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Important Questions for Class 12 Economics Chapter Wise with Answers
Get here all the Important questions for Class 12 Economics chapter wise as free PDF download. Here you will get Extra Important Questions of Macroeconomics and Indian Economic Development in Hindi and English Medium with answers and Multiple Choice Questions (MCQ's) chapter wise in Printable format. Class 12 Macro Economics has a vivid syllabus that comprises chapters related to various important topics. These topics need to be studied well by the students to develop their concepts and knowledge in this subject.Students are advised to understand the concepts and theories of Economics properly before the exam. You can easily find 1 Mark, 2 marks, 3 marks, and 5 marks questions from each chapter of Class 12 Economics and prepare for exam more effectively. These preparation material for Class 12 Economics , shared by teachers, parents and students, are as per latest NCERT and CBSE Pattern syllabus and assure great success in achieving high score in Final CBSE Board Examinations.
|Class 12 Economics Marks Distribution
|Part A : Introductory Macroeconomics
|National Income and Related Aggregates
|Money and Banking
|Determination of Income and Employment
|Government Budget and the Economy
|Balance of Payments
|Part B : Indian Economic Development
|Development Experience (1947-90) and Economic Reforms since 1991
|Current Challenges facing Indian Economy
|Development Experience of India –A Comparison with Neighbours
|Theory Paper (40+40 = 80 Marks)
|Type of Question
|Marks per Question
|Total No. of Questions
|Objective Type Questions
|Short Answer Type Questions - 1
|Short Answer Type Questions - 1
|Long Answer Type Questions
Part A: Introductory Macroeconomics
Unit 1: National Income and Related Aggregates ( 30 Periods )
What is Macroeconomics?
Basic concepts in macroeconomics: consumption goods, capital goods, final goods,
intermediate goods; stocks and flows; gross investment and depreciation.
Circular flow of income (two sector model); Methods of calculating National Income -
Value Added or Product method, Expenditure method, Income method.
Aggregates related to National Income:
Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product
(GDP) and Net Domestic Product (NDP) - at market price, at factor cost; Real and
GDP and Welfare
Unit 2: Money and Banking (15 Periods)
Money – meaning and functions, supply of money - Currency held by the public and
net demand deposits held by commercial banks.
Money creation by the commercial banking system.
Central bank and its functions (example of the Reserve Bank of India): Bank of issue,
Govt. Bank, Banker's Bank, Control of Credit through Bank Rate, CRR, SLR, Repo
Rate and Reverse Repo Rate, Open Market Operations, Margin requirement.
Unit 3: Determination of Income and Employment ( 30 Periods)
Aggregate demand and its components.
Propensity to consume and propensity to save (average and marginal).
Short-run equilibrium output; investment multiplier and its mechanism.
Meaning of full employment and involuntary unemployment.
Problems of excess demand and deficient demand; measures to correct them -
changes in government spending, taxes and money supply.
Unit 4: Government Budget and the Economy (17 Periods)
Government budget - meaning, objectives and components.
Classification of receipts - revenue receipts and capital receipts;
Classification of expenditure – revenue expenditure and capital expenditure.
Balanced, Surplus and Deficit Budget – measures of government deficit.
Unit 5: Balance of Payments (18 Periods)
Balance of payments account - meaning and components;
Balance of payments – Surplus and Deficit
Foreign exchange rate - meaning of fixed and flexible rates and managed floating.
Determination of exchange rate in a free market, Merits and demerits of flexible and
fixed exchange rate.
Managed Floating exchange rate system
Part B: Indian Economic Development
Unit 6: Development Experience (1947-90) and Economic Reforms since 1991:
A brief introduction of the state of Indian economy on the eve of independence.
Indian economic system and common goals of Five Year Plans.
Main features, problems and policies of agriculture (institutional aspects and new
agricultural strategy), industry (IPR 1956; SSI – role & importance) and foreign trade.
Economic Reforms since 1991:
Features and appraisals of liberalisation, globalisation and privatisation (LPG policy);
Concepts of demonetization and GST
Unit 7: Current challenges facing Indian Economy ( 60 Periods)
Human Capital Formation: How people become resource; Role of human capital in
economic development; Growth of Education Sector in India
Rural development: Key issues - credit and marketing - role of cooperatives;
agricultural diversification; alternative farming - organic farming
Employment: Growth and changes in work force participation rate in formal and
informal sectors; problems and policies
Sustainable Economic Development: Meaning, Effects of Economic Development on
Resources and Environment, including global warming
Unit 8: Development Experience of India: (12 Periods)
A comparison with neighbours
India and Pakistan
India and China
Issues: economic growth, population, sectoral development and other Human
Part C: Project in Economics (20 Periods)
- Statistics for Economics, NCERT
- Indian Economic Development, NCERT
- Introductory Microeconomics, NCERT
- Macroeconomics, NCERT
- Supplementary Reading Material in Economics, CBSE
Note: The above publications are also available in Hindi Medium.
For Preparation of exams students can also check out other resource material
Question Bank of Other Subjects of Class 12CBSE Question Bank of Class 12 Mathematics CBSE Question Bank of Class 12 Physics CBSE Question Bank of Class 12 Chemistry CBSE Question Bank of Class 12 Biology CBSE Question Bank of Class 12 Accountancy CBSE Question Bank of Class 12 Business Studies CBSE Question Bank of Class 12 History CBSE Question Bank of Class 12 Geography CBSE Question Bank of Class 12 Home Science CBSE Question Bank of Class 12 Political Science CBSE Question Bank of Class 12 Sociology CBSE Question Bank of Class 12 Psychology CBSE Question Bank of Class 12 English CBSE Question Bank of Class 12 Physical Education
Importance of Question Bank for Exam Preparation?
There are many ways to ascertain whether a student has understood the important points and topics of a particular chapter and is he or she well prepared for exams and tests of that particular chapter. Apart from reference books and notes, Question Banks are very effective study materials for exam preparation. When a student tries to attempt and solve all the important questions of any particular subject , it becomes very easy to gauge how much well the topics have been understood and what kind of questions are asked in exams related to that chapter.. Some of the other advantaging factors of Question Banks are as follows
- Since Important questions included in question bank are collections of questions that were asked in previous exams and tests thus when a student tries to attempt them they get a complete idea about what type of questions are usually asked and whether they have learned the topics well enough. This gives them an edge to prepare well for the exam.Students get the clear idea whether the questions framed from any particular chapter are mostly either short or long answer type questions or multiple choice based and also marks weightage of any particular chapter in final exams.
- CBSE Question Banks are great tools to help in analysis for Exams. As it has a collection of important questions that were asked previously in exams thereby it covers every question from most of the important topics. Thus solving questions from the question bank helps students in analysing their preparation levels for the exam. However the practice should be done in a way that first the set of questions on any particular chapter are solved and then solutions should be consulted to get an analysis of their strong and weak points. This ensures that they are more clear about what to answer and what can be avoided on the day of the exam.
- Solving a lot of different types of important questions gives students a clear idea of what are the main important topics of any particular chapter that needs to focussed on from examination perspective and should be emphasised on for revision before attempting the final paper. So attempting most frequently asked questions and important questions helps students to prepare well for almost everything in that subject.
- Although students cover up all the chapters included in the course syllabus by the end of the session, sometimes revision becomes a time consuming and difficult process. Thus, practicing important questions from Question Bank allows students to check the preparation status of each and every small topic in a chapter. Doing that ensures quick and easy insight into all the important questions and topics in each and every individual. Solving the important questions also acts as the revision process.