CBSE Class 12 Economics Answer Key 2024 (Available): Detailed solutions PDF download
Students can access CBSE Class 12 Economics answer key 2024 here and evaluate their tentative marks in the March 18 exam. The answer key is provided for all question paper sets.
CBSE Class 12 Economics Answer Key 2024: Since CBSE Class 12 Economics 2024 examination is being conducted today, March 18, from 10:30 AM to 1:30 PM, CBSE 12th Economics Answer Key 2024 will be shared post-examination. The answer key will be unofficial in nature and will be provided for multiple sets. Do note that the answers provided will be only for the objective or the 1-mark questions.
Helpful link for the next exam |
Answer key is currently available for QP Code: 58/1/2 (Set 2), 58/4/3 (Set 3), and 58/2/1 (Set 1).
Also Read | CBSE Class 12 Result Expected Release Date 2024
CBSE Class 12 Economics Answer Key 2024 for QP Code: 58/1/2 (Set 2)
The following table displays CBSE Class 12 Economics Answer Key 2024 for QP Code 58/1/2:
| Question Number | CBSE conomics Answer Key 2024 for QP Code 58/1/2 (Set 2) |
| 1. Read the following statements - Assertion (A) and Reason (R). Choose the correct alternative given below: Assertion (A): Full employment situation refers to absence of involuntary unemployment. Reason (R): Under full employment situation, all the willing and able bodied people get employment at the prevailing wage rate. | (D) Assertion (A) is false, but Reason (R) is true. |
| 2. "As per the National Stock Exchange (NSE) data, dated 9th June, 2023, there was a net selling off worth 309 crore by Foreign Institutional Investors (FIIs) over the period of one month i.c., 9th May, 2023 - 9th June, 2023," The above mentioned transactions will be recorded on __________ side of ________ account of Balance of Payments of India. (Choose the correct alternative to fill in the blanks) | (D) Debit, Capital |
| 3. Identify the incorrect feature(s) of money supply (M1) from the following: (i) It is measured at a point of time. (ii) It does not include stock of money held by the government. (iii) It is always the currency in the hands of the Central Bank of a nation. | (B) (ii) and (iii) |
| 4. Total consumption expenditure by households under Keynesian Economies is a combination of _______ and _________. (Choose the correct alternative to fill in the blanks) | (D) Autonomous Consumption, Induced Consumption |
| 5. Find the missing figures and choose the correct alternative: | (C) 1000, 3200, 25000, 20000 |
| 6. Surplus in Balance of Payments (BOP) refers to the excess of __________. (Choose the correct alternative to fill in the blank.) | (C) Capital Account receipts over Capital Account payments |
| 7. Suppose for a hypothetical economy: C = 100 + 0.75Y (where C Consumption and Y = Income) I0 = 400 (I0 = Autonomous Investment) Value of Investment Multiplier (K) would be __________. (Choose the correct alternative to fill in the blank) | (B) 4 |
| 8. Suppose, the Balance of Trade of an imaginary economy shows a favourable balance of₹ 500 crore. The values of merchandise exports are Rs 1200 crore and transfer payments are Rs 400 crore. The value of merchandise imports would be Rs _________ crore. (Choose the correct alternative to fill in the blank) | (C) 700 |
| 9. Read the following statements carefully: Statement 1: If in an economy the level of income increases (AY), it will always proportionately increase the level of consumption (ΔC). Statement 2: Marginal Propensity to Consume (MPC) and Marginal Propensity to Save (MPS) are always equal to each other. In the light of the given statements, choose the correct alternative from following: | (A) Statement 1 is true and Statement 2 is false. |
| 10. Identify the correct equation from the following: | (C) GNPMP = GDPMP + Net Factor Inchime from Abroad |
| 18. Read the following statements carefully : Statement 1: Under the colonial rule, basic infrastructure (like railways, post and telegraph etc.) was developed. Statement 2: The real motive behind the infrastructural development in India was to strengthen the British interests. In the light of the given statements, choose the correct alternative from the following: | (C) Both statements 1 and 2 are true. |
| 19. Identily, which of the following alternative indicates towards incorrect components combination of Agricultural Marketing System? | (B) Production, Assembling, Processing, Grading |
| 20. Read the following statements Assertion (A) and Reason (R). Choose the correct alternative given below: Assertion (A): World Trade Organization (WTO) is expected to establish a rule-based trading regime, to avoid unilaterally placed arbitrary restrictions by member nations. Reason (R): It is imperative to enlarge world production and ensure optimum utilization of world resources along with environmental protection. | (B) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A). |
| 21. Read the following statements carefully : Statement 1: China has used the market mechanism to create additional social and economic opportunities for its citizens. Statement 2: In China, Social Infrastructure created by the government brought positive results in human development indicators. In the light of the given statements, choose the correct alternative from the following: | (C) Both statements 1 and 2 are true. |
| 22. Identify from the following alternatives the incorrect objectives of regulated agriculture market: (i) To make the marketing system efficient and effective for farmers to get best price of their products. (ii) To discourage improvement of marketing infrastructure for farmers. (iii) To prevent exploitation of farmers. (iv) To discourage farmers from improving quality and quantity of their produce. | (D) (ii) and (iv) |
| 23. Economic reforms were introduced in the year _______ in India and in the year _________ in Pakistan. (Fill up the blanks with correct alternative.) | (C) 1991, 1988 |
| 24. Read the following statements carefully: Statement 1: As per the National Sample Survey Organization (NSSO). unemployment is a situation in which all those who, owing to lack of work, are not working, but are seeking work from prospective employers. They express their willingness/availability to work under the prevailing conditions of work and remuneration. Statement 2: Disguised Unemployment is generally a massive problem in a highly populated country like India. In the light of the given statements, choose the correct alternative from the following: | (C) Both statements 1 and 2 are true. |
| 25. Identify which of the following is not a member nation of G20: | (C) Bangladesh |
| 26. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below: Assertion (A): License Permit Raj was a major obstacle for growth of private sector. Reason (R): Private sector wasted huge amount in obtaining licences, rather than on improving the product, quality and international competitiveness. | (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). |
| 18. In the decade of 1970's, Pakistan nationalised its _________ industry. (Fill up the blank with correct alternative.) | (C) Capital goods |
CBSE Class 12 Economics Answer Key 2024 for QP Code: 58/4/3 (Set 3)
The following table displays CBSE Class 12 Economics Answer Key 2024 for QP Code 58/4/3:
| Question Number | CBSE conomics Answer Key 2024 for QP Code 58/4/3 (Set 3) |
| 1. Arrange the following in the correct sequential order, if the government of a nation is trying to curtail the situation of inflationary gap : (i) Decrease in disposable income (ii) Increase in taxes (iii) Decrease in Aggregate Demand | (D) (ii), (i), (iii) |
| 2. Read the following statements carefully: Statement 1: Consumption and Savings are the components of National output of an economy. Statement 2: Higher level of Income often leads to lower savings. In the light of the given statements, choose the correct alternative from the following: | (A) Statement 1 is true and Statement 2 is false. |
| 3. From the given table, identify that level of income, where Average Propensity to Save (APS) becomes Zero. | (B) 100 |
| 4. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below : Assertion (A): Real Gross Domestic Product is a better indicator of economic growth of a nation as compared to Nominal Gross Domestic Product. Reason (R): Real Gross Domestic Product measures the value of goods and services at current year prices. | (C) Assertion (A) is true, but Reason (R) is false. |
| 5. Identify the incorrect feature(s) of the Money Supply in an economy, from the following: (i) It is measured during a period of time. (ii) It includes stock of money held by the government of a nation. (iii) It always represents the currency held with Central Bank of the Nation. | (D) (i), (ii), and (iii) |
| 6. Under the _________ Exchange Rate System, the Central Bank can control the rise / fall of foreign exchange rate in a range bound manners. | (C) managed floating |
| 7. If a straight line consumption function makes a positive intercept at the Y-axis, it implies that the Marginal Propensity to Consume ___________ and Average Propensity to Consume ___________ as the level of income rises. (Fill up the blanks with correct alternative.) | (B) falls, falls |
| 8. Identify, which of the following is not a source of demand for foreign exchange for Indian economy? | (D) Loans from Rest of the World (ROW) |
| 9. The Central Bank can reduce the Money Supply in the economy by ___________ the __________. (Fill up the blanks with correct alternative.) | (A) increasing, bank rate |
| 10. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below : Assertion (A): Ceteris Paribus, Devaluation of domestic currency leads to an increase in National Income of a nation. Reason (R): Devaluation of domestic currency refers to reduction in the value of domestic currency with respect to foreign currency, under the fixed exchange rate system. | (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). |
| 18. In the decade of 1970's, Pakistan nationalised its _________ industry. (Fill up the blank with correct alternative.) | (C) Capital goods |
| 19. Identify, which of the following is not a correct function of environment? (i) Exclusion of waste (ii) Sustainance of life (iii) Provide aesthetic services | (A) (i) only |
| 20. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below: Assertion (A): The developmental experiences of India and Pakistan have a lot of similarities. Reason (R): Both India and Pakistan laid emphasis on creating a large private sector. | (C) Assertion (A) is true, but Reason (R) is false. |
| 21. ____________ farming is the system that restores, maintains and enhances the ecological balance. (Fill up the blank with correct alternative.) | (C) Organic |
| 22. Economic reforms were introduced in the year _______ in India and in the year _________ in Pakistan. (Fill up the blanks with correct alternative.) | (D) 1991, 1988 |
| 23. Under the British Rule, commercialization of agriculture resulted in the shifting of agricultural production from ___________ crops to ___________ crops. (Fill up the blanks with correct alternative.) | (C) Food, Cash |
| 24. Read the following statements carefully: Statement 1: As per National Sample Survey Organisation (NSSO) unemployment is a situation in which all those who, owing to lack of work, are not working, but seeking work from prospective employers, expressed their willingness to work under the prevailing condition of work and remuneration. Statement 2: Disguised unemployment is generally a massive problem in the highly populated country like India. In the light of the given statements, choose the correct alternative from the following: | (C) Both statements 1 and 2 are true. |
| 25. Read the following statements carefully : Statement 1: China has used the market mechanism to create additional social and economic opportunities for its citizens. Statement 2: In China, Social Infrastructure created by the government brought positive results in human development indicators. In the light of the given statements, choose the correct alternative from the following: | (C) Both statements 1 and 2 are true. |
| 26. Identily, which of the following alternative indicates towards incorrect components combination of Agricultural Marketing System? | (B) Production, Assembling, Processing, Grading |
| 27. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below: Assertion (A): License Permit Raj was a major obstacle for growth of private sector. Reason (R): Private sector wasted huge amount in obtaining licences, rather than on improving the product, quality and international competitiveness. | (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). |
CBSE Class 12 Economics Answer Key 2024 for QP Code: 58/2/1 (Set 1)
The following table displays CBSE Class 12 Economics Answer Key 2024 for QP Code 58/2/1:
| Question Number | CBSE conomics Answer Key 2024 for QP Code 58/2/1 (Set 1) |
| 1. Read the following statements carefully Statement 1 A consumption function describes the relationship between consumption and savings. Statement 2 Consumption function consists of two components autonomous consumption and induced consumption. In the light of the given statements, choose the correct alternative from the following | (B) Statement 1 is false and Statement 2 is true |
| 2. Identify which of the following is not one of the merits of fixed exchange rate system. | (D) Coordination of macroeconomic policies becomes convenient |
| 3. Identify which of the following will appear on the debit side in the Capital Account of India's Balance of Payments. | (B) Investing in assets abroad by Indians |
| 4. Study the following figure carefully and cheese the correct alternative to fill in the blank: | (B) Trade of Services |
| 5. Read the following statements carefully: Statement 1: Economic territory and political frontier of a nation are one and the same thing. Statement 2: American Embassy in India is a part of the economic territory of India. In the light of the given statements, choose the correct alternative from the following. | (D) Both statements 1 and 2 are false. |
| 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. In the light of the given statements, choose the correct alternative from the following. | (C) Both statements 1 and 2 are true. |
| 7. Suppose in an imaginary economy, autonomous consumption = ₹ 500 crore and marginal propensity to consume = 0.8. The saving function for the economy would be _________. (Choose the correct alternative to fill in the blank) | (D) (–) 500 + 0.2Y |
| 8. Read the following statements: Assertion (A) and Reason (R). Choose the orrect 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. | (D) Assertion (A) is false, but Reason (R) is true. |
| 9. Identify the incorrect statement with reference to the Cash Reserve Ratio. | (C) It is not binding on the Commercial Bank. |
| 10. Read the following statements: Assertion (A) and Reason (R). Choose the orrect 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. | (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). |
| 18. During the British rule, India's foreign trade had various features except ________. (Choose the correct alternative to fill in the blank) | (C) Free trade from India to the rest of the world |
| 19. China was able to control its rapid population growth rate owing to __________. (Choose the correct alternative to fill in the blank) | (B) One-Child Policy |
| 20. Modernization is an important economic planning objective that focuses on _______. (Choose the correct alternative to fill in the blank) 1 (i) Adoption of innovative technology (ii) Equal distribution of income and wealth (iii) Bringing positive changes in the social outlook | (D) (i), (ii) and (iii) |
| 21. The present day rapid industrial growth in China can be 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 Zones | (C) (i) and (ii) |
| 22. ____________ farming is the system that restores, maintains and enhances the ecological balance. (Fill up the blank with correct alternative.) | (C) Organic |
| 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. In the light of the given statements, choose the correct alternative from the following: | (A) Statement 1 is true and Statement 2 is false. |
| 24. Identify the sources of Human Capital Formation and choose the correct alternative to fill in the blanks. | (D) Expenditure on Health and Expenditure on Migration |
| 25. From the type of workers given in Column I, identify the correct nature of work in Column II : Column I 1. Cement shop owner 2. Construction worker 3. Civil engineer Column II (i) Regular salaried (ii) Casual wage workers (iii) Self-employed | (C) 1 - (iii), 2 - (ii), 3 - (i) |
| 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- | (B) (ii) and (iii) |
| 27. Read the following statements: Assertion (A) and 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 a situation where an economy is able to produce more goods and services without generating additional employment. | (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). |
CBSE Class 12 Economics 2024: Analysis and Question Paper
The analysis and question paper for CBSE Class 12 Economics 2024 held on March 18, 2024, can be checked at the following links:
CBSE Class 12 Answer Key 2024 Links |
The question papers for the respective day-wise exams are available at the links below:
| Subject | CBSE 12th Answer Key 2024 Link |
| Computer Science | CBSE Class 12 Computer Science Answer Key 2024 |
| Informatics Practices | CBSE Class 12 Informatics Practices Answer Key 2024 |
| Sociology | CBSE Class 12 Sociology Answer Key 2024 |
| History | CBSE Class 12 History Answer Key 2024 |
| Business Studies | CBSE Class 12 Business Studies Answer Key 2024 |
| Accountancy | CBSE Class 12 Accountancy Answer Key 2024 |
| Biology | CBSE Class 12 Biology Answer Key 2024 |
| Physical Education | CBSE Class 12 Physical Education Answer Key 2024 |
| Home Science | CBSE Class 12 Home Science Answer Key 2024 |
| Mathematics | CBSE Class 12 Mathematics Answer Key 2024 |
| Physics | CBSE Class 12 Physics Answer Key 2024 |
| Geography | CBSE Class 12 Geography Answer Key 2024 |
| Chemistry | CBSE Class 12 Chemistry Answer Key 2024 |
| English Core | CBSE Class 12 English Core Answer Key 2024 |
| Hindi | CBSE Class 12 Hindi Core Answer Key 2024 |
| Biotechnology | CBSE Class 12 Biotechnology Answer Key 2024 |
| Entrepreneurship | CBSE Class 12 Entrepreneurship Answer Key 2024 |
CBSE Class 12 2024 Weightage Subject-Wise |
Access CBSE Class 12 weightage 2024 for the upcoming papers here in the given table:
| Subject | Weightage Link |
| Political Science | CBSE Class 12 Political Science Weightage 2024 |
| Business Studies | CBSE Class 12 Business Studies Weightage 2024 |
| History | CBSE Class 12 History Weightage 2024 |
| Sociology | CBSE Class 12 Sociology Weightage 2024 |
| Computer Science | CBSE Class 12 Computer Science Weightage 2024 |
| Informatics Practices | CBSE Class 12 Informatics Practices Weightage 2024 |
Keep visiting CollegeDekho for the latest Education News on entrance exams, board exams and admissions. You can also write to us at our email ID news@collegedekho.com.