Year Development Plan (2018-23), whereas, China is working on 14th Five Year Plan (2021-25). Until March 2017, India has been following Five Year Plan-based development model. India and Pakistan adopted similar strategies, such as creating a large public sector and raising public expenditure on social development. Till the 1980s, all the three countries had similar growth rates and per capita incomes. OR The process of Chinese economic reforms began in earnest and broadly during the 1980’s. At this point, India was in the middle of a slow growth process. At that time, poverty in rural China was reduced by 85% during the period from 1978 to 1989. In India, at the moment, it was reduced by only 50%. Moreover, the global exposure to China’s economy has become much wider than the Indian economy. Also, China’s overseas production has been the reason for significant growth. And India continues to be an inactive player in international markets.

Question 7. Do you support the introduction of the one-child norm in India to control the population following the Chinese model? Give two arguments in support of your answer. (3)

Read the following case carefully and answer question number 8 and 9 given below: Indian GDP may grow 9.2% this fiscal on base effect

India’s economy is expected to grow 9.2% in the current financial year, aided by the base effect of 7.3% contraction last year, according to the first advance estimates by the National Statistical Office (NSO) released on Friday.

The strong growth will lift: real gross domestic product (GDP) 1.3% over the pre-Covid levels ofFY20, but the underlying data showed consumer stress and weakness in the contact-intensive services sector. The estimated growth is below the Reserve Bank of India’s pre-third wave projection of 9.5% last month.

Most private economists had this week trimmed their growth forecast for the current fiscal following the surge in Covid cases.

The nominal gross domestic product (GDP) is forecast to rise 17.6% in the year against the budget estimate of 14.4% for the current year, underscoring high inflation. Gross value added (GVA) is projected to grow 8.6% compared with a contraction of 6.2% in FY21. Economists see a downward bias to the growth estimates, as the data may not fully capture the impact of the ongoing third wave, a possibility acknowledged by the statistics office.

The estimates are likely to undergo revisions as more data become available, the statistics office said, adding that these are early estimates.

https://economictimes.indiatimes.com/news/economy/indicators/india-govt-forecasts- year-to-march-economic-growth-of-9-2/articleshow/88758290.cms Answer: Arguments in support of the introduction of the one-child norm in India to control the population are:

  • One-child norm will reduce the pressure of population growth of the country.
  • One-child norm will solve the problem of food insufficiency in India.

Question 8. “India’s economy is expected to grow 9.2% in the current financial year.” Does the given statement mean that welfare of people of India increase at the same rate? (3) Answer: Generally, it is considered that an increase in the Gross Domestic Product (GDP) of any economy (India in this case) ensures an increase in the welfare of the people of the country. However, this may not always be correct. Some of the prime reasons for the same are:

  • unequal distribution and composition of GDP,
  • non-monetary transactions in the economy which are not accounted for in GDP, and
  • occurrence of externalities in the economy (both positive and negative).

Question 9. Explain the meaning of Real Gross Domestic Product and Nominal Gross Domestic Product. Real Gross Domestic Product is a better indicator of economic growth than Nominal Gross Domestic Product’. Do you agree with the given statement? (3) Answer: Nominal Gross Domestic Product (GDP) is measured as the product of current year output (Ql) of final goods and services and their current year price (PI). Real Gross Domestic Product (GDP), on the other hand, is measured as product of current year output (Ql) and their base year price (PO). Real GDP will increase if the output of goods and services produced in an economy is increasing.

Yes, the real GDP is a a better indicator of economic growth than Nominal GDP as the Real GDP is free from the influence of inflation or deflation in the economy during the time period.

Question 10. “Infrastructure facilities raise productivity in tertiary sector of the economy.” Defend or refute the statement with valid argument. (3) Answer: The given statement is defended. Infrastructural facilities include rapid and efficient means of transport and communication. Such facilities are an essential components to enhance the productivity in the tertiary sector like education, banking, health, insurance etc. Some of these facilities have a direct impact on the production of goods and services while others give indirect support by building the social sector of the economy.

Question 11. (A) Find national income. ₹ (In crores) (i) Wages and salaries 1000 (ii) Net current transfers to abroad 20 (iii) Net factor income paid to abroad 10 (iv) Profit 400 (v) National debt interest 120 (vi) Social security contributions by employers 100 (vii) Rent 200 (viii) Interest 300 (ix) Royalty 50

(B) Gross Value Added at market price and Gross Domestic Product at market price are one and the same thing. State with valid reason, whether the statement is true or false.

(A) Suppose in an imaginary economy GDP at Market Price in a particular fiscal year was ₹ 4,000 crores, National Income was ₹ 2,500 crores, Net Factor Income paid by the economy to Rest of the World was ₹ 400 crores and the value of Net Indirect Taxes is ₹ 450 crores. Estimate the value of consumption of fixed capital for the economy from the given data. (B) Giving valid reasons, state why the ‘expenditure on providing police services by the government’ will be undertaken in estimation of National Income. (5) Answer: (A) National Income = Wages and Salaries + Social security contributions by employers + Rent + Royalty + Interest + Profit – Net factor income paid to abroad = 1000 + 100 + 200 + 50 + 300 + 400 – 10 = ₹ 2040 crore

(B) The given statement is false as Gross Domestic Product is the result of sum of Gross Value Added by all the producing units/firms in an economy, during an accounting year. OR (A) NNPfc = GDPmp – Consumption of fixed capital – Net factor income to abroad – Net indirect taxes 2500 = 4000 – CFC -450 – 400 2500 = 3150 – CFC CFC = ₹650 (in crores)

(B) Expenditure on providing police services by the government is a part of government’s final consumption expenditure thus should be included in the estimation of national income.

Question 12. ‘An economy is operating at under employment level of income’. What is meant by the given statement₹ Discuss one fiscal measure and one monetary measure to tackle the situation. (5) Answer: An economy is said to be operating at an under employment equilibrium level, if the planned aggregate expenditure falls short of available output in the economy, corresponding to the full employment level. It results into excess of output available over the anticipated aggregate demand at full employment level. To tackle such a situation the aggregate demand has to be increased up to the level that the stocks can be cleared.

Following measures may be taken for the same: (i) Decrease in taxes: The government under its fiscal policy may decrease the rate of taxes (both direct and indirect taxes). This will ensure greater purchasing power in the hands of general public. This will help to increase aggregate demand and remove the deflationary gap.

(ii) Increase in money supply: Central bank through its expansionary monetary policy can increase the money supply in the economy. Central bank can use tools like bank rate, cash reserve ratio, repo and reverse repo rates etc. to ensure greater money in the hands of general public which would, in turn, increase the aggregate demand in the economy and be helpful in reducing/removing the deflationary gap.

Question 13. (A) Why are less women found in regular salaried employment₹ (B) Analyse the recent trends in sectoral distribution of workforce in India: Trends in Employment Pattern (Sectorwise), 1993 – 2012(in %)

Answer: (A) Lesser women are found in regular salaried employment in India, because:

  • jobs generally require skills and high level of literacy.
  • lack of mobility among women in India due to social constraints.

(B) The given data indicates that over the given period, the proportion of workforce in primary sector has gone down from 64% in 1993-94 to 24.3% in 2011-12, this account to nearly a fall of 20% over the years. Whereas, the employment share of both secondary and the services sector has increased in India. The share of secondary sector has gone up by approximately 9% (from 16% in 1993-94 to 24% approximately in 2011-12), the corresponding figure for services sector has gone up by 7% (from 20% in 199394 to 27% approximately in 2011-12).

These sectoral changes have been very significant in the growth journey of India, showing the gradual shift of the workforce from primary sector to the secondary and tertiary sector.

CBSE Class 12 Economics Sample Papers

CBSE Class 12 Economics Sample Paper 2023 For Term 1 & Term 2 | Download Syllabus PDF

CBSE Class 12 Economics Sample Papers 2023 For Term 1 & Term 2: Assess the CBSE 12th Economics Sample Paper 2023 For Term 1 & Term 2. It is based on the most recent exam pattern and includes questions based on important concepts that may be asked in the forthcoming Economics CBSE Class 12 Board Exam in 2023 For Term 1 & Term 2.

  • Download CBSE 12th Sample Papers For All Subjects

Table of Contents

CBSE Class 12 Economics Sample Papers 2023 For Term 2

CBSE has released the 12th Economics Term 2 Sample Question Papers 2023. You can download CBSE Class 12 Economics Term 2 Sample Papers 2023 For Term 2 & answer key from below. 

Latest CBSE Class 12 Economics Sample Papers 2023 PDF for Term 1 

By clicking on the link below, students can access the CBSE Class 12 Sample Paper for Economics 2023 Term 1 based on the most recent exam pattern and syllabus.

Download Term-1 CBSE 12th Economics Sample Papers 2023 PDF

We are providing 12th Economics sample papers with solutions, blueprints, and marking schemes in PDF format. Along with sample papers, you can also get access to the Class 12 Economics Marking Scheme. 

  • CBSE Class 12 Economics Marking Scheme and Answer 2023 Term 1 PDF

Official Year-Wise CBSE Class 12 Economics Sample Papers With Solutions

Here you can download the year-wise sample papers or Model Papers for Class 12 Economics:

Important: Oswaal Economics Sample Papers for Class 12 Chapter Wise

Class 12 Economics Paper Oswaal Solutions PDF can be availed very conveniently from our site. Practicing Oswaal Sample Papers increase your speed and boost your performance in the board exam and helps you to score well.

12th Economics Sample Papers with Marking Scheme and Oswaal Solutions are ready to download at our site in PDF form.

Other Important Links Related To CBSE Class 12 Economics 2023 For Term 1 & Term 2

Here you can check links to various study materials related to the 12th Economics:

  • 12th Economics Syllabus
  • 12th Economics NCERT Solutions
  • 12th Economics Previous year Papers
  • 12th Economics Revision Notes

This is a complete guide to start with your  CBSE  Class 12 Economics Sample Papers. We have mentioned all the necessary detail that are sure to guide you through to perform excellently for your upcoming CBSE Class 12 Boards.

Hope you perform great during your exam. If you still face any doubts regarding the same, make sure to come to us, since we would be happy to help you out.

FAQs- CBSE Sample Papers for Class 12 Economics 2023 For Term 1 & Term 2

Is cbse board for class 12 issue a sample paper every year on its official website.

Yes, CBSE issues a sample paper for class 12 on its official website.

What is the benefit of solving CBSE 12th Economics Sample Papers?

The benefits of solving Class 12 Economics Sample Papers are: 1. When you get your copy of Sample Papers With Solutions pdf your exam preparation gets sorted and well-grounded. 2. With a sample paper by your side, you will understand how many words will exactly mean to the point answer in Economics which is very helpful indeed.

How can I get Class 12 Economics sample papers for CBSE?

Download CBSE 12th Economics Sample Papers PDF from Here

Is it necessary to solve CBSE Class 12 Economics Sample Papers to get very good scores?

Yes, Once you practice the Economics Model Paper, you will definitely feel a sense of achievement which is sure to lift up your mood thus affecting your exam in a positive way.

Is there any other sample paper for class 12 apart from CBSE?

Yes, Oswaal Books released a sample paper for class 12 apart from CBSE.

Is a sample paper by Parag Gupta from the APC book for Class 12 Economics good?

Yes, a sample paper by Parag Gupta from the APC book is good for CBSE Class 12 Economics. 

What are the different class 12 Economics Sample Papers for CBSE?

CBSE Class 12 Economics Sample Papers from different publishers: Oswal Publishers, Arihant, and Sample paper by Parag Gupta from APC book

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CBSE Class 12 Economics Syllabus for Term 2 Exam 2022 with Important Resources for Last Minute Revision

Check (term 2) cbse class 12 syllabus economics 2021-22 pdf and prepare for cbse class 12 board exam 2021-22..

Mayank Uttam

CBSE Class 12 Economics Syllabus 2021-22 (Term 2) is provided in PDF for students to download and revise the topics mentioned in it before the upcoming board exam. The CBSE Class 12 Economics Question Paper in Term 2 Exam 2022 will be based on this revised syllabus only. Along with the syllabus, students can also check important resources for last-minute revision before the CBSE Class 12 Economics Term 2 Exam 2022.

CBSE Class 12 Economics Term 2 Exam 2022: Sample Paper With Solution By Experts For Last-Minute Revision

CBSE Class 12 Economics Exam 2022 (Term 2): Check Practice Questions By Experts For Last Minute Revision

(Term 2) CBSE Class 12 Syllabus Economics 2021-22

CBSE Class 12 Economics Sample Paper & Marking Scheme for Board Exam 2022

Term – II 

Part A: Introductory Macroeconomics 

Unit 1: National Income and Related Aggregates 23 Periods 

What is Macroeconomics?

Basic concepts in macroeconomics: consumption goods, capital goods, final goods, intermediate goods; stocks and flows; gross investment and depreciation.

Circular flow of income (two sector model); Methods of calculating National Income - Value

Added or Product method, Expenditure method, Income method.

Aggregates related to National Income:

Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP)  and Net Domestic Product (NDP) - at market price, at factor cost; Real and Nominal GDP.

GDP and Welfare

CBSE Class 12 Economics Exam (Term 2) 2022: Important Short Questions For Practice- Best Study Material

[Term 2] CBSE Class 12 Commerce Important Questions 2022: Accountancy, Economics & Business Studies - Check & Download PDF!

Unit 3: Determination of Income and Employment 22 Periods 

Aggregate demand and its components.

Propensity to consume and propensity to save (average and marginal).

Short-run equilibrium output; investment multiplier and its mechanism.

Meaning of full employment and involuntary unemployment.

Problems of excess demand and deficient demand; measures to correct them - changes in

government spending, taxes and money supply through Bank Rate, CRR, SLR, Repo Rate and

Reverse Repo Rate, Open Market Operations, Margin requirement.

Part B: Indian Economic Development 

Unit 7: Current challenges facing Indian Economy 18 Periods 

Employment: Growth and changes in work force participation rate in formal and informal

sectors; problems and policies

Infrastructure: Meaning and Types: Case Studies: Health: Problems and Policies- A critical

assessment;

Sustainable Economic Development: Meaning, Effects of Economic Development on

Resources and Environment, including global warming

Unit 8: Development Experience of India: 12 Periods 

A comparison with neighbours

India and Pakistan

India and China

Issues: economic growth, population, sectoral development and other Human Development

Part C: Project in Economics 15 Periods 

Prescribed Books: 

1. Statistics for Economics, NCERT

2. Indian Economic Development, NCERT

3. Introductory Microeconomics, NCERT

4. Macroeconomics, NCERT

5. Supplementary Reading Material in Economics, CBSE

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Class 12 Economics Sample Paper Term 2 with Solutions Set B

Please refer to Class 12 Economics Sample Paper Term 2 With Solutions Set B provided below. The Sample Papers for Class 12 Economics have been prepared based on the latest pattern issued by CBSE. Students should practice these guess papers for class 12 Economics to gain more practice and get better marks in examinations. The Term 2 Sample Papers for Economics Standard 12 will help you to understand the type of questions which can be asked in upcoming examinations.

Term 2 Sample Paper for Class 12 Economics With Solutions Set B

Question 1. Distinguish between Consumption goods and Capital Goods.                                             Or Distinguish between Net exports and Net factor income from abroad.  Answer :  Consumption goods refers to those goods which satisfy human wants directly Whereas capital goods are those final goods which help in production of other goods and services.                                            Or Net exports refers to difference between exports and imports of goods and services Whereas Net factor income from abroad refers to difference between factor income received from abroad and factor income paid abroad.

Question 2. Calculate break-even level of income for a hypothetical economy, for which it is given that: Consumption function, C = 60 + 0.8Y                                             Or Derive the Consumption function for a hypothetical economy. Given that: a) Marginal Propensity to Consume (MPC) = 1/3(MPS) and b) Consumption at zero level of national income = ₹ 50 crores Answer :  We know that at break-even level of income . Putting Y=C in the consumption function ( C = 60 + 0.8Y ), we get : Y= 60 + 0.8Y Y-0.8Y = 60 0.2Y= 60 Y = 300 Y= Break-even level of income = 300                                            Or a) MPC = 1/3 MPS We know : MPC + MPS = 1 Putting value of MPC from (1) in (2) , we get : 1/3MPS + MPS = 1 MPS = 3/4 = 0.75 MPC = (1/3)×0.75 = 0.25 b) Consumption function is given as : C = 𝑐ˉ+𝑏(𝑌)a Autonomous consumption (c) = 50 crores and b or MPC = 0.25 Putting the value of b and c in the consumption function, we get : C= 50 + 0.25 (Y)

Question 3. ‘Economists are concerned about the rising marginal propensity to save (MPS) in an economy’. Justify the given statement.  Answer :  Since the sum of MPC and MPS is unity , any increase in marginal propensity to save (MPS) would directly lead to decrease in Marginal propensity to consume ( MPC). This means that lesser proportion of additional income is going to consumption, which is vital factor of aggregate demand / expenditure. This may further lead to fall in equilibrium level of income in the income.

Question 4. State and discuss any two reasons for the sharp divide between the urban and rural healthcare in India.                                             Or Compare and analyze the ‘Female and male working in primary sector’ based on following information:

CBSE Class 12 Economics Sample Paper Term 2 2022 Solved Set B

Answer :  a) People living in rural areas do not have sufficient health infrastructure. This had led to differences in the health status of people. 70% of India’s population live in rural areas, but only 20% of total hospitals and 50% of total dispensaries are located in rural areas. b) The PHCs located in rural areas do not even offer X-ray or blood testing facilizes, which constituted basic healthcare.                                            Or Though both men and women workers are concentrated in the primary sector, women workers ‘concentration is very high there. About 57 per cent of the female workforce is employed in the primary sector whereas less than half of males work in that sector.

Question 5. ‘Energy crisis can be overcome with the use of renewable sources of energy.’  Justify the given statement with a valid argument. Answer :  The given statement is true; Being a tropical country, India has unlimited potential for renewable energy sources ( solar energy , wind energy, geothermal energy, bio-gas and tidal power). These sources do not rely on fossil fuel and avoid carbon emissions and provide additional supply of electricity. India is facing serious power crisis as power generation is still insufficient in comparison to it’s requirement. Greater reliance on such renewable energy resources offers enormous economic, social and environmental benefits and helps to fight with power crisis.

Question 6. Giving valid reasons explain which of the following will be included in estimation of Domestic Income of India? a) Compensation of employees to the residents of Japan working in Indian embassy in Japan. b) Remittances from non-resident Indians to their families in India. c) Rent received by an Indian resident from Russian embassy in India.                                             Or Estimate the value of Real Gross Domestic Product for a hypothetical economy, the Ratio of Nominal GDP and Price index is 4:5. Answer :  Following will not be included in estimation of National Income of India: a. Yes it will be included in domestic income of India. As Indian Embassy is a part of domestic territory of India. b. No it would not be included in Domestic income of India as it is a current transfer from abroad . Transfer payment does not lead to value addition. Hence not included. c. Compensation paid by the Government of India is mere transfer payment and does not lead to any flow of goods and services in an economy.                                            Or Real GDP = 𝑁𝑜𝑚𝑖𝑛𝑎𝑙 𝐺𝐷𝑃 / 𝑃𝑅𝐼𝐶𝐸 𝐼𝑁𝐷𝐸𝑋 × 100 Real GDP = 45 ×100 Real GDP = Rs. 80 crores

Question 7. Study the following information and compare the Economies of ‘India’ and ‘Srilanka’.

SOME DATA REGARDING INDIA AND ITS NEIGHBOURS FOR 2019

CBSE Class 12 Economics Sample Paper Term 2 2022 Solved Set B

Answer :  Considering the vast geography of India , a small country in our neighbourhood, Sri Lanka, is much ahead of India in every respect and a big country like ours has such a low rank in the world. If India wants to grow at a faster rate, she must concentrate on higher judicious investment on development of infrastructure.

Read the following text carefully and answer question number 8 and 9 given below:

PAKISTAN FACES DILEMMA OVER TRADE TIES WITH INDIA

Pakistan’s government put a hold on restarting limited imports of sugar, cotton and wheat from India until New Delhi reviews its 2019 decision to revoke the Kashmir region’s special status. It reversed the decision made earlier by Pakistan’s Economic Coordination Committee (ECC) to give the green light for imports from India, which would have ended nearly 20 months of trade suspension between the rivals. The government’s decision came after sharp criticism from opposition parties. They slammed Prime Minister Imran Khan’s administration for not consulting the parliament and trying to mend ties with New Delhi without first resolving the Kashmir dispute. After the reversal, Khan stressed that trade with India would not be normalized until New Delhi resumed Kashmir’s special constitutional status. Kashmir is a territory that is claimed by both India and Pakistan and partly controlled by each, with China also controlling the most remote segment of the region. India and Pakistan fought two of their three full-fledged wars over the Kashmir region. Pakistan halted trade and diplomatic ties with India in 2019 after New Delhi imposed direct rule on the part of Kashmir it administers and imposed strict security controls there in anticipation of unrest at the decision. Anti-India sentiment runs deep in Pakistan, but experts say it does not help the struggling Pakistani economy. “Anti-India sentiments have always been there in Pakistan, and those in power have successfully exploited them for their benefits,” He pointed out that New Delhi’s moves affecting Kashmir over the past two years have further strengthened anti-India forces in Pakistan, resulting in a total breakdown in trade and diplomatic ties. “Cutting off such relations has been far from being practical as it puts a tremendous burden on the economically struggling Pakistan. Goods from India are always cheaper than from anywhere else,” he said. Khurram Husain, a Pakistani business journalist, told DW that anti-India sentiment is rooted in geopolitics, nothing else. “It grows and diminishes with the requirements of Pakistan’s foreign policy,” Husain said, ‘Observers say the deep-seated animosity between the nuclear-armed neighbors is clouding rational policymaking on the part of some political leaders. “It’s also being exploited by the opportunistic Pakistani opposition to try to make Imran Khan look soft on India. Throw in the mix Kashmir, and the government’s options to try to open up a dialogue with India become very limited Pakistan’s struggling economy needs help. Pakistan’s economy is currently in the doldrums, a position made worse by a third wave of the coronavirus pandemic, which has seen the reintroduction of partial lockdowns across the country. The economy of the Muslim nation, with a population of 220 million people, has slid deeper into crisis since Khan took over as PM in 2018. In the 2 1/2 years of Khan’s tenure, GDP growth fell from 5.6% to -0.4%. The country is in debt to the tune of nearly $114 billion (€96.85 billion) — more than 85% of its gross domestic product. To boost growth and control spiraling inflation, Khan removed his finance minister last week and appointed a new one as part of a government shake-up. Given the fragile economic situation, Pakistan cannot afford hostility with India, experts say. “Even limited trade with India will certainly help Pakistan’s sluggish economy,” Ranjan said.”By resuming economic ties, for instance, Pakistan can benefit from India-produced COVID vaccines, which are relatively cheaper but effective in the fight against the pandemic,” he added. Husain, the journalist, has a similar view. “Opening up trade with India in specific commodities, like some food items and cotton, can help control food inflation pressures,” he argued,’

Question 8. Discuss how Anti – Indian sentiments exploited Pakistan economy. Answer :  Anti-India sentiment runs deep in Pakistan, but experts say it does not help the struggling Pakistani economy. Pakistan halted trade and diplomatic ties with India in 2019 after New Delhi imposed direct rule on the part of Kashmir it administers and imposed strict security controls there in anticipation of unrest at the decision. Cutting off such relations has been far from being practical as it puts a tremendous burden on the economically struggling Pakistan. Goods from India are always cheaper than from anywhere else.

Question 9. In this covid- era, how Pakistan economy could benefit from India. Why Pakistan halted trade and diplomatic ties with India? Answer :  Even limited trade with India will certainly help Pakistan’s sluggish economy. By resuming economic ties, for instance, Pakistan can benefit from India-produced COVID vaccines, which are relatively cheaper but effective in the fight against the pandemic. Opening up trade with India in specific commodities, like some food items and cotton, can help control food inflation pressures. Pakistan halted trade and diplomatic ties with India in 2019 after New Delhi imposed direct rule on the part of Kashmir it administers and imposed strict security controls there in anticipation of unrest at the decision.

Question 10. Explain how ‘Distribution of GDP’ impact the use of Gross Domestic Product as an index of economic welfare. Answer :  It is possible that with rise in GDP, inequalities in the distribution of income may also increase, i.e. the gap between rich and poor increases. GDP does not take into account changes in inequalities in the distribution of income. So, Welfare of the people may not rise as much as the rise in GDP.

Question 11. ‘Government can influence the level of inflation in a country through its fiscal policy’.  State and discuss any two fiscal policy measures to justify the given statement. Answer :  a) PUBLICLY BORROWINGS:-  Government borrows money from public in the form of public deposits. During excess demand, government borrows money from the public to withdraw excess money held by them. It helps to reduce the money supply in the economy and, ultimately, aggregates demand falls and corrects the inflationary pressure in the economy. b) DEFICIT FINANCING :-  Deficit financing, i.e. Printing of currency increases the supply of money in the economy. During excess demand, government avoids deficit financing to prevent increase of money supply..

Question 12. a) From the following data calculate the value of National Income:

CBSE Class 12 Economics Sample Paper Term 2 2022 Solved Set B

b) Distinguish between ‘Final output method’ and ‘Value added method’.                                             Or a) Given the following data, find Net Value Added at Factor Cost by TEXA Company :

CBSE Class 12 Economics Sample Paper Term 2 2022 Solved Set B

b) State any two components of ‘Factor Income’. Answer :  a) National Income = (ii)+(iv)+(vi)+(viii)-(iii)+(v)                                             =₹ 480+₹ 300+₹ 90+₹ 50-₹ 70+ (-)30                                             =₹ 820 crore b) According to Final output method method value of only final goods should be added to determine the national income. According to Value added method method sum total of the value added by each producing unit should be added in the national income.                                            Or a) Net Value Added at Factor Cost (NVA @ FC) = (i)+(iii)-(ii)-(iv)-(vi)- (viii – ix)                                                                     =₹1800+₹180-₹80 -₹400-₹90-₹90 +₹50                                                                     =₹1,370 crore b) Component of factor income are: i. Compensation of employees:- COE refers to amount paid to employees by employer for rendering productive services. It includes all the payments and benefits, which the employer receive, directly or indirectly, from the employer. ii. Interest:- Interest refers to amount received for lending funds to a productive unit.

Question 13. a) ‘Environment fails to perform its vital function of life sustenance and it leads to the situation of environmental crisis. ‘ In the light of the above statement, discuss any two reasons for environmental crisis.  b) ‘Unemployment is confined not only to unskilled workers, rather a sizable number of skilled workers failed to get jobs for long periods. There are variety of ways by which an unemployed person is identified.’ Discuss any two Sources of data on unemployment in the light of the above statement. Answer :  a) i) Due to affluent consumption and production standards of the developed World, the wastes generated are beyond the absorptive capacity of the environment. ii) The expenditure on health is also rising. Global environmental issues such as global warming and ozone depletion also contribute to the increased financial commitments for the government. b) 1- Reports of census of India – Population census collects information on the economic activities of people. 2- National sample survey organisation :- The NSSO collects data through sample surveys and gives annual estimate of employment and unemployment.

Class 12 Economics Sample Paper Term 2 with Solutions Set B

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Circular economy: definition, importance and benefits

The circular economy: find out what it means, how it benefits you, the environment and our economy.

economics paper term 2

The European Union produces more than 2.2 billion tonnes of waste every year . It is currently updating its legislation on waste management to promote a shift to a more sustainable model known as the circular economy.

But what exactly does the circular economy mean? And what would be the benefits?

What is the circular economy?

The circular economy is a model of production and consumption , which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended.

In practice, it implies reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy wherever possible thanks to recycling. These can be productively used again and again, thereby creating further value .

This is a departure from the traditional, linear economic model, which is based on a take-make-consume-throw away pattern. This model relies on large quantities of cheap, easily accessible materials and energy.

Also part of this model is planned obsolescence , when a product has been designed to have a limited lifespan to encourage consumers to buy it again. The European Parliament has called for measures to tackle this practice.

Infographic explaining the circular economy model

Benefits: why do we need to switch to a circular economy?

To protect the environment.

Reusing and recycling products would slow down the use of natural resources, reduce landscape and habitat disruption and help to limit biodiversity loss .

Another benefit from the circular economy is a reduction in total annual greenhouse gas emissions . According to the European Environment Agency, industrial processes and product use are responsible for 9.10% of greenhouse gas emissions in the EU, while the management of waste accounts for 3.32%.

Creating more efficient and sustainable products from the start would help to reduce energy and resource consumption, as it is estimated that more than 80% of a product's environmental impact is determined during the design phase.

A shift to more reliable products that can be reused, upgraded and repaired would reduce the amount of waste. Packaging is a growing issue and, on average, the average European generates nearly 180 kilos of packaging waste per year . The aim is to tackle excessive packaging and improve its design to promote reuse and recycling.

Reduce raw material dependence

The world's population is growing and with it the demand for raw materials. However, the supply of crucial raw materials is limited.

Finite supplies also means some EU countries are dependent on other countries for their raw materials. According to Eurostat , the EU imports about half of the raw materials it consumes.

The total value of trade (import plus exports) of raw materials between the EU and the rest of the world has almost tripled since 2002, with exports growing faster than imports. Regardless, the EU still imports more than it exports. In 2021, this resulted in a trade deficit of €35.5 billion.

Recycling raw materials mitigates the risks associated with supply, such as price volatility, availability and import dependency.

This especially applies to critical raw materials , needed for the production of technologies that are crucial for achieving climate goals, such as batteries and electric engines.

Create jobs and save consumers money

Moving towards a more circular economy could increase competitiveness, stimulate innovation, boost economic growth and create jobs ( 700,000 jobs in the EU alone by 2030 ).

Redesigning materials and products for circular use would also boost innovation across different sectors of the economy.

Consumers will be provided with more durable and innovative products that will increase the quality of life and save them money in the long term.

What is the EU doing to become a circular economy?

  In March 2020, the European Commission presented the circular economy action plan,  which aims to promote more sustainable product design, reduce waste and empower consumers, for example by creating a right to repair ). There is a focus on resource intensive sectors, such as electronics and ICT , plastics , textiles and construction.

In February 2021, the Parliament adopted a resolution on the new circular economy action plan demanding additional measures to achieve a carbon-neutral, environmentally sustainable, toxic-free and fully circular economy by 2050, including tighter recycling rules and binding targets for materials use and consumption by 2030. In March 2022, the Commission released the first package of measures to speed up the transition towards a circular economy, as part of the circular economy action plan. The proposals include boosting sustainable products, empowering consumers for the green transition, reviewing construction product regulation, and creating a strategy on sustainable textiles.

In November 2022, the Commission proposed new EU-wide rules on packaging . It aims to reduce packaging waste and improve packaging design, with for example clear labelling to promote reuse and recycling; and calls for a transition to bio-based, biodegradable and compostable plastics.

Find out more

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