CBSE Class 12th Term 2 Economics exam would be conducted on May 28, 2022. The CBSE Term 2 date sheet has been released on the official website cbseacademic.nic.in. The Board has released sample papers of all the subjects on its official website as well.
Economics is an important subject and is a well scoring subject as well. CBSE has put forward some sample papers on this subject too. Check the short questions apart from the CBSE sample papers below to understand the questions and answer them. Check below.
CBSE Class 12 Economics Term 2 Exam: Important Revision Questions
Q1. Define stock & flow
Q2. Define Gross investment
Q3. Give two examples of the flow concept
Q4. Define externalities. Give an example of a negative externality. What is its impact on welfare?
Q5. If Real GDP is Rs. 200 and price index (with base = 100) is 110, calculate Nominal GDP.
Q6. If the Nominal GDP is Rs. 1,200 and the price index (with base = 100) is 120, calculate Real GDP.
Q7. Giving reason, explain whether the following are included in the domestic product of India.
Q8. Define the problem of double counting in the computation of national income. State any two approaches to correct the problem of double counting.
Q9. Q18.Will the following factor income be a part of the domestic factor income of India? Give reasons for your answer
i) Profit Earned by the foreign banks from their branches in India
ii) Salary received by Indian residents, working in the American embassy in India.
iii) Profit earned by an Indian company from its branch in Singapore.
Q10. How will you treat the following while calculating the domestic product of India? Give reasons for your answer.
i) Profits earned by a foreign company in India.
ii) Salary of Indian residents working in Russian Embassy in India
Q11. Governments spend on child immunization programmes. Analyse its impact on GDP and the welfare of the people.
Q12. How will you treat the following while estimating the domestic product of a country? Give reasons for your answer.
(a) Profit earned by branches of the country’s bank in other countries.
(b) Gifts are given by an employer to his employees on Independence Day.
(c) Purchase of goods by foreign tourists
Q13. Explain the precautions that should be taken estimating national income by expenditure method (by value-added method).
Q14. Define the problem of double counting in the computation of the national income. State any Two approaches to correct the problem of double counting.
Q15. “Gross domestic product does not give us a clear indication of the economic welfare of a country”. Defend or refute the given statement with valid reason.
Q16. Define the following:
(a) Value addition
(b) Gross Domestic Product
(c) Flow variables
(d) Income from property and entrepreneurship
Q17. What are non-monetary exchanges? Discuss with a suitable example.
Q18. Explain national income equilibrium through aggregate demand and aggregate supply. Use diagram. Also, explain the change that takes place in an economy when the economy is not in equilibrium.
Q19. In an economy the saving function, S = (-) 50 + 0.5Y here ( S= Saving and Y = National Income ) and Investment = Rs 7000 . From the following data calculate
a) Equilibrium level of National Income
b) Consumption Expenditure at the equilibrium level of Income
Q20. Explain the working of the investment multiplier with the help of a numerical example.