CBSE Past Year Paper March - 2015(Foreign(SET -1)), Marking Scheme, Class 12

CBSE Past Year Paper March - 2015(Foreign(SET -1)), Marking Scheme, Class 12 | Additional Study Material for Commerce PDF Download

``` Page 1

Pg. 1

SENIOR  SCHOOL  CERTIFICATE  EXAMINATION
MARCH-2015
MARKING SCHEME – ECONOMICS (FOREIGN)
(SET-I)

GENERAL INSTRUCTIONS :
1. Please  examine  each  part  of  a  question  carefully  and  allocate  the  marks
allotted  for  the  part  as  given  in  the  marking  scheme  below.  TOTAL  MARKS
FOR  ANY  ANSWER  MAY  BE  PUT  IN  A  CIRCLE  ON  THE  LEFT  SIDE  WHERE  THE
2. Expected suggested answers have been given in the Marking Scheme. To evaluate
the answers the value points indicated in the marking scheme be followed.
3. For questions asking the candidate to explain or define, the detailed explanations
and definitions have been indicated alongwith the value points.
4. For mere arithmetical errors, there should be minimal deduction. Only ½ mark be
deducted for such an error.
5. Wherever  only  two / three  or  a  “given”  number  of  examples / factors / points
are   expected   only   the   first  two / three  or  expected  number  should  be
read.  The rest are irrelevant and must not be examined.
6. There  should  be  no  effort  at  “moderation”  of  the  marks  by  the  evaluating
teachers.  The  actual  total  marks  obtained  by  the  candidate  may  be  of  no
concern  to  the  evaluators.
7. Higher order thinking ability questions are assessing student’s understanding /
analytical ability.
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only

C1 Expected Answer / Value Points
Distribution
of Marks
1 Utility refers to satisfaction from the consumption of goods.   1
2 (a) Substitutes  1
3 (b)  Does not shift  1

Page 2

Pg. 1

SENIOR  SCHOOL  CERTIFICATE  EXAMINATION
MARCH-2015
MARKING SCHEME – ECONOMICS (FOREIGN)
(SET-I)

GENERAL INSTRUCTIONS :
1. Please  examine  each  part  of  a  question  carefully  and  allocate  the  marks
allotted  for  the  part  as  given  in  the  marking  scheme  below.  TOTAL  MARKS
FOR  ANY  ANSWER  MAY  BE  PUT  IN  A  CIRCLE  ON  THE  LEFT  SIDE  WHERE  THE
2. Expected suggested answers have been given in the Marking Scheme. To evaluate
the answers the value points indicated in the marking scheme be followed.
3. For questions asking the candidate to explain or define, the detailed explanations
and definitions have been indicated alongwith the value points.
4. For mere arithmetical errors, there should be minimal deduction. Only ½ mark be
deducted for such an error.
5. Wherever  only  two / three  or  a  “given”  number  of  examples / factors / points
are   expected   only   the   first  two / three  or  expected  number  should  be
read.  The rest are irrelevant and must not be examined.
6. There  should  be  no  effort  at  “moderation”  of  the  marks  by  the  evaluating
teachers.  The  actual  total  marks  obtained  by  the  candidate  may  be  of  no
concern  to  the  evaluators.
7. Higher order thinking ability questions are assessing student’s understanding /
analytical ability.
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only

C1 Expected Answer / Value Points
Distribution
of Marks
1 Utility refers to satisfaction from the consumption of goods.   1
2 (a) Substitutes  1
3 (b)  Does not shift  1

Pg. 2

4 Good X
(Units)
Good Y
(Units)
MRT
0 4 -
1 3 1Y:1X
2 2 1Y:1X
3 1 1Y:1X
4 0 1Y:1X
Since MRT is constant, the PP curve will be downward sloping straight line.
(Diagram not required)

1½
1½

5 Education raises efficiency by making a worker a skilled worker. This will
increase production potential shifting the PP curve upwards.
(Diagram not required)
OR
Inflow of foreign capital into the country means increase in resources. This
will raise production potential of the country leading to upward shift of PP
curve.
(Diagram not required)

3

3
6 The measure of price elasticity of demand has a minus sign because there is
inverse relation between price and demand, while the measure of price
elasticity of supply has plus sign because there is direct relation between
price and supply of a good.

3
7 This feature ensures that firms in a perfectly competitive market earn just
the normal profit in the long run. New firms enter when the existing firms
are earning above normal profit. This raises industry’s output, brings down
market price and brings profit back to the normal. Existing firms start
leaving when facing loss. This lowers industry’s output, raises market price,
wipes out losses till firms are earning just the normal profit.

3
8

Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government. For example OP is price ceiling while OP
1
is
equilibrium price. Producers are not allowed to sell good at a price greater
than OP. The ceiling is normally imposed on goods needed by masses, like
wheat, rice, sugar etc.

1

2

Page 3

Pg. 1

SENIOR  SCHOOL  CERTIFICATE  EXAMINATION
MARCH-2015
MARKING SCHEME – ECONOMICS (FOREIGN)
(SET-I)

GENERAL INSTRUCTIONS :
1. Please  examine  each  part  of  a  question  carefully  and  allocate  the  marks
allotted  for  the  part  as  given  in  the  marking  scheme  below.  TOTAL  MARKS
FOR  ANY  ANSWER  MAY  BE  PUT  IN  A  CIRCLE  ON  THE  LEFT  SIDE  WHERE  THE
2. Expected suggested answers have been given in the Marking Scheme. To evaluate
the answers the value points indicated in the marking scheme be followed.
3. For questions asking the candidate to explain or define, the detailed explanations
and definitions have been indicated alongwith the value points.
4. For mere arithmetical errors, there should be minimal deduction. Only ½ mark be
deducted for such an error.
5. Wherever  only  two / three  or  a  “given”  number  of  examples / factors / points
are   expected   only   the   first  two / three  or  expected  number  should  be
read.  The rest are irrelevant and must not be examined.
6. There  should  be  no  effort  at  “moderation”  of  the  marks  by  the  evaluating
teachers.  The  actual  total  marks  obtained  by  the  candidate  may  be  of  no
concern  to  the  evaluators.
7. Higher order thinking ability questions are assessing student’s understanding /
analytical ability.
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only

C1 Expected Answer / Value Points
Distribution
of Marks
1 Utility refers to satisfaction from the consumption of goods.   1
2 (a) Substitutes  1
3 (b)  Does not shift  1

Pg. 2

4 Good X
(Units)
Good Y
(Units)
MRT
0 4 -
1 3 1Y:1X
2 2 1Y:1X
3 1 1Y:1X
4 0 1Y:1X
Since MRT is constant, the PP curve will be downward sloping straight line.
(Diagram not required)

1½
1½

5 Education raises efficiency by making a worker a skilled worker. This will
increase production potential shifting the PP curve upwards.
(Diagram not required)
OR
Inflow of foreign capital into the country means increase in resources. This
will raise production potential of the country leading to upward shift of PP
curve.
(Diagram not required)

3

3
6 The measure of price elasticity of demand has a minus sign because there is
inverse relation between price and demand, while the measure of price
elasticity of supply has plus sign because there is direct relation between
price and supply of a good.

3
7 This feature ensures that firms in a perfectly competitive market earn just
the normal profit in the long run. New firms enter when the existing firms
are earning above normal profit. This raises industry’s output, brings down
market price and brings profit back to the normal. Existing firms start
leaving when facing loss. This lowers industry’s output, raises market price,
wipes out losses till firms are earning just the normal profit.

3
8

Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government. For example OP is price ceiling while OP
1
is
equilibrium price. Producers are not allowed to sell good at a price greater
than OP. The ceiling is normally imposed on goods needed by masses, like
wheat, rice, sugar etc.

1

2

Pg. 3

For blind Candidates Only :
Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government while minimum price ceiling refers to imposition of
a lower limit on the price of a good by government.

3
9 Price Exp. Demand
4 400 100
5 400 80

1½

1
1
½
10 Supply refers to the quantity of a good the producers are willing to produce
at a price during a period of time.
Technological progress, by raising productivity, brings down per unit cost.
Price remaining unchanged, profit increases. This induces producers to
supply more.
OR
“Change in supply” refers to increase / decrease in supply due to a change
in any factor other than the own price of the good.
Imposition of tax raises cost. Price remaining unchanged, profit falls. So
producers supply less.
1
3

1
3
11 Let the two goods be X and Y. Given Px =1 , Py = 1 and MRS = 2, the
consumer is said to be in equilibrium when
MRS =

Substituting values we find that
2 >

or MRS >

MRS >

means that consumer is willing to pay more for one more unit of X
as compared to what the market demands.
- The consumer will buy more and more of X.
- As a result MRS will fall due to the Law of Diminishing Marginal
Utility.
- This will continue till MRS =

and consumer is in equilibrium.
(Diagram not required)

3

3

Page 4

Pg. 1

SENIOR  SCHOOL  CERTIFICATE  EXAMINATION
MARCH-2015
MARKING SCHEME – ECONOMICS (FOREIGN)
(SET-I)

GENERAL INSTRUCTIONS :
1. Please  examine  each  part  of  a  question  carefully  and  allocate  the  marks
allotted  for  the  part  as  given  in  the  marking  scheme  below.  TOTAL  MARKS
FOR  ANY  ANSWER  MAY  BE  PUT  IN  A  CIRCLE  ON  THE  LEFT  SIDE  WHERE  THE
2. Expected suggested answers have been given in the Marking Scheme. To evaluate
the answers the value points indicated in the marking scheme be followed.
3. For questions asking the candidate to explain or define, the detailed explanations
and definitions have been indicated alongwith the value points.
4. For mere arithmetical errors, there should be minimal deduction. Only ½ mark be
deducted for such an error.
5. Wherever  only  two / three  or  a  “given”  number  of  examples / factors / points
are   expected   only   the   first  two / three  or  expected  number  should  be
read.  The rest are irrelevant and must not be examined.
6. There  should  be  no  effort  at  “moderation”  of  the  marks  by  the  evaluating
teachers.  The  actual  total  marks  obtained  by  the  candidate  may  be  of  no
concern  to  the  evaluators.
7. Higher order thinking ability questions are assessing student’s understanding /
analytical ability.
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only

C1 Expected Answer / Value Points
Distribution
of Marks
1 Utility refers to satisfaction from the consumption of goods.   1
2 (a) Substitutes  1
3 (b)  Does not shift  1

Pg. 2

4 Good X
(Units)
Good Y
(Units)
MRT
0 4 -
1 3 1Y:1X
2 2 1Y:1X
3 1 1Y:1X
4 0 1Y:1X
Since MRT is constant, the PP curve will be downward sloping straight line.
(Diagram not required)

1½
1½

5 Education raises efficiency by making a worker a skilled worker. This will
increase production potential shifting the PP curve upwards.
(Diagram not required)
OR
Inflow of foreign capital into the country means increase in resources. This
will raise production potential of the country leading to upward shift of PP
curve.
(Diagram not required)

3

3
6 The measure of price elasticity of demand has a minus sign because there is
inverse relation between price and demand, while the measure of price
elasticity of supply has plus sign because there is direct relation between
price and supply of a good.

3
7 This feature ensures that firms in a perfectly competitive market earn just
the normal profit in the long run. New firms enter when the existing firms
are earning above normal profit. This raises industry’s output, brings down
market price and brings profit back to the normal. Existing firms start
leaving when facing loss. This lowers industry’s output, raises market price,
wipes out losses till firms are earning just the normal profit.

3
8

Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government. For example OP is price ceiling while OP
1
is
equilibrium price. Producers are not allowed to sell good at a price greater
than OP. The ceiling is normally imposed on goods needed by masses, like
wheat, rice, sugar etc.

1

2

Pg. 3

For blind Candidates Only :
Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government while minimum price ceiling refers to imposition of
a lower limit on the price of a good by government.

3
9 Price Exp. Demand
4 400 100
5 400 80

1½

1
1
½
10 Supply refers to the quantity of a good the producers are willing to produce
at a price during a period of time.
Technological progress, by raising productivity, brings down per unit cost.
Price remaining unchanged, profit increases. This induces producers to
supply more.
OR
“Change in supply” refers to increase / decrease in supply due to a change
in any factor other than the own price of the good.
Imposition of tax raises cost. Price remaining unchanged, profit falls. So
producers supply less.
1
3

1
3
11 Let the two goods be X and Y. Given Px =1 , Py = 1 and MRS = 2, the
consumer is said to be in equilibrium when
MRS =

Substituting values we find that
2 >

or MRS >

MRS >

means that consumer is willing to pay more for one more unit of X
as compared to what the market demands.
- The consumer will buy more and more of X.
- As a result MRS will fall due to the Law of Diminishing Marginal
Utility.
- This will continue till MRS =

and consumer is in equilibrium.
(Diagram not required)

3

3

Pg. 4

OR
Given

= 2 ,

= 1 and

=4 ,

, the consumer will be in
equilibrium when

Substituting values, we find that consumer is not in equilibrium because :

<

Or

Since per rupee

is lower as compared to per rupee

, the
consumer will buy less of X  and more of Y. As a result

will rise and

will fall till

are equal again and the consumer is in
equilibrium.
(Diagram not required)

3

3
12
The Phases are :
Phase : I TP rises at  increasing rate i.e. upto A
Phase : II TP rises at decreasing rate  i.e.  between A and B.
Phase : III TP falls i.e. after B.
Reasons :
Phase I : Initially variable input is too small as compared to the fixed input,
As production starts there is efficient use of the fixed input leading to rise
in productivity of the variable input on account of division of labour. As a
result TP rises at increasing rate.
Phase II : After a level of output, pressure on fixed input leads to fall in
productivity of the variable input. As a result TP continues to rise but at a
decreasing rate.
Phase III : The amount of variable input becomes too large in comparison to
the fixed input causing decline in TP.

½x3

1x3

1½

TP A
B
Page 5

Pg. 1

SENIOR  SCHOOL  CERTIFICATE  EXAMINATION
MARCH-2015
MARKING SCHEME – ECONOMICS (FOREIGN)
(SET-I)

GENERAL INSTRUCTIONS :
1. Please  examine  each  part  of  a  question  carefully  and  allocate  the  marks
allotted  for  the  part  as  given  in  the  marking  scheme  below.  TOTAL  MARKS
FOR  ANY  ANSWER  MAY  BE  PUT  IN  A  CIRCLE  ON  THE  LEFT  SIDE  WHERE  THE
2. Expected suggested answers have been given in the Marking Scheme. To evaluate
the answers the value points indicated in the marking scheme be followed.
3. For questions asking the candidate to explain or define, the detailed explanations
and definitions have been indicated alongwith the value points.
4. For mere arithmetical errors, there should be minimal deduction. Only ½ mark be
deducted for such an error.
5. Wherever  only  two / three  or  a  “given”  number  of  examples / factors / points
are   expected   only   the   first  two / three  or  expected  number  should  be
read.  The rest are irrelevant and must not be examined.
6. There  should  be  no  effort  at  “moderation”  of  the  marks  by  the  evaluating
teachers.  The  actual  total  marks  obtained  by  the  candidate  may  be  of  no
concern  to  the  evaluators.
7. Higher order thinking ability questions are assessing student’s understanding /
analytical ability.
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only

C1 Expected Answer / Value Points
Distribution
of Marks
1 Utility refers to satisfaction from the consumption of goods.   1
2 (a) Substitutes  1
3 (b)  Does not shift  1

Pg. 2

4 Good X
(Units)
Good Y
(Units)
MRT
0 4 -
1 3 1Y:1X
2 2 1Y:1X
3 1 1Y:1X
4 0 1Y:1X
Since MRT is constant, the PP curve will be downward sloping straight line.
(Diagram not required)

1½
1½

5 Education raises efficiency by making a worker a skilled worker. This will
increase production potential shifting the PP curve upwards.
(Diagram not required)
OR
Inflow of foreign capital into the country means increase in resources. This
will raise production potential of the country leading to upward shift of PP
curve.
(Diagram not required)

3

3
6 The measure of price elasticity of demand has a minus sign because there is
inverse relation between price and demand, while the measure of price
elasticity of supply has plus sign because there is direct relation between
price and supply of a good.

3
7 This feature ensures that firms in a perfectly competitive market earn just
the normal profit in the long run. New firms enter when the existing firms
are earning above normal profit. This raises industry’s output, brings down
market price and brings profit back to the normal. Existing firms start
leaving when facing loss. This lowers industry’s output, raises market price,
wipes out losses till firms are earning just the normal profit.

3
8

Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government. For example OP is price ceiling while OP
1
is
equilibrium price. Producers are not allowed to sell good at a price greater
than OP. The ceiling is normally imposed on goods needed by masses, like
wheat, rice, sugar etc.

1

2

Pg. 3

For blind Candidates Only :
Maximum price ceiling refers to imposition of upper limit on the price of a
good by the government while minimum price ceiling refers to imposition of
a lower limit on the price of a good by government.

3
9 Price Exp. Demand
4 400 100
5 400 80

1½

1
1
½
10 Supply refers to the quantity of a good the producers are willing to produce
at a price during a period of time.
Technological progress, by raising productivity, brings down per unit cost.
Price remaining unchanged, profit increases. This induces producers to
supply more.
OR
“Change in supply” refers to increase / decrease in supply due to a change
in any factor other than the own price of the good.
Imposition of tax raises cost. Price remaining unchanged, profit falls. So
producers supply less.
1
3

1
3
11 Let the two goods be X and Y. Given Px =1 , Py = 1 and MRS = 2, the
consumer is said to be in equilibrium when
MRS =

Substituting values we find that
2 >

or MRS >

MRS >

means that consumer is willing to pay more for one more unit of X
as compared to what the market demands.
- The consumer will buy more and more of X.
- As a result MRS will fall due to the Law of Diminishing Marginal
Utility.
- This will continue till MRS =

and consumer is in equilibrium.
(Diagram not required)

3

3

Pg. 4

OR
Given

= 2 ,

= 1 and

=4 ,

, the consumer will be in
equilibrium when

Substituting values, we find that consumer is not in equilibrium because :

<

Or

Since per rupee

is lower as compared to per rupee

, the
consumer will buy less of X  and more of Y. As a result

will rise and

will fall till

are equal again and the consumer is in
equilibrium.
(Diagram not required)

3

3
12
The Phases are :
Phase : I TP rises at  increasing rate i.e. upto A
Phase : II TP rises at decreasing rate  i.e.  between A and B.
Phase : III TP falls i.e. after B.
Reasons :
Phase I : Initially variable input is too small as compared to the fixed input,
As production starts there is efficient use of the fixed input leading to rise
in productivity of the variable input on account of division of labour. As a
result TP rises at increasing rate.
Phase II : After a level of output, pressure on fixed input leads to fall in
productivity of the variable input. As a result TP continues to rise but at a
decreasing rate.
Phase III : The amount of variable input becomes too large in comparison to
the fixed input causing decline in TP.

½x3

1x3

1½

TP A
B
Pg. 5

For Blind Candidate Only
Variable input
(Units)
TP
(Unit)
MP
(Unit)

1 6 6
2 20 14
3 32 12
4 40 8
5 40 0
6 37 -3

Phases :
(1) TP increases at increasing rate upto 2 units.
(2) TP increases at decreasing rate upto 5 units.
(3) TP falls from 6 unit onwards.
Causes :
Same as above

1½

½x3

3
13 The equilibrium conditions are :
i) MC = MR and     (ii) MC > MR after equilibrium.
Suppose MC > MR. In this situation it will be profitable for the firm to
produce more or less depending upon relative changes in MC and MR till
MC = MR. Suppose MC < MR. It will be profitable for the producer to
produce more till MC = MR.
MC = MR is a necessary  condition but not sufficient to ensure equilibrium.
If after MC= MR output, MC<MR if more is produced, it will be profitable
for the firm to produce more. If after MC= MR output MC > MR, it will not
be profitable to produce more and the firm will be in equilibrium.
(Diagram not required)

3

3
14 - Given equilibrium, demand ‘decreases.’
- Price remaining unchanged, excess supply emerges.
- Excess supply leads to competition among sellers causing price to fall.
- Fall in price causes rise (expansion) in demand and fall (contraction) in
supply.
- The price continues to fall till the market is in equilibrium again at a lower
price.
(Diagram not required)

6
```

4 videos|168 docs

FAQs on CBSE Past Year Paper March - 2015(Foreign(SET -1)), Marking Scheme, Class 12 - Additional Study Material for Commerce

 1. What is the CBSE Past Year Paper March - 2015(Foreign(SET -1))?
Ans. The CBSE Past Year Paper March - 2015(Foreign(SET -1)) refers to the question paper for the Foreign language exam conducted by the Central Board of Secondary Education (CBSE) in March 2015. It is a set of questions that students studying Foreign language in Class 12 Commerce had to answer during that exam.
 2. Where can I find the CBSE Past Year Paper March - 2015(Foreign(SET -1)) for Class 12 Commerce?
Ans. You can find the CBSE Past Year Paper March - 2015(Foreign(SET -1)) for Class 12 Commerce on the official website of the Central Board of Secondary Education (CBSE). They provide past year papers for various subjects, including Foreign language. You can download the paper from their website for reference and practice.
 3. How can solving the CBSE Past Year Paper March - 2015(Foreign(SET -1)) benefit students preparing for the Class 12 Commerce Foreign language exam?
Ans. Solving the CBSE Past Year Paper March - 2015(Foreign(SET -1)) can benefit students preparing for the Class 12 Commerce Foreign language exam in multiple ways. It helps them understand the exam pattern, the type of questions asked, and the level of difficulty. By solving these papers, students can assess their preparation level, identify their weak areas, and work on them. It also gives them an idea of the time management required during the actual exam.
 4. Are the questions in the CBSE Past Year Paper March - 2015(Foreign(SET -1)) still relevant for the current Class 12 Commerce Foreign language exam?
Ans. While the CBSE Past Year Paper March - 2015(Foreign(SET -1)) may not be exactly the same as the current Foreign language exam, it still holds relevance. The paper will provide insight into the type of questions that can be expected, the format, and the overall difficulty level. However, it is important for students to refer to the latest syllabus and exam pattern prescribed by CBSE to ensure they are well-prepared for the current exam.
 5. Can practicing the CBSE Past Year Paper March - 2015(Foreign(SET -1)) guarantee good marks in the Class 12 Commerce Foreign language exam?
Ans. While practicing the CBSE Past Year Paper March - 2015(Foreign(SET -1)) can certainly improve your preparation and help you understand the exam better, it does not guarantee good marks. The actual performance in the exam depends on various factors such as overall preparation, understanding of concepts, time management, and accuracy in answering the questions. It is essential to practice other study materials, revise thoroughly, and seek clarification on doubts to increase the chances of scoring well in the exam.

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