QP XI Economics

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SAMPLE PAPER

Class 11 - Economics
Time Allowed: 3 hours Maximum Marks: 80

General Instructions:

1. This question paper contains two sections:

Section A – Macro Economics


Section B – Indian Economic Development

2. This paper contains 20 Multiple Choice Questions type questions of 1 mark each.

3. This paper contains 4 Short Answer Questions type questions of 3 marks each to be answered in 60 to 80 words.

4. This paper contains 6 Short Answer Questions type questions of 4 marks each to be answered in 80 to 100 words.

5. This paper contains 4 Long Answer Questions type questions of 6 marks each to be answered in 100 to 150 words.

Section A
1. Who among the following is not engaged in an economic activity? [1]

a) A devotee visiting a pilgrimage b) A farmer or a manufacturer

c) A doctor or a porter d) Buying goods for family needs


2. Which of the following is true regarding secondary source of data? [1]

a) Collection of data from sources who already b) It provides first hand information
have collected the data.

c) It implies collection of data from its original d) Can rely on this data as compare to primary
source data
3. The relationship between three or more variables is studied with the help of _________ correlation [1]

a) None of these b) Single

c) Double d) Multiple
4. The frequency distribution of two variables is known as: [1]

a) Univariate distribution b) Multivariate distribution

c) None of these d) Bivariate distribution


5. Calculate price index number for 2004 taking 1994 as the base year from the following data by simple [1]
aggregative method:

Commodities A B C D E

Price (1994) (Rs) 100 40 10 60 90

Price (2004) (Rs) 140 60 20 70 100

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a) 140 b) 150

c) 120 d) 130
OR
____ is the benchmark index for the Indian stock market.

a) Price index b) Agricultural index

c) Sensex d) None of these


6. Which of the following is the method of Unrestricted random sampling? [1]

a) Stratified sampling b) Lottery Method

c) Cluster sampling d) Systematic random sampling


OR
Data originally collected in the process of investigation are known as

a) Secondary data b) Third data

c) Primary data d) Foreign data


7. Statistical data are used for knowing about the progress in the [1]

a) volume of production b) techniques of production

c) imports and exports d) All of the these


8. When X increases, Y increases and their ratio is 1 : 2 throughout. What kind of correlation exist between X and [1]
Y?

a) Negative Linear b) Positive Linear

c) Negative d) Positive
9. Assertion (A): Large aggregates are most stable than small ones.
[1]
Reason (R): The slow change in the nature of the total universe law of inertia of large numbers exist.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.


10. Assertion (A): Ram made a table for all the expenditures he has incurred during a week to calculate the total [1]
amount spent by him.

Reason (R): Tables helps in simplified calculation of the data in a systematic manner.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.


11. Write any three uses of index number especially in economics. [3]
12. Average daily wages of 50 workers of a factory was Rs.200. Each worker is given a raise of Rs.20. What is the [3]
new average daily wages? Which property of arithmetic mean does the above example point to?
OR
Find unknown frequency in the table given below.

X Frequency (f)

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5 5

10 7

15 ?

20 10

25 8

30 6

Σf = 50

13. What is a cumulative frequency distribution? What are its two types? [4]
14. What are the general rules to construct a Time Series graph? [4]
OR
Net domestic product by industry of origin (at 2004-05 prices) is given for the year: 2013-14 and 2014-15. Present
this data in terms on percentage bar diagram.

Net Domestic Product by Industry of Origin (at 2004-05 prices) in 2013-14 and 2014-15 (Rs. in crore)

Sector Year (2013-14) Year (2014-15)

Primary 6,65,751 6,71,674

Secondary 8,23,220 8,46,805

Tertiary 21,58,070 21,70,512

Total 36,47,041 36,88,991

15. i. Write any three uses of index number especially in economics. [4]
ii. Calculate the weighted average of price relative index for 2016 on the basis of 2012 from the following data.

p0 p1
Commodity W
2012 2016

A 10 15 20

B 8 10 12

C 6 5 8

D 6 10 13

E 4 4 5

16. Compute Karl Pearson's coefficient of correlation from the following data by direct method. [6]

X 10 12 11 13 12 14 9 12 14 13

Y 7 9 12 9 13 8 10 12 7 13

17. Calculate the upper and lower quartiles for the following frequency distribution. [6]

Class Interval Frequency (f)

13-25 6

25-37 11

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37-49 23

49-61 7

61-73 3

Total 50

OR
Find out the missing value of the variate for the following distribution whose mean is 31.87.

Value (X) 12 20 27 33 ? 54

Frequency (f) 8 16 48 90 30 8

Section B
18. The law of supply explains a [1]

a) Negative relationship between Price of a b) Positive relationship between Price of a


commodity and quantity supplied commodity and supply

c) Positive relationship between Price of a d) Positive relationship between Price of a


commodity and market supply commodity and quantity supplied
19. Who gets how much in an economy is best described by which of the following central problems? [1]

a) What to produce b) How to produce

c) For whom to produce d) Scarcity of resources


OR
The main objective of a socialist economy is:

a) Maximum public welfare b) Maximum production

c) Earning profit d) Economic freedom


20. The break- even point where TR=TC, the firm cannot earn abnormal profits [1]

a) Can’t say b) FALSE

c) True d) None of these


OR
In the perfectly competitive market, in the long run, competitive prices equal the minimum possible ________ cost of
good.

a) Variable b) Average

c) Total d) Marginal
21. Firm's AR curve is the same as: [1]

a) budget line b) firm's demand curve and firm's supply curve

c) firm's demand curve d) firm's supply curve


22. AFC curve never touches ‘x’ axis though it lies very close to x axis because [1]

a) AFC is always vertical b) AFC can never be zero as TFC can never be
zero

c) AFC is horizontal d) AFC curve can never be extended to touch

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zero with increase in output
23. In the case of Inferior goods like Bajra, a fall in its price tends to: [1]

a) Reduce the demand b) Make the demand remain constant

c) Increase the demand d) Change the demand in an abnormal way


24. AR is same as MR in perfect competition as [1]

a) Price remains fixed b) Price can rise

c) Price does not remain fixed d) Price may fall


25. Cost of production is [1]

a) Price of the output b) Expenditure on inputs to produce output

c) Price of per unit of output d) Price of per unit of input


OR
TC increases at an increasing rate when MC is:

a) negative b) constant

c) increasing d) decreasing
26. Assertion (A): Demand is inelastic in a short period but elastic in a long period.
[1]
Reason (R): In the long run a consumer can change his consumption habits more conveniently than in the short
period.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.


27. Assertion (A): Indifference Curves are always convex to the origin.
[1]
Reason (R): Diminishing Marginal Rate Substitution.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.


28. Why marginal opportunity cost must rise as resources are shifted from Use-1 to Use-2, even when given [3]
resources are fully and efficiently utilised?
29. Price elasticity of demand of a good is (-)2. 40 units of this good are bought of a price of Rs. 10 per unit. How [3]
many units will be bought at a price of Rs. 11 per unit. Calculate.
OR
From the following table, calculate Price Elasticity of Demand.

Price (Rs) Quantity (units)

9 100

9 150

30. State the factors of leftward shift of demand curve. Explain any one. [4]
31. Using your judgement as an entrepreneur, would you agree with the following statement?
[4]
Maximisation of profit implies equilibrium, but equilibrium does not always imply maximisation of profit.

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OR
Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all
levels of output is Rs 12. Using Marginal Cost and Marginal Revenue approach, find out the level of equilibrium
output. Give reasons for your answer.

Output (units) 1 2 3 4 5 6

Average Cost (Rs) 12 11 10 10 10.4 11


MUX
32. Explain the economic value of the following equation, = MUM when X happens to be a domestic fuel [4]
PX

(LPG) and PX is lowered by way of subsidy by the government.


33. Explain the law of variable proportion with the help of diagram/schedule. [6]
34. If duopoly behaviour is one that is described by Cournot, the market demand curve is given by the equation q = [6]
200 – 4p and both the firms have zero costs, find the quantity supplied by each firm at equilibrium and the
equilibrium market price.
OR
How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity
also through a diagram.

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