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 Series ARSP/12 Set ~ 12
Roll No. Q.P Code 15/12/12
Candidates must write the Q.P Code
on the title page of the answer-book.

 Please check that this question paper contains 5 printed pages.

 Q.P. Code given on the right hand side of the question paper should be written
on the title page of the answer-book by the candidate.
 Please check that this question paper contains 34 questions.
 Please write down the serial number of the question in the answer-book
before attempting it.
 15 Minute times has been allotted to read this question paper. The question
paper will be distributed at 10:15 a.m. From 10.15 a.m to 10.30 a.m, the students
will read the question paper only and will not write any answer on the answer –
book during this period.

ECONOMICS

Time allowed: 3 hours Maximum Marks: 80

General Instructions:

1. This question paper contains two sections:

Section A – Micro Economics

Section B – Statistics

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. Assertion (A): A methodology has been developed for the subjective empirical study of things. [1]
Reason (R): The empirical methodology consists of making observations and collecting information, analyzing
the information and drawing conclusions, and retesting these conclusions by further observation, and thus laws
are made.

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.

2. Consumer Price Index (CPI) is expressed in terms of: [1]

a) b)
∑ Pn qn ∑ P1 q0
× 100 × 100
∑ Po q ∑ P0 q
n 0

c) d)
∑ P0 q0 ∑ Pn qn

∑ Pn q ∑ Po q
0 n

3. If all the plotted points in a scatter diagram lie on a single line, then the correlation is: [1]

a) Perfect positive b) Perfectly positive or Perfectly negative

c) Both (Perfect positive) and (Perfect d) Perfect negative

negative)
4. Construct price index number from the following data by applying(Laspeyre’s Method) [1]

Price Quantity Price Quantity

Commodity
(2000) (2000) (2001) (2001)

A 2 8 4 5

B 5 12 6 10
 C 4 15 5 12

D 2 18 4 20

a) 144.82 b) 145.91

c) 154.32 d) 145.93
5. If the wholesale price index for week 1is 200 and for week 2 is 250 then rate of inflation [1]

a) 250 b) 300

c) 25 d) 150
6. Which of the following index numbers is based on the assumption that all the commodities are of equal [1]
importance?

a) Weighted index number and Simple index b) Simple index number

number

c) None of the given d) Weighted index number

7. Statistics in a plural sense indicates. [1]

a) inductive statistics b) statistical methods

c) Statistical data d) descriptive statistics

8. 'Stub' of a table is the [1]

a) Right part of the table describing the b) Left part of the table describing the rows
columns

c) Left part of the table describing the columns d) Right part of the table describing the rows
9. A monthly price index that uses the price changes in consumer goods and services for measuring the changes in [1]
consumer prices over time is known as the

a) Laspeyres Index b) CPI

c) Paasche Index d) IIP

10. In an evaluation of answer script the following marks are awarded by the examiners. Can you find any [1]
correlation between the two?

1st 88 95 70 96 50 80 75 85

2nd 84 90 88 55 48 85 82 72

a) 0.578 b) 0.365

c) 0.363 d) 0.543
11. For a data Lasperey's index number is 120 and fisher's index number is 125. Calculate Paasche's index number. [3]
12. What are the important properties of mode? [3]
OR
Following table gives marks in Statistics of the students of class XI. Find out mean marks using direct method.

Mid-Value 5 10 15 20 25 30

Number of Students 5 7 9 10 8 6
13. How is inclusive series converted into exclusive series? [4]
14. Discuss some of the uses of diagrams. [4]
OR
What is procedure of drawing histogram in case of unequal class interval?
15. What are the essentials of a good sample? [4]
16. When is rank correlation more precise than simple correlation coefficient? [6]
17. Calculate the upper and lower quartiles for the following frequency distribution. [6]

Class Interval Frequency (f)

13-25 6

25-37 11

37-49 23

49-61 7

61-73 3

Total 50

OR
Following information pertains to the daily income of 150 families. Calculate the arithmetic mean.

Income (in Rs.) Number of Families

More than 75 150

More than 85 140

More than 95 115

More than 105 95

More than 115 70

More than 125 60

More than 135 40

More than 145 25

Section B
18. In the long period, the supply for a commodity is: [1]

a) highly elastic b) perfectly inelastic

c) less elastic d) perfectly elastic

19. The problem of ‘ How to produce’ is making a choice between [1]

a) None of these b) Capital Intensive methods

c) Labour intensive methods d) Both of these

20. The minimum assured price offered by the government to the farmers for the purchase of their output is called: [1]

a) market price b) equilibrium price

c) ceiling price d) support price

21. Can TR be a horizontal Straight line? [1]

a) No b) Yes

c) May be d) Can’t say

22. Which of the following indicates a fixed cost? [1]

a) Expenses on raw material b) Electricity bill

c) Wages of daily workers d) Interest on fixed capital

23. Assertion (A): Demand increases with an increase in population and decreases with a decrease in population. [1]
Reason (R): With the increase in population size the number of buyers of the product tends to decrease.

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.

24. Market situation where there is only one buyer is: [1]

a) Duopoly b) Monopsony

c) Monopoly d) Duropoly
25. What happens to TR when MR is positive? [1]

a) TR increases b) TR decreases

c) TR remains same d) TR is maximum

26. Marginal cost of a good includes: [1]

a) Total cost b) variable cost and fixed cost

c) only fixed cost d) only variable cost

27. In case of perfect competition: [1]
i. a firm is able to charge higher price
ii. a firm is able to charge uniform price
iii. a firm is able to sell any amount at the prevailing price

a) only i b) Both ii and iii

c) only ii d) only ii
28. Explain briefly the central problem of How to produce. [3]
OR
Giving reason, comment on the shape of the Production Possibilities Curve based on the following schedule.

Good X (units) 0 1 2 3 4

Good Y (units) 20 18 14 8 0

29. Why is the average revenue curve of a firm parallel to X-axis in a perfectly competitive market? Explain. [3]
30. Explain the change in demand for a goods on account of change in prices of related goods. [4]
31. Imagine yourself a producer (in a perfectly competitive market structure), focusing on profit maximisation. Will [4]
you prefer striking an equilibrium in a state of increasing returns?
OR
How is producer’s equilibrium determined in case of perfect competition using MR and MC approach?
 MUX
32. Explain the economic value of the following equation, PX
= MUM when X happens to be a domestic fuel [4]
(LPG) and PX is lowered by way of subsidy by the government.
33. Find out the missing values from the following table: [6]

Variable Factors 0 1 2 3 4 5 6 7

TP (in units) - - - - 25 - - -

AP (in units) - 5 - - - - - -

MP (in units) - - 8 4 - 5 0 -4

34. Answer the following questions [6]

(a) A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the [3]
good is (-)1. How many units the consumer will buy at a price of Rs 10 per unit. Calculate.
(b) A consumer buys 5 units of good at a price of Rs.4 per unit. When price falls to Rs.3 per unit, he buys [3]
10 units. Calculate price elasticity of demand.