CBSE Board Class 12 Economics Answer Key 2024 and Question Papers, Download PDF All SETs

The Central Board of Secondary Education (CBSE) conducted the Class 12 Economics board exam today, March 18, 2024. The exam was conducted between 10.30 am to 1.30 pm.

Now, as the exam is over, we bring you post-exam review, paper analysis and student feedback on the difficulty level of CBSE Class 12 Economics exam 2024. Compare your answers with the CBSE Class 12 Economics Question Paper 2024 Solved PDF available on this page.

 👉 Question paper

CBSE Class 12 Economics Exam 2024 Key Highlights

Check some important information related to the CBSE Class 12 Economics Board Exam 2024 in the table below. 

CBSE Class 12 Economics Paper Review 2024

Here, you can check the CBSE Class 12 Economics exam review 2024 where you will find discussions on today’s CBSE Class 12 Economics paper 2024. Get to know about the overall difficulty level of the question paper, section-wise challenges present in the paper, types of questions and level of questions, were there any previous year questions, and a lot more. 

• The question paper was difficult. It would fall under moderate to difficult category
• The question paper format was aligned to the format of the sample paper, released by the board
• There were no out-of-syllabus questions
• Macro Economics and Indian Economic Development were equally tough and easy at the same time
• MCQs from both sections were direct in nature but challenging
• Assertion Reasoning was tricky 
• The question paper was lengthy in nature
• A lot of competency-based questions were a part of the paper such as Assertion Reasoning, Image Based Questions, Case Studies, and more
• The paper also comprised of easy and direct questions that could be answered without giving a second thought

CBSE Class 12 Economics Paper Review 2024: Students’ Reactions

Know what students think about today’s CBSE Class 12 Economics Board Paper 2024 in detail. Check the challenges, section-wise division, and a lot more. 

• Challenging Areas in Economics Questions: Assertion-Reasoning, Descriptive Type Answers, Image-Based Questions, MCQs, Numericals
• Type of Questions asked in Today’s Economics Exam: MCQs, Assertion-Reasoning, Image-Based Questions, Case Study, Short Answer Type Questions, Long Answer Type Questions
• Section-wise Class 12 Economics Exam Review: Section A and B comprised of similar questions.MCqs were average, short answer type questions were moderately challenging, and long answer questions were average

CBSE Class 12 Economics Paper Analysis 2024 – Experts’ Review

Know what experts think about the CBSE Class 12 Economics Paper 2024 in detail here. Check their opinion on the difficulty level of the paper, challenges, and more. 

• Experts have opined that the question paper was difficult. 
• Every question was picked from the syllabus, there was no out-of-syllabus question
• There were a lot of competency-based questions thus ensuring practical applications of the theoretical concepts in the question paper
• The question paper could fall under moderate to difficult category
• There was a good mixture of easy and challenging questions where students had to read the question and think before answering. This tests the students understanding about the subject and topic

CBSE Class 12 Economics Answer Key 2024

Section A comprises 20 multiple-choice questions (Question 1 to Question 20) of 1 mark each, the answers to which are provided here in tabular format.

Section – A (Macro Economics)

1. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below:

Assertion (A) : Voluntarily unemployed people are those able bodied people who are not willing to work at the prevailing wage rate.

Reason (R) : There exists zero involuntary unemployment at full employment level of equilibrium.

Alternatives :

(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of the Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
(C) Assertion (A) is true, but Reason (R) is false.
(D) Assertion (A) is false, but Reason (R) is true.

Ans. (B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).

2. Identity which of the following statements is incorrect with reference to an economy.

(A) Excess of Gross National Product (GNP) over Gross Domestic Product (GDP) is possible.
(B) Excess of Gross Domestic Product (GDP) over Gross National Product (GNP) is possible.
(C) Equality between Gross National Product (GNP) and Gross Domestic Product (GDP) is possible.
(D) Sum of Gross National Product (GNP) and Gross Domestic Product (GDP) is always equal to zero (0).

Ans. (D) Sum of Gross National Product (GNP) and Gross Domestic Product (GDP) is always equal to zero (0).

3. Inflationary gap in an economy may exist when ____________ at full employment level. (Choose the correct alternative to fill in the blank)

(A) Actual Aggregate Demand > Potential Aggregate Demand
(B) Actual Aggregate Demand < Potential Aggregate Demand
(C) Actual Aggregate Demands ≤ Potential Aggregate Demand
(D) Actual Aggregate Demand = Potential Aggregate Demand 

Ans. (A) Actual Aggregate Demand > Potential Aggregate Demand

4. According to the Reserve Bank of India’s (RBI’s) Statistical Supplement released on 19^th May, 2023:

“India’s foreign exchange reserves grew for the third straight week and reached near an approximate level of $ 600 billion.”

The above situation will ___________ the __________ side of Balance of Payments account of India. (Choose the correct alternative to fill in the blanks)

(A) Increase, Credit
(B) Decrease, Credit
(C) Decrease, Debit
(D) Increase, Debit

Ans. (A) Increase, Credit

5. Read the following statements carefully:

Statement 1 : Reserve ratio and Credit creation process are inversely related.

Statement 2 : Central Bank of an economy performs the vital function of controlling the credit creation process.

In light of the given statements, choose the correct alternative from the following :

(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.

Ans. (C) Both Statements 1 and 2 are true.

6. In order to discourage any fall in Aggregate Demand, the Government of India may ____________ the ____________ . (Choose the correct alternative to fill in the blanks)

(A) decrease, repo rate
(B) increase, reverse repo rate
(C) decrease, government expenditure
(D) decrease, tax rate

Ans. (C) decrease, government expenditure

7. Choose the correct alternative to complete the given schedule :

Alternatives :

(A) 2000, 1620, 20000, 18000
(B) 1800, 180, 2000, 18000
(C) 1620, 180, 2000, 18000
(D) 1800, 1620, 20000, 18000

Ans. (C) 1620, 180, 2000, 18000

8. Identify the correct pair of statements given in Column I with the related terms in Column II :

Alternatives :

(A) 1→ (i)
(B) 2 → (ii)
(C) 3 → (iii)
(D) 4 → (iv)

Ans. (B) 2 → (ii)

9. Read the following statements carefully :

Statement 1 : Constant rate of change of consumption (AC) with respect to change in income (AY), is the reason for the straight line consumption curve.

Statement 2 : Marginal rate of change between consumption and income is defined as Average Propensity to Consume (APC).

In the light of the given statements, choose the correct alternative from the following :

(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.

Ans. (A) Statement 1 is true and Statement 2 is false.

10. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below :

Assertion (A) : In case of an unfavourable Balance of Trade, the Current Account of the nation may be in surplus.

Reason (R) : Net invisible receipts of a nation can exceed the Net visible receipts.

Alternatives :

(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of the Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
(C) Assertion (A) is true, but Reason (R) is false.
(D) Assertion (A) is false, but Reason (R) is true.

Ans. (C) Assertion (A) is true, but Reason (R) is false.

Section – B (Indian Economics Development)

18. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below :

Assertion (A): The agricultural sector under the British rule was primarily the base of the sectoral growth of India.

Reason (R) : British rulers wanted to take maximum advantage of the Indian agricultural output, for growth of industries in England.

Alternatives :

(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of the Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
(C) Assertion (A) is true, but Reason (R) is false.
(D) Assertion (A) is false, but Reason (R) is true.

Ans. (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of the Assertion (A).  

19. Identify which of the following alternatives are not true with reference to the Chinese economy.

(i) In 1958, communes were established.
(ii) In the foreign sector, Special Economic Zones (SEZ) were set up.
(!!!) Better health facilities reduced mortality rate in China.

Alternatives :

(A) (i) and (ii)
(B) (ii) and (iii)
(C) (i), (ii) and (iii)
(D) (i) and (iii)

Ans. (D) (i) and (iii)

20. Which of the following is/are not an objective of regulated agricultural market ?

(i) To discourage improvement of marketing infrastructure for farmers.
(ii) To make marketing systems efficient and effective for farmers to get best price for their products.
(iii) To discourage farmers to improve the quantity and quality of their produce.

Alternatives :

(A) (i) and (iii)
(B) (ii) and (iii)
(C) (i) only
(D) (ii) only

Ans. (A) (i) and (iii)

21. Read the following statements carefully :

Statement 1 : Land ceiling was one of the Government policies to promote equity in the agriculture sector.

Statement 2 : Land reforms resulted in abolition of the Zamindari system in the post independence period.

In light of the given statements, choose the correct alternative from the following :

(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.

Ans. (B) Statement 1 is false and Statement 2 is true.

22. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative given below:

Assertion (A) : Goods and Services Tax (GST) was implemented by the Government of India on 8th November, 2016.

Reason (R) : GST was introduced to implement a unified indirect tax system in India.

Alternatives :

(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of the Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
(C) Assertion (A) is true, but Reason (R) is false.
(D) Assertion (A) is false, but Reason (R) is true.

Ans. (C) Assertion (A) is true, but Reason (R) is false.  

23. Identify which of the following is not a member nation of G20.

(A) Argentina
(B) Australia
(C) Brazil
(D) Bangladesh

Ans. (D) Bangladesh

24. Production of varied forms of crops against one specialised crop is called diversification of ______________ . (Choose the correct alternative to fill in the blank)

(A) sectoral occupation
(B) employment structure
(C) crops
(D) industrial production

Ans. (C) crops

25. Identify which of the following is not a Human Development Indicator (HDI).

(A) Life Expectancy at Birth
(B) Adult Literacy Rate
(C) Maternal Mortality Rate
(D) Unemployment

Ans. (C) Maternal Mortality Rate

26. Read the following statements carefully :

Statement 1 : Human development is based on the idea that education and health are integral to human well-being.

Statement 2 : Human capital treats humans as a means to an end.

In light of the given statements, choose the correct alternative from the following :

(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.

Ans. (A) Statement 1 is true and Statement 2 is false.

27. On the basis of the data given below, identify the incorrect statement with reference to annual growth of GDP (%) :

Annual Growth of Gross Domestic Product (%), 1980-2017

Alternatives :

(A) Pakistan and China experienced a fall in growth rate during 2015-2017.
(B) China achieved double-digit growth rate in 1980-1990.
(C) GDP of India accelerated moderately in 2015-2017 period.
(D) Pakistan was ahead of India during 1980-2017 in terms of GDP.

Ans. (D) Pakistan was ahead of India during 1980-2017 in terms of GDP.