HSEB || Model question of Economics Class 12

Class: 12 || Subject: Economics

Economics, Management

Unit-5 Theory of Production

Long answer questions

  1. Explain the law of variable proportion. [10]
  2. Explain with diagrams, the three stages of law of variable proportions. [10]
  3. Explain the law of variable proportions. Does this law apply only in agriculture? [7+3=10]
  4. Diagrammatically explain the law of returns to scale. [10]

Short answer questions

  1. Explain the nature of Average Production Curve. [5]
  2. Discuss the law of diminishing returns. [5]
  3. Describe the nature of marginal production curve. [5]
  4. Explain the diagrammatically the law of increasing returns. [5]
  5. Discuss the relationship between marginal production (MP) and total production (TP). [5]
  6. Explain the constant returns to scale. [5]
  7. Discuss the relationship between Marginal Production (MP) and Total Production (TP) shortrun. [5]
  8. Explain the nature of Marginal Product in the short-run. [5]
  9. What is returns to scale? Explain the nature of constant returns to scale. [5]
  10. Explain the concept of Total Product (TP), Average Product (AP) and Marginal Product (MP) with a suitable example. [5]
  11. What is returns to scale? Explain the nature of constant returns to scale. [5]

Very short answer questions

  1. Write the meaning of constant returns to scale. [2]
  2. What is constant returns to scale? [2]
  3. What is law of variable proportion? [2]
  4. What are the differences between short-run and long-run production functions? [2]
  5. What is meant by marginal production? [2]

Unit 6 Revenue and Cost Curve

Long answer questions

  1. Explain the relationship between Total Fixed Cost (TFC), Total Variable Cost (TVC) and Total Cost (TC) with diagram. [10]
  2. Describe about the nature of marginal revenue (MR), average revenue (AR) and total revenue (TR) curves under monopoly. [10]
  3. Explain the relationship between Average Revenue (AR) and Marginal Revenue (MR) under monopoly. [10]
  4. Describe the nature of short-run average curves. [10]
  5. Explain the nature and relationship of Average Variable Cost (AVC), Average Cost (AC) and Marginal Cost (MC) in the short-run. [10]
  6. Explain the nature of total variable cost and total cost with diagrams. [10]
  7. Explain the nature of Total Variable Cost (TVC), Total Fixed Cost (TFC) and Total Cost (TC) with the help of diagram. [10]
  8. Explain the short run total cost curves. [10]
  9. Explain the relationship between average cost (AC) and marginal cost (MC) with the help of diagram. [10]

Short answer questions

  1. Explain the short-run total cost curves. [5]
  2. Explain about the nature of marginal product curve in short term. [5]
  3. Describe about the short run total cost curve. [5]
  4. Show the relationship between Total Fixed Cost (TFC), Total Variable Cost (TVC) and Total Cost (TC) in short term. [5]
  5. Explain the nature of Average Revenue (AR) curve and Marginal Revenue (MR) curve under monopoly. [5]
  6. Show the relation between Average Cost (AC) and Marginal Cost (MC). [5]
  7. Explain the nature of marginal revenue curve under monopoly markets. [5]
  8. What is the relationship between average and marginal cost curves? Explain. [5]

Very short answer questions

  1. What is marginal revenue? [2]
  2. Write the meaning of variable cost. [2]
  3. What is variable cost? [2]
  4. What is Total Revenue (TR) and Marginal Revenue (MR)? [2]
  5. Define marginal revenue and marginal cost. [2]
  6. What is meant by Total Revenue (TR). [2]
  7. What is fixed cost? [2]
  8. Why does Average Fixed Cost (AFC) decrease continuously? [2]
  9. Present short run average cost curves in a diagram. [2]
  10. Distinguish between fixed cost and variable cost. [2]
  11. What are total revenue, average revenue and marginal revenue? [2]

Write short notes on

  1. Average and Marginal Revenues [5]
  2. Fixed and Variable Cost [5]
  3. AC and MC [5]

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