Economics (030) Class Xii (2014-15) Worksheet Page 9
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21MARKING SCHEME
Section A: Microeconomics
1.
c)
(1)
2.
- Give subsidies to reduce price.
- Undertake health campaigns to promote the positive effects of milk consumption.
(Any 1)
(1)
3.
c)
(1)
4.
If the river Kosi causes widespread floods in Bihar, it will lead to destruction of resources
in Bihar. This will shift the PPC leftward.
(2)
Initial PPC is PP.
With floods, the PPC will shift to P
P
1
1
(1)
5.
The central problems of an economy are:
(i)
What to produce and in what quantity?
(1)
(ii) How to produce?
(1)
(iii) For whom to produce?
(1)
6.
(a)
False: Average product rises as long as marginal product is greater than average
product. Here marginal product could be rising or falling.
(1½)
(b) False: Total cost rises at a diminishing rate when marginal cost falls and total cost
rises at an increasing rate when marginal cost increases.
(1½)
7.
'Price ceiling' is the maximum price that sellers can legally charge for a product or a
service.
(1)
1
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