Eco ans sheet Class 12 Notes | EduRev

Class 12 : Eco ans sheet Class 12 Notes | EduRev

 Page 1


Pg. 1 
 
SENIOR  SCHOOL  CERTIFICATE  EXAMINATION 
MARCH-2013 
MARKING SCHEME – ECONOMICS (FOREIGN) 
SET-3 
Expected Answers / Value Points 
 
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  
ANSWER  ENDS. 
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. 
8. The Examiners should acquaint themselves with the guidelines given in the 
Guidelines for Spot Evaluation before starting the actual evaluation. 
9. Every Examiner should stay upto sufficiently reasonable time normally 5-6 hours 
every day and evaluate 20-25 answer books and should devote minimum 15-20 
minutes to evaluate each answer book. 
  
 Every Examiner should acquaint himself / herself with the marking schemes of all 
the sets. 
  
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only  the  final  
answer  is  given. 
 
  
Page 2


Pg. 1 
 
SENIOR  SCHOOL  CERTIFICATE  EXAMINATION 
MARCH-2013 
MARKING SCHEME – ECONOMICS (FOREIGN) 
SET-3 
Expected Answers / Value Points 
 
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  
ANSWER  ENDS. 
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. 
8. The Examiners should acquaint themselves with the guidelines given in the 
Guidelines for Spot Evaluation before starting the actual evaluation. 
9. Every Examiner should stay upto sufficiently reasonable time normally 5-6 hours 
every day and evaluate 20-25 answer books and should devote minimum 15-20 
minutes to evaluate each answer book. 
  
 Every Examiner should acquaint himself / herself with the marking schemes of all 
the sets. 
  
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only  the  final  
answer  is  given. 
 
  
Pg. 2 
 
C3 Expected Answer / Value Points 
Distribution 
of Marks 
SECTION-A 
1 Total receipts from sales or total market value of the output produced. 1 
2 When proportionate change in supply is less than proportionate change in price. 1 
3 It is a situation when consumer gets maximum satisfaction by spending the given 
income. 
 
1 
4 The value of the next best alternative foregone while availing the given 
alternative. 
 
1 
5 When demand for good increases with increase in income, it is normal good. 1 
6 With fixed resources, the economy can produce several combinations of different 
goods produced. The problem is that which combination should be produced. The 
problem arises because resources are fixed. 
OR 
Economic problem arises on account of three reasons. First, the wants of the 
people are unlimited. Second, the resources available to meet these wants are 
limited. Third, the resources have alternative uses. The problem essentially is that 
which wants should be satisfied. 
 
 
3 
 
 
 
3 
7 MRS refers to the quantity of one good which the consumer is willing to sacrifice 
to obtain one more unit of the other good. As the consumer obtains more and 
more of the other good, he is willing to sacrifice less and less quantity of the other 
good due to diminishing marginal utility. 
 
 
3 
8 In case of Substitute good, if the price of substitute good rises, demand for the 
given good rises. It is because the given good becomes relatively cheaper (dearer) 
in relation to the substitute good. 
In case of Complementary good, if the price of the complementary good rises, 
demand for the given good falls. It is because demand for the complementary 
good falls and both the goods are to be used jointly. 
 
1½ 
  
1½ 
9 
 
 
 
 (i.e. rise in supply by 15%) 
1 
 
1 
 
½  
 
½ 
Page 3


Pg. 1 
 
SENIOR  SCHOOL  CERTIFICATE  EXAMINATION 
MARCH-2013 
MARKING SCHEME – ECONOMICS (FOREIGN) 
SET-3 
Expected Answers / Value Points 
 
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  
ANSWER  ENDS. 
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. 
8. The Examiners should acquaint themselves with the guidelines given in the 
Guidelines for Spot Evaluation before starting the actual evaluation. 
9. Every Examiner should stay upto sufficiently reasonable time normally 5-6 hours 
every day and evaluate 20-25 answer books and should devote minimum 15-20 
minutes to evaluate each answer book. 
  
 Every Examiner should acquaint himself / herself with the marking schemes of all 
the sets. 
  
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only  the  final  
answer  is  given. 
 
  
Pg. 2 
 
C3 Expected Answer / Value Points 
Distribution 
of Marks 
SECTION-A 
1 Total receipts from sales or total market value of the output produced. 1 
2 When proportionate change in supply is less than proportionate change in price. 1 
3 It is a situation when consumer gets maximum satisfaction by spending the given 
income. 
 
1 
4 The value of the next best alternative foregone while availing the given 
alternative. 
 
1 
5 When demand for good increases with increase in income, it is normal good. 1 
6 With fixed resources, the economy can produce several combinations of different 
goods produced. The problem is that which combination should be produced. The 
problem arises because resources are fixed. 
OR 
Economic problem arises on account of three reasons. First, the wants of the 
people are unlimited. Second, the resources available to meet these wants are 
limited. Third, the resources have alternative uses. The problem essentially is that 
which wants should be satisfied. 
 
 
3 
 
 
 
3 
7 MRS refers to the quantity of one good which the consumer is willing to sacrifice 
to obtain one more unit of the other good. As the consumer obtains more and 
more of the other good, he is willing to sacrifice less and less quantity of the other 
good due to diminishing marginal utility. 
 
 
3 
8 In case of Substitute good, if the price of substitute good rises, demand for the 
given good rises. It is because the given good becomes relatively cheaper (dearer) 
in relation to the substitute good. 
In case of Complementary good, if the price of the complementary good rises, 
demand for the given good falls. It is because demand for the complementary 
good falls and both the goods are to be used jointly. 
 
1½ 
  
1½ 
9 
 
 
 
 (i.e. rise in supply by 15%) 
1 
 
1 
 
½  
 
½ 
Pg. 3 
 
10 
Units AC TC MC 
1 10 10 10 
2 10 20 
10 
 
 
 
 
3 
11 The policy of liberalization encourages new firms to enter the industry. This raises 
output of the industry. Total market demand remaining unchanged, price starts 
falling. Consumers now get the good at a cheaper price. 
(Any other individual response with suitable justification should also be 
accepted even if there is no reference to the text) 
 
4 
12 
 
 
 
OR 
(i) Nature of the good. 
(ii) Number of substitutes 
(iii) Any other 
(Any two) 
Statement 
Explanation 
1 
 
2 
 
1 
 
 
 
 
½×2 
1½×2 
13 
Output MC TR MR  
1 12 10 10  
2 10 20 10  
3 8 30 10  
4 10 40 10 Equilibrium 
5 12 50 10  
 
The Producer will produce 4 units as at their level of output  and 
beyond it . 
 
 
 
 
 
 
 
 
 
 
4 
  
Page 4


Pg. 1 
 
SENIOR  SCHOOL  CERTIFICATE  EXAMINATION 
MARCH-2013 
MARKING SCHEME – ECONOMICS (FOREIGN) 
SET-3 
Expected Answers / Value Points 
 
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  
ANSWER  ENDS. 
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. 
8. The Examiners should acquaint themselves with the guidelines given in the 
Guidelines for Spot Evaluation before starting the actual evaluation. 
9. Every Examiner should stay upto sufficiently reasonable time normally 5-6 hours 
every day and evaluate 20-25 answer books and should devote minimum 15-20 
minutes to evaluate each answer book. 
  
 Every Examiner should acquaint himself / herself with the marking schemes of all 
the sets. 
  
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only  the  final  
answer  is  given. 
 
  
Pg. 2 
 
C3 Expected Answer / Value Points 
Distribution 
of Marks 
SECTION-A 
1 Total receipts from sales or total market value of the output produced. 1 
2 When proportionate change in supply is less than proportionate change in price. 1 
3 It is a situation when consumer gets maximum satisfaction by spending the given 
income. 
 
1 
4 The value of the next best alternative foregone while availing the given 
alternative. 
 
1 
5 When demand for good increases with increase in income, it is normal good. 1 
6 With fixed resources, the economy can produce several combinations of different 
goods produced. The problem is that which combination should be produced. The 
problem arises because resources are fixed. 
OR 
Economic problem arises on account of three reasons. First, the wants of the 
people are unlimited. Second, the resources available to meet these wants are 
limited. Third, the resources have alternative uses. The problem essentially is that 
which wants should be satisfied. 
 
 
3 
 
 
 
3 
7 MRS refers to the quantity of one good which the consumer is willing to sacrifice 
to obtain one more unit of the other good. As the consumer obtains more and 
more of the other good, he is willing to sacrifice less and less quantity of the other 
good due to diminishing marginal utility. 
 
 
3 
8 In case of Substitute good, if the price of substitute good rises, demand for the 
given good rises. It is because the given good becomes relatively cheaper (dearer) 
in relation to the substitute good. 
In case of Complementary good, if the price of the complementary good rises, 
demand for the given good falls. It is because demand for the complementary 
good falls and both the goods are to be used jointly. 
 
1½ 
  
1½ 
9 
 
 
 
 (i.e. rise in supply by 15%) 
1 
 
1 
 
½  
 
½ 
Pg. 3 
 
10 
Units AC TC MC 
1 10 10 10 
2 10 20 
10 
 
 
 
 
3 
11 The policy of liberalization encourages new firms to enter the industry. This raises 
output of the industry. Total market demand remaining unchanged, price starts 
falling. Consumers now get the good at a cheaper price. 
(Any other individual response with suitable justification should also be 
accepted even if there is no reference to the text) 
 
4 
12 
 
 
 
OR 
(i) Nature of the good. 
(ii) Number of substitutes 
(iii) Any other 
(Any two) 
Statement 
Explanation 
1 
 
2 
 
1 
 
 
 
 
½×2 
1½×2 
13 
Output MC TR MR  
1 12 10 10  
2 10 20 10  
3 8 30 10  
4 10 40 10 Equilibrium 
5 12 50 10  
 
The Producer will produce 4 units as at their level of output  and 
beyond it . 
 
 
 
 
 
 
 
 
 
 
4 
  
Pg. 4 
 
14 
There are two conditions :  
(i) MRS = Ratio of prices  
(ii) MRS continuously falls  
Explanation : 
(i) Let the two goods be X and Y. The first condition for consumer’s equilibrium is 
that MRS = Px/Py. Now suppose MRS is greater than Px/Py. It means that the 
consumer is willing to pay more for X than the price prevailing in the market. As a 
result the consumer buys more of X. This leads to fall in MRS. MRS continues to 
fall till it becomes equal to the ratio of prices and the equilibrium is established. 
(Or, alternatively in terms of when MRS < Px/Py) 
(ii) Unless MRS continuously falls, the equilibrium cannot be established. 
 
1 
1 
 
 
 
 
3 
 
1 
15 When demand increases, there is excess demand resulting in competition among 
buyers. This will raise price. At higher price demand will fall and supply will 
increase. These change will continue till price rises to a level at which DD=SS. New 
Equilibrium price will be higher, equilibrium quantity will be more. 
OR 
When firms cooperate with each other in determining price and output, it is called 
collusive oligopoly. 
The basic features are : 
(i) Number of firms is few. 
(ii) There is interdependence between firms. 
(iii) There are barriers to entry of new firms into industry. 
(iv) There is non-price competition. 
(Any two) 
Statements 
Explanation 
 
 
6 
 
 
1 
 
 
 
 
 
 
1×2 
1½×2 
  
Page 5


Pg. 1 
 
SENIOR  SCHOOL  CERTIFICATE  EXAMINATION 
MARCH-2013 
MARKING SCHEME – ECONOMICS (FOREIGN) 
SET-3 
Expected Answers / Value Points 
 
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  
ANSWER  ENDS. 
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. 
8. The Examiners should acquaint themselves with the guidelines given in the 
Guidelines for Spot Evaluation before starting the actual evaluation. 
9. Every Examiner should stay upto sufficiently reasonable time normally 5-6 hours 
every day and evaluate 20-25 answer books and should devote minimum 15-20 
minutes to evaluate each answer book. 
  
 Every Examiner should acquaint himself / herself with the marking schemes of all 
the sets. 
  
General  Note  : In  case  of  numerical  question  no  mark  is  to  be  given  if  only  the  final  
answer  is  given. 
 
  
Pg. 2 
 
C3 Expected Answer / Value Points 
Distribution 
of Marks 
SECTION-A 
1 Total receipts from sales or total market value of the output produced. 1 
2 When proportionate change in supply is less than proportionate change in price. 1 
3 It is a situation when consumer gets maximum satisfaction by spending the given 
income. 
 
1 
4 The value of the next best alternative foregone while availing the given 
alternative. 
 
1 
5 When demand for good increases with increase in income, it is normal good. 1 
6 With fixed resources, the economy can produce several combinations of different 
goods produced. The problem is that which combination should be produced. The 
problem arises because resources are fixed. 
OR 
Economic problem arises on account of three reasons. First, the wants of the 
people are unlimited. Second, the resources available to meet these wants are 
limited. Third, the resources have alternative uses. The problem essentially is that 
which wants should be satisfied. 
 
 
3 
 
 
 
3 
7 MRS refers to the quantity of one good which the consumer is willing to sacrifice 
to obtain one more unit of the other good. As the consumer obtains more and 
more of the other good, he is willing to sacrifice less and less quantity of the other 
good due to diminishing marginal utility. 
 
 
3 
8 In case of Substitute good, if the price of substitute good rises, demand for the 
given good rises. It is because the given good becomes relatively cheaper (dearer) 
in relation to the substitute good. 
In case of Complementary good, if the price of the complementary good rises, 
demand for the given good falls. It is because demand for the complementary 
good falls and both the goods are to be used jointly. 
 
1½ 
  
1½ 
9 
 
 
 
 (i.e. rise in supply by 15%) 
1 
 
1 
 
½  
 
½ 
Pg. 3 
 
10 
Units AC TC MC 
1 10 10 10 
2 10 20 
10 
 
 
 
 
3 
11 The policy of liberalization encourages new firms to enter the industry. This raises 
output of the industry. Total market demand remaining unchanged, price starts 
falling. Consumers now get the good at a cheaper price. 
(Any other individual response with suitable justification should also be 
accepted even if there is no reference to the text) 
 
4 
12 
 
 
 
OR 
(i) Nature of the good. 
(ii) Number of substitutes 
(iii) Any other 
(Any two) 
Statement 
Explanation 
1 
 
2 
 
1 
 
 
 
 
½×2 
1½×2 
13 
Output MC TR MR  
1 12 10 10  
2 10 20 10  
3 8 30 10  
4 10 40 10 Equilibrium 
5 12 50 10  
 
The Producer will produce 4 units as at their level of output  and 
beyond it . 
 
 
 
 
 
 
 
 
 
 
4 
  
Pg. 4 
 
14 
There are two conditions :  
(i) MRS = Ratio of prices  
(ii) MRS continuously falls  
Explanation : 
(i) Let the two goods be X and Y. The first condition for consumer’s equilibrium is 
that MRS = Px/Py. Now suppose MRS is greater than Px/Py. It means that the 
consumer is willing to pay more for X than the price prevailing in the market. As a 
result the consumer buys more of X. This leads to fall in MRS. MRS continues to 
fall till it becomes equal to the ratio of prices and the equilibrium is established. 
(Or, alternatively in terms of when MRS < Px/Py) 
(ii) Unless MRS continuously falls, the equilibrium cannot be established. 
 
1 
1 
 
 
 
 
3 
 
1 
15 When demand increases, there is excess demand resulting in competition among 
buyers. This will raise price. At higher price demand will fall and supply will 
increase. These change will continue till price rises to a level at which DD=SS. New 
Equilibrium price will be higher, equilibrium quantity will be more. 
OR 
When firms cooperate with each other in determining price and output, it is called 
collusive oligopoly. 
The basic features are : 
(i) Number of firms is few. 
(ii) There is interdependence between firms. 
(iii) There are barriers to entry of new firms into industry. 
(iv) There is non-price competition. 
(Any two) 
Statements 
Explanation 
 
 
6 
 
 
1 
 
 
 
 
 
 
1×2 
1½×2 
  
Pg. 5 
 
16  
 
 
 
 
 
 
 
‘Contraction in Supply’ means fall in quantity supplied due to fall in price of the 
good only, other factors remaining unchanged. For example, fall in supply from 
 to  is on account fall in price from  to . 
 
 
 
 
 
 
 
 
 
‘Decrease in supply’ means fall in supply due to a factor other than the price of the 
good. For example, fall in supply from  to  is at the same price. It means 
that some other factor has caused this price change. 
For the blind candidates 
Distinction (on the above lines) 
Schedules 
 
 
 
 
 
1 
 
 
 
2 
 
 
 
 
 
 
1 
 
 
 
2 
 
2+2=4 
1+1=2 
SECTION-B 
17 It is contribution to total production of final products by the residents of a country 
during a year. 
 
1 
18 Currency with public + demand deposits. 1 
19 The central bank can bring down foreign exchange rate by bringing in more foreign 
currency out of its reserves in the foreign exchange market. 
(Any other individual response with suitable justification should also be 
accepted even if there is no reference to the text) 
 
1 
  
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