Organisation : Council For The Indian School Certificate Examinations
Class : Class XII
Document Type : Specimen Question Paper
Subject : Economics
Semester : 1 And 2
Year : 2022
Website : https://cisce.org/publications.aspx
ICSE Class XII Economics Question Paper
Council For The Indian School Certificate Examinations (ICSE) Class XII Economics Specimen Question Papers Semester 1 and 2 for the year 2022.
Related / Similar Question Paper : ICSE Class XII Sociology Question Paper 2022
ICSE Class XII Economics Questions
Question 1
What is the formula for calculating M.U.?
(a) TUN + TUN +1
(b) TUN – TUN +1
(c) TUN – TUN +1
(d) TUN – TUN -1
Question 2
When a consumer consumes two goods, then he will be in equilibrium at
(a) MU x = Px
(b) 𝑀𝑈𝑥𝑃𝑥 = 𝑃𝑦𝑀 𝑈𝑦
(c) 𝑀𝑈𝑥𝑃𝑥 = 𝑀 𝑈𝑦𝑃𝑦
(d) None of these
Question 3
What relation do you notice between Price and Demand in the table given below
Price Demand (Units)
10 20
8 25
(a) Increase in demand
(b) Decrease in demand
(c) Extension in demand
(d) Contraction in demand
Question 4
When demand curve is parallel to X-axis, what would be its Elasticity of demand?
(a) E =
(b) E = 1
(c) E = >1
(d) E = <1
Question 5
Which of the given options shows the effects of Elasticity of demand?
(a) Nature of good
(b) Level of Income
(c) Availability of substitutes
(d) All
Question 6
What is the nature of relationship between price and demand in case of Elasticity of demand?
(a) Qualitative
(b) Quantitative
(c) Competitive
(d) None of these
Question 7
How will you calculate the Total product?
(a) ∑AP
(b) ∑TP
(c) ∑MP
(d) Any of these
Question 8
Which of the given options shows the application of increasing returns?
(a) Specialization
(b) Efficiency of factors
(c) Indivisibility of factors
(d) All
Question 9
When supply increases due to improvement in technology, it is known as
(a) Extension in supply
(b) Increase in Supply
(c) Contraction in supply
(d) Decrease in supply
Question 10
The Elasticity of Supply is always positive because there is
(a) Direct relation between supply and price
(b) Inverse relation between demand and price
(c) Both(a)and (b)
(d) Neither (a) nor (b)
Question 11
Cost of exertion, pains and sacrifices is known as
(a) Opportunity costs
(b) Production costs
(c) Real costs
(d) Explicit Costs
Question 12
What is the nature of the expenditure on raw material, power and labour?
(a) Fixed
(b) Variable
(c) Production costs
(d) Explicit
Question 13
What is the correct formula for calculating the Total variable cost?
(a) TVC = ∑MC
(b) TVC = TC – TFC
(c) TVC = AVC x Q
(d) All
Question 14
What is the relationship between AR and MR under Perfect competition?
(a) AR > MR
(b) AR <MR
(c) AR = MR
(d) AR ≠ MR
Question 15
Which of the following statements is true?
(a) AR= 𝑀𝑅𝑄
(b) TR= MR x Q
(c) TR = ∑MR
(d) All
Question 16
A competitive firm will be in equilibrium when
(a) MR= MC and MC cuts MR from below
(b) AR = AC; AC cuts AR from above
(c) TR= TC
(d) None of these
Question 17
In a Perfectly competitive market, who decides the price?
(a) A firm
(b) An Industry
(c) Both A and B
(d) None of these
Question 18
What is determined at the point where market demand and market supply curves intersect each other?
(a) Equilibrium Price
(b) Equilibrium Quantity
(c) Both of these
(d) None of these
Question 19
What will be the effect upon equilibrium price, when an increase in demand is more than increase in supply?
(a) Equilibrium Price remains constant
(b) Equilibrium price rises
(c) Equilibrium price falls
(d) None of these
Question 20
What does Floor Price refer to?
(a) Controlled Price
(b) Maximum Ceiling Price
(c) Minimum Support Price
(d) Any of these
Download ICSE Class XII Economics Question Paper
Download ICSE Economics Semester – 1 Class XII Question Paper Here :
https://www.pdfquestion.in/uploads/pdf2022/2eco1sem1.pdf
Download ICSE Economics Semester – 2 Class XII Question Paper Here :
https://www.pdfquestion.in/uploads/pdf2022/2eco1sem2.pdf