Annual Examination

2022-23

Time: 3 hrs. (MM-80)

Class XI Economics

Instructions:

1. This question paper contains two parts: Part A Statistics and Part B Micro Economics
2. No. of questions: -34 All are compulsory.
3. I mark questions: Answer in one word or one sentence
3 marks questions: Answer in 30-40 words.
4 marks questions: Answer in 40-60 words.
6 marks questions: Answer is to-do words.
4. Do your work in neat & clean handwriting.
5. Write your answers in sequence.

Part A Statistics.

1. Fill in the blanks.

………………………..method suitable for small size of population (Census / Sampling)

2. Read the following statements carefully and choose the correct alternative among those
given below
(1) Statement: In statistics, anything that varies / changes overtime regardless of its
expression is called a variable.
(2) Statement Variables may be either discrete or continuous

Alternatives:

(a) Both the statements are true.

(b) Both the statements are false

(c) Statement 1 is true and Statement 2 is false.

(d) Statement 1 is false and Statement 2 is true.

3. Analyse the table given below and answer the question that follows:

Census Year Male Female Total

1961 22 20 42
1971 31 30 61
1981 40 32 72
1991 44 * 84
2001 Λ 50 102
2011 62 59 121
 4. O-give can be helpful in locating graphically the:
(a) Mode (b) mean 10) Median (d) none of these.

5. Identify the correct sequence of alternatives given in Column II by matching them with
respective items in Column I

Column I Column II
A. Average 1. Mean of Weighted items of the series
B. Arithmetic Mean 2. Represents the whole groups
C. Weighted Arithmetic Average 3.

D. Combined Mean 4. Simple average of all items in a Series

Alternatives:

a) A-4, B-1, C-3, D-2

b) A-3, B-4, C-1, D-2
c) A-2, B-4, C-1, D-3
d) A-3, B-4, C-2, D-1

6. Read the following Assertion (A) and Reason (R).

Choose the correct alternative among those given below

Assertion (A): Stubs are titles of the columns of a table.

Reason (R): Headnote completes the information in the title of the table.

Alternatives:

(a) Both (A) and (R) are true and Reason (R) is the correct explanation of (A).

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

(c) (A) is true, (R) is false.

(d) (A) is false, (R) is true

Read the following case study carefully and questions 7-10 the basis of the Diagrammatic
presentation of data provides the quickest understanding of the actual situation to be explained
by data in comparison to tabular or textual presentations.

Diagrammatic presentation of data translates quite effective the highly abstract ideas contained in
numbers into more discrete and easily comprehensible form. Diagrams may be accurate but are
much more effective than tables they are easy in presenting the data. There are various kinds of
diagram which are common in use. Amongst them the important ones following:

(1) Geometric diagram (2) Frequency diagram (3) Arithmetic line Graph.
7. Frequency diagrams include…………………..

(a) Histograms (b) polygon (c) o gives (d) All of these

8. Pie diagram does not show………………….. Values

(a) Relative (b) absolute (c) numeric. (d) both (b) and (c)

9. Which of the following is correct?

(a) Bars are equidistant from each other.

(b) Bars are also called columns.

(c) Bars are one-dimensional diagrams.

(d) All of these.

10. What does component bar diagram show?

11. Draw ‘less than’ as well as ‘more than’ o gives for the following data: 30-34

Weight (in 30-34 35-39 40-44 45-49 50-54 55-59 60-64

Kg)
Frequency 3 5 12 18 14 6 2

12. Explain limitations of Diagrammatic and Graphic Presentation in brief.

Or

Calculate arithmetic mean of the following frequency distribution by Step Deviation Method.

Class Less than 10-20 20-30 30-40 40-50 50-60 More than
10 60
Frequency 5 12 18 22 6 4 3

13. Calculate the median value, Given the following statistical information:

Age 20-25 25-30 30-35 35-40 40-45 45-50 50-55 55-60

Number Of 50 70 100 180 150 120 70 60
Students

14. Calculate coefficient of rank correlation, given the following data set:

X 20 11 72 65 43 29 50

Y 60 63 26 35 43 51 37
15. Represents the following data related to population (in thousands) of men and women in a
village in different years graphically.

Years 2015 2016 2017 2018 2019 2020 2021

Number Of 10 13 15 14 17 18 21
Men
Number Of 12 18 16 17 20 22 24
Women

Or

Draw Histogram and Frequency polygon for the following distribution

Age 0-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80

Number of 30 40 60 100 70 40 30 20
Residents

16. Find mode from the following data using grouping method.

Class 5-10 10-15 15-20 20-25 25-30 30-35 35-40

Interval
Number of 4 5 3 2 6 7 3
Children

17. Calculate Coefficient of correlation from the following Data by using Step Deviation method

X 100 200 300 400 500 600

Y 110 120 135 140 160 165

Or

Construct an Index number for the year 2021, by taking 2011 as base year by Fisher’s Method.

Year 2011 Year 2021

Items Price Quantity Price Quantity
I 5 10 4 12
II 8 6 7 7
III 6 3 5 4
 Part B Microeconomics

18. Which of the following situations, does scarcity arise

(a)Supply of resources >Demand for resources.

(b) Supply of resources < Demand for resources.

(c)Supply of resources = Demand for resources

(d) None of these

19. The law which states that the consumer strikes his equilibrium when the last rupee spent by
him gives equal marginal utility whether he spends it on Good X or Good Y:

(a) Law of diminishing marginal utility (b) the law of equal marginal utility (c) law of equi-marginal
utility (d) None of these

20. Read the following hypothetical information carefully and answer the question

When demand changes from 10 to 8 units, the situation will be called:

(a) Extension of demand a

(b) Contraction of demand.
(c) Increase in demand
(d) decrease in demand

21. Read the following statement carefully and choose the correct alternative among those given
below?

Statement 1: slope of demand curve and Elasticity of demand are different concept

Statement 2: Slope of demand curve = P/N

Alternatives:

(a) Both the statements are true

(b) Both the statements are false

(c) Statement 1 is true and Statement 2 is false,

(d) Statement 2 is true and statement 1 is false.

22. Assertion (A): A fall in input price leads to a forward shift in supply curve.

Reason (R): When increase in demand is equal to increase in supply, equilibrium price remain
unchanged.

Alternatives:

(a) Assertion (A) and Reason (R) are true and (R) is the correct explanation of (A).

(b) (A) and (R) are true and (R) is not the correct explanation of (A).

(c) (A) in true (R) is false

(d) (A) in false, (R) is true.

Read the following case study carefully and answer the questions 23-26

Firms must weigh the opportunity costs of producing one good -versus another. As the PPC showed,
productive resources are -limited and choices among outputs must be made. Such choices depend
relative prices A farmer with farmland suited for both corn and soya beans must decide how much of
each crop to plant. As the price of soya bean fall, make land will be planted in corn. Oil refiners will
be guided by the relative prices of the oil, gasoline, and Kerosene in deciding how much of each to
refine. Higher price of fuel oil tends to lower the supply of other refined oil products. Firms must also
compare today's prices with those expected in future.

23. Statement 1: Supply curve is a geometric presentation of supply schedule.

Statement 2: Slope of supply curve:

Alternatives:

(a) Both the statements are true

(b) Both the statements are false

(c) Statement 1 is true 2 is False,

(d) Statement 1 is false, 2 is true.

24. ………………………….is a situation of an infinite change in quantity supplied due to a very small
change in price.

(a)Perfectly elastic supply

(b)Perfectly inelastic supply

(c) Unitary elastic supply

(D) all of these

25. Supply curve shifts forward due to increase in tax Rate. State whether this statement is true or
false.
26. Which of the following will lead to a leftward shift in supply curve? :

(a) Rise in own price of the commodity

(b) Improvement in technology

(c) Rise in price of compete ting good

(d) Increase in number of sellers

27. From the set of statements given in Column I and column II choose the correct pair of
statements

Column I Column II
A. Market 1. Any Geographical Area where
Goods are sold and Purchased
B. Perfect Competition 2. An Individual Buyer or seller has full
control over time
C. Demand Curve of a Perfectly 3. A horizontal Straight line parallel to
Competitive Market X-axis
D. A firm Under Perfect Competition 4. A price maker

28. Define PPC. Explain the properties in brief with diagram.

29. Define Producer's equilibrium. What happens if producer produces one additional unit of a
product more than equilibrium output? Explain with the help of diagram

Or

Write a short note on Price floor with diagram.

30. The price elasticity of supply of a commodity is 2.5. At a price of Rs.5 per unit, its quantity
supplied is 300 units. Calculate its quality supplied at a price of Rs.4 /unit.

Or

A consumer buys a certain quantity of a good at a price of Rs.10. Per unit when price falls to
Rs.8 per unit, she buys 40% more quantity calculate price elasticity of demand.

31. Why a firm under perfect competition is a price taker not a price maker? Give any two reasons
in detail.
32. Complete the following table :

Output (Units) Total Cost AVC MC Average Fixed

Cost
0 30 - - -
1 - - 25 30
2 78 - - -
3 - 23 - 10
4 - - 23 -
5 150 - - 6

33. Define market equilibrium. Explain the chain effect of simultaneous decrease in both demand
and supply of that good on its equilibrium price and quantity if initially market for that good is
in equilibrium. Use diagram to Show.
34. Give difference between the following with 1 example of each

(a) Supply and stock

(b) Total opportunity cost and marginal opportunity cost

Or
Explain the relationship between Total cost and margin cost with the help of a schedule and
diagram.