ISC Class 12 Economics Question Paper 2017

Salient Features of ISC Syllabus

1. The definitive study tool will be provided for the students by Vedantu following the ISC syllabus. 

2. In the ISC syllabus, they prefer simple terms to explain the concepts to all students.

3. Based on the ISC board syllabus, the chapters and their respective questions will be covered by Vedantu for a comprehensive study of Economics.

4. Students of class 12 can have the best knowledge and develop a deeper understanding of a subject like Economics by following the ISC syllabus. 

5. They can avail of the sample question papers, previous year question papers, and mock tests on Vedantu for evaluating their knowledge of the ISC syllabus for Economics.

6. Numerical problems are also explained.

How to Download ISC 12th Economics Question Paper 2017

Students can download the ISC Class 12th Economics question paper 2017 from Vedantu. The question paper is available in PDF format and can be downloaded for free.

ISC Economics Model Paper 2017

Here, some questions from the ISC economics model paper 2017 are discussed for the reference of students.

Q1. What Do You Mean by Ex-Ante Demand and Ex-Post Demand?

Answer: Ex-ante demand: The number of products that clients (buyers) desire to purchase at a particular time. This also signifies a planned or desired amount of demand.

The ex-post demand signifies the number of products that consumers actually purchase over a particular time. This describes the number of goods actually purchased.

Always, a difference is noticed between the number of goods bought and the amount that customers want to purchase. When an adequate number of products are not available, the requirements of the customers can’t be fulfilled. So, the product purchased by the customers must be lesser. That is why the customers may buy more or lesser products than they had desired to buy.

Q2. What Do You Mean by Short-Run Production Function? Give Reason About How the Short-Run Production Function Is Different from the Long-Term Production Function.

Answer: Short-run production function can be defined as a period of time when the product can be amplified only by amplifying the application of variable factors.

As per the definition, the fixed-factor remains constant.

Production function can be specified when one factor is a constant factor and another one is a variable factor.

Qx = f (L, K)

Where,

Qx = Output of good – X

L = Labour (a variable factor)

K = Capital (a constant factor)

The difference between short-run production function and long-term production function:

Short-run production function – It is a variable proportion type production function. This function exhibits a constant scale of output.

Long-term production function – It is a constant proportion type of production function. This function exhibits alteration in the scale of output.

ISC Economics Question Paper 2017 Solved for class 12

Some questions which came in the ISC economics question paper 2017 are discussed as follows.

Q1. Draw a Diagram and Elaborate on the Relationship Between Total Utility and Marginal Utility.

Answer:

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1. As long as MU is positive, total utility increases with an increase in consumption.

2. We can recognize the point of safety when consumption is increased beyond the point of satiety.

3. As MU becomes negative, TU begins to fall during the increase in consumption beyond the point of satiety.

4. The TU curve has a positive slope while the MU curve has a negative slope.

Q2. What Do You Mean by Direct Taxes?

Answer: Direct taxes are the kinds of taxes that are appointed on the property and revenue of individuals and corporations and are waged directly by them to the government. 

1. Direct taxes are assessed on persons and corporations. 

2. The impact is the 'liability to pay' the tax and incidence is the 'actual burden' of the tax borne by the same person, which means its load cannot be transferred to others. 

3. Illustrations: Corporate tax, Income tax, Wealth tax, Interest tax, Capital gains tax, Death duty, etc.

Why Choose Vedantu for ISC Class 12 Economics?

Vedantu has some astonishing spotlights about the ISC class 12 economics that can surely help you to score well. These are outlined below.

• The ISC class 12 economics notes are solved without any error. It supports the candidates of board exams to learn with ease.

• Vedantu is preparing these notes with the help of the specific subject experts that can be highly beneficial to all the students.

• Vedantu offers model papers as well as solved question papers of this chapter which gives you the ability to score well in the board exams.