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Questions and Answers
Which economist was the first to use the terms micro and macro in economics?
Who authored the influential book 'The General Theory of Employment, Interest and Money'?
What is the total number of questions in the assessment?
What is the penalty for incorrect answers in this examination format?
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How many marks are awarded for objective questions in the assessment?
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Who is regarded as the father of modern macroeconomics?
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Which method is adopted in measuring national income?
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What is the equilibrium condition of circular flow in the four-sector model?
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Which of the following is an example of 'stock'?
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Which option is included in 'flow'?
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Study Notes
Examination Overview
- Subject: Economics
- Class: XII
- Duration: 90 minutes
- Maximum Marks: 40
- Total Questions: 16
Instructions
- All questions are mandatory.
- Marks distribution:
- Objective Questions: 2 marks each
- Very Short Answer Questions: 2 marks each
- Short Answer Questions: 3 marks each
- Long Answer Questions: 5 marks each
- No negative marking for incorrect answers.
- Objective questions require selection of the correct option (a,b,c,d).
- Very short, short, and long answer questions must be answered in the answer sheet.
- Students may not leave the examination hall before completing the exam.
Section A: Objective Questions
- A total of 10 questions focused on key economic concepts:
- Identify the economist who introduced the terms micro and macroeconomics.
- Recognize the author of "The General Theory of Employment, Interest, and Money."
- Determine the father of modern macroeconomics.
- Differentiate between flow and stock concepts in economics.
- Explore equilibrium conditions in the circular flow model.
- Discuss methods for measuring national income.
- Analyze the functions of money.
- Know the establishment year of the Reserve Bank of India.
- Identify the suppliers of money in the economy.
Section B: Very Short Answer Questions
- Difference between microeconomics and macroeconomics.
- Definition of National Income.
Section C: Short Answer Questions
- Distinction between consumption goods and capital goods.
- Explanation of the money supply.
Section D: Long Answer Questions
- Illustration of the circular flow of income in a two-sector economy.
- Functions of a Central Bank.
Key Economic Terms
- Microeconomics: Focuses on individual consumers and businesses.
- Macroeconomics: Studies the economy as a whole, including national income and overall economic policy.
- National Income: Total income earned within a country, reflecting the economic health.
- Flow and Stock: Flow represents economic activity over time, while Stock represents a quantity at a point in time.
- Functions of Money: Medium of exchange, measure of value, store of value.
- Central Bank: Regulates a nation’s currency, money supply, and interest rates.
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Description
Prepare for your Class XII Economics exam with this comprehensive overview. The examination consists of various question types including objective, very short, short, and long answer questions. Review key economic concepts and get ready to demonstrate your understanding of both micro and macroeconomics.
