Maharashtra HSC Economics Board Paper March 2024 with Answers

Q.1 (A) (i) Method adopted in micro economic analysis

(a) Lumping method
(b) Aggregative method
(c) Slicing method
(d) Inclusive method

Q.1 (A) (ii) Factors which are working in unorganised money market.

(a) Money lenders
(b) Commercial bank
(c) Hundi
(d) Chit funds

Q.1 (A) (iii) Optional functions of Government.

(a) Protection from external attack
(b) Provision of education and health services
(c) Provision of social security measures
(d) Collection of tax

Q.1 (A) (iv) Statements that highlight the significance of index numbers.

(a) Index numbers are useful for making future predictions.
(b) Index numbers help in the measurement of inflation.
(c) Index numbers help to frame suitable policies.
(d) Index numbers can be misused.

Q.1 (A) (v) Blood bank is an example of _____.

(a) Place utility
(b) Knowledge utility
(c) Service utility
(d) Time utility

Q.1 (B) (i) Find the odd word out: Types of demand : Direct demand, Indirect demand, Composite demand, Market demand.

Q.1 (B) (ii) Find the odd word out: Features of National Income : Financial year, Money value, Static concept, Flow concept.

Q.1 (B) (iii) Find the odd word out: Types of budget : Deficit budget, Zero budget, Balanced budget, Surplus budget.

Q.1 (B) (iv) Find the odd word out: Legal monopoly : Patent, OPEC, Copyright, Trade mark.

Q.1 (B) (v) Find the odd word out: Financial Assets : Bonds, Land, Govt. Securities, Derivatives.

Q.1 (C) (i) Give economic term: More quantity is demanded due to changes in the favourable factors determining demand other than price.

Q.1 (C) (ii) Give economic term: Deposits that are withdrawable on demand.

Q.1 (C) (iii) Give economic term: Charging different prices to different consumers for the same product or services.

Q.1 (C) (iv) Give economic term: Net addition made to total cost by producing one more unit of output.

Q.1 (C) (v) Give economic term: Degree of responsiveness of quantity demanded to change in income only.

Q.1 (D) (i) Complete the correlation: General equilibrium : Macro Economics : : _____ : Micro Economics

Q.1 (D) (ii) Complete the correlation: Output method : _____ : : Income method : Factor cost method

Q.1 (D) (iii) Complete the correlation: Form utility : Furniture : : _____ : Doctor

Q.1 (D) (iv) Complete the correlation: Perfectly elastic demand : Ed = \(\infty\) : : _____ : Ed = 0

Q.1 (D) (v) Complete the correlation: _____ : Change in supply : : Other factors constant : Variation of supply

Q.2 (A) (i) Identify and explain the concept (any three): Manisha satisfied her want of writing an essay by using pen and notebook.

Q.2 (A) (ii) Identify and explain the concept (any three): Raghu's father invested his money in a market for long term funds both equity and debt raised within and outside the country.

Q.2 (A) (iii) Identify and explain the concept (any three): Due to mandatory use of masks during corona epidemic the demand for mask producing labour has increased.

Q.2 (A) (iv) Identify and explain the concept (any three): Maharashtra purchased wheat from Punjab.

Q.2 (A) (v) Identify and explain the concept (any three): Jagruti receives monthly pension of ₹ 5,000 from the state government.

Q.2 (B) (i) Distinguish between (any three): Recurring deposits and Fixed deposits

Q.2 (B) (ii) Distinguish between (any three): Total utility and Marginal utility

Q.2 (B) (iii) Distinguish between (any three): Perfectly elastic demand and Perfectly inelastic demand

Q.2 (B) (iv) Distinguish between (any three): Price Index and Quantity Index

Q.2 (B) (v) Distinguish between (any three): Internal debt and External debt

Q.3 (i) Explain any four types of demand.

Q.3 (ii) Explain any four problems of capital market in India.

Q.3 (iii) Explain any four features of utility.

Q.3 (iv) Explain any four reasons for the growth of public expenditure.

Q.3 (v) Explain any four features of macro economics.

Q.4 (i) State with reasons whether you agree or disagree with the following statement (any three): Over the last 75 years, India's foreign trade has undergone a complete change in terms of composition and direction.

Q.4 (ii) State with reasons whether you agree or disagree with the following statement (any three): Macro economics is different from micro economics.

Q.4 (iii) State with reasons whether you agree or disagree with the following statement (any three): Price maker is the only feature of monopoly market.

Q.4 (iv) State with reasons whether you agree or disagree with the following statement (any three): There are many sources of non-tax revenue.

Q.4 (v) State with reasons whether you agree or disagree with the following statement (any three): There are many types of index numbers.

Q.5 (i) Observe the following table and answer the questions given below it:

Questions:
(1) Write the formula for calculation of price index. (1)
(2) Find the value of \(\sum P_0\) and \(\sum P_1\). (1)
(3) Find the price index \(P_{01}\). (2)

Q.5 (ii) Observe the given diagram and answer the following questions:

[Figure: Price in ₹ on the Y-axis and quantity demanded in kgs on the X-axis. The original demand curve DD cuts the price line at P to give quantity OQ. At the same price P, a dotted demand curve D₁D₁ to the right gives a larger quantity OQ₁, and a dotted demand curve D₂D₂ to the left gives a smaller quantity OQ₂. Arrows show movement from Q to Q₁ and from Q to Q₂.]

(1) Rightward shift in demand curve .......... (1)
(2) Leftward shift in demand curve ........... (1)
(3) Price remains ........ (1)
(4) Increase and decrease in demand comes under........ (1)

Q.5 (iii) Read the given passage and answer the questions:

In common language the term market means a specific place where buyers and sellers of a commodity meet and exchange their goods. But in Economics it is not necessarily a place but it is an arrangement through which buyers and sellers come in contact with each other directly or indirectly and exchange of goods takes place among them.

Market can be classified on the basis of place, time and competition. Market on the basis of competition is perfect competition and imperfect competition. Perfect competition is an imaginary concept of market and in reality, we observe various types of imperfect competition like monopoly, duopoly, oligopoly and monopolistic competition.

In practice monopolistic competition is used. In this market there are some features of perfect competition and monopoly acting together. The uniqueness of this market lies in the fact that a difference is made between cost of production and selling cost. Selling cost refers to the cost incurred by the firm to create more demand for its product and increase the volume of sale. It includes expenditure on advertisement, hoardings, window display etc.

Questions:
(1) Explain the concept of Market from Economic sense. (1)
(2) Write the classification of Market. (1)
(3) Write your own opinion about selling cost. (2)

Q.6 (i) Explain the concept of price elasticity with its types.

Q.6 (ii) Explain the concept of National income and explain the practical difficulties involved in the measurement of National income.

Q.6 (iii) State and explain the law of supply with assumptions.