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HIGHER SECONDARY PUBLIC EXAMINATION – MARCH 2017 ANSWER SCRIPT FOR ( 12 TH STD ECONOMICS ) Dr. A.THANGAVEL, M.A., M.Ed., M.Phil. Ph.D., www.nammakalvi.weebly.com PG. ASST. IN ECONOMICS www.nammakalvi.weebly.com GHSS – SHOLAPURAM (THANJAVUR DIST) CELL: 97500 90308 1

C) Adam Smith

2

4

A) Inefficiency of Production D) Law of diminishing marginal utility D) All of the above

5

C) Price Elasticity of Demand

6

C) Alfred Marshall

7

A) Zero

8

C) TVC/Q

9

B) Horizontal

3

26 Digressive 27 Stock 28

Supply, Demand and Price

29 Hicks and Dalton 30 Veblen Effect 31 More Elastic 32 Prof. Schumpeter 33 Cost per Unit 34 Diamond

10 C) Derived Demand 11 C) Full Employment 12 A) Δ𝑠

35 Clark 36 C+I+G+(X-M)

13 A) Businessmen gain 14 B) Kinds of taxes 15 Wealth (Or) Utility

38 Tax rates Decreases 39 Political Economy

37 Purchasing Power of Money

Δ𝑦

16

Price - Mechanism

17 Competitive and Complementary 18 Market Demand Schedule 19 Price 20

40 Depression Locus of different combinations of two 41 commodities 42 Yes 43 Heavy Machinery, Building and Capital equipment P𝑋 44 MRTS XY =

P𝑌

21 Short run 22 Legal Monopoly

45 Planning Curve / It is a group of short run curves 46 Product Differentiation 47 Bohm – Bawerk

23 Perfect 24 Liquidity Preference

48 J.M. Keynes 49 Central Bank / Reserve Bank of India

25 Barter

50 Borrowing from the Public

Capital

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