Are you searching for the AHSEC Class 12 Economics Solved Question Paper 2014? Look no further! This article provides a detailed analysis and solutions to the HS 2nd Year Economics Question Paper 2014 Solution under the Assam Higher Secondary Education Council (AHSEC). For students preparing for board exams, solved papers are a crucial resource for understanding question patterns, marks distribution, and important topics.
AHSEC Class 12 Economics Solved Question Paper 2014
AHSEC Class 12 Economics Question Paper 2014
Full Marks: 100 Time: 3 hour
1. (a) What is a market economy?
Answer: A market economy is an economic system where economic decisions, including production and pricing, are determined by the interactions of supply and demand, with minimal government intervention.
(b) Fill in the blank:
Answer: Opportunity cost is also called the alternative cost.
(c) Define utility.
Answer: Utility is the satisfaction or pleasure a consumer derives from consuming a good or service.
(d) What is marginal revenue?
Answer: Marginal revenue is the additional revenue earned by a firm from selling one more unit of a good or service.
(e) Draw a very short-run supply curve for perishable commodities.
Answer: (A vertical supply curve must be drawn, indicating perfectly inelastic supply in the very short run.)
(f) Give an example of fixed cost.
Answer: An example of a fixed cost is rent for a factory or office space.
2. State two central problems of an economy.
Answer:
What to produce? Deciding the type and quantity of goods and services to produce.
How to produce? Determining the methods and resources to use for production (labor-intensive vs. capital-intensive).
3. Why are Isoquants negatively sloped?
Answer: Isoquants are negatively sloped because to maintain the same level of output, an increase in the use of one input must be accompanied by a decrease in the other input. This reflects the trade-off between inputs while keeping output constant.
4. State any two factors affecting the supply of a commodity.
Answer:
Price of the commodity: Higher prices typically lead to an increase in supply.
Technology: Advances in technology can increase supply by improving production efficiency.
5. Distinguish between short-run and long-run.
6. State two reasons behind the working of the law of diminishing marginal product.
Answer:
Fixed factors: As more units of the variable factor are added to a fixed factor, the fixed factor becomes over-utilized, reducing efficiency.
Declining coordination: Adding more variable inputs can lead to inefficiencies in coordination and management.
Download and Access Assam Board Class 12 Economics Solved Papers (2012-2024) in PDF
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Benefits of Using Solved Question Papers for Assam HS 2nd Year Exams
How to Use AHSEC Class 12 Solved Papers Effectively
Final Tips for AHSEC Class 12 Economics Preparation
- Focus on diagrams and their explanations in Microeconomics.
- Practice numerical questions in Macroeconomics.
- Prepare notes for definitions, laws, and key concepts.
- Revise previous years’ question papers for better insight into trends.