# Bihar Intermediate Education Council (BIEC) Sample Paper for Economics Class 12

The Bihar school of examination board established for holding and conducting exam at the secondary level as well as elementary level. Bihar School Examination Board conducts the Annual Secondary School Examination in the month of February-March and Supplementary School Examination in the month of August-September on the basis of course as well as syllabus prescribed by the state Government.  In this section, find the latest sample paper for Economics class 12 based on the latest pattern and syllabus of Bihar Intermediate Education Council. The sample paper for Economics class 12 will have  50 question  35 objective question 1 mark each , 10 short answer type question of  3 marks each and 5 question of 6 marks each. Still if it contains any error please do let us know. You can give your valuable feedback through the comment section. Any type of suggestions will be highly appreciated.

Sample Paper of Economics

Section -1

Objective Questions

1. Which one is true?

(A) GNP = GDP + Depreciation (B) NNP = GNP + Depreciation
(C) NNP = GNP – Depreciation (D) GNP = NNP – Depreciation

2. Which one of the following is included in flow?

(A) Consumption
(B) Investment
(C) Income
(D) All the above

3. Price of commodity is determind at a point where–

(A) almond exceeds (B) Supply exceeds
(C) demand equals supply (D) None of these

5. For every market which condition has to be fulfilled for firm’s equilibrium?

(A) AR = MC (B) MR = MC
(C) Me should cut MR from below (D) both b and C

6. In which market AR = MR

(A)  monopoly (B) monopolistic competition
(C) both a and b (D) Perfect competition

Ans-: Perfect competition

7. With the increases in Production the difference between total fixed cost

(A) remains constant
(B) increases
(C) decreases
(D) both increase and decreases

8. If the price of the goods rises by 40% and Supply increases by only 15% the supply of goods will be:

(A) Higher elastic
(B) Elastic
(C) Inelastic
(D) Perfectly Inelastic

9. Which of the following function Shows the loss of supply?

(A)   S = f (P) (B) S = f (1/P) (C) S = f (Q) (D) None of these

10. The basic reason of operating the law of diminishing return is:

(A) Scar city of factors
(B) Imperfect substitution
(C) both a and b
(D) None of the above

11. Which of the following factor affects elasticity of demand?

(A) Nature of goods
(B) Price level
(C) Income level
(D) All the above

12. Goods, which can alternatively be used were  called–

(A) Complementary goals
(B) Substitutes
(C) Comforts
(D) none of these

13. Who give the cardinal concept of utility?

(A) marchall (B) Pisou(C)  Hicks (D) Samuelson

14. In which System a co-existence both public and Perivate Sectors is founded?

(A) Capitalism (B) Socialism (C) Mixed economy (D) none

15. Which of the following is studied under macro Economics

(A) National Income
(B) Full Employment
(C) Total Production
(D) All the above

16. Which is included in indirect tax?

(A) excise duty(B) Sales tax (C) both a and b (D) wealth tax

17. Credit money is increased when CRR :

(A) Falls
(B) Rises
(C) Both a and b Possible
(D) none of the above

18. Which is the Central Bank in India?

(A) Reserve Bank of India
(B) State Bank of India
(C) Central Bank of India
(D) Bank of India

19. Money is what money does who said it?

(A) Hartley withors
(B) Hawtrey
(C) Prif Thomas
(D) Keynes
(E) Walter

20. Which is a monetary measure to be adopted in correcting inflame ternary gap?

(A) increases in Bank Rate (B) Selling of Securities in open market
(C) increase in Cash Reserve Ration (D) all of above

21. If income equilibrium level in the economy is determined at the level before full employment it is known as the state of

(A)  deficit demand (B) Surplus demand
(C) Partial demand (D) None of these

22. The value of MPC is:

(A)   1 (B) 0 (C) greater than 0 but less than 1 (D) α

23. Increases in aggregate demand  of equilibrium level of income and output causes increase in:

(A) Employment(B) Pridnchian (C) Income) (D) All the above

24. On which factor Keynesian theory of employment depends?

(A) Effecting demand (B) Supply
(C) Production Efficiency) (D) None of these

25. Which service is included in Tertiary Sector?

(A) Mining(B) Construction (C) Communication (D) Animal husbandry

In the following questions (26-30) there are two Assertion. Assertion (A) follows Reasoning (R). You have to go through these Reasoning and mark you answer from the give options.

Both A and R are true and R is the correct explanation for A.
Both A and R are true but R is not the correct explanation for A.
A is true but R is false
A is false but R is true.

26.
Statement –I : Equilibrium is a state in which there is a tendency to change.
Statement–II Equilibrium is a state in which there is no tendency to change.

27.
Statement –I : Direct tax is the tax enrich final board of the tax falls on the person who pays It con rot be shifted on others.
Statement–II Direct tax is the tax enrich final board of the tax falls on the person who pays It con rot be shifted on others.

28.
Statement –I : Average cost (AC) =(Total cost(TC)/out put
Statement–II The cost per unit of Production is known as Average cost.

29.
Statement –I : Demand Schedule expresses reaction between fris of goods and quantity Purchased at there price.
Statement–II when demand Schedule is represents on a graph there it is called Dernad curve

30.
Statement –I : TU = Σ MU
Statement–II : Total utility is the sum of marginal utilities obtained from different units of consumption.

In the following question (31 to 34) there are two column. You have to match Column-I to Column-II correctly.

31. Inflationary Gap                                            (A) Employment
32. Effective demand                                         (B) Banking Reform
33. Narsemhame Committee                          (C) Reduction in Bank rate
34. Deficit demand                                              (D) Reduction in Public expenditure

There is a paragraph for question. You have to understand the paragraph and then mark your answer from given options.

According to Marshall Price of a Commodity is deter mined by other demand and surely curves Demand curve is related to the consumer and it falls door from left to right which explains the inverse relation Ship between demand of the commodity and its price consumer tries to buy more at sows price on the other hand supply curve belonged to produces and it raises unread CRM left to right which explains the direct relationship between Surely of the Commodity and its price produces will place higher supply at higher price and vice verse so the Product tries to sell more at higher price and once verses Hence two opposite forces become operational is the market and the price it determined at the point where the demand for commodity be comes equal to supply of the commodity.

I. Demand curve is related to the consumer which

(A) falls down from left to right)
(B) rises upward form left to right
(C) both a and b
(D) None of these

NON-OBJECTIVE
Short Answer Type Questions

Question No. 1 to 10 carry 3 marks each. These questions are of

1 Due to 15% decline in price of a good, its demand gets increase from 1,000 units to 1,200 units. Calculate the elasticity of demand by percentage method.
2. What is money cost ?
3. What is meant by price discrimination ?
4. State the two basic principles of circular flow of income.
5. Define the concept of the domestic product at market price.
6. What is average propensity to same ?
7. Why does the problem of choice arise ?
8. What do you understand by substitute goods ?
9. What is Investment ? Multiplier & give a formula of Investment Multiplier.
10. What is current Deposited Account ?

Long Answer Type Questions

Question No. 11 to 15 carry 6 marks each. These questions are of long answer type.

11. do you mean by Exchange Rate ? Explain the main factors which influencing Exchange Rates.)
12. What are the objectives of Budget ?
13.  Calculate the following from the information of an economy.)
(A) Domestic Income (B) National Income
Items  Rs. (Crores)
(i)  Rent 4000
(ii) Wage 8000
(iii) Dividend 2000
(iv) Interest 300
(v) Undistributed profit 200
(vi) Mixed income 300
(vii) Contribution in social security 500
(viii) Corporate profit tax 300
(ix) Net factor income from abroad 1100

14. What are the main features of perfect competition ?
15. What are total cost, Average cost and Marginal cost ? Explain the relationship between Average cost and Marginal cost with the help of diagram.

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