Hello students, CBSE Economics paper has been held today on 18.03.2024. Now, most of the students will want to know the right answers of the questions they attempted in the exam. We are here providing you Economics answer key of Set 58/2//1, 2 and 3. First we will provide, answer keys for MCQs only, then later model answer for subjective questions will be uploaded. We hope that our set of Economics answer key will be helpful for you in determining the expected marks.
Statement 2 : American Embassy in India is a part of the economic territory of India.
(A) Statement 1 is true and Statement 2 is false.
(B) Statement 1 is false and Statement 2 is true.
(C) Both Statements 1 and 2 are true.
(D) Both Statements 1 and 2 are false.
Answer: (D) Both Statements 1 and 2 are false.
Q. 6 Read the following statements carefully:
Statement 1 : Money is a commodity which is generally accepted as a medium of exchange.
Statement 2 : Money solved the problem of double coincidence of wants.
(A) Statement 1 is true and Statement 2 is false.
(B) Statement 1 is false and Statement 2 is true.
(C) Both Statements 1 and 2 are true.
(D) Both Statements 1 and 2 are false.
Answer: (C) Both Statements 1 and 2 are true.
Q.7 Suppose in an imaginary economy, autonomous consumption = Rs 500 crore and marginal propensity to consume = 0.8. The saving function for the economy would be __________________.
(A) 500 + 0.8Y
(B) (-) 500 + 0.8Y
(C) 500 + 0.2Y
(D) (-) 500 + 0.2Y
Answer: (D) (-) 500 + 0.2Y
Q. 8 Read the following statements : Assertion (A) ad Reason (R). Choose the correct alternative from those given below:
Assertion (A): The maximum value of Marginal Propensity to save (MPS) can be unity.
Reason (R): At the break-even level of Income, savings are zero.
Alternatives:
(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is true and Reason (R) is false.
(D) Assertion (A) is false and Reason (R) is true.
Answer: (B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
Q.9 Identify the incorrect statement with reference to Cass Reserve Ration (CRR):
(A) It is a certain percentage of demand and time deposit liabilities that every bank must keep as cash reserves with the central bank.
(B) It is fixed by the Central Bank.
(C) It is not binding on the commercial banks.
(D) It is a tool used by the Central Bank to Control the credit creation in the economy.
Answer: (C) It is not binding on the commercial banks.
Q.10 Read the following statements : Assertion (A) ad Reason (R). Choose the correct alternative from those given below:
Assertion (A) : The equilibrium level of income is determined, when ex-ante spending and ex-ante output are equal.
Reason (R) : The equilibrium level of income may or may not be the same as the full employment level of output.
Alternative:
(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is true and Reason (R) is false.
(D) Assertion (A) is false and Reason (R) is true.
Answer: (B)
SECTION-B
INDIAN ECONOMIC DEVELOPMENT
Q. 18 During the British Rule, India’s foreign trade had various features except______________________.
(Choose the correct alternative to fill in the blank)
(A) Restrictive policies of commodity production, trade and tariff
(B) British monopoly over India’s exports and imports
(C) Free trade from India to the rest of the world
(D) Large export surplus
Answer: (C) Free trade from India to the rest of the world
Q.19 China was able to control its rapid population growth rate owing to__________
(A) Economic Reforms
(B) One- Child Policy
(C) Great Proletarian Cultural Revolution
(D) Special Economic Zones
Answer: (B) One- Child Policy
Q.20 Modernisation is an important economic planning objective that focuses on ____________
(Choose the correct alternative to fill in the blank)
(i) Adoption of innovative technology
(ii) Equal distribution of income and wealth
(iii) Bringing positive changes in the social outlook
Alternatives:
(A) Only (i)
(B) i and ii
(C) i and iii
(D) i, ii and iii
Answer:(C) i and iii
Q.21 The present day rapid industrial growth in China can traced back to the economic reforms introduced in 1978, where __________________________
(Choose the correct alternative to fill in the blank)
(i) Initially reforms were initiated in agriculture, foreign trade and investment sectors.
(ii) the policy of dual pricing was adopted
(iii) the government revoked the policy of Special Economic Zone
Alternatives:
(A) Only (i)
(B) Only (ii)
(C) (i) and (ii)
(D) (i), (ii) and (iii)
Answer: (C) (i) and (ii)
Q. 22 _____________farming is a system that is helpful in restoring, maintaining and enhancing the ecological balance.
(Choose the correct alternative to fill in the blank)
(A) Conventional
(B) Organic
(C) Chemical
(D) Multi-layered
Answer: (B) Organic
Q. 23 Read the following statements carefully:
Statement 1 : India, Pakistan and China have similar physical endowments but totally different political systems.
Statement 2: Both India and Pakistan laid great emphasis on creating a large private sector.
(A) Statement 1 is true and Statement 2 is false.
(B) Statement 1 is false and Statement 2 is true.
(C) Both Statements 1 and 2 are true.
(D) Both Statements 1 and 2 are false
Answer: (A) Statement 1 is true and Statement 2 is false.
Q. 24 Identify the sources of Human Capital Formation and choose the correct alternative to fill in the blanks.
Alternatives:
(A) Expenditure on Health and Expenditure on Schools
(B) Expenditure on Technology and Expenditure on Knowledge
(C) Expenditure on Migration and Expenditure on Knowledge
(D) Expenditure on Health and Expenditure on Migration
Answer: (D) Expenditure on Health and Expenditure on Migration
Q.25 From the type o workers given in Column 1, identify the correct nature of the work in Column II:
Alternatives:
(A) 1-(i)’; 2- (ii); 3- (iii)
(B) 1-(ii); 2-(i); 3-(iii)
(C) 1-(iii); 2-(ii); 3-(i)
(D) 1-(iii); 2-(i); 3-(ii)
Answer: (C) 1-(iii); 2-(ii); 3-(i)
Q.26 After the implementation of economic reforms, Pakistan experienced slowdown of growth due to various reasons including___________________.
(Choose the correct alternative to fill in the blank)
(i) Volatile performance of the agriculture sector
(ii) Over-dependence on remittances from abroad
(iii) Political instability
Alternatives:
(A) (i) and (ii)
(B) (ii) and (iii)
(C) (i), (ii) and (iii)
(D) (i) and (iii)
Answer: (C) (i), (ii) and (iii)
Q. 27 Read the following statements : Assertion (A) ad Reason (R). Choose the correct alternative from those given below:
Assertion (A) : In the recent past, Indian Economy has been facing the problem of jobless growth.
Reason (R) : Jobless growth refers to to a situation where an economy is able to produce more goods and services without generating employment.
(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is true and Reason (R) is false.
(D) Assertion (A) is false and Reason (R) is true.
Answer: B
SET 58/2/2
SECTION A – MACRO ECONOMICS
Q.1 Identify the incorrect statement……………CRR.
Answer: (C) It is not binding on the commercial banks.
Q. 2 Identify which of the following ……………………….Balance of Payments
Answer: Option (B)-Investing in assets abroad by Indians.
Q.3 Read the following statements………………………… economic territory of India.
Answer: Option-Answer: (D) Both Statements 1 and 2 are false.
Q.4 Identify which of the following is not ……………………….rate system.
Answer: Option (B)-Possibility of under or over valuation of foreign currency
Q.5 Read the following statements…………………………induced consumption.
Answer: Option(B)-Statement 1 is false and Statement 2 is true.
Q.6 Suppose in an imaginary economy………….would be ______________.
Answer: Option (D) (-) 500 + 0.2Y
Q.7 Study the following………………………………..in the blank:
Answer: Option (B)- Trade in services
Q.8 Read the following statements……………………….savings are zero.
Answer: Option (B)
Q.9 Read the following statements……………………….savings are zero.
Answer: Option (B)
Q.10 Read the following statements………………………….coincidence of wants.
Answer: Option (C) – Both Statements 1 and 2 are true.
SECTION B – INDIAN ECONOMIC DEVELOPMENT
Q.18 _______________farming is a system………..ecological balance.
Answer:(B) Organic
Q.19 The present day………………….where___________________________.
Answer: (C) (i) and (ii)
Q.20 During the British rule……………………………….features except_________.
Answer: Option (C) Free trade from India to the rest of the world
Q.21 Modernization is an ……………………………….that focusses on______________.
Answer: (C) i and iii
Q.22 China was able to………………………….owing to ____________________.
Answer: Option (B) One- Child Policy
Q.23 Identify the sources ……………………………………………….in the blanks.
Answer: Option (D) Expenditure on Health and Expenditure on Migration
Q.24 After the implementation of ………………………………reasons including________________________.
Answer: (C) (i), (ii) and (iii)
Q.25 Read the following statements……………………….private sector.
Answer: (A) Statement 1 is true and Statement 2 is false.
Q.26 Read the following statements………………………….additional employment.
Answer: Option (A)
Q.27 From the type of workers……………………………….column II.
Answer: Option (C) 1-(iii); 2-(ii); 3-(i)
SET 58/2/3
SECTION A – MACRO ECONOMICS
Q. 1 Identify which of the following ……………………….Balance of Payments
Answer: Option (B)-Investing in assets abroad by Indians.
Q.2 Identify which of the following is not ……………………….rate system.
Answer: Option (B)-Possibility of under or over valuation of foreign currency
Q.3 Read the following statements…………………………induced consumption.
Answer: Option(B)-Statement 1 is false and Statement 2 is true.
Q.4 Read the following statements………………………… economic territory of India.
Answer: Option-Answer: (D) Both Statements 1 and 2 are false.
Q.5 Identify the incorrect statement………………..CRR:
Answer: Option (C) – It is not binding on the commercial banks.
Q.6 Study the following………………………………..in the blank:
Answer: Option (B)- Trade in services
Q.7 Read the following statements………………………….coincidence of wants.
Answer: Option (C) – Both Statements 1 and 2 are true.
Q.8 Suppose in an imaginary economy………….would be ______________.
Answer: Option (D) (-) 500 + 0.2Y
Q.9 Read the following statements………………………………….level of output.
Answer: Option (B)
Q.10 Read the following statements……………………….savings are zero.
Answer: Option (B)
SECTION B – INDIAN ECONOMIC DEVELOPMENT
Q.18 China was able to………………………….owing to ____________________.
Answer: Option (B) One- Child Policy
Q.19 During the British rule……………………………….features except_____________________.
Answer: Option (C) Free trade from India to the rest of the world
Q.20 Modernization is an ……………………………….that focusses on______________-.
Answer: (C) i and iii
Q.21 _____________________farming is a system………..ecological balance.
Answer:(B) Organic
Q.22 The present day………………….where___________________________.
Answer: (C) (i) and (ii)
Q.23 Read the following statements………………………….additional employment.
Answer: Option (A)
Q.24 Read the following statements……………………….private sector.
Answer: Option (A) Statement 1 is true and Statement 2 is false.
Q.25 Identify the sources ……………………………………………….in the blanks.
Answer: Option (D) Expenditure on Health and Expenditure on Migration
Q.26 From the type of workers……………………………….column II.
Answer: Option (C) 1-(iii); 2-(ii); 3-(i)
Q.27 After the implementation of ………………………………reasons including________________________.
