Q.1 (A) (i) Complete the correlation : Micro economics : Slicing method : : Macro economics : ______
Economics
Every question from past board papers on Economics, newest paper first. Open any question for its full worked answer.
Maharashtra HSC Economics Board Paper March 2026 with Answers
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Q.1 (A) (ii) Complete the correlation : Price rises : ______ : : Price falls : Contraction of supply
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Q.1 (A) (iii) Complete the correlation : Salt : Essential good : : Diamond : ______
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Q.1 (A) (iv) Complete the correlation : ______ : Base year price : : P1 : Current year price
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Q.1 (A) (v) Complete the correlation : Money market : Short term funds : : ______ : Long term funds
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Q.1 (B) (i) Give economic term : Capacity of a commodity to satisfy human want.
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Q.1 (B) (ii) Give economic term : A branch of economics which does microscopic study of the economy.
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Q.1 (B) (iii) Give economic term : Cost incurred on fixed factors.
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Q.1 (B) (iv) Give economic term : The cost incurred by the firm to promote sales.
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Q.1 (B) (v) Give economic term : A budget in which estimated revenue and expenditure of the government are equal.
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Q.1 (C) (i) Find the odd word : Types of utility : Place utility, Form utility, Time utility, Commodity utility
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Q.1 (C) (ii) Find the odd word : Exceptions to the Law of supply : Giffen’s goods, Supply of labour, Perishable goods, Rare goods
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Q.1 (C) (iii) Find the odd word : Selling cost : Free gifts, Patents, Hoardings, Window display
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Q.1 (C) (iv) Find the odd word : Determinants of demand : Income, Cost of production, Size of population, Price
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Q.1 (C) (v) Find the odd word : Types of Index Numbers : Selection Index Number, Price Index number, Value Index Number, Quantity Index Number
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Q.1 (D) (i) Choose the correct option : Demand curve is parallel to ‘Y’-axis –
(a) Perfectly inelastic demand
(b) Relatively inelastic demand
(c) Perfectly elastic demand
(d) Unitary elastic demand -
Q.1 (D) (ii) Choose the correct option : Revenue per unit of output sold –
(a) Marginal revenue
(b) Marginal cost
(c) Average revenue
(d) Total revenue -
Q.1 (D) (iii) Choose the correct option : Statements that are incorrect in relation to index numbers –
(a) Index number is a geographical tool.
(b) Index numbers measure changes in the air pressure.
(c) Index numbers measure relative changes in economic variable.
(d) Index numbers are specialized averages. -
Q.1 (D) (iv) Choose the correct option : Obligatory functions of the government –
(a) Provision of employment
(b) Maintaining internal law and order
(c) Welfare measures
(d) Exporting goods and services -
Q.1 (D) (v) Choose the correct option : Examples of competitive demand are –
(a) Tea - Coffee
(b) Car - Petrol
(c) Sugar - Jaggery
(d) Pen - Ink -
Q.2 (A) (i) Identify and explain the concept : Shabana paid wages to workers in her factory.
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Q.2 (A) (ii) Identify and explain the concept : India purchased petroleum from Iran.
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Q.2 (A) (iii) Identify and explain the concept : Gopal collected information about output of rice, wheat, cotton and jowar produced in 2016 and 2020 and derived Index Number.
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Q.2 (A) (iv) Identify and explain the concept : 40% fall in price of a commodity leads to 40% rise in quantity demanded.
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Q.2 (A) (v) Identify and explain the concept : Tina deposited a lumpsum amount of ₹ 50,000 in the bank for a period of one year.
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Q.2 (B) (i) Distinguish between : Micro Economics and Macro Economics.
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Q.2 (B) (ii) Distinguish between : Increase in demand and Expansion of demand
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Q.2 (B) (iii) Distinguish between : Average cost and Average revenue
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Q.2 (B) (iv) Distinguish between : Simple Index Number and Weighted Index Number
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Q.2 (B) (v) Distinguish between : Direct tax and Indirect tax.
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Q.3 (i) Explain any four features of utility.
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Q.3 (ii) Explain Ratio method of measuring elasticity of demand.
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Q.3 (iii) Explain any four sources of non-tax revenue of the government.
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Q.3 (iv) Explain the concept of foreign trade and its types.
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Q.3 (v) Calculate Price Index Number from the given data :
Commodity A B C D Price in 2015 (₹) 6 16 24 4 Price in 2020 (₹) 8 18 28 6 -
Q.4 (i) State with reasons whether you agree or disagree : Perfect competition means monopolistic competition.
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Q.4 (ii) State with reasons whether you agree or disagree : Scope of micro economics includes only the theory of product pricing.
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Q.4 (iii) State with reasons whether you agree or disagree : There are many features of National Income.
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Q.4 (iv) State with reasons whether you agree or disagree : Public expenditure includes only revenue expenditure.
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Q.4 (v) State with reasons whether you agree or disagree : The concept of total utility and marginal utility is the same.
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Q.5 (i) Observe the following table and answer the questions given below it :
Price in ₹ Qty. supplied in units 10 200 15 ____ 20 300 25 350 30 ____ 35 ____ 40 ____ (a) Complete the above supply schedule. (2)
(b) Draw a diagram for the above supply schedule. (2) -
Q.5 (ii) Observe the following figures and answer the questions given below them :
[Figure ‘A’: price on the Y-axis and quantity demanded on the X-axis; the demand curve DD is a vertical straight line parallel to the Y-axis.]
[Figure ‘B’: price on the Y-axis and quantity demanded on the X-axis; DD is a smooth downward sloping curve (rectangular hyperbola). Price falls from P to P1 and quantity demanded rises from Q to Q1.]
(1) Identify and explain the degree of elasticity of demand in figure ‘A’. (2)
(2) Identify and explain the degree of elasticity of demand in figure ‘B’. (2) -
Q.5 (iii) Study the following passage and answer the questions given below it :
Digital marketing is also called online marketing. We can connect with probable customers by using internet and other digital communication media. This includes not only email, social media, and web-based advertising but also text and multimedia messages as a marketing channel. In practice, digital marketing typically refers to marketing campaigns that appear on a computer, phone, tablet or other devices. It can take many forms, including online video, display advertisement, search engine marketing, paid social- advertisement and social media post. Digital marketing is often compared to traditional marketing such as magazine advertisement, direct mail, etc.
In America, nearly three quarters of Americans go online on a daily basis. Not only that, 43% go online more than once a day and 26% are online almost constantly so they find it more convenient to use digital marketing. A digital marketing strategy allows you, to get advantage of different digital channels such as social media, pay-per-click, search engine, e-mail marketing etc., to connect with existing customers and individuals interested in your product or service. As a result one can build a brand, which provides a great customer experience.
Questions :
(1) What is Digital marketing? (1)
(2) What percentage of Americans are online more than once? (1)
(3) Write your opinion from the above passage. (2) -
Q.6 (i) State and explain the law of demand with exceptions.
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Q.6 (ii) Explain the practical difficulties involved in the measurement of national income.
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Q.6 (iii) Explain the functions of Reserve Bank of India.
Maharashtra HSC Economics Board Paper June 2026 with Answers
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Q.1 (A) (i) Complete the following statement : Ed = 0 in case of _______.
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Q.1 (A) (ii) Complete the following statement : Balance of trade is also referred to as _______.
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Q.1 (A) (iii) Complete the following statement : The famous book “General Theory of Employment, Interest and Money” was published by _______.
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Q.1 (A) (iv) Complete the following statement : When a government borrows from its citizens, banks, central bank, industries, etc. it is known as _______.
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Q.1 (A) (v) Complete the following statement : A period of time in which all factors of production and costs are variable is known as _______.
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Q.1 (B) (i) Complete the correlation : ______ : Teacher : : Form utility : Toys made of clay
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Q.1 (B) (ii) Complete the correlation : Perfect competition : Large number of sellers : : ______ : Few sellers
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Q.1 (B) (iii) Complete the correlation : Theoretical difficulty : Unpaid services : : ______ : Valuation of inventories
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Q.1 (B) (iv) Complete the correlation : Pen and ink : ______ : : Tea and coffee : Substitutes
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Q.1 (B) (v) Complete the correlation : Trends in exports : Petroleum products : : ______ : Gold
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Q.1 (C) (i) Give economic term : A market for long term funds, both equity and debt raised within and outside the country.
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Q.1 (C) (ii) Give economic term : Demand for a commodity which can be put to several uses.
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Q.1 (C) (iii) Give economic term : The total quantity of commodity available for sale with a seller at a particular point of time.
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Q.1 (C) (iv) Give economic term : Index number which is constructed with some specific purpose.
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Q.1 (C) (v) Give economic term : Budget in which the estimated revenue and expenditure of the government are equal.
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Q.1 (D) (i) Find the odd word : Scope of macro economics : Theory of income and employment, Theory of product pricing, Theory of general price level and inflation, Macro theory of distribution
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Q.1 (D) (ii) Find the odd word : Methods of measurement of national income : Output method, Income method, Expenditure method, Ratio method
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Q.1 (D) (iii) Find the odd word : Reasons for downward sloping demand curve : Law of supply, Income effect, Substitution effect, New consumers
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Q.1 (D) (iv) Find the odd word : Exceptions to the law of supply : Agricultural goods, Perishable goods, Rare goods, Giffen’s paradox
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Q.1 (D) (v) Find the odd word : Types of utility : Form utility, Total utility, Time utility, Place utility
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Q.2 (A) (i) Identify and explain the concept : Arnav sells 80 dozens of mangoes daily at ₹ 500/- per dozen.
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Q.2 (A) (ii) Identify and explain the concept : Demand for sugar falls by 10% when the price of sugar rises by 10%.
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Q.2 (A) (iii) Identify and explain the concept : Reena deposited a lumpsum amount of ₹ 50,000 in the bank for a period of one year.
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Q.2 (A) (iv) Identify and explain the concept : Shabana paid wages to workers in her factory and interest on her bank loan.
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Q.2 (A) (v) Identify and explain the concept : Vrinda receives monthly pension of ₹ 5000/- from the state government.
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Q.2 (B) (i) Distinguish between : Direct Demand and Indirect Demand
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Q.2 (B) (ii) Distinguish between : Laspeyre’s Price Index Number and Paasche’s Price Index Number
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Q.2 (B) (iii) Distinguish between : Direct Tax and Indirect Tax
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Q.2 (B) (iv) Distinguish between : Micro Economics and Macro Economics
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Q.2 (B) (v) Distinguish between : Total Cost and Total Revenue
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Q.3 (i) Explain any four features of utility.
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Q.3 (ii) Explain any four roles of foreign trade.
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Q.3 (iii) Explain any four features of micro economics.
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Q.3 (iv) Explain any four factors influencing elasticity of demand.
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Q.3 (v) Explain any four types of monopoly.
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Q.4 (i) State with reasons whether you agree or disagree : There are many assumptions to the law of supply.
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Q.4 (ii) State with reasons whether you agree or disagree : Product differentiation is the only feature of monopolistic competition.
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Q.4 (iii) State with reasons whether you agree or disagree : Marginal utility and total utility are the same.
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Q.4 (iv) State with reasons whether you agree or disagree : Index numbers have limitations.
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Q.4 (v) State with reasons whether you agree or disagree : Public finance is different from private finance.
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Q.5 (i) Observe the following table and answer the questions given below it :
Commodities Quantity in 2000 Base Year (q0) Quantity in 2001 Current Year (q1) A 20 45 B 40 70 C 60 105 D 20 60 Total Σq0 = ____ Σq1 = ____ (a) Complete the above table. (1)
(b) Calculate the Quantity Index Number from the above table. (3) -
Q.5 (ii) Observe the following diagram and answer the questions given below it :
In the following diagram A E is the linear demand curve of a commodity. On the basis of the given diagram, state whether the following statements are true or false:
[Figure: A straight-line demand curve AE with price on the Y-axis and quantity demanded on the X-axis. A lies on the Y-axis and E on the X-axis. Points B, D and C are marked on the line in that order from A towards E; D is at the middle of AE, B lies between A and D, and C lies between D and E.]
(1) Demand at point ‘C’ is relatively elastic demand. (1)
(2) Demand at point ‘B’ is unitary elastic demand. (1)
(3) Demand at point ‘D’ is perfectly inelastic. (1)
(4) Demand at point ‘A’ is perfectly elastic demand. (1) -
Q.5 (iii) Read the following passage and answer the questions given below it :
The Finance Ministry has proposed a two slab GST structure instead of multiple slabs. This reform will make the tax system simpler, benefiting micro, small and medium enterprises and also making goods cheaper for consumers. Apart from regular tax revenue, the central government earns a large share through Cess and Surcharge.
For the financial year 2025-26, the government expects ₹ 5.91 lakh crore from Cess and Surcharge which is a 9.43% increase compared to the previous year.
Recently, GST rates on several items were reduced. This gives relief to consumers, increases the purchasing power and boosts demand in the economy. However, such cuts reduce the government’s revenue. According to officials, this loss can be managed through better tax collection and other fiscal measures.
Today, India’s public finance system faces major challenges:
- Revenue shortfall with increasing expenditure.
- Need to reduce fiscal deficit while promoting investment.
To address this, the government must focus on tax reforms, prioritizing expenditure and long term infrastructure and investment.
Questions :
(1) How much revenue does the government expect from Cess and Surcharge in F.Y. 2025-26? (1)
(2) Mention the major challenges faced by India’s public finance system today. (1)
(3) Express your opinion with reference to the given passage. (2) -
Q.6 (i) State and explain the law of demand with its exceptions.
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Q.6 (ii) Define National Income and explain its features.
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Q.6 (iii) Explain the role of money market in India.
Maharashtra HSC Economics Board Paper March 2025 with Answers
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Q.1 (A) (i) Give economic term : A desire which is backed by willingness to purchase and ability to pay.
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Q.1 (A) (ii) Give economic term : Deposits that are withdrawable on demand.
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Q.1 (A) (iii) Give economic term : Wear and tear of capital assets, due to their use in the process of production.
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Q.1 (A) (iv) Give economic term : Elasticity resulting from a proportionate percentage change in the quantity demanded due to a proportionate percentage change in price.
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Q.1 (A) (v) Give economic term : The difference between the value of a country’s exports and imports for a given period.
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Q.1 (B) (i) Complete the correlation : Internal Trade : Home Trade : : International Trade : ______
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Q.1 (B) (ii) Complete the correlation : Discriminated prices : ______ : : Single price : Perfect competition
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Q.1 (B) (iii) Complete the correlation : ______ : Central Bank : : SBI : Commercial Bank
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Q.1 (B) (iv) Complete the correlation : Output method : ______ : : Income method : Factor cost method
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Q.1 (B) (v) Complete the correlation : The period of Inflation : Surplus Budget : : The Period of Depression : ______
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Q.1 (C) (i) Find the odd word : Durable Goods : Furniture, Cupboard, Washing Machine, Fish.
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Q.1 (C) (ii) Find the odd word : Cost Concepts : Total cost, Average cost, Marginal cost, Selling cost.
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Q.1 (C) (iii) Find the odd word : Legal Monopoly : Patent, OPEC, Copyright, Trademark.
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Q.1 (C) (iv) Find the odd word : Theory of Economic Welfare : Theory of Income and Employment, Efficiency in production, Efficiency in Consumption, Overall Economic Efficiency.
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Q.1 (C) (v) Find the odd word : Exceptions to the Law of Demand : Giffen’s paradox, Prestige goods, Price illusion, Supply of labour.
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Q.1 (D) (i) Complete the following statement : The terms of Micro Economics and Macro Economics were coined by Norwegian Economist ______.
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Q.1 (D) (ii) Complete the following statement : When the supply curve is sloping upward, then its slope is ______.
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Q.1 (D) (iii) Complete the following statement : The Price Index number is used ______.
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Q.1 (D) (iv) Complete the following statement : Development financial institutions were established to ______.
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Q.1 (D) (v) Complete the following statement : Obligatory functions of the govt. is ______.
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Q.2 (A) (i) Identify and explain the concept : Abhijeet sold 15 chairs for ₹ 3000, for each chair he earned ₹ 200.
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Q.2 (A) (ii) Identify and explain the concept : Rajaram produced 25 quintals of wheat in his field, from it he kept aside 2 quintals of wheat for his own family use.
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Q.2 (A) (iii) Identify and explain the concept : Rani collected the data of India’s National Income for the purpose of study.
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Q.2 (A) (iv) Identify and explain the concept : Amar demanded milk, sugar and tea powder jointly to satisfy his want of the tea.
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Q.2 (A) (v) Identify and explain the concept : Sunita madam satisfied her want to write on the blackboard by using a chalk.
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Q.2 (B) (i) Distinguish between Micro Economics and Macro Economics.
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Q.2 (B) (ii) Distinguish between Perfectly elastic demand and Perfectly inelastic demand.
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Q.2 (B) (iii) Distinguish between Quantity index number and Value index number.
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Q.2 (B) (iv) Distinguish between Internal debt and External debt.
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Q.2 (B) (v) Distinguish between Expansion of supply and Increase in supply.
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Q.3 (i) Explain any four features of micro economics.
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Q.3 (ii) Explain the functions of Commercial Banks.
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Q.3 (iii) Explain the classification of market on the basis of time.
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Q.3 (iv) Calculate price index number from the following data:
Commodity A B C D Price in 2005 (₹) 6 16 24 4 Price in 2010 (₹) 8 18 28 6 -
Q.3 (v) Explain any four points of the role of foreign trade in India.
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Q.4 (i) State with reasons whether you agree or disagree with the statement : Demand Curve slopes downward from the left to the right.
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Q.4 (ii) State with reasons whether you agree or disagree with the statement : There are no limitations to the Index numbers.
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Q.4 (iii) State with reasons whether you agree or disagree with the statement : Elasticity of demand depends upon several factors.
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Q.4 (iv) State with reasons whether you agree or disagree with the statement : There are some exceptions to the law of supply.
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Q.4 (v) State with reasons whether you agree or disagree with the statement : Capital market plays very important role in Indian economy.
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Q.5 (i) Observe the given table and answer the questions :
Price per kg in ₹ Consumer A Consumer B Consumer C Market Demand (in kg) (A+B+C) 35 5 10 15 ____ 30 10 15 20 ____ 25 15 20 25 ____ 20 20 25 30 ____ Questions :
(a) Complete market demand schedule. (2)
(b) Draw market demand curve based on above market demand schedule. (2) -
Q.5 (ii) Observe the following diagram of non-linear demand curve and answer the questions given below.
[Figure: Price of commodity on the Y-axis and demand of commodity on the X-axis. A non-linear (convex) demand curve dd1 touches a straight line AB at point E; A is on the Y-axis and B on the X-axis. From E, a dashed line meets the Y-axis at P and another dashed line meets the X-axis at Q.]
(1) If EB = EA (Ed = 1) = ........ (1)
(2) If EB > EA (Ed > 1) = ........ (1)
(3) If EB < EA (Ed < 1) = ........ (1)
(4) The ‘x’ axis represents ........ of commodity and ‘y’ axis represents ........ of commodity. (1) -
Q.5 (iii) Regulated Market :
Regulated market is wholesale market where buying and selling are regulated and controlled by the state government through the market committee.
Regulated market aims at the elimination of unhealthy and unscrupulous practices regarding charges and providing facilities to producers and sellers in the market. The poor standards of primary and secondary markets in agricultural market are cash transactions, short weights, excessive market charges, unauthorized deduction, and the absence of machinery to settle disputes between sellers and buyers. These defects and malpractices can be recovered by the establishment of Regulated market. According to the Bombay Agricultural Product Market Act-1939, this market is controlled. In this market mainly the trade of cereals, fruits, tobacco, cotton, groundnut, coconut, betel nut, potatoes and turmeric, etc. are controlled.
Questions :
(1) Which act regulates the market? (1)
(2) What are the poor standards in primary and secondary markets? (1)
(3) Give your opinion with reference to above passage. (2) -
Q.6 (i) State and explain the law of diminishing marginal utility with its assumptions.
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Q.6 (ii) State the meaning of National Income and explain the features of National Income.
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Q.6 (iii) Explain various reasons for the growth of government’s public expenditure.
Maharashtra HSC Economics Board Paper July 2025 with Answers
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Q.1 (A) (i) Choose the correct option : Methods adopted in microeconomic analysis :
(a) Lumping method
(b) Aggregative method
(c) Slicing method
(d) Inclusive methodOptions :
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Q.1 (A) (ii) Choose the correct option : Under perfect competition, sellers are :
(a) Price makers
(b) Price takers
(c) Price discriminators
(d) None of theseOptions :
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Q.1 (A) (iii) Choose the correct option : Statements that are correct in relation to Index Numbers :
(a) Index numbers are a geographical tool.
(b) Index numbers measure changes in the air pressure.
(c) Index numbers measure relative changes in an economic variable.
(d) Index numbers are specialized average.Options :
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Q.1 (A) (iv) Choose the correct option : Obligatory functions of the government :
(a) Protection from external attacks
(b) Maintaining internal law and order
(c) Welfare measures
(d) Exporting goods and servicesOptions :
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Q.1 (A) (v) Choose the correct option : Types of foreign trade are as follows :
(a) Import trade
(b) Export trade
(c) Entrepot trade
(d) Internal tradeOptions :
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Q.1 (B) (i) Give economic term : A desire which is backed by willingness to purchase and ability to pay.
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Q.1 (B) (ii) Give economic term : The net addition made to total cost by producing one more unit of output.
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Q.1 (B) (iii) Give economic term : The type of market where there are few sellers.
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Q.1 (B) (iv) Give economic term : The gross market value of all final goods and services produced within the domestic territory of a country during a period of one year.
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Q.1 (B) (v) Give economic term : Buying and selling of goods and services within the boundaries of a nation.
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Q.1 (C) (i) Complete the following statement : Micro economics is also known as ______.
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Q.1 (C) (ii) Complete the following statement : When total utility is maximum then marginal utility is ______.
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Q.1 (C) (iii) Complete the following statement : Demand curve is parallel to 'X' axis in case of ______.
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Q.1 (C) (iv) Complete the following statement : In India, National Income is estimated by Central Statistical Organization (CSO) using ______.
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Q.1 (C) (v) Complete the following statement : A market for lending and borrowing of short term funds is known as _____.
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Q.1 (D) (i) Find the odd word : Types of utility : Form utility, Place utility, Marginal utility, Service utility
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Q.1 (D) (ii) Find the odd word : Determinants of demand : Price, Income, Prices of substitute goods, Giffen's paradox
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Q.1 (D) (iii) Find the odd word : Methods of measuring price elasticity of demand : Income method, Percentage method, Total Expenditure method, Point method / Geometric method.
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Q.1 (D) (iv) Find the odd word : Exceptions to the law of supply : Supply of labour, Agricultural goods, Prestige goods, Perishable goods.
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Q.1 (D) (v) Find the odd word : Non-Tax Revenue Sources : Fees, Custom duty, Special Assessment, Fines and penalties
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Q.2 (A) (i) Identify and explain the concept : Raju collected the information about total consumption, total savings and total investment of Indian economy.
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Q.2 (A) (ii) Identify and explain the concept : Rise in price by 20% of a commodity 'X' leads to fall in the demand of the same commodity 'X' by 20%.
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Q.2 (A) (iii) Identify and explain the concept : Swara receives monthly pension of ₹ 8,000 from the State Government of Maharashtra.
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Q.2 (A) (iv) Identify and explain the concept : Tushar deposited a lumpsum amount of ₹ 1,00,000 in the bank for a period of three years.
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Q.2 (A) (v) Identify and explain the concept : Sharad was able to supply less paper to market due to technical problems in paper making factory although the price of paper remained constant.
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Q.2 (B) (i) Distinguish between : Slicing method and Lumping method
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Q.2 (B) (ii) Distinguish between : Expansion of demand and Increase in demand
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Q.2 (B) (iii) Distinguish between : Stock and Supply
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Q.2 (B) (iv) Distinguish between : Simple Index Number and Weighted Index Number
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Q.2 (B) (v) Distinguish between : Public Finance and Private Finance
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Q.3 (i) Explain any four features of Micro Economics.
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Q.3 (ii) Explain any four features of perfect competition.
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Q.3 (iii) Explain any four functions of Reserve Bank of India.
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Q.3 (iv) Explain the two sector model of the circular flow of National Income.
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Q.3 (v) Explain the types of Index Number.
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Q.4 (i) State with reason whether you agree or disagree : There are no real exceptions to the law of Diminishing Marginal Utility.
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Q.4 (ii) State with reason whether you agree or disagree : There are many features of monopolistic competition.
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Q.4 (iii) State with reason whether you agree or disagree : There are no limitations of Index Number.
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Q.4 (iv) State with reason whether you agree or disagree : Money market plays important role in India.
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Q.4 (v) State with reason whether you agree or disagree : There is no difference between the concepts of Balance of Trade and Balance of Payment.
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Q.5 (i) Observe the given table and answer the questions :
Unit of commodity Total Utility Marginal Utility 1 10 ____ 2 18 8 3 ____ 6 4 28 4 5 30 ____ 6 30 0 7 ____ –2 Questions :
(a) Complete the above table. (2)
(b) When total utility increases at a diminishing rate then marginal utility goes on ______. (1)
(c) After consuming six units of the commodity, MU becomes ______. (1) -
Q.5 (ii) Observe the following diagrams and answer the questions given below :
[DIAGRAM A: Price on the Y-axis and quantity supplied in kgs on the X-axis. The original supply curve SS passes through point E at price OP and quantity OQ. A dotted supply curve S1S1 lies to the right of SS; at the same price OP it passes through point E1, with quantity OQ1, greater than OQ. An arrow points from E to E1.]
[DIAGRAM B: Price on the Y-axis and quantity supplied in kgs on the X-axis. The original supply curve SS passes through point E at price OP and quantity OQ. A dotted supply curve S2S2 lies to the left of SS; at the same price OP it passes through point E2, with quantity OQ2, less than OQ. An arrow points from E to E2.]
Questions :
(1) Diagram 'A' represents _______ in supply. (1)
(2) Diagram 'B' represents _______ in supply. (1)
(3) In diagram 'A', the supply curve shifts _______ side of the original supply curve. (1)
(4) In diagram 'B', the supply curve shifts _______ side of the original supply curve. (1) -
Q.5 (iii) Read the given passage and answer the questions :
The Government of India and various agencies continuously monitor and calculate the National Income using different methods such as output, income and expenditure methods, etc. These methods help in providing a comprehensive picture of India’s economic performance.
From 2001 to 2021, India’s GDP grew at an average annual rate of around 6 to 7%. The country saw a significant shift from primarily agriculture-based to a more diverse economy with services and industrial sectors playing a more prominent role in GDP composition. However it is important to note that there were fluctuations and challenges along the way, including the global financial crisis in 2008 and the COVID-19 pandemic in 2020 which temporarily disrupted growth trends.
In recent years, India has aimed for sustainable economic development, focusing on information technology. The initiatives such as “Make in India” and “Digital India” have been launched to boost economic activities and create employment opportunities which in turn impact the National Income positively.
Questions :
(1) What is the average annual growth rate of India for the period from 2001 to 2021? (1)
(2) Which factors disrupted the growth trends of India’s National Income? (1)
(3) Express your opinion about the given passage. (2) -
Q.6 (i) State and explain the law of demand with its assumptions.
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Q.6 (ii) Explain the factors influencing the elasticity of demand.
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Q.6 (iii) Explain the reasons for the growth in public expenditure in India.