Important Questions for Class 12th Economics

This article will provide Important Questions for Class 12th Economics for short and essay-type questions. It will be a valuable resource for every Commerce and Arts student pursuing economics. Experts have selected these questions from various boards with many years of teaching experience. The students who know these questions can prepare with a strategy and cannot lose time and finish the syllabus before the exams. The detailed list of important questions for class 12th Economics is given below.

CBSE and ISC reduced their syllabus for the year 2022, and all the subjects were reduced by at least 30% of the initial syllabus. Economics is one of the main subjects in the commerce and arts section and is complementary to Science. There are six significant sections under which the syllabus is divided: Microeconomics Theory, Theory of Income and Employment, Money and Banking, BOP, Public Finance, and National Income.

Economics is the most intriguing subject in commerce after accountancy, and because it is fascinating, it is equally challenging. It is one of the major papers in both Central and State boards, especially for class 12th. This being the state of the subject, the critical questions for class 12th economics becomes a requirement for the learners to score and prepare better at the same time.

Important Short Questions For Class 12th Economics 

Chapter 1

These are the important questions from this chapter:

1. Differentiate between Micro and Macroeconomics.

2. What are Macroeconomics and Microeconomics? What is the association between the two?

3. What is Export?

Chapter 2 

These are the important questions from this chapter:

1. National Income Meaning

2. What is national disposable income?

3. What is the real flow?

4. Differentiate between personal income and private income.

5. Numericals in GNP, NI, NNP.

Chapter 3 and 4

These are some of the important questions from these chapters:

1. Differentiate between ex-ante and ex post-investment.

2. Numerical on APS, MPS, and Y.

3. Explain the role of the following in correcting the deficient demand in an economy: Open market operations and Bank rate

4. What is a Budget?

5. Mention the 4 different concepts of deficits.

6. What are direct and indirect taxes? Explain with examples.

7. What are direct and indirect taxes? Explain with examples.

Important Long Questions For Class 12th Economics 

These are the important long questions for class 12th economics:

1. What are the three central problems of the Economy?

2. What is Production Possibility Frontier?

3. Define Normative Economics.

4. What does the opportunity cost mean? Explain with a numerical example.

5. What is the difference between a planned economy and a market economy?

6. Explain four determinants of demand for a commodity.

7. Describe the assumption which is made to determine the consumer’s equilibrium position.

8. What is the condition for the long-run equilibrium of the competitive firm?

9. What is the break-even price?

10. What are the different types of the market?

11. The concept of the supply curve is relevant only for?

12. In perfect competition, a company earns an abnormal profit when average revenue exceeds the?

13. Explain the effect of a ‘price ceiling’.

14. How do you calculate national income by income and expenditure method?

15. Explain in detail the methods of calculating national income?

16. Explain perfect competition in detail.

17. Explain monopoly in detail.

18. Explain Oligopoly in detail.

19. What steps should be followed to calculate national income by expenditure method?

20. What steps should be followed to calculate national income by income method?

Important Topics for CBSE and ISC Economics

These are some of the important questions for both CBSE and ISC Economics:

• Demand: Types and curves, supply - types and curves, meaning of microeconomics and macroeconomics; positive and normative economics, consumer's equilibrium - the meaning of utility, marginal utility, the law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis.

• Revenue: Total, average and marginal revenue - meaning and their relationship, the meaning of production function – short-run and long-run, the multiplier mechanism,   propensity to consume and propensity to save (average and marginal).

• Types of Market: Perfect competition - features, determination of market equilibrium and effects of shifts in demand and supply. 

• Balance of payments, flexible & floating exchange rates, determination of exchange rate in a free market.

• Methods of calculating National Income, expenditure & income method, Gross National Product (GNP), Net National Product (NNP), Gross and Net Domestic Product.

⭐ CBSE 12th Sample Papers 2022

⭐ ISC 12th Sample Papers 2022