Maharashtra HSC Economics Board Paper July 2024 with Answers

Q.1 (A) (i) Choose the correct option: Method adopted in micro economic analysis.

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

Q.1 (A) (ii) Choose the correct option: National income is a/an _____ concept.

(a) stock
(b) final
(c) intermediate
(d) flow

Q.1 (A) (iii) Choose the correct option: The source of India’s petroleum import.

(a) Kuwait
(b) Saudi Arabia
(c) China
(d) Singapore

Q.1 (A) (iv) Choose the correct option: Obligatory functions of the government include.

(a) Provision of employment.
(b) Maintaining internal law and order.
(c) Welfare measures.
(d) Exporting goods and services.

Q.1 (A) (v) Choose the correct option: Commercial banks act as intermediaries in the financial system to _____.

(a) make profits
(b) accelerate the country’s economic growth
(c) mobilise the saving and allocating them to various sectors of the economy
(d) control the credit

Q.1 (B) (i) Complete the correlation: Money market : Short term funds : : ________ : Long term funds.

Q.1 (B) (ii) Complete the correlation: Table - chair : Form utility : : Information about Computer : ________

Q.1 (B) (iii) Complete the correlation: ________ : Cloth : : Indirect demand : Labour.

Q.1 (B) (iv) Complete the correlation: Theoretical difficulty : Transfer payments : : ________ : Valuation of inventories.

Q.1 (B) (v) Complete the correlation: Government expenditure > Government receipt : Deficit budget : : Government expenditure = Government receipt : ________

Q.1 (C) (i) Find the odd word: Necessary goods — Food grains, medicines, car, books.

Q.1 (C) (ii) Find the odd word: Types of index numbers — Weighted index number, price index number, quantity index number, value index number.

Q.1 (C) (iii) Find the odd word: Infrastructural facility — Transport, communication, water supply, subsidies.

Q.1 (C) (iv) Find the odd word: Types of bank accounts — Saving A/c, D-mat A/c, recurring A/c, current A/c.

Q.1 (C) (v) Find the odd word: Theory of factor pricing — Profit, interest, unemployment allowance, rent.

Q.1 (D) (i) Complete the following statement: MU of the commodity becomes negative when TU of a commodity is _____.

(a) rising
(b) constant
(c) falling
(d) zero

Q.1 (D) (ii) Complete the following statement: Symbolically, the functional relationship between demand and price can be expressed as _____.

(a) \(D_x = f(P_x)\)
(b) \(D_x = f(P_z)\)
(c) \(D_x = f(Y)\)
(d) \(D_x = f(T_x)\)

Q.1 (D) (iii) Complete the following statement: Export trends of India’s foreign trade include _____.

(a) Petroleum
(b) Engineering goods
(c) Gold
(d) Fertilizers

Q.1 (D) (iv) Complete the following statement: Demand curve is parallel to ‘Y’ axis in the case of _____.

(a) Perfectly elastic demand
(b) Perfectly inelastic demand
(c) Relatively elastic demand
(d) Relatively inelastic demand

Q.1 (D) (v) Complete the following statement: Net addition made to the total revenue by selling an extra unit of a commodity is _____.

(a) Total revenue
(b) Average revenue
(c) Marginal cost
(d) Marginal revenue

Q.2 (A) (i) Identify and explain the concept (any three): When the price of apples falls by 10% Vinay increases his demand for apples by 10%.

Q.2 (A) (ii) Identify and explain the concept (any three): Ramakant paid an income tax of ₹ 80,000 during the financial year 2021-2022.

Q.2 (A) (iii) Identify and explain the concept (any three): Madhuri deposited a lumpsum amount of ₹ 1,00,000 in the bank for the period of five years.

Q.2 (A) (iv) Identify and explain the concept (any three): Sunita receives monthly pension of ₹ 30,000 from the state government.

Q.2 (A) (v) Identify and explain the concept (any three): India purchased petroleum from Iran.

Q.2 (B) (i) Distinguish between (any three): Desire and Demand

Q.2 (B) (ii) Distinguish between (any three): Internal trade and International trade

Q.2 (B) (iii) Distinguish between (any three): Price index number and Quantity index number

Q.2 (B) (iv) Distinguish between (any three): Money market and Capital market

Q.2 (B) (v) Distinguish between (any three): Oligopoly and Monopoly

Q.3 (i) Answer the following (any three): Explain any four features of macro economics.

Q.3 (ii) Answer the following (any three): Explain the types of demand.

Q.3 (iii) Answer the following (any three): Explain any four determinants of supply.

Q.3 (iv) Answer the following (any three): Explain the classification of public expenditure.

Q.3 (v) Answer the following (any three): Explain any four limitations of index number.

Q.4 (i) State with reasons whether you agree or disagree with the following statement (any three): Large number of buyers and sellers is the only feature of perfect competition.

Q.4 (ii) State with reasons whether you agree or disagree with the following statement (any three): In India the role of money market is very important.

Q.4 (iii) State with reasons whether you agree or disagree with the following statement (any three): Theory of welfare economics is studied in micro economics.

Q.4 (iv) State with reasons whether you agree or disagree with the following statement (any three): Supply curve slopes upward from left to right.

Q.4 (v) State with reasons whether you agree or disagree with the following statement (any three): Index number can be constructed without the base year.

Q.5 (i) Study the following table, figure, passage and answer the questions given below it (any two):

Bill : No. 05 | Date : 14.08.2018
Table No. 01 | Time: 10:30 A.M.
Staff : Amit

GST. No.27AAXPN3502E128
CUST. SIGN | AUTHORISED SIGNATORY

Questions:
(1) Write the short form for goods and service tax. (1)
(2) What is the percentage of SGST and CGST in the above bill? (1)
(3) What is the basic price of pen in the above bill? (1)
(4) What is the GST No. of the seller? (1)

Q.5 (ii) Study the following table, figure, passage and answer the questions given below it (any two): Observe the given diagram and answer the following questions:

[Figure: Price (in ₹) on the Y-axis marked 0, 100, 200, 300, 400, 500; Quantity Demanded and Quantity Supplied (in Kg) on the X-axis marked 1000, 2000, 3000, 4000, 5000. A downward-sloping demand curve DD and an upward-sloping supply curve SS intersect at point E, at price ₹ 300 and quantity 3000 kg. Above E (between the curves) is labelled “SS > DD Excess Supply”; below E is labelled “Excess Demand DD > SS”.]

Questions:
(1) What is represented on ‘X’ axis in the above diagram? (1)
(2) Which price shows equilibrium price of demand and supply? (1)
(3) What is represented on ‘Y’ axis in the above diagram? (1)
(4) Which point represents the demand and supply equilibrium point in above diagram? (1)

Q.5 (iii) Study the following table, figure, passage and answer the questions given below it (any two):

On-Demand Economy :

On-demand economy is defined as the economic activity created by digital market places and technology companies to fulfill consumer demand via immediate access to goods and services. The on-demand economy is also sometimes referred as the “access economy” because these companies provide outlets to the wholesalers, retailers and also consumers, the facilities of goods and services.

With consumers behaviour changing to prioritize fast, simple and efficient experiences, convenience, speed and simplicity are at the top of the priority list to have their needs met. The ease of filling spare time and picking and choosing one’s hours is also appealing to those with skills to meet growing consumer demand. So the on-demand economy is growing at an unparalleled pace.

Many of the popular services people use on a regular basis nowadays are examples of the on-demand economy. Ride-sharing platforms Uber and Ola, as well as grocery delivery services such as Big basket, Dunzo and Reliance JIO Mart are just some examples of services with the on-demand economy.

Questions:
(1) What is on-demand economy sometimes referred? (1)
(2) Write any two examples based according to on-demand economy? (1)
(3) Write your opinion on the above passage. (2)

Q.6 (i) Answer the following question in detail (any two): Explain any two methods of measuring national income.

Q.6 (ii) Answer the following question in detail (any two): Explain the law of diminishing marginal utility and write its assumptions.

Q.6 (iii) Answer the following question in detail (any two): Explain the concept of price elasticity of demand and explain the types of price elasticity of demand.