ISC Economics Specimen Paper 2023 for Class 12: The Council for the Indian School Certificate Examinations (CISCE) has uploaded the specimen papers for the higher secondary Indian School Certificate (ISC) exams 2023. The ISC class 12 exams have begun as of February 13, and the time to pick up new topics has long gone by. Now, students should instead focus on revision and solving specimen papers. Economics (Code: 856) is an elective subject in ISC Class 12th and is a favourite of commerce and humanities stream students. Economics is the study of the production, distribution, and consumption of goods and services by individuals or groups. It teaches students about the working of the world and comes in handy for law and finance career aspirants. However, Economics is no walk in the park. Many students underestimate it and suffer in the exams. Solving ISC Class 12 Economics specimen paper is a must to reduce exam stress and enhance time management skills. ISC 12th Economics specimen papers also gives an idea of the exam pattern, marks distribution, and the difficulty level and type of questions asked in the exam. Check here the ISC Economics Specimen Paper Class 12 PDF for download.
Related: ISC Class 12th Datesheet 2023 Released: Check the complete exam date sheet and guideline here
ISC Class 12 Economics Specimen Paper 2023
- The ISC Board class 12 Economics paper carries 80 marks and a duration of three The exam questions will be of both objective and descriptive type.
- 15 minutes of reading time will be provided and attempting answers will not be allowed during this
- The ISC Class 12th Economics exam will consist of three sections: A, B, and C.
- Section A will be MCQ and short answer based questions of 1 mark for each.
- All questions will be compulsory, and students will be provided internal choice between questions in sections B and C.
Related: ISC Class 12 Economics Syllabus 2023
Check the 2023 ISC Economics Specimen Paper for class 12 in pdf format here. The download link is attached towards the end of the article.
SECTION A – 16 MARKS
(i) Indifference curve is convex to the origin due to: 
(a) Axiom of transitivity.
(b) Law of DMU.
(c) Law of DMRS.
(d) Axiom of non-satiety.
(ii) When supply of a commodity increases by 24% following the rise in price by 8%, supply curve will be: 
(a) positively sloped with positive intercept.
(b) positively sloped with negative intercept.
(d) parallel to price axis.
In the figure given above, D is demand curve for normal good. It shifts to D’ which is a case of: 
(a) extension of demand due to change in price level.
(b) increase in demand due to rice in expected future price of the commodity.
(c) contraction of demand due to increase in price of the substitute.
(d) increase in demand due to rise in price of the complimentary good.
(iv) A demand curve parallel to X axis signifies: 
(a) perfectly elastic.
(b) perfectly inelastic.
(v) Which one of the following is a pair of direct taxes? 
(a) Excise duty and Wealth Tax
(b) Service Tax and Income Tax
(c) Excise Duty and Service Tax
(d) Wealth Tax and Income Tax
(vi) Which one of the following is included in the calculation of National Income? 
(a) Transfer Earnings
(b) Sale proceeds of Shares and Bonds
(c) Black Money
(d) None of the Above
(vii) Indian Railways charges lower freight rates for transporting essential products like food, coal etc., as compared to freight charges for other products like T.V., Air coolers etc. This is an example of: 
(a) Price ceiling.
(b) Price discrimination.
(c) Price control.
(d) Floor pricing.
(viii) A firm produces its profit maximising level of output only when: 
(a) MR = AR
(b) MR > MC
(c) AR < MR
(d) MC = MR
(ix) Complete the following table: 
INCOME (Y) `
CONSUMPTION (C) `
(x) What is investment multiplier? 
(xi) Mention any two sources of receipts from tax revenue of government budget. 
(xii) State whether the following statement is True or False. Give one reason for your answer. 
Undistributed profits are not a part of domestic factor income.
(xiii) An oligopolist has an indeterminate demand curve. What is the reason for this feature of Oligopoly? 
(xiv) Why is AR=MR=P a horizontal straight line under perfect competition in the short run? 
(xv) What does 0<c<1 signify? 
(xvi) What is meant by autonomous consumption? 
Related: ISC Class 12 Economics Exam 2023 Last Minute Revision Tips to Secure Good Marks
You can read and download the entire ISC Class 12 Economics Specimen Paper 2023 below.
ISC Economics Specimen Paper Class 12 PDF Download
Check all the latest Specimen Papers of ISC Class 12 below.
ISC Specimen Paper 2023
Also Read: ISC Class 12 Syllabus 2023
Also Read: ICSE Syllabus 2023