What is the total marks allocated to the ISC Class 12 Economics Paper 2024?

The Class 12 Economics paper 2024 will be conducted for a total of 80 marks.

What is the weightage of the C section of the Economics paper?

The weightage of the C section of Economics paper is 32 marks as per the ISC Class 12 Economics Specimen Paper 2024.

How many sections are there in the Economics paper of the ISC Class 12?

There are three sections in the ISC Class 12 Economics paper. The names of these sections are A, B, and C.

ISC Class 12 Economics Specimen Paper 2024 Out

Table of Contents

The ISC Class 12 Economics Specimen Paper 2024 has been made available by the Council of the Indian School Certificate Examinations (CISCE). The Specimen Paper is available for download on the CISCE website. A significant part of the Commerce stream in the CISCE board’s 12th-grade curriculum is the Economics course.

An essential resource for students to comprehend the format of the ISC board exam 2024 and the kinds of questions that can be asked is the specimen paper. It is crucial to complete the Specimen paper in order to receive high scores in the actual board exam.

ISC Class 12 Economics Specimen Paper 2024

The ISC Class 12 Economics Specimen Paper 2024 is now available for download on the official website. For the convenience of students, we have provided the direct link to download the Economics Specimen Paper 2024 PDF below. The Economics subject is the compulsory subject that is taught to the students of class 12, especially in the commerce stream. The subject teaches students about various concepts of the real-world economics. Thus, the subject holds an important place in the ISC Class 12 curriculum.

The study of Economics is essential for assisting students in comprehending the intricacies of the budget and GDP and how it influences the present and future. For students, studying in the Indian School Certificate (ISC), the Class 12 Economics paper marks heavily influences their future academic prospects, and the 2024 Specimen Paper offers a glimpse of the chances and challenges that lie ahead.

ISC Class 12 Economics Question Paper 2024 Solved, Get Answer Key PDF

ISC Economics Class 12 Specimen Paper 2024

The ISC Economics class 12 exam specimen paper help students in understanding the level of questions that may be asked in the exam. It also help students understand the weightage of each and every chapter along with the important topics. This specifications of the ISC Class 12 Economics exam paper as per the Specimen paper details is given below.

Maximum Marks: 80 Marks

Time Limit of the Exam: 3 hours

Time allocated for Reading the Paper: Additional 15 Minutes

Number of Sections: 3

Sections Name: A, B, and C

Section A Marks: 16 Marks

Section B Marks: 32 Marks

Section C Marks: 32 Marks

ISC Economics Class 12 Specimen Paper 2024

As stated above, the ISC Economics exam paper of class 12 consists three sections, namely A, B and C. The purpose of the ISC Class 12 Economics Specimen Paper 2024 is to evaluate students’ knowledge, critical thinking abilities, and economical comprehension. Students who want to comprehend the intricacies of economic theories, concepts, and applications must pass the ISC (Indian School Certificate) Class 12 Economics exam. The purpose of the specimen paper is to familiarize students with the format and kinds of questions that are required of them.

Answer all questions from Section A, Section B and Section C.
Section A consists of objective / very short answer questions.
Section B consists of short answer questions.
Section C consists of long answer questions.
The intended marks for questions or parts of questions are given in brackets [ ]

ISC Class 12 Economics Specimen Paper 2023-24 PDF

The PDF of the official ISC Class 12 Economics Specimen Paper 2024 is given hereunder for the convenience of students. Candidates must go solve the Specimen Paper provided below and practice the questions provided in them on a regular basis, so that they can fully master the subject and gain more marks.

ISC Class 12 Economics Specimen Paper 2024

ISC Class 12 Economics Specimen Paper 2024 Importance

The Class 12 Economics Specimen Paper 2024 is crucial to comprehending the actual test. Students can get a sense of the new question kinds that will be posed on the exam by looking at the sample paper. It provides students with a thorough understanding of the exam’s structure, scoring scheme, and possible question types. By familiarizing themselves with the structure and content of the paper, students can prioritize themes, manage their time more effectively, and modify their study schedules. Teachers will be able to adequately arrange their curriculum as a result.

ISC Class 12 Economics Specimen Paper 2024 Section A

Section A – 16 Marks

Question 1

(i) Refer to the graph given below and determine the behaviour of TU as MU decreases up to the point ‘b’. [1]

(a) TU increases up to a limit and remains positive.

(b) TU increases at an increasing rate

(d) TU is at a point of satiety.

(ii) GST has been imposed at the rate of 5% both on edible oil and a few spices. In this situation, the supply curve of edible oil will: [1]

(a) shift leftward.

(b) shift rightward.

(d) slope downward.

(iii) Identify the good that has a direct price-demand relationship. [1]

(a) Giffen Good

(b) Complementary Good

(d) Inferior Good

(iv) How would rational consumers react to a situation when the price of the car remains constant but the price of the petrol increases? [1]

(a) They would tend to buy less cars.

(b) They would tend to buy more cars.

(d) They would wait for the price of petrol to come down.

(v) Which type of tax discourages people from making more money as it can lead to class warfare and individuals hiding income or assets? [1]

(a) A small percentage of tax charged on an individual’s income.

(b) A fixed percentage of tax charged on an individual’s income.

(d) Tax charged at an increasing rate when income of the individual increases.

(vi) Which one of the following best illustrates leakages in the circular flow of income? [1]

(a) Investment

(b) Export earning

(d) Government expenditure

(vii) A firm’s demand curve shows highest elasticity in: [1]

(a) Monopoly market.

(b) Perfectly Competitive market.

(d) Oligopoly market.

(viii) Identify the equilibrium of the firm in the graph given below: [1]

(a) T is the equilibrium point at which firm enjoys supernormal profit.

(b) K is the equilibrium point when firm faces losses.

(d) K indicates equilibrium which reveals zero profit to the producer

(ix) Assertion: Price discrimination is possible only in a monopoly market.

Reason: AR curve of a monopoly firm exhibits the market demand for the commodity. [1]

(a) Both Assertion and Reason are true, and Reason is the correct explanation for Assertion.

(b) Both Assertion and Reason are true, but Reason is not the correct explanation for Assertion.

(d) Both Assertion and Reason are false.

(x) In an economy, how much additional investment should be generated in the private sector to raise national income by ₹ 450 Cr. while MPC is 0·6? [1]

(xi) How does an increase in national income affect the income-elastic investment in the economy? [1]

(xii) An economy can have a fiscal deficit without a revenue deficit. Give one reason to support this statement. [1]

(xiii) State whether the following is True or False. Give one reason for your answer. Change in inventory is a stock concept. [1]

(xiv) State any one difference between Perfect competition and Monopolistic competition. [1]

(xv) Full employment does not necessarily imply zero unemployment. Justify. [1]

(xvi) How is deflationary gap generated in the economy? [1]

ISC Class 12 Economics Specimen Paper 2024 Section B

Section B – 32 Marks

Question 2

(i) It is claimed that Artificial Intelligence can help the manufacturing industries improve their efficiency.

How will this impact the supply of the product by the manufacturing industries? Show the impact with the help of a diagram. [2]

(ii) The market demand for a commodity at ₹ 8 per unit is 100 units. The price rises and as a result, its market demand falls to 75 units. Find out the new price of the commodity if the price elasticity of demand is -1. [2]

Question 3

(i) What does the difference between fiscal deficit and interest payments imply? What does ‘zero difference’ mean in this case? [2]

(ii) In some situations, the government may consider additional spending to fight inflation. Justify this statement. [2]

Question 4

(i) Why is the short run average cost curve U-shaped? [1]

(ii) Calculate AC, AVC and AFC from the following: [3]

TFC is ₹15 at all levels of output

Question 5

(i) Explain any two causes of restricted entry in a monopoly market structure. [2]

(ii) The demand curve of a firm is more elastic under monopolistic competition than under monopoly. Explain [2]

(i) Maximum profit implies the equilibrium position of a firm, but every equilibrium does not imply maximum profit of the firm. Justify this statement with the help of a suitable diagram. [4]

Question 6

(i) Explain the indeterminate demand curve of an oligopolist. [2]

(ii) What is meant by a break-even point? Show it in a diagram. [2]

Question 7

(i) How can open market operations help curb deflationary pressure in the economy? [2]

(ii) Indian rupee is a legal tender. Justify this statement. [2]

Question 8 [4]

(i) Describe four important functions of Money.

(ii) How are deposits created through lending by commercial banks? Explain with the help of a numerical example.

Question 9 [4]

Determine the output and equilibrium level of income with the help of Saving and Investment approach.

ISC Class 12 Economics Specimen Paper 2024 Section C

Section C – 32 Marks

Question 10

(i) Explain the Law of Variable Proportions with the help of a diagram. [6]

(ii) Negative returns cause losses to a firm. What are the causes for Negative returns? [2]

Question 11

(i)

(a) Why is the graph shown above not a common phenomenon in the consumer preferences? [2]

(b) With the help of a schedule, explain the operation of the Law of Equi-Marginal Utility. [6]

OR
(ii)

(a) Explain how DMRS is responsible for convexity of Indifference Curve. [2]

(b) A consumer can attain a stable equilibrium only when the marginal utility obtained from a commodity can be equated with the price of that commodity. Explain this phenomenon with the help of a diagram. [6]

Question 12

(i) What is the difference between Real GDP and Nominal GDP? [2]

(ii) Calculate National Income by Income Method and Expenditure Method from the following information: [6]

(i) Why are transfer incomes and windfall gains not included in the calculation of national income? [2]

(ii) Calculate GDPMP and NNPMP from the following data: [6]

Question 13

Read the passage given below and answer the questions that follow.

India’s overall exports (Merchandise and Services combined) in April-December 2022 was estimated to exhibit a positive growth of 16·11 % over the same period last year. As India’s domestic demand has remained steady amidst the global slump, overall imports were estimated to exhibit a growth of 25·55%. Global growth forecasts indicate a downturn in global economic activity and trade. The decline in exports is mainly on account of less demand in India’s key destinations – Europe and the US. It may take some more months for the situation to improve.

In reality, negative growth rates were observed for both exports (Merchandise and Services combined) and imports for this period, but exports exhibited higher negative growth rate than that of imports.

Source (edited): INDIA’S FOREIGN TRADE: December 2022
Posted on: 16 January 2023 by PIB Delhi

(i) Which account of BOP is the concern in this extract? [1]

(ii) Mention the components of this account of BOP. [2]

(iii) Which situation, deficit or surplus, of this account is focused here? [1]

(iv) Which policy measure, revaluation or devaluation should be implemented to resolve the situation given above? Explain the mechanism in brief. [2]

(v) How does this account of BOP influence the national income? [2]