Skip to content
← Economics

Economics · Class 12 Commerce

Bihar Bseb Class 12 Economics — Real Previous-Year Papers

with complete answers

Real previous-year board papers, year by year — the official exam pattern, the full question paper, and every question solved the concept-first way. Distinct from the chapter-wise textbook bank.

2024–2025
Years of papers
2
Total Papers
2
Real Board Papers
0
Sample papers
276
Real-paper Q & A
0
Sample-paper Q & A

Real board-paper questions available, by year

138 Q2025complete
138 Q2024complete

BSEB Bihar Intermediate (Class-12) Commerce Board 2025 · Set ANNUAL

Real board examination

This paper has 9 questions on a topic removed in CBSE’s 2023-24 syllabus update (each marked Not in syllabus). It’s kept for historical accuracy — the exam really asked it that year — but isn’t in the current syllabus and doesn’t count toward a concept’s importance. Switch to to focus on what’s still examinable.

About this paper

The real Class-12 board examination held in 2025. Every question below is solved the concept-first way. Sample papers are labelled honestly — never shown as a past exam.

Total marks
—
Questions
—
Duration
—
Sections
—

The marks / questions / duration above are the official exam pattern. We currently have 138 of this paper’s questions, with 138 fully solved. Questions we couldn’t yet extract or verify are held — never shown as complete.

The question paper

The questions we hold for this paper, laid out by section. Solutions are on the Answers tab.

Board Examination

Economics

BSEB Bihar Intermediate (Class-12) Commerce Board 2025 · Set ANNUAL

Series/Set: ANNUALRoll No. ________
Time Allowed: —Maximum Marks: —
Section A

Q1.
Into how many periods has Marshall divided production time on the basis of supply? (A) Two (B) Three (C) Four (D) Seven
[1]
Q2.
Market price is found in (A) Very short period market (B) Long period market (C) Very long period market (D) None of these
[1]
Q3.
In very short period, supply will be (A) perfectly elastic (B) perfectly inelastic (C) elastic (D) none of these
[1]
Q4.
In equilibrium situation (A) The amount to be sold is equal to the amount to be purchased (B) Market supply is equal to market demand (C) Neither the firm nor the consumer wants to be destabilised (D) All of these
[1]
Q5.
Price of a good is determined at a point where (A) Demand of the commodity is high (B) Supply of the commodity is high (C) Demand of the commodity and supply of the commodity are equal (D) None of these
[1]
Q6.
Which of the following statements is correct? (A) The demand for labour comes from producers (B) Demand of labour depends on its productivity (C) MPL = TPL - TP(L-1) (D) All of these
[1]
Page 1 of 16
Q7.
Due to price ceiling, what situation arises in the market? (A) Quantity demanded > Quantity supplied (B) Demand will be larger and deficiency in goods will remain (C) Black marketing is possible (D) All of these
[1]
Q8.
For every market, which condition has to be fulfilled for firm's equilibrium? (A) AR = MC (B) MR = MC (C) MC curve intersects the MR curve from below (D) Both (B) and (C)
[1]
Q9.
Which of the following is the reason for a decrease in supply? (A) Increase in production cost (B) Increase in the prices of substitutes (C) Fall in number of firms in the industry (D) All of these
[1]
Q10.
Which of the following is a stock? (A) Wealth (B) Saving (C) Export (D) None of these
[1]
Q11.
Which one of the following is a component of profit? (A) Dividend (B) Undistributed profit (C) Corporate profit tax (D) All of these
[1]
Q12.
Which one of the following is the difficulty of Barter system? (A) Lack of double coincidence (B) Difficulty in division of the goods (C) Lack of general acceptable measure of value (D) All of these
[1]
Q13.
Which one of the following is included in the primary function of money? (A) Medium of exchange (B) Measure of value (C) Both (A) and (B) (D) Store of value
[1]
Q14.
The functions of money include (A) value determination (B) store of value (C) means of exchange (D) all of these
[1]
Q15.
Which of the following is the secondary function of commercial banks? (A) Agency function (B) General utility function (C) Social function (D) All of these
[1]
Q16.
Commercial banks (A) issue currency notes (B) accept deposits from customers (C) provide loan to customers (D) both (B) and (C)
[1]
Page 2 of 16
Q17.
Commercial banks create credit by (A) advancing loans (B) purchasing securities (C) both (A) and (B) (D) none of these
[1]
Q18.
Which of the following statements is true? (A) Central bank is the apex bank of the country (B) The government has the ownership of central bank (C) Central bank regulates the entire banking system in the country (D) All of these
[1]
Q19.
Central bank controls credit through (A) bank rate (B) open market operations (C) CRR (D) all of these
[1]
Q20.
The major objective(s) of monetary policy is/are (A) increase in output and employment (B) stability in foreign exchange rate (C) price stability (D) all of these
[1]
Q21.
In Keynesian viewpoint the equilibrium level of income and employment in the economy will be established where (A) AD > AS (B) AS > AD (C) AD = AS (D) None of these
[1]
Q22.
Keynes theory is associated with (A) Effective propensity to demand (B) Propensity to consume (C) Propensity to save (D) All of these
[1]
Q23.
Keynes multiplier theory establishes the relationship between (A) Investment and total income (B) Income and consumption (C) Saving and investment (D) None of these
[1]
Q24.
Multiplier can be expressed through which of the following formulae? (A) K = DeltaS/DeltaI (B) K = DeltaY/DeltaI (C) K = I - S (D) None of these
[1]
Q25.
Which of the following is included in the qualitative method of controlling credit? (A) Change in marginal requirement of loans (B) Credit rationing (C) Direct action (D) All of these
[1]
Q26.
Which of the following monetary measures may be adopted to correct deficient demand? (A) Reduction in bank rate (B) Buying securities in open market (C) Reducing cash reserve ratio (D) All of these
[1]
Page 3 of 16
Q27.
Which fiscal measure is to be adopted in correcting inflationary gap? (A) Reduction in public expenditure (B) Tax increase (C) Increase in public debts (D) All of these
[1]
Q28.
Financial year in India is (A) April 1 to March 31 (B) January 1 to December 31 (C) October 30 to September 1 (D) None of these
[1]
Q29.
Which of the following is a component of Budget? (A) Budget Receipts (B) Budget Expenditure (C) Both (A) and (B) (D) None of these
[1]
Q30.
Which of the following is a component of Budget Receipts? (A) Revenue Receipts (B) Capital Receipts (C) Both (A) and (B) (D) None of these
[1]
Q31.
Macroeconomics studies (A) Full employment (B) Aggregate price level (C) Gross National Product (D) All of these
[1]
Q32.
Which of the following is studied under macroeconomics? (A) National income (B) Full employment (C) Total production (D) All of these
[1]
Q33.
Which one of the following is included in circular flow? (A) Real flow (B) Monetary flow (C) Both (A) and (B) (D) None of these
[1]
Q34.
Which one of the following is included in stock? (A) Quantity of money (B) Wealth (C) Quantity of wheat stored in warehouse (D) All of these
[1]
Q35.
Which of the following is included in real flow? (A) Flow of goods (B) Flow of services (C) Both (A) and (B) (D) None of these
[1]
Q36.
Which one is true? (A) GNP = GDP + Depreciation (B) NNP = GNP + Depreciation (C) NNP = GNP - Depreciation (D) GNP = NNP - Depreciation
[1]
Q37.
What is consumption of fixed capital called? (A) Capital formation (B) Depreciation (C) Investment (D) All of these
[1]
Page 4 of 16
Q38.
Which of the following affects national income? (A) Goods and services tax (B) Corporation tax (C) Subsidies (D) All of these
[1]
Q39.
Which one of the following services is included in secondary sector? (A) Insurance (B) Manufacturing (C) Trade (D) Banking
[1]
Q40.
Which one is included in primary sector? (A) Land (B) Forest (C) Mining (D) All of these
[1]
Q41.
Microeconomics includes (A) individual unit (B) small variables (C) individual price determination (D) all of these
[1]
Q42.
Microeconomics studies (A) Product price determination (B) Factor price determination (C) Economic welfare (D) All of these
[1]
Q43.
Who was the father of Economics? (A) J. B. Say (B) Malthus (C) Adam Smith (D) Joan Robinson
[1]
Q44.
Which of the following statements is true? (A) Human wants are infinite (B) Resources are limited (C) Scarcity problem gives birth to choice (D) All of these
[1]
Q45.
To which factor, is economic problem basically related to? (A) Choice (B) Consumer's selection (C) Firm selection (D) None of these
[1]
Q46.
Which economy has a co-existence of private and public sectors? (A) Capitalist (B) Socialist (C) Mixed (D) None of these
[1]
Q47.
Which of the following is a characteristic of utility? (A) Utility is a psychological phenomenon (B) Utility is subjective (C) Utility is a relative concept (D) All of these
[1]
Q48.
Consumer's behaviour is studied in (A) Microeconomics (B) Macroeconomics (C) Income theory (D) None of these
[1]
Page 5 of 16
Q49.
Who basically propounded the concept of Law of Equimarginal utility? (A) Marshall (B) Gossen (C) Ricardo (D) Mill
[1]
Q50.
The capacity of a commodity to satisfy human wants is (A) Consumption (B) Utility (C) Quality (D) Taste
[1]
Q51.
For controlling inflation, bank rate is (A) increased (B) decreased (C) kept constant (D) is made zero
[1]
Q52.
Where is the headquarters of RBI? (A) New Delhi (B) Mumbai (C) Kolkata (D) Chennai
[1]
Q53.
14 big scheduled commercial banks in India were nationalised in (A) 1949 (B) 1955 (C) 1969 (D) 2000
[1]
Q54.
Narasimham Committee Report is related to reform of which of the following? (A) Taxation reform (B) Administrative reform (C) Banking reform (D) Trade reform
[1]
Q55.
How many banks were nationalised on April 15, 1980? (A) 20 (B) 6 (C) 8 (D) 10
[1]
Q56.
"Supply creates its own demand." Who propounded this law? (A) J. B. Say (B) J. S. Mill (C) Keynes (D) Ricardo
[1]
Q57.
Effective demand is dependent on (A) Aggregate demand (B) Aggregate supply (C) Both (A) and (B) (D) None of these
[1]
Q58.
If MPC is 0.2, then MPS will be (A) 0.8 (B) 0.2 (C) 0.4 (D) -0.2
[1]
Q59.
Average propensity to consume is equal to (A) DeltaC/DeltaY (B) S + C (C) C/Y (D) S/Y
[1]
Page 6 of 16
Q60.
Which one of the following is the determining factor of equilibrium income in Keynesian viewpoint? (A) Aggregate demand (B) Aggregate supply (C) Both (A) and (B) (D) None of these
[1]
Q61.
Which element is essential for demand? (A) Desire to consume (B) Given price (C) Willingness to spend factor (D) All of these
[1]
Q62.
In which type of goods, price fall does not make any increase in demand? (A) Necessary goods (B) Comfort goods (C) Luxurious goods (D) None of these
[1]
Q63.
For normal goods, Law of Demand states the ............ relationship between price of goods and quantity of goods. (A) Direct (B) Positive (C) Inverse (D) None of these
[1]
Q64.
The examples of substitute goods are (A) Tea and sugar (B) Shoes and socks (C) Pen and ink (D) Tea and coffee
[1]
Q65.
Price elasticity of demand for Giffen goods is (A) Negative (B) Positive (C) Zero (D) None of these
[1]
Q66.
The factor affecting elasticity of demand is (A) Nature of goods (B) Price level (C) Income level (D) All of these
[1]
Q67.
If the demand for a good changes by 60% due to 40% change in price, the elasticity of demand will be (A) 0.5 (B) -1.5 (C) 1 (D) 0
[1]
Q68.
Which of the following laws explains the short-run production function? (A) Law of demand (B) Law of variable proportion (C) Law of returns to scale (D) Elasticity of demand
[1]
Q69.
In which stage of production a rational producer likes to operate in the condition short-run production? (A) First stage (B) Second stage (C) Third stage (D) None of these
[1]
Page 7 of 16
Q70.
Which factors among the following we find in short-run production process? (A) Fixed factors (B) Variable factors (C) Both (A) and (B) (D) None of these
[1]
Q71.
Firm gets profit when (A) AR > AC (B) AC > AR (C) AR = AC (D) None of these
[1]
Q72.
Supply is associated with which of the following? (A) A time period (B) Price (C) Both (A) and (B) (D) None of these
[1]
Q73.
Which of the following functions shows the Law of Supply? (A) S = f(P) (B) S = f(1/P) (C) S = f(Q) (D) None of these
[1]
Q74.
The measurement of the elasticity of supply is made known as (A) (DeltaQs/Qs) / (DeltaP/P) (B) (Qs/DeltaP) x (1/P) (C) (Qs/DeltaQs) x DeltaP (D) (DeltaP/Qs) x (P/DeltaQs)
[1]
Q75.
The elasticity of a straight line supply curve originating from the origin of the axes is (A) Less than unity (B) Greater than unity (C) Equal to unity (D) Equal to zero
[1]
Q76.
Under ceteris paribus if the quantity supplied of a good increases by 6% due to an increase in its price by 5% then what will be the value of price elasticity of supply of the good? (A) 30 (B) 0.83 (C) 1.2 (D) 2
[1]
Q77.
Market situation where there is only one buyer is (A) Monopoly (B) Monopsony (C) Duopoly (D) None of these
⚠ This question is not in the current syllabus — Non-competitive market forms (monopsony/monopoly) belong to the 'Non-Competitive Markets' chapter, which is present in t
[1]
Q78.
In which market is product differentiation found? (A) Pure competition (B) Perfect competition (C) Monopoly (D) Monopolistic competition
⚠ This question is not in the current syllabus — Monopolistic competition belongs to the 'Non-Competitive Markets' chapter, present in the menu without concept entries;
[1]
Q79.
The concept of monopolistic competition is given by (A) Hicks (B) Chamberlin (C) Mrs. Robinson (D) Samuelson
⚠ This question is not in the current syllabus — Monopolistic competition belongs to the 'Non-Competitive Markets' chapter, present in the menu without concept entries;
[1]
Page 8 of 16
Q80.
What is the type of demand curve of monopoly? (A) Inelastic (B) Elastic (C) Perfectly elastic (D) Perfectly inelastic
⚠ This question is not in the current syllabus — Monopoly belongs to the 'Non-Competitive Markets' chapter, present in the menu without concept entries; mapped to the cl
[1]
Q81.
What will be the investment multiplier if MPC is 0.2? (A) 200 (B) 5 (C) 2 (D) 1.25
[1]
Q82.
Foreign exchange rate is determined by (A) Demand of foreign currency (B) Supply of foreign currency (C) Demand and supply in foreign exchange market (D) None of these
[1]
Q83.
Who determines the foreign exchange rate? (A) Government (B) Bargaining (C) World Bank (D) Demand and supply forces
[1]
Q84.
During Breton Woods system most countries had (A) Fixed Exchange Rate (B) Pegged Exchange Rate (C) Both (A) and (B) (D) None of these
[1]
Q85.
Which one of the following is included in the invisible items of balance of payment? (A) Banking (B) Shipping (C) Communication (D) All of these
[1]
Q86.
Which one of the following is included in the item of Capital Account? (A) Government transaction (B) Private transaction (C) Foreign Direct Investment (D) All of these
[1]
Q87.
Which of the following does not come in Capital Account? (A) Government transaction (B) Direct investment (C) Unilateral transfer (D) None of these
[1]
Q88.
The formula for deflationary gap is (A) Potential GDP - Actual GDP (B) Potential GDP + Actual GDP (C) Both (A) and (B) (D) None of these
[1]
Q89.
Which of the following is a reason of appearing surplus demand? (A) Increase in public expenditure (B) Increase in money supply (C) Fall in taxes (D) All of these
[1]
Page 9 of 16
Q90.
The difference between aggregate demand at above full employment and aggregate demand at full employment expresses (A) Inflationary gap (B) Deflationary gap (C) Both (A) and (B) (D) None of these
[1]
Q91.
What is/are the factor(s) of production? (A) Land (B) Labour (C) Capital (D) All of these
[1]
Q92.
With the increase in production the difference between total and total fixed cost (A) remains constant (B) increases (C) decreases (D) both increases and decreases
[1]
Q93.
Which of the following factors are there in short-run production process? (A) Fixed factors (B) Variable factors (C) Both (A) and (B) (D) None of these
[1]
Q94.
The alternative name of opportunity cost is (A) Economic cost (B) Equilibrium price (C) Marginal cost (D) Average cost
[1]
Q95.
TFC + TVC = ? (A) Total cost (B) Average cost (C) Marginal cost (D) None of these
[1]
Q96.
In which market may Marginal Revenue become zero or negative? (A) Monopoly (B) Monopolistic competition (C) Both (A) and (B) (D) Perfect competition
⚠ This question is not in the current syllabus — Monopoly and monopolistic competition fall under Non-Competitive Markets, which the serving menu treats as out-of-scope
[1]
Q97.
Which of the following will be true for both Monopoly and Monopolistic competition? (A) P > MR (B) P = MR (C) P = MC (D) P = AC
⚠ This question is not in the current syllabus — Price/MR relationship under monopoly and monopolistic competition (non-competitive markets, treated as out-of-scope in t
[1]
Q98.
Average Revenue equals to (A) Total revenue divided by the quantity produced (B) Price (C) Both (A) and (B) (D) None of these
[1]
Q99.
The necessary condition for a firm's equilibrium is (A) MR = MC (B) MR > MC (C) MR < MC (D) MR = MC = 0
[1]
Q100.
Net profit = ? (A) TR - TC (B) MR + MC (C) Both (A) and (B) (D) None of these
[1]
Page 10 of 16
Section B

Q1.
Define secondary sector of the economy.
⚠ This question is not in the current syllabus — Sectors of the economy (primary/secondary/tertiary) is general macro background; the serving menu has no dedicated 'sect
[2]
Q2.
What do you mean by Gross Domestic Product?
[2]
Q3.
Give two examples each for Consumption goods and Capital goods.
[2]
Q4.
Mention two contingent functions of money.
[2]
Q5.
What do you mean by Demand deposits?
[2]
Q6.
What is Statutory Liquidity Ratio (SLR)?
[2]
Q7.
When the second Narasimham Committee was appointed?
⚠ This question is not in the current syllabus — Factual item on Indian banking-sector reforms (Narasimham Committee); the serving menu has no dedicated reforms concept,
[2]
Q8.
What is meant by aggregate demand?
[2]
Page 11 of 16
Q9.
What is Say's law of market?
[2]
Q10.
What is meant by Fixed cost?
[2]
Q11.
Explain the relation between Total Revenue and Marginal Revenue.
[2]
Q12.
What is meant by producer's equilibrium?
[2]
Q13.
What is Investment Multiplier?
[2]
Q14.
What is meant by recession?
[2]
Q15.
What is meant by Fiscal policy?
[2]
Q16.
Define market equilibrium.
[2]
Q17.
What are the two forces in determining the price of the goods?
[2]
Page 12 of 16
Q18.
Define flow.
[2]
Q19.
What is meant by demand?
[2]
Q20.
When the elasticity of demand is unitary?
[2]
Q21.
What is meant by production function?
[2]
Q22.
Define Government Budget.
[2]
Q23.
State two sources of supply of foreign exchange.
[2]
Q24.
Which items are included in balance of trade?
[2]
Q25.
What is Market Supply?
[2]
Q26.
Mention the four determinants of elasticity of supply.
[2]
Page 13 of 16
Q27.
Define perfect competition.
[2]
Q28.
What is economic activity?
[2]
Q29.
What do you mean by Mixed Economic System?
[2]
Q30.
Define Utility.
[2]
Section C

Q1.
Explain the importance of the study of Microeconomics.
[5]
Q2.
Explain the Law of Demand. What are its assumptions?
[5]
Page 14 of 16
Q3.
Define supply. Mention the causes which determine the supply of a commodity.
[5]
Q4.
What is Monopoly? What are its main features?
⚠ This question is not in the current syllabus — Monopoly belongs to Non-Competitive Markets, which the serving menu marks out-of-scope (no dedicated concept); mapped to
[5]
Q5.
What is meant by Macroeconomics? Discuss its scope.
[5]
Q6.
Explain the importance of National Income.
[5]
Q7.
What are the main functions of money?
[5]
Page 15 of 16
Q8.
Define central bank and explain its functions.
[5]
Page 16 of 16