{"id":838,"date":"2025-01-12T02:51:11","date_gmt":"2025-01-12T02:51:11","guid":{"rendered":"https:\/\/itxperts.co.in\/blog\/?p=838"},"modified":"2025-01-14T03:44:42","modified_gmt":"2025-01-14T03:44:42","slug":"50-viva-questions-and-answers-for-cbse-class-12th-economics-practical-exam-2024-25","status":"publish","type":"post","link":"https:\/\/itxperts.co.in\/blog\/50-viva-questions-and-answers-for-cbse-class-12th-economics-practical-exam-2024-25\/","title":{"rendered":"50 Viva Questions and Answers for CBSE Class 12th Economics Practical Exam 2024-25"},"content":{"rendered":"\n

The CBSE Class 12th Economics Practical Exam is a crucial component of the overall assessment. To help students prepare effectively, we have compiled a list of 50 important viva questions along with their answers. These questions cover key areas of the syllabus and ensure that you are well-prepared to tackle the viva confidently.<\/p>\n\n\n\n

\n\n\n\n

Part A: Microeconomics<\/strong><\/h3>\n\n\n\n
    \n
  1. What is Microeconomics?<\/strong>
    Microeconomics is the study of individual economic units such as households, firms, and markets.<\/li>\n\n\n\n
  2. What are the central problems of an economy?<\/strong>
    The central problems are what to produce, how to produce, and for whom to produce.<\/li>\n\n\n\n
  3. Define demand.<\/strong>
    Demand refers to the quantity of a good or service that consumers are willing and able to buy at different prices in a given period.<\/li>\n\n\n\n
  4. State the law of demand.<\/strong>
    The law of demand states that other things being equal, as the price of a good falls, its quantity demanded rises, and vice versa.<\/li>\n\n\n\n
  5. What is elasticity of demand?<\/strong>
    Elasticity of demand measures the responsiveness of quantity demanded to a change in price.<\/li>\n\n\n\n
  6. What is meant by marginal utility?<\/strong>
    Marginal utility is the additional satisfaction gained by consuming one more unit of a good.<\/li>\n\n\n\n
  7. Explain the concept of indifference curve.<\/strong>
    An indifference curve represents a combination of two goods that provide the consumer with equal satisfaction.<\/li>\n\n\n\n
  8. What is perfect competition?<\/strong>
    Perfect competition is a market structure with many buyers and sellers, homogeneous products, and free entry and exit.<\/li>\n\n\n\n
  9. What are fixed costs?<\/strong>
    Fixed costs are costs that remain constant regardless of the level of production.<\/li>\n\n\n\n
  10. Define producer equilibrium.<\/strong>
    Producer equilibrium occurs when a producer maximizes profit by producing a quantity where marginal cost equals marginal revenue.<\/li>\n<\/ol>\n\n\n\n
    \n\n\n\n

    Part B: Macroeconomics<\/strong><\/h3>\n\n\n\n
      \n
    1. What is Macroeconomics?<\/strong>
      Macroeconomics studies the economy as a whole, focusing on aggregate variables like GDP, inflation, and unemployment.<\/li>\n\n\n\n
    2. What is GDP?<\/strong>
      GDP (Gross Domestic Product) is the total value of all final goods and services produced within a country in a given period.<\/li>\n\n\n\n
    3. What is national income?<\/strong>
      National income is the total income earned by a country\u2019s residents and businesses, including wages, rents, interests, and profits.<\/li>\n\n\n\n
    4. What is fiscal policy?<\/strong>
      Fiscal policy refers to government policies regarding taxation and public expenditure.<\/li>\n\n\n\n
    5. Explain monetary policy.<\/strong>
      Monetary policy involves managing the money supply and interest rates to control inflation and stabilize the economy.<\/li>\n\n\n\n
    6. What is inflation?<\/strong>
      Inflation is the sustained rise in the general price level of goods and services over time.<\/li>\n\n\n\n
    7. Define unemployment.<\/strong>
      Unemployment refers to the situation where people who are willing and able to work cannot find jobs.<\/li>\n\n\n\n
    8. What is balance of payments?<\/strong>
      Balance of payments is a record of all economic transactions between a country and the rest of the world in a specific period.<\/li>\n\n\n\n
    9. What is foreign exchange?<\/strong>
      Foreign exchange refers to the currencies of other countries and the exchange system that facilitates international trade.<\/li>\n\n\n\n
    10. What is the difference between direct tax and indirect tax?<\/strong>
      Direct tax is paid directly to the government by the individual (e.g., income tax), while indirect tax is levied on goods and services (e.g., GST).<\/li>\n<\/ol>\n\n\n\n
      \n\n\n\n

      Part C: Project Work<\/strong><\/h3>\n\n\n\n
        \n
      1. What is the objective of your project?<\/strong>
        (Answer depends on your project\u2019s topic; e.g., analyzing the impact of GST on small businesses.)<\/em><\/li>\n\n\n\n
      2. What methodology did you use for your project?<\/strong>
        (Provide details like surveys, interviews, secondary data analysis, etc.)<\/em><\/li>\n\n\n\n
      3. What are your key findings?<\/strong>
        (Summarize the main results of your project.)<\/em><\/li>\n\n\n\n
      4. How did you collect your data?<\/strong>
        Data was collected through primary sources such as surveys and secondary sources like reports.<\/li>\n\n\n\n
      5. What challenges did you face during the project?<\/strong>
        (Explain challenges like data collection difficulties or time constraints.)<\/em><\/li>\n\n\n\n
      6. What is the significance of your project?<\/strong>
        (Highlight the importance of your project\u2019s findings.)<\/em><\/li>\n\n\n\n
      7. What are the limitations of your study?<\/strong>
        (Discuss any constraints such as sample size or data availability.)<\/em><\/li>\n\n\n\n
      8. How is your project relevant to the economy?<\/strong>
        (Explain how your project addresses real-world economic issues.)<\/em><\/li>\n\n\n\n
      9. What suggestions do you have based on your project?<\/strong>
        (Provide practical recommendations derived from your findings.)<\/em><\/li>\n\n\n\n
      10. Can you explain any one concept used in your project?<\/strong>
        (Choose a key concept, e.g., elasticity, to explain.)<\/em><\/li>\n<\/ol>\n\n\n\n
        \n\n\n\n

        General Questions<\/strong><\/h3>\n\n\n\n
          \n
        1. What is the role of the Reserve Bank of India?<\/strong>
          The RBI regulates the country\u2019s monetary policy, issues currency, and maintains financial stability.<\/li>\n\n\n\n
        2. What is the difference between microeconomics and macroeconomics?<\/strong>
          Microeconomics focuses on individual units, while macroeconomics examines the economy as a whole.<\/li>\n\n\n\n
        3. What are the different types of market structures?<\/strong>
          Perfect competition, monopoly, monopolistic competition, and oligopoly.<\/li>\n\n\n\n
        4. What is opportunity cost?<\/strong>
          Opportunity cost is the value of the next best alternative forgone.<\/li>\n\n\n\n
        5. What are public goods?<\/strong>
          Public goods are non-excludable and non-rivalrous, such as street lighting.<\/li>\n\n\n\n
        6. Explain the concept of supply.<\/strong>
          Supply refers to the quantity of a good that producers are willing to sell at different prices in a given period.<\/li>\n\n\n\n
        7. What is the Phillips Curve?<\/strong>
          The Phillips Curve shows the inverse relationship between inflation and unemployment.<\/li>\n\n\n\n
        8. What is deficit financing?<\/strong>
          Deficit financing occurs when a government spends more than its revenue and covers the gap by borrowing.<\/li>\n\n\n\n
        9. What is the law of diminishing marginal utility?<\/strong>
          As more units of a good are consumed, the additional satisfaction from consuming each additional unit decreases.<\/li>\n\n\n\n
        10. What is the multiplier effect?<\/strong>
          The multiplier effect refers to the increase in final income arising from an initial injection of spending.<\/li>\n<\/ol>\n\n\n\n
          \n\n\n\n

          Practical and Case-Based Questions<\/strong><\/h3>\n\n\n\n
            \n
          1. Can you interpret this demand schedule?<\/strong>
            (Be prepared to analyze a given schedule.)<\/em><\/li>\n\n\n\n
          2. What are the factors affecting demand?<\/strong>
            Income, tastes, prices of related goods, expectations, etc.<\/li>\n\n\n\n
          3. Explain the law of supply with an example.<\/strong>
            As the price of a good rises, its supply increases, e.g., agricultural products.<\/li>\n\n\n\n
          4. What is the relationship between cost and revenue?<\/strong>
            Costs are expenses incurred, while revenue is income earned from sales.<\/li>\n\n\n\n
          5. Can you analyze this economic graph?<\/strong>
            (Practice interpreting graphs like demand curves or GDP trends.)<\/em><\/li>\n\n\n\n
          6. What is the importance of data in economics?<\/strong>
            Data helps in making informed decisions and analyzing trends.<\/li>\n\n\n\n
          7. What is sustainable development?<\/strong>
            Development that meets current needs without compromising future generations.<\/li>\n\n\n\n
          8. What is the role of government in a mixed economy?<\/strong>
            The government regulates and intervenes while allowing private enterprises to operate.<\/li>\n\n\n\n
          9. What is the significance of the circular flow of income?<\/strong>
            It illustrates the movement of income between households and firms in an economy.<\/li>\n\n\n\n
          10. What are the basic assumptions in economics?<\/strong>
            Rational behavior, scarcity of resources, and optimization.<\/li>\n<\/ol>\n\n\n\n
            \n\n\n\n

            Preparing these questions will ensure you are confident and well-prepared for your Economics viva. Remember to revise your project thoroughly and stay calm during the exam. Good luck!<\/p>\n","protected":false},"excerpt":{"rendered":"

            The CBSE Class 12th Economics Practical Exam is a crucial component of the overall assessment. To help students prepare effectively, we have compiled a list of 50 important viva questions along with their answers. These questions cover key areas of the syllabus and ensure that you are well-prepared to tackle the viva confidently. Part A: […]<\/p>\n","protected":false},"author":1,"featured_media":857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"googlesitekit_rrm_CAow44u0DA:productID":"","footnotes":""},"categories":[169],"tags":[166],"class_list":["post-838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-viva","tag-viva"],"acf":[],"yoast_head":"\n50 Viva Questions and Answers for CBSE Class 12th Economics Practical Exam 2024-25 - Itxperts<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/itxperts.co.in\/blog\/50-viva-questions-and-answers-for-cbse-class-12th-economics-practical-exam-2024-25\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"50 Viva Questions and Answers for CBSE Class 12th Economics Practical Exam 2024-25 - Itxperts\" \/>\n<meta property=\"og:description\" content=\"The CBSE Class 12th Economics Practical Exam is a crucial component of the overall assessment. 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To help students prepare effectively, we have compiled a list of 50 important viva questions along with their answers. These questions cover key areas of the syllabus and ensure that you are well-prepared to tackle the viva confidently. 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