Important & Viva Questions for Class 12 Economics

Important & Viva Questions for Class 12 Economics CBSE academic session 2020-2021, these Questions are expected questions only, Important Questions are taken from various topics which are frequently asked in exams.

Questions can be asked from basics of Economics NCERT (On the basis of class – XI), basic terms, concept of basic terms, errors and rectification and the file that students prepare. Viva Questions for Class 12 Accountancy as well as Viva Questions for Class 12 Business Studies are also available for the preparation of CBSE 2020-21 Exams. Conceptualised by Raju Bhatnagar.

Important & Viva Questions for Class 12 Economics

Class:12
Subject:Economics
Contents:Important & Viva Questions

Important & Viva Questions for Class 12 Eco

Download NCERT Solutions and Offline Apps based on various subjects. Questions are prepared taking important topics of NCERT Books Economics as Central Bank and its Functions, Government Budget, Balance of Payment, National Income, Multiplier, Poverty, Unemployment, Infrastructure, Human Capital Formation, Goods and Services Tax, etc.

Questions on CENTRAL BANK AND ITS FUNCTIONS

What Is a Central Bank?
Who is the present Governor of RBI?
Does a Central Bank deal with public?
What currency notes does RBI print?
How does Central Bank control credit?

Questions on GOVERNMENT BUDGET

What is Government Budget?
How is Government budget classified?
What does fiscal deficit show?
What are the main objectives of Government budget?
What are the basic tools of a budget?

Questions on BALANCE OF PAYMENT

What is a BOP a/c?
What are the components of current a/c of BOP?
What are the components capital a/c of BOP?
Does a BOP always balance?
What is credit side and debit side of BOP?

Questions on NATIONAL INCOME

What is National Income?
What is Domestic Income?
Given Domestic Income, how can you find National Income?
Give 2 precautions in estimation of National Income.
What is Real National Income?

Questions on MULTIPLIER

What is Investment Multiplier?
What is money multiplier?
How are MPC and Multiplier related?
How are MPS and Multiplier related?
What is MPS?

Questions on POVERTY, UNEMPLOYMENT, INFRASTRUCTURE

What is Poverty?
What is relative poverty?
What is absolute poverty?
Which organization collects data on poverty?
What does MPCE stand for?
Define Unemployment.
Define worker population ratio.
XYZ is getting work for 4 hours per day, is he unemployed?
What is Informalisation of work force?
What is Casualisation of work force?
What is meant by infrastructure?
What are the different types of infrastructure?
What is 3 tier system of health infrastructure?
What is the full form of AYUSH?
What are sources of power generation?

Questions on HUMAN CAPITAL FORMATION, GOODS AND SERVICES TAX

Which five-year plan recognized infrastructure of human capital?
What is Human Capital Formation?
What is the full form of ICMR?
What is brain drain?
What can you say about government’s expenditure on education?
What is GST? Is it an indirect tax?
When was GST implemented?
Comment upon on the recent collections of GST.
What is GST council?
Why are traders fuming while implementing GST?

Important Questions on 12th Economics

Broadly, how can you classify monetary policies.
Quantitative and Qualitative measures.
What policy does a Central Bank follow during inflation?
Dear money policy.
What is dear money policy?
Making credit costlier.
Where is RBI headquartered?
Mumbai (Maharashtra – India)
What are open market operation?
Buying and Selling Govt. Securities to commercial banks and public.
What is a direct tax?
Tax on property and income.
What is an indirect tax?
Tax on Goods and Service.
What is a reasonable fiscal deficit?
Around 3% – 4% of GDP.
What is disinvestment?
Selling of shares by government in PSUs.
What is subsidy? To whom it is given?
Subsidy is grant given to producers or exporters and even consumers.
What are autonomous item?
Transaction made due to economic motive such as profit maximization are autonomous items for e.g. investments made to earn profit, export of goods.
What are accommodating items?
Transactions undertaken to cover with deficit or surplus in autonomous transactions for e.g. decrease in foreign exchange reserves and borrowings from rest of the world.
Where is import of machinery shown in BOP?
Debit side of current account.
Is current a/c deficit (CAD) cause for alarm?
Yes, if the CAD becomes unmanageable.
What are Official Reserve Transactions?
Official Reserve Transactions are the transactions by a Central Bank that cause changes in its official reserves. These are usually purchases or sales of its own currency in the exchange market in exchange for foreign currencies or other foreign currency denominated assets.
What is externality?
The good acts of a company are not rewarded; this is positive externality. The wrong deeds are left unpunished; this is negative externality. In other words, the good and the bad deeds of a company when not rewarded or punished are known as externality.
When can Domestic Income be greater than National Income?
This can happen when net factor income from abroad is negative.
Convert National Income at current prices to National Income at constant prices.
National Income at current price divided by price index of current year and multiplied by 100.
What is transfer income?
Incomes received or paid without consideration such as scholarship and old age pension.
What is circular flow of income?
The continuous flow of goods and services between households and firms in a two sector economy and the reverse flow of payment to each other is known as circular flow of income.

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