ICSE Specimen Paper Class 12 Semester 2 – Economics 2022
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Question 1 :-
(i) Firm A sells flour to firm B for ` 100/- Firm B sells biscuits to the wholesaler C for 160/- and Firm C sells biscuits to consumers for 200/. Hence, the gross
value added is:
(a) 460/-
(b) 305/-
(c) 244/-
(d) 200/-
(ii) Medium of exchange and measure of value are:
(a) Primary functions of money
(b) Secondary functions of money
(c) Tertiary functions of money
(d) Contingent functions of money
(iii) Aggregate supply is equal to:
(a) C + I
(b) C + S
(c) I + C
(d) S1 + S2
(iv) Transfer earning in National income refers to:
(a) transfer of income from one person to another.
(b) income received by selling goods.
(c) unilateral payment received not related to any production.
(d) earning received by offering services.
(v) A consumer spending on purchase of goods regardless of the income in
possession, is an example of _______ consumption.
(vi) _____________ is the creation of new currency to fill the gap between
Government revenue and Government expenditure of the country.
(vii) GNP(fc) = GNP(mp) – ______________
(viii) Give one difference between a Direct tax and an Indirect tax
SECTION B – 12 MARKS
Answer the following questions briefly.
Question 2
Differentiate between CRR and SLR.
Question 3
Briefly explain two reasons for the adverse Balance of Payments in any economy.
Question 4
Draw a well labelled diagram of two sector model of circular flow of income including the financial sector.
856 ECONOMICS SEM II SPECIMEN