Maharashtra Board Class 12 Economics Important Questions 2027 (Repeated in Board Exams)

Distinguish between: Micro Economics and Macro Economics.

Explain any four features of micro economics.

Choose the correct options: Methods adopted in microeconomic analysis. (a) Lumping method (b) Aggregative method (c) Slicing method (d) Inclusive method. Options: (1) a,c and d (2) a,b and d (3) Only c (4) Only a

Find the odd word - Theory of Economic Welfare: Theory of Income and Employment, Efficiency in production, Efficiency in Consumption, Overall Economic Efficiency.

Find the odd word - Scope of macro economics: Theory of income and employment, Theory of product pricing, Theory of general price level and inflation, Macro theory of distribution.

State with reasons whether you agree or disagree: Scope of micro economics includes only the theory of product pricing.

Complete the statement: Micro economics is also known as ______. (a) Price Theory (b) Income Theory (c) Growth Theory (d) Development Theory

Identify and explain the concept: Raju collected the information about total consumption, total savings and total investment of Indian economy.

Distinguish between: Slicing method and Lumping method.

State with reasons whether you agree or disagree: Macro economics is different from micro economics.

Complete the correlation: ______ : Teacher : : Form utility : Toys made of clay.

Explain any four features of utility.

State with reasons whether you agree or disagree: Marginal utility and total utility are the same.

Complete the statement: When total utility is maximum then marginal utility is ______. (a) Positive (b) Negative (c) Zero (d) One

State with reasons whether you agree or disagree: There are no real exceptions to the law of Diminishing Marginal Utility.

Give economic term: Capacity of a commodity to satisfy human want.

State and explain the law of diminishing marginal utility with its assumptions.

Observe the given table and answer (Unit of commodity / Total Utility / Marginal Utility; data: 1→TU 10; 2→TU 18, MU 8; 3→MU 6; 4→TU 28, MU 4; 5→TU 30; 6→TU 30, MU 0; 7→MU -2): (a) Complete the above table. (b) When total utility increases at a diminishing rate then marginal utility goes on ______. (c) After consuming six units of the commodity, MU becomes ______.

State and explain the law of demand with its exceptions.

Distinguish between: Direct Demand and Indirect Demand.

Complete the correlation: Pen and ink : ______ : : Tea and coffee : Substitutes.

Give economic term: A desire which is backed by willingness to purchase and ability to pay.

Find the odd word - Determinants of demand: Income, Cost of production, Size of population, Price.

Distinguish between: Increase in demand and Expansion of demand.

Find the odd word - Reasons for downward sloping demand curve: Law of supply, Income effect, Substitution effect, New consumers.

Identify and explain the concept: Amar demanded milk, sugar and tea powder jointly to satisfy his want of the tea.

Distinguish between: Desire and Demand.

Complete the statement: Ed = 0 in case of ______. (a) Luxury goods (b) Normal goods (c) Necessary goods (d) Durable goods

Identify and explain the concept: Demand for sugar falls by 10% when the price of sugar rises by 10%.

In the following diagram AE is the linear demand curve of a commodity. State whether True or False: (1) Demand at point 'C' is relatively elastic demand. (2) Demand at point 'B' is unitary elastic demand. (3) Demand at point 'D' is perfectly inelastic. (4) Demand at point 'A' is perfectly elastic demand.

Explain any four factors influencing elasticity of demand.

Explain Ratio method of measuring elasticity of demand.

Distinguish between: Perfectly elastic demand and Perfectly inelastic demand.

Complete the correlation: Perfectly elastic demand : Ed = ∞ : : ______ : Ed = 0.

Find the odd word - Exceptions to the law of supply: Agricultural goods, Perishable goods, Rare goods, Giffen's paradox.

State with reasons whether you agree or disagree: There are many assumptions to the law of supply.

Give economic term: The total quantity of commodity available for sale with a seller at a particular point of time.

Identify and explain the concept: Sharad was able to supply less paper to market due to technical problems in paper making factory although the price of paper remained constant.

Complete the statement: A period of time in which all factors of production and costs are variable is known as ______. (a) Very short period (b) Short period (c) Long period (d) Very long period

Assertion (A): Supply is a relative term. Reasoning (R): Supply is always expressed in relation to price, time and quantity. Options: (1) A true, R false (2) A false, R true (3) Both true, R correct explanation (4) Both true, R not correct explanation.

Give economic term: The cost incurred by the firm to promote sales.

Identify and explain the concept: Arnav sells 80 dozens of mangoes daily at ₹500/- per dozen.

Choose the correct options: Under perfect competition, sellers are. (a) Price makers (b) Price takers (c) Price discriminators (d) None of these. Options: (1) a,b and c (2) Only b (3) Only c (4) a and c

State with reasons whether you agree or disagree: Price maker is the only feature of monopoly market.

Observe the given diagram (demand-supply equilibrium) and answer: (1) What is represented on 'X' axis? (2) Which price shows equilibrium price of demand and supply? (3) What is represented on 'Y' axis? (4) Which point represents the demand and supply equilibrium point?

Complete the correlation: Perfect competition : Large number of sellers : : ______ : Few sellers.

State with reasons whether you agree or disagree: Product differentiation is the only feature of monopolistic competition.

Choose the correct option: Revenue per unit of output sold - (a) Marginal revenue (b) Marginal cost (c) Average revenue (d) Total revenue. Option: (1) a,b,c (2) a,c,d (3) only c (4) only b

Find the odd word - Legal Monopoly: Patent, OPEC, Copyright, Trademark.

Complete the correlation: Discriminated prices : ______ : : Single price : Perfect competition.

Give economic term: The net addition made to total cost by producing one more unit of output.

State with reasons whether you agree or disagree: Index numbers have limitations.

Find the odd word - Types of Index Numbers: Selection Index Number, Price Index number, Value Index Number, Quantity Index Number.

Calculate Price Index Number from the given data: Commodity A, B, C, D; Price in 2015 (₹): 6, 16, 24, 4; Price in 2020 (₹): 8, 18, 28, 6.

Distinguish between: Simple Index Number and Weighted Index Number.

Complete the statement: The Price Index number is used ______. (a) to measure the general changes in the prices of goods (b) as a geographical tool (c) to measure the air pressure (d) in measurements of goods

Distinguish between: Price index number and Quantity index number.

Choose the correct option: Statements that are incorrect in relation to index numbers - (a) Index number is a geographical tool. (b) Index numbers measure changes in the air pressure. (c) Index numbers measure relative changes in economic variable. (d) Index numbers are specialized averages. Option: (1) c,d (2) a,b (3) b,c (4) a,b,c,d

Define National Income and explain its features.

Identify and explain the concept: Vrinda receives monthly pension of ₹5000/- from the state government.

Explain the practical difficulties involved in the measurement of national income.

Complete the correlation: Output method : ______ : : Income method : Factor cost method.

Identify and explain the concept: Rani collected the data of India's National Income for the purpose of study.

Complete the correlation: Theoretical difficulty : Unpaid services : : ______ : Valuation of inventories.

Identify and explain the concept: Rajaram produced 25 quintals of wheat in his field, from it he kept aside 2 quintals of wheat for his own family use.

Give economic term: The gross market value of all final goods and services produced within the domestic territory of a country during a period of one year.

Choose the correct option: Obligatory functions of the government - (a) Provision of employment (b) Maintaining internal law and order (c) Welfare measures (d) Exporting goods and services. Option: (1) c,d (2) a,b (3) only b (4) a,c,d

Explain the reasons for the growth in public expenditure in India.

Explain any four sources of non-tax revenue of the government.

Complete the statement: When a government borrows from its citizens, banks, central bank, industries, etc. it is known as ______. (a) Internal Debt (b) Personal Debt (c) External Debt (d) International Debt

Give economic term: Budget in which the estimated revenue and expenditure of the government are equal.

Complete the correlation: The period of Inflation : Surplus Budget : : The Period of Depression : ______.

Identify and explain the concept: Ramakant paid an income tax of ₹80,000 during the financial year 2021-2022.

State with reasons whether you agree or disagree: Public finance is different from private finance.

State with reasons whether you agree or disagree: Public expenditure includes only revenue expenditure.

Identify and explain the concept: Reena deposited a lumpsum amount of ₹50,000 in the bank for a period of one year.

Give economic term: A market for long term funds, both equity and debt raised within and outside the country.

Explain the role of money market in India.

Explain the functions of Reserve Bank of India.

Explain the functions of Commercial Banks.

Give economic term: Deposits that are withdrawable on demand.

State with reasons whether you agree or disagree: Capital market plays very important role in Indian economy.

State with reasons whether you agree or disagree: There is no difference between the concepts of Balance of Trade and Balance of Payment.

Complete the statement: Balance of trade is also referred to as ______. (a) National trade balance (b) International trade balance (c) Balance of payment (d) Systematic record of all international economic transactions

Explain any four roles of foreign trade.

Identify and explain the concept: India purchased petroleum from Iran.

Give economic term: Buying and selling of goods and services within the boundaries of a nation.

Choose the correct options: Types of foreign trade are as follows. (a) Import trade (b) Export trade (c) Entrepot trade (d) Internal trade. Options: (1) a and b (2) a, b and c (3) a, b, c and d (4) None of these