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Marking Scheme Sample Paper 3

This document contains the marking scheme for a Class 12 Economics sample paper from Kendriya Vidyalaya Sangthan Varanasi Region. It includes the answers to multiple choice and short answer questions on topics like national income, inflation, deficit financing, and fiscal policy measures. Some questions require explaining concepts such as money multiplier, equilibrium income, and components of GDP by the income and expenditure methods.

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16 views

Marking Scheme Sample Paper 3

This document contains the marking scheme for a Class 12 Economics sample paper from Kendriya Vidyalaya Sangthan Varanasi Region. It includes the answers to multiple choice and short answer questions on topics like national income, inflation, deficit financing, and fiscal policy measures. Some questions require explaining concepts such as money multiplier, equilibrium income, and components of GDP by the income and expenditure methods.

Uploaded by

balajayalakshmi96
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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KENDRIYA VIDYALAYA SANGTHAN VARANASI REGION

MARKING SCHEME
CLASS-XII
ECONOMICS
SAMPLE PAPER -III (2023-24)
PART-A
Q 1- C (4300) OR C (240) 1

Q 2- Release 1
Q 3- C (CC+DD) 1
Q 4- B (R>P), II 1
Q 5- C 1
Q 6- B 1
Q 7- C (10) 1
Q 8- B (RISE IN AD) 1
Q 9- Inflationary gap 1
Q 10- D 1
Q 11- A- True, there is no difference between GVAMP and GDPMP
GVAMP- Total sum of market price of all final goods and services without value of
intermediate consumption. It is avoid the problem of double counting in GDP.
GVAMP= GVOMP – VIC 1.5
GDPMP- The sum total of money value of all the final goods and services produced in an
accounting year.

B- False, Intermediate goods may be three types; 1.5


i- Non durable goods
ii- Semi durable goods
iii- Durable goods
Q 12- A- False, because it includes the following items 3
1) Export and Import of visible items
2) Export and Import of invisible items
3) Unilateral transactions
4) Income from work and investments
B- False, recorded in the credit side in capital account.
OR
Refute this statement, trade deficit is the difference between export and import of
visible items it not include all transactions of current account.
BOT= exports – imports (visible items)

Q 13- a- It is the inverse of LRR. 1


Money Multiplier = 1/LRR
b- True, credit creation is inversely related to LRR. High LRR, lower credit 3
creation and vice versa.
Credit creation = Primary deposit * 1/LRR
Suppose initial deposit is Rs1000 and LRR 20%
Credit creation = 1000*1/20*100
= Rs 5000
In this way commercial bank creates Rs5000 credit with Rs1000 initial deposits.
Q 14- Y= C+I 4
1500 = a + bY + I
= 200+0.5*1500+400
1500 = 1350 ( economy is not in equilibrium)
There is deficient demand.
OR
1) Effective demand – It is the AD which is required for the full employment 2
equilibrium in the economy which is equal to total output produced in the
economy at equilibrium level of income
2) Induced investment – It depend on the level of income with profitability. 2
It directly relates to the level of income, it is done by private and government.
Q 15- There is the situation of excess demand during the 2020-21 production of goods
and service decreases very badly. Government adopted the following fiscal measures
to correct the situation:
i) Government increases the budget expenditure. 2+2
ii) Government increase the public expenditure
iii) Government reduced direct and indirect taxes and also gave the subsidy to
encourage the production.
Q 16- Income method 3+3
i) Identifying the production units employed the factors of production.
ii) Components of domestic income- COE, OS, MI
iii) Estimate NDPFC by adding components
NDPFC = COE + OS + MI
iv) Estimate NFIA = FIFA – FITA
v) Estimate NNPFC = COE + OS + MI + NFIA

Expenditure method
i) Identify the sectors of economy who increased final expenditure
ii) Component of final expenditure sector wise
PFCE, GFCE, GDCF, (X-M)
iii) Estimate GDPMP = C + G + I + (X-M)
iv) Estimate NNPFC = C+G+I+ net exports + NFIA – CFC – NIT

OR
GDPMP = COE+OS+MI+CFC+NIT 2+2+2
= 1000+(100+120+130)+300+50+25
= 1000+350+300+75
= 1725 cr
Q 17-A- Explanation on allocation of resources with priority in producing sector 3+3
to accelerate the growth of economy with social welfare.
B- Budget play important role in generation of employment with priority in the growth of
different sectors.
PART-B
Q18- C 1
Q19- B 1
Q20- A OR 1
Q21- C 1
Q22- C 1
Q23- B 1
Q24- Irregular rainfall 1
Q25- Indebtedness 1
Q26- Regional Rural Banks 1
Q27- C 1
Q28- India has emerged as a hotpot for medical tourism: - 3
1- Increase employment
2- Earn foreign exchange
3-correct disequilibrium in BOPS
OR
Two Government measures
1- Regulated market
2- Storage facilities
3- Infrastructure as transportation ( any two)
29- 1-Restricted subsidy 3
2-Less investment
3- Less development infrastructure
30- Increase the tendency of casual worker instead of regular worker known 4
As informalisation
There are some demerits –
i. Not obtain regular work
ii. Not get security benefits
iii. Not make unions
31. Yes, self reliance – reduce dependency on foreign, government has given more 4
Emphasis on import substitution policy which replace import from domestic production,
It is known as “Inward looking trade policy “.
Or
Financial sector measures
i. reduce the role of RBI
ii setup more private banks
iii setup new branches
iii foreign investments (any two)
32. The above table during 1980 china maintain two digits growth rate with 10.3% on
the head of India (5.7%). After it in 2015china’s growth rate reduced 6.8% and 4
India’s growth rate gradually increased from 5.7% to 7.3% and head on china.
33. (a) yes , reduce the carrying capacity of the environment. It is the availability 3+3
of the environment to absorb. So generation of resources exceeds to rate extraction.
(b) Various sources of human capital formation, education, health, job training,
Migration and information technology. (Explain any two)
34. (a) No it is very slow the benefits of the increase in economic growth in India 2+2+2
have trickled down to the people at bottom of population pyramid.
(b) Government followed the import substitution policy and the implemented
the restriction tools as tariff and quotas to restrict import.
(c) Yes, there is no growth in national income without development of
the infrastructure in the economy.

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