Find CBSE Class 12th Economics Solved Practice Paper 2015. These Practices have been solved as per the standards followed by CBSE while solving their Practice Paper.
A few Practices from this Set are given below:
Q. State two features of resources that give rise to an economic problem.
Sol. The two features of resources that give rise to an economic problem are
(i) Resources are limited and
(ii) They have alternative uses.
Q. A perfectly elastic price-demand curve is parallel to the X-axis. Why or why not?
Sol. A perfectly elastic demand curve is parallel to the X -axis because as a result of slight change in price, cause infinite change in the quantity demanded.
Q. What is cooperative oligopoly?
Sol. When in an oligopoly market, the firms cooperate with each other in determining price and output, it is called cooperative oligopoly.
Q. An individual firm under perfect competition cannot influence the market price, then who can and how?
Sol. Under perfect competition the 'industry' can influence market price. Any change in the output supplied by a single firm will not affect the total output of the industry.
Q. Define supply.
Sol. Supply refers to the quantity of a commodity that a seller is willing to sell at a given price in a given period of time.