CBSE Class 12 Economics 2014 Previous Year Question Paper
This is the CBSE Class 12 Economics 2014 Previous Year Board Question Paper, focusing on Basic Concepts of Economics. The paper includes questions carrying 1 mark and 4 marks, testing fundamental economic definitions and classifications. Students are asked to define and provide examples for concepts such as capital goods, intermediate goods, and consumption goods. The 4-mark questions require students to classify items like furniture, chalks, computers, and mobile sets as either intermediate or final products, providing reasons for their classification. They also need to distinguish between intermediate and final expenditures, using examples like office building maintenance and machine improvement. Solving this previous year paper helps students grasp core economic principles, understand the exam pattern, and prepare effectively for their board examinations.
Quick info
| Board | CBSE |
|---|---|
| Class | 12 |
| Subject | Economics Part B |
| Session | 2014 |
| Language | English |
| Type | Previous Year Question Paper |
| Exam type | Board Exam |
Paper pattern
The paper includes 1-mark and 4-mark questions, testing definitions, examples, and classification with reasons.
Topics covered
Paper topics
- Capital Goods
- Intermediate Goods
- Consumption Goods
- Final Product
- Final Expenditure
- Intermediate Expenditure
Important topics
- Classification of goods
- Meaning of economic terms
- Distinguishing final vs. intermediate
PDF preview
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Question paper text
Basic Concepts of Economics
1 Mark Questions
- Give the meaning of capital goods. (Compartment 2014) or
Define capital goods. (Delhi 2012; All India 2010)
Ans. The goods which are repeatedly used in the process of production. They are the fixed assets of the producer, e.g. building, plant and machinery. They helps to convert intermediate goods into finished goods.
2. Give two examples of intermediate goods. (All India 2013)
Ans. Two examples of intermediate goods are:
- Steel used in the car.
- Mobile sets purchased by a mobile dealer.
3. Define consumption goods. (All India 2012)
Ans. Goods which are directly used for satisfaction of human wants and which are not used in production and for other purpose are known as consumer goods or consumption goods, e.g. ice-cream and milk used by the households.
4. Define intermediate goods. (Delhi 2011 c)
Ans. The goods purchased by a firm for the use in production of other goods or for the purpose of reselling are known as intermediate goods, e.g. steel used in the production of cars and those finished goods which are meant for resale, such as milk purchases by a milk seller.
5. Define final product. (Delhi 2010 c)
Ans. The goods, which have crossed the boundary line of production and are ready for use by their final users, known as final goods, e.g. clothes, milk consumed by a consumer.
Final goods are often classified as:
- Final consumer goods
- Final producer goods
4 Marks Questions
- Giving reasons, classify the following into intermediate products and final products
- Furniture purchased by a school.
(ii)Chalks, dusters, etc purchased by school (Delhi 2012)
Ans. (i) Furniture purchased by school — Final product.
Reason: Schools buy furniture's for long-term use and it can be considered an investment.
- Chalks, dusters, etc purchased by school — Intermediate good
Reason: Chalks, dusters, etc; are purchased by a school for use in their day-to-day consumption. This is meant for further production in the form of services.
- Give reason and identify whether the following are final expenditures or intermediate expenditure.
- Expenditure on maintenance of an office building.
- Expenditure on improvement of machine in a factory. (All India 2012)
Ans. (i) Expenditure on maintenance of an office building — Intermediate expenditure.
Reason: Expenditure on maintenance of office building is for production purpose. Expenditure on improvement of machine in a factory — Final expenditure
Reason: Expenditure on improvement of machine in a factory is a kind of capital investment, so it should be considered as final expenditure.
- Giving reasons, classify the following into intermediate products and final products.
- Computers installed in an office.
- Mobile sets purchased by a mobile dealer.
(Delhi 2011)
Ans. (i) Computers installed in an office — Final product
Reason Offices buy computers as long-term durable products and are investment for them.
- Mobile sets purchased by a mobile dealer — Intermediate products
Reason: A mobile dealer purchases mobile sets for reselling purpose. That's why it is considered as intermediate products.
Frequently asked questions
What is this document?
This is a CBSE Class 12 Economics 2014 Previous Year Board Question Paper for exam practice.
What topics are covered in this paper?
This paper covers basic concepts of economics, including capital goods, intermediate goods, consumption goods, and final products.
How does solving this paper help students?
Solving this previous year question paper helps students understand the board exam pattern, practice answering questions, and improve their scores in Economics.
What is the marking scheme for this paper?
The paper includes questions carrying 1 mark and 4 marks, as indicated in the text.
What types of questions are included?
The paper features definition-based questions and classification questions that require providing reasons.
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