CBSE Class 12 2025 Economics 58-7-1 Question Paper Set-1: Download Solutions with Answer Key

CBSE CLASS XII Questions

• 1.

  Refer the given text carefully: According to the Economic Survey 2024-25, the government budget’s projections for the fiscal year 2025-26 indicate that gross direct tax revenue will rise by 12.7%, while gross indirect tax collections are expected to grow by 8.3% relative to FY 2024-25. Direct taxes include income tax and corporate tax, reflecting earnings and profits of households and firms. It plays a key role in revenue growth of the government. Indirect taxes encompass Goods and Services Tax (GST), custom duties and other transaction-based levies. Higher growth rate projected for direct taxes suggests a push to enhance tax buoyancy through improved compliance and reforms. On the other hand, indirect taxes are expected to benefit from consumption trends and Goods and Services Tax (GST) administration improvements. The balance tax strategy aims to mobilize resources while supporting fiscal consolidation and sustainable economic growth. On the basis of the above passage and common understanding, answer the following questions: (i) Differentiate between the two types of taxes indicated in the above text, with suitable examples. (ii) Elaborate the likely consequences of the tax projections made by the government.

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• 2.

  "The Restrictive policies under the colonial government adversely affected the structure, composition and volume of India's foreign trade." Justify the above statement with valid explanation. OR Explain the main objectives and impacts of land settlement policies implemented under the British government rule.

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• 3.

  In an economy, exclusion of _______ may lead to under estimation of the value of Gross Domestic Product (GDP). 
   

  • Barter Transactions
    
  • Services provided by family members
    
  • Illegal activities
    
  • Depreciation of Assets
    
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• 4.

  Read the following text carefully and answer the questions given below:
  “This organisation replaced General Agreement on Trade and Tariff (GATT) as global trade organisation.”

  • [(i)] Identify the organisation which is known as the successor of GATT.
  • [(ii)] In which year was this new organisation established?
  • [(iii)] Explain any two objectives of the new organisation.

  OR Read the following text carefully and answer the questions given below:
  “It is an arrangement in which a firm hires some specialized firm(s) to carry out some of its activities (which were earlier being performed by itself). These service hirings could be from local / international markets.”

  • [(i)] Identify the indicated outcome of the globalisation process.
  • [(ii)] State any two factors responsible for making India as an important source of these activities.
  • [(iii)] Explain examples of services that have expanded due to advancements in information technology.

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• 5.

  Refer the given image carefully:

  

  Explain any two measures that can be taken by the Central Bank to control the indicated macroeconomic problem.

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• 6.

  (i) State the meaning of Special Economic Zone (SEZ).
  (ii) Discuss the 'One Child Policy' adopted by China.

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