PSEB CLASS 12 ECONOMICS QUESTION PAPER 2024 AND ANSWER KEY

PSEB CLASS 12 ECONOMICS QUESTION PAPER 2024 AND ANSWER KEY 

Instructions

  • Write the subject code/paper code 026/A in the box provided on the title page of your answer book.
  • Make sure the answer book contains 28 pages (including title page) and are properly serialled as soon as you receive it.
  • Questions attempted after leaving blank page/s in the answer book would not be evaluated.
  • This question paper has a total of 5 questions. Every question must be answered.
  • The marks of each question are written in front of each question.
  • Use of simple calculator will be allowed only for Numerical questions.

Question 1

There are 20 sub parts of this question. Attempt all questions. Each question will carry one mark.

(i) The right to issue notes is held by (A) Reserve Bank of India (B) State Bank of India

Answer: (A) Reserve Bank of India [The image says the right to issue notes is held by the Reserve Bank of India]

(ii) Match the correct with the following statements.

Column 1Column 2
(A) Rate at which central bank lends to commercial banks(i) RBI
(B) Cash Reserve Ratio amount is kept with(ii) Repo Rate
(C) Moral suasion is a(iii) Quantitative measure
(D) Bank rate is a(iv) Qualitative measure

Answer: (d) (ii) (iii) (iv) (i) [The image matches the following: (A) Repo Rate - RBI, (B) Cash Reserve Ratio - amount is kept with, (C) Moral suasion is a qualitative measure, (D) Bank rate is a quantitative measure]

(iii) Money performs the function of: (a) Medium of exchange (b) Standard unit of value (c) Store of value (d) All of these

Answer: (d) All of these [The money performs all three functions]

(iv) The ups and downs of a business activity is called (a) Fluctuations (b) Trade Cycles (c) Tidal Waves (d) None of the above

Answer: (b) Trade Cycle ( trade cycles refer to the ups and downs of business activity]

(v) If Imports exceed Exports then balance of trade is (a) Favourable (b) Unfavourable (c) Balanced (d) All of these

Answer: (b) Unfavourable [ unfavorable balance of trade occurs when imports exceed exports]

(vi) The full form of WTO is World Trade Organisation.

Answer: World Trade Organisation 

(vii) Which one of the following is the suggestion for removal of poverty? (a) Population control (b) Increase in employment (c) Balanced regional development (d) All of the above

Answer: (d) All of the above 

ix):

Statement 1: Lending offered by landlords and money lenders is an institutional source of rural finance.

Statement 2: Lending done by NABARD and Banks is an institutional source of rural finance.

Correct Answer: (c) Both Statement 1 and 2 are true

Explanation: Both landlords and money lenders, and NABARD and banks are considered institutional sources of rural finance.

x)

Which one of the following is a reason for poor human capital formation in India?

  • (a) Insufficient resources
  • (b) High growth of population
  • (c) Brain drain
  • (d) All of the above

Correct Answer: (d) All of the above

Explanation: All of the above reasons can contribute to poor human capital formation in India. Insufficient resources can limit access to education and healthcare, which are essential for developing human capital. High population growth can strain resources and make it difficult to provide quality education for everyone. Brain drain, which is the emigration of skilled workers, can deprive a country of the human capital it needs to grow and develop.

xi)

Statement 3: Full employment is a situation where all those people who are willing and able to work at existing wage rate, got job without any difficulty.

Statement 4: Disguised unemployment is a situation in which people working on a task are less than required.

Correct Answer: (c) Both statements 1 and 2 are true

Explanation: Full employment and disguised unemployment are both concepts related to labor markets. Full employment describes a situation where everyone who wants a job can find one. Disguised unemployment describes a situation where there is more labor available than is actually needed for a task. This can happen when there are a large number of people working part-time or when people are working in jobs that don't require their full skills.

xii)

Coal, petroleum, natural gas, etc. are renewable sources of energy. (True/False)

Answer: False

Explanation: Coal, petroleum, and natural gas are all fossil fuels. Fossil fuels are non-renewable resources that take millions of years to form.

xiii)

Which one of the following is an element of environment?

  • (a) Land
  • (b) Water
  • (c) Air
  • (d) All of these

Correct Answer: (d) All of these

Explanation: Land, water, and air are all essential elements of the environment. The environment also includes living organisms and the interactions between all of these components.

Xiv)

Correlation is used to calculate rate of inflation in a country. (True/False)

Answer: False

Explanation: Correlation is a statistical measure that shows the relationship between two variables. It does not tell you the rate of inflation in a country. The Consumer Price Index (CPI) is a more commonly used measure of inflation.

xv)

The value of coefficient of correlation is always between:

  • (a) -1 and 1
  • (b) -3 and 3
  • (c) 1 and 2
  • (d) 0 and 1

Correct Answer: (a) -1 and 1

Explanation: The coefficient of correlation is a statistical measure that ranges from -1 to 1. A coefficient of correlation of 1 indicates a perfect positive correlation, while a coefficient of correlation of -1 indicates a perfect negative correlation. A coefficient of correlation of 0 indicates no correlation.

xvi)

The subject which deals with the functioning of the economy as a whole is known as:

  • (a) Micro Economics
  • (b) Agriculture Economics
  • (c) Industrial Economics
  • (d) Macro Economics

Correct Answer: (d) Macro Economics

Explanation: Macroeconomics is the branch of economics that studies the economy as a whole. It examines issues such as inflation, unemployment, and economic growth. Microeconomics, on the other hand, focuses on the behavior of individual consumers and firms.

xvii)

The Keynsian school of thought advocates:

  • (a) Mixed economy
  • (b) Government control on Economy
  • (c) Free economy
  • (d) All of these

Correct Answer: (a) Mixed economy

Explanation: John Maynard Keynes was an economist who advocated for government intervention in the economy to promote economic growth and stability. Keynesian economics is associated with mixed economies, which combine elements of free markets and government intervention.

xviii)

The relation between consumption and income is called:

  • (a) Investment function
  • (b) Consumption function
  • (c) Supply function
  • (d) Demand function

Correct Answer: (b)

Sure, here are the MCQs from the image along with the answers:

(xix) Who said supply creates its own demand?

(a) Adam Smith (b) Robbins (c) Marshal (d) J.B. Say Ans - (d) J.B. Say

(xx) K=1/ ?

(a) 1-MPC (b) 1-MPS  (c) 1+ MPS (d) 1+ MPC░

Ans - (b) 1-MPS

Very short answer type questions. Answer any 10 questions. Answer to each question should be given in 25-30 words.

(i) What is favourable balance of payments?

(ii) Explain the points of importance of agriculture.

(iii) Explain liberalisation.

(iv) Name sources of rural finance.

(v) Define GDP.

(vi) What is the difference between negative and positive correlation?

(vii) ifΣ D²=33 r(rank correlation coefficient) =0.8, what is the value of N?

(viii) Name any two problems in the construction of index numbers.

(ix) Price Relative Ratio = ×100 ?

(x) What is microeconomics?

(xi) What is meant by circular flow of income?

(xii) Give any two examples of direct tax.

Source Based Question. Read the following paragraph and answer the question given below:

Banking plays a pivotal role in the financial system of any country. In India, it serves as the backbone of the economy by facilitating the flow of funds, providing financial services, and supporting economic growth. Banks offer a wide range of services, including savings and checking accounts, loans, investments, and more. They play a crucial role in safeguarding people's money and enabling businesses to access the necessary capital for expansion. Banks offers different types of account such as Fixed Deposit Account, Current or Demand Deposit account, Saving Account, Recurring Deposit Account, etc. Additionally, banks promote financial literacy and provide a safe and secure way for individuals to manage their finances. The Reserve Bank of India regulates banks through various qualitative and quantitative instruments such as Repo Rate, Reverse Repo Rate, CRR, SLR, moral suasion, etc.

(i) How do banks safeguard people's money?

(ii) Which is the central bank of the India?

(iii) Name the different types of account offered by banks.

(iv) Name any two quantitative/qualitative instruments used by RBI to regulate banking industry in India?

(v) What is the role of banking in the economy?

(vi) What services do banks offer?░

Source Based Question

Read the following paragraph and answer the question given below:

The environment is a critical part of our lives, providing us with the air we breathe, the water we drink, and the land we live on. Environment can be defined as a sum total of all the living and non-living elements and their effects which influence human life. It is our responsibility to protect and preserve it for future generations. However, there are several pressing questions about the environment that we must address. Some major environmental issues include climate change, deforestation, air and water pollution, and loss of biodiversity. Climate change leads to rising temperatures, extreme weather events, and sea-level rise, impacting ecosystems and human communities. Individuals need to play a key role in conserving the environment. Individuals can contribute by reducing their carbon footprint, conserving water. United Nations has designated 5th June as World Environment Day. The theme of the this year's World Environment Day was "Beat Plastic Pollution".

Questions

(1) How can individuals contribute to a healthier environment?

 (2) What is the impact of climate change on the environment? 

(3) When is World Environment Day celebrated?

 (4) What is the theme of World Environment Day?

 (5) Define environment. 

(6) What are the major environmental issues we face today?

Short answer type questions. Attempt any four questions. Answers to questions can be in 60-70 words.

(i) What do you mean by Repo and Reverse Repo rate in banking?

OR

How can excess demand be controlled by fiscal policy?

(ii) Write a short note on Niti Aayog.

OR

What steps are taken by government for liberalisation?

(iii) Discuss measures taken by the government to increase employment.

OR

What is the difference between organic and traditional farming?

(iv) Differentiate between stock and flows.

OR

Money is a good servant but a bad master. Discuss.


Long Answer type questions 

(i) From the following data, find out: (a) National Income (b) Domestic Factor Income

(Data in the image)

PostDescription(In crore)
1Profit2500
2Interest1250
3Rent1155
4Salary1025
5Mixed income1675
6Net factor income from abroad2420


(ii) Or

  • What is a fixed exchange rate? What are its merits and demerits?

OR

  • Discuss various sources of Human capital formation.

  • Explain the concept of Sustainable development and state its importance.

 ░

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