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SS3
FINAL EXAMINATION 2024-2025
SUBJECT: ECONOMICS (SET 1)

TIME DURATION: 3 HOURS MAXIMUM MARKS: 8010-r

GENERAL INSTRUCTIONS:
1. This question paper contains two parts:
a. Part A - Statistics (40 marks)
b. Part B - Microeconomics (40 marks)
2. This paper contains 20 Multiple Choice Questions of 1 mark each.
60
3. This paper contains 4 Short Answer type Questions of 3 marks each to be answered in -
to 80 words. •
4. This paper contains 6 Short Answer type Questions of 4 marks each to be answered in BO
to 100 words.
5. This paper contains 4 Long Answer type Questions of 6 marks each to be answered in 100
to.150 words.
6. Answers should be brief, to the point and the above word limit be adhered to as far as
possible.
Part A: Statistics

S.No. Question Marks

Which one of the following is not an example of qualitative data? 1

i. Height
ii. Weight
- iii. Marks
iv. Intelligence
Options:
A. Both i and ii
B. Both iii and iv
C. Only i, ii and iii
D. Only iv
Analyse the picture below carefully. There are two statements based on this 1
picture. Choose the correct alternative from among the ones given below.

-
I e C [PTO]

SS3 Economics Page - 1 (Set-I}

 ·
Statement I: Mon1ka, a cashier at the grocery store, is engaged in a market
activity. • .
Statement II: Monika, a mother to a 3 year old, plays pretend cashier w1th her
daughter. She is engaged in an economic activity.
Alternatives:
A. Statement 1 is true and statement 2 is false.
B. Statement 2 is true and statem~nt 1 is false.
C. Both the statements are true
D. Both the statements are false

vf Read the passage below carefully. 1

An economic planner has to decide in 2025 how much the econ9my should
produce in 2030. In other words , the economic planner must know the
expected level of consumption in 2030 in order to decide the production plan
of the economy for 2030. In this situation, one might make subjective
judgement based on the guess about consumption in 2030. Alternatively, c;>ne
might use statistical tools to predict consumption in 2030. That coulq be based
on the data of consumption of past years or of recent years obtained by
surveys.
Which function of statistics is being outlined in the passage above?
i. Formulate economic policies
ii. Present economic facts in a random form
iii. Condensing mass data
iv. Finding relationships between different economic factors
v. Predicting past trends
Options:
A. Only ii and iii
B. Both iv and v
C. Only i and iv
D. Only iv

Which of the following is a method of collecting primary data? 1

A. Consult research papers by school counsellors to gather information
about the late night eating habits of students who study at night.
B. Telephonic interviews done to ascertain the study habits of high school
students. ,
c. Literature review of academic papers published by university professors.
o. Use of 2011 census data by a high school economics teacher to make
examination papers.
I'
Read the following statement - Assertion (A) and Reason (R). Choose one of the 1
correct alternatives given below:

Assertion (A): All surveys yield reliable data.

Reason (R): surveys are a structured way of gathering information.

[PTO]

SS3 Economics Page _ 2 (Set-I)

 Alternatives:
A. Both assertion (A) and reason (R) are true and reason (R) is the correc t
explanation of Assertion (A)
B. Both assertion (A) and reason_ (R) are true ~nd reason (R) is not the
correc t explanation of Assert1on (A)_
C. Assertion (A) is true but reason (R) 1~ false
D. Assertion (A) is false but reason (R) 1s true.
¥ Which among the followi ng agencies works at the nation al level to collect , 1
process and tabula te data on many import ant economic and social issues?
i. Census of India
ii. Nation al Sample Survey
iii. Office of Statist ics
iv. NITI Aayog
Options:
A. Only i
B. Only iv
C. Both iii and iv
D. Both i and ii

/ Which of the followi ng is NOT an advantage of a mailed intervi ew? 1

A. Only metho d to reach remote areas
B. No influen ce on respondents
C. Best for sensiti ve questions.
D. Allows clarific ation of ambiguous questions

/ Given below are marks of 100 studen ts in a Mathematics Exami nation . If an 1

exclusive freque ncy distrib ution was constructed using the data below, how
many studen ts have obtain ed marks betwee n 80-90?

Marks lD Mathe matics Obtain ed by 100

Studen ts In an Exami nation
47 45 10 60 51 56 66 10049 40
60 59 56 55 62 48 59 55 51 41
42 69 64 66 50 59 57 65 62 5Q
64 30 37 75 17 56 20 14 55 90
62 51 55 14 25 34 90 49 56 54
70 47 49 82 40 82
60 85 65 66
49 44 64 69 70 48
12 28 55 65
49 40 25 41 ·71 80
0 56 14 22
66 53 46 70 43 61 59 12 30 35
45 44 57 76 82 39 32 14 90 25
--

Options:
A. 4
B. 5
C. 6
D. 7
 .
•

1
Identify the correct pair.

Column I Column II

a Scattered diagram 1
. Can measure only negative correlatio n

b .. Relationship between price and

Positive correlatio n 11
quantity supplied

C Linear correlatio n
...
111 No fixed proportion between variables

d Short cut method of Karl

.
1V Should be used when mean value is a
Pearson whole number

Options:
A. a-i
B. b-ii
C. c-iii
D. d-iv

If r xy = 0 the variables X and Y are: 1

A. Linearly related
B. Not linearly related
C. Relationship between X and Y is indetermi nate
D. Independ ent

11. 1 Based on the given the frequency distributio n below, answer the 3x1=3
questions that fallow:

22-29 8
29-36 5
36-43 1
43-50 2

(a) What type of a frequency distributio n is shown above?

(b) What is the width of the class interval? Is it uniform for all
classes?
(c) Construct a mid-point frequency series for the frequency
distributio n above?

OR OR

11.2 Given the "less than" frequency distributio n below, answer the 2+1=3
questions that follow.
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SS3 Economics Page - 4 (Set-I)

 Marks in Statistics (X) No.of students
- ' ;

Less than 10 5
Less than 20 12
Less than 30 24
Less than 40 40
Less than 50 46
Less than 60 50

(a) Conv ert the "less than " frequ ency distri butio n above into
a
simp le frequ ency distri butio n.
(b) How many stude nts have marks "mor e than 40"?
I

Iden tify and defin e the measure of centr al tendency each of I

3
the persons in the 1
pictu re below repre sents .

I arn
t.he ,MO !.t
z·m I tak e
always Jr\ ev er~ ·s
pop ula r. the mjcJ cJLe , t/alues in-lo
l was -chosen keeping considera4tion.
the most. ev e~ I rep res ent
balanced. eve, ...,,o ne_
~··----·:}i>··
'-...;:-;. &. , -. ,
• ' - • r

•
Person 1 / Pers on~ ..Person 3
•

13.2
(a) Constr~ct a histogram using the data given below• 3+1=4
,
.
-- :S::i ar, '
Class -.Eriauencv
10-20 5
20-30 20
30-40 30
40-60 40
60-80 20
,, '

(b) "A histogram and a bar diagram are interchangea ble terms
representing the same thing." Defend or refute the statement
citing reasons for the stand taken.

Construct the price index number for 2022 from the data below using 2020 as 3+1=4
the base year. What can be said about the general price level in 2022 as
compared to 2020?

Commodities
A 130 115
B 80 65
C 75 70
D 95 90
E 105 105
F 35 20

(~dentify the phenomenon shown in the picture. How would an economist 2+2=4
explain this phenomenon using 'CPI'?
,1so

t150

(.ef}How are index numbers useful to economists? Explain using examples.

SS3 Economics Page - 6 (Set-I)

Att em pt ANY TWO questions:
s to the dai ly income of 150 fam ilie s.
(4, -he foll ow ing info rma tion per tain
Ca lcu late the average dai ly inc om e.

Daily Income (fn f) Number of Families

150
More tha n 75
140
More tha n 85
115
More tha n 95
Mo re tha n 105 95
Mo re tha n 115 70
Mo re tha n 125 60
Mo re tha n 135 40
Mo re tha n 145 25

median age.
~F ro m the data given below, find the
-
Age (ye~rs),~·· .. ~umJ.>er of Person~
20- 25 50
25- 30 70
30-35 100
35-40 180
40-45 150
45-50 120
50-55 70
55-60 60

en the dat a bel ow reg ard ing the dai ly exp end itur e of 54 households,
(c) Giv
find mode.

,~ ·1>a11v:t.~erii11turi _t,1:. ~: ''N~_mbec otJiJou$.t~_~lds

1-3 3
3-5 10
5-7 16
7-9 13
9-11 8
11-13 3
13-15 1
 es tin os giv en bel ow :_ d 5 rie s y. Ca lcu lat e Ka rl
Att em pt all the qu
t Senes X an e
(a'} Given the da ta be low ab ou
,

en t. ~ Series Y
Pearson's co rre lat ion co eff ici ~. '
.:

Series X -
15
15 18
Number of items 25 3.03
Arithmetic Mean 3.0 1
, Standard Deviation
Sum of products of 122
deviations of X and Y
series fro m their
respective mean by an
se in the nu mb er of um bre lla sales was ac co mp an ied
(.b{An inc rea
mb er of eld erl y pe op le fal lin g sick. Wo uld it be co rre ct
increase in the nu er ly are
es and sickness among the eld
to conclude tha t um bre lla sal
being the cause of the oth er?
po sit ive ly co rre lat ed wi th one
re ran ke d
en t sho w he ld at the sch ool campus, ten co nte sta nts we
'41 n a tal en ce s
w. The sum of squares of dif fer
by tw o judges of the tal en t sho the co nte sta nts , the fir st jud
ge
ran ks is 41 . Wh ile ran kin g
be tw ee n the sta nts
co nte sta nts a ran k of 8, and the second jud ge gave 2 co nte
gave 3
k of 5.5 an d 2 oth er co nte sta nts a rank of 8.5. Ca lcu lat e
a ran
Coefficient.
Spearman 's Rank Correlation

Part B: Microeconomics

Marks
Question
S.No.
as: 1
rupee to a consumer is known
1~ The wo rth of
A. marginal uti lity of money
B. tot al uti lity of money
of money
C. diminishing marginal uti lity
D. consumer's eq uil ibr ium
be tw ee n inc d . 1
e ab ou t the rel ati on sh ip an t1t y
19/" What can we conclud normal goods?
of
om e an qu
demanded in cas e
A. Negatively related
B. Positively related
C. Not related
D. Inf ini tel y related -
ii ctr ici ty wi ll
An increase in the price of ele cause the demand for ele ctr ic 1
appliances to:
A. rise
B. fal l
C. remain the same
D. none of these

SS 3 Economics Page - 8 (Set-I)

 - - - - - - - - - - -1- -
: ~ : i r - ~ - - - - - - - - - - - - - - -the
r- e correction option.
21
Match the items in Column A with Column Band choos

Column A Column B

i Perfectly inelastic a Price 4 ~

demand

Pl .......__
.. r P2 ._..-+- ~--.:::: ....__
Demand

r Ql Q2
...
r.
Quantity

ii Relatively inelastic b
Price 4 ~
demand

Pl
P2
\ ~

Demand
..
r •
Q102 Quantity

iii Relatively elastic c demand curve under perfe ct

demand competition

iv Perfectly elastic d a rare life saving medicine

demand

Options:
A. i-d ; ii-a ; iii-b ; iv-c
B. i-c ; ii-b ; iii-d ; iv-a
C. i-c ; ii-d ; iii-a ; iv-b
D. i-d ; ii-b ; iii-a ; iv-c
on the TP curve? 1
2V From the diagram, ident ify the point of inflec tion

Options:
A. Vertically above Point A at L1 units of labour
B. Vertically above Point B at L2 units of labour
C. At L3 units of labour
D. It is indet ermin ate
[PTO for Diagram]

SS3 Economics Page - 9 (Set-I)

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f€B
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~ - + - - - - - - - - - - - - - - - - - - - - - - - , - - - - - 1 :;:~
21/ In the schedule below, phase 1 of the law of variable proportions will end on 1
I/~
the application of how many units of the variable factor?
. ~..::~
Fixed Factor Vart Factorj
,-

~i~ 1
TPP
(units)
(Land) (Labour) _,
6

1 Acre O 0
1 Acre 1 2
1 Acre 2 6
1 Acre 3 12
1 Acre 4 16
1 Acre 5 18
1 Acre 6 18
1 Acre 7 14
1 Acre 8 8
Options:
A. 2
B. 3
C. 4
D. 5

Read the statements below - Assertion (A) and Reason (R) - and choose the
~
1
correct options.
Assertion (A): A steep supply curve indicates a highly elastic supply.
Reason (R): Elastic supply means that quantity supplied is highly responsive to f
price changes.

Options:
A. Both A and R are true, and R is the correct explanation of A
B. Both A and Rare true, but R is not the correct explanation of A
C. A is true, but R is false
D. A is false, but R is true

SS3 Economics Page - 10 (Set-/)

 Read the statements given below carefully and choose the co t t· 1
rrec op 10n.

~~~~:~~~t 1: In t~e short run, fir~s may find it difficult to adjust their
Stateme n l~vels 1~ ~esponse to pnce ch~nges, leading to inelastic supply.
nt 2. Elast1c1ty of supply for agricultural products is typically higher
th an for manufactured goods.

Options:
A. Both Statement 1 and Statement 2 are true
B. Statement 1 is true, but Statement 2 is false
C. Statement 1 is false, but Statement 2 is true
D. Both Statement 1 and Statement 2 are false

Read the following passage carefully and answer the questions 26-27.

Government plays an important role in controlling the prices of essential

commodities. When the equilibrium price determined by free play of demand
and supply is too high for the poor people, then the government imposes a
price ceiling. It refers to fixing the maximum price of a commodity at a level
lower than the equilibrium price. It is generally imposed on essential items and
is fixed below the equilibrium price or market determined price. Government
also intervenes in the process of price determination through a price floor. It
refers to the minimum price (above the equilibrium price), fixed by the
government, which the producers must be paid for their produce. When the
government feels that the pric.e fixed by the forces of demand and supply is
not remunerative from the producer's point of view, then it fixes a price above
the equilibrium price and is known as a price floor.

c.26 The government has decided to fix the prices of wheat, sugar, essential 1
medicines, etc. Which among the following has the government re·sorted to?
A. Fixing a price floor
B. Fixing a price ceiling
C. Raising the equilibrium price
D. Lowering the equilibrium price

✓ In the recent Government budget, the central government has made an 1

announcement to increase the Minimum Support Price (MSP) of sunflower oil
from ~150/per kg to ~200/ per kg. What will be the direct effect on the supply
of sunflower oil in the country?
A. Supply of sunflower oil increases
B. Supply of sunflower oil decreases
C. Supply of sunflower oil remains unchanged
D. Supply of oils other than sunflower oil will increase
le

i7 a. Define 'point of satiety'.

b. Find the missing values in the table.
1+2==3
[PTO for table]

SS3 Economics Page - 11 (Set-I)

 -
,. TU MU
Units (utils) (utils)
16 ?
1
? 12
2
3 ? 8
4 ? 9
5 45 0

2Y Given below is the equation for demand curve for commodity X: 2+1=3
~ = 20 - 2P
(a) Make a demand schedule based on the equation.
(b) At what level of price does the demand for commodity X become zero.
OR OR
(c) The coefficient of price elasticity of demand is given as (-) 3. At a price 3
of ~10, a consumer buys 100 units of the commodity. How many units of
the commodity will she buy if the price falls by 50%?

L,a1 Explain what the shift from Point A on Production Possibility Curve X1 Y1 2+2=4
to Point B on Production Possibility Curve X2Y2 in the given figure
indicates.
GoodY

0 Xi ~: GoodX

(I/Classify _the f~llowi~g statements into positive economics or normative

econom1cs, w1th su1table reasons :
(i) ~ons~mer pri7e index presents a more realistic picture of the
1nflat1on rate 1n a country than the wholesale pr· • d
(1·1·) Subs1.d.1es shou ld be offered very
carefully. 1ce 1n ex.

A rational consumer is consuming only two goods Go d X .

and t5 as their respective prices. Her total man~ .
0 nd 4x1=4
a_ Good Y with ~4
following questions, based on the given informati~~~come is ~40. Answer the

[PTO]

SS3 Economics Page 12 (S

- et-/)
-
(.af State the consumer'
{Mlf the consumer d . ~ budget line equa;t1:•o:n_ _ _ _ _ _ _ _ _ _ ___,
units of G ec1des to spend all his • •
('l'(What wouf~t X Will she consume? income on Good X, how many
W(How does th e lthe slope of the budget line?
con e _s ope of the budget line h l •
sumer cho1ces within their budget? e P to understand trade-offs in
From the que t·
(a) or (b s 1ons (a)-(d) below, attempt ANY ON .
) a nd ANY ONE question from opt· E que5t10n from options 2+2=4
1ons (c) or (d).
Ref~ro the d"1agram 1 below for options (a)· d
In the diagram below are both points Fan d (b) an~ attempt ANY ONE.
equilibrium since MR' MC at both th _an E cons1dered producer's
(b) Wh · e po1nts?
co~;'~~i:y~roducer not stop at the production of OQ1 units of the

MC
,,
C: ~F A
••
:,
E
• · P=AR1= MR
C
i
CD
~
o~. '"!:a:---~---'--_..:
r-!·
Q,
Units Sold

Diagram 1

Attem~ ANY ONE question from options (c) and (d).

, (yrfotal Revenue earned by selling 20 units is t700. Marginal Revenue
earned by selling 21 st unit is t70. What will be the value of Total
Revenue earned by selling a total of 21 units?
(d) Explain the general relationship between AR and MR using a diagram.

Differentiate between contraction in supply and decrease in supply. Give 3+3=6

JnY two points of difference and use a diagram.
--(pfUse the diagram below to answer parts (i)-(iii).
(i) Identify the three short run cost curves.
(ii) Why does the distance between curve A and curve B fall
with rise in output? . .
. (iii) Why does the minimum point of curve A Ile to the nght of
minimum point of curve B?
[PTO for Diagram]

S53 Economics Page - 13 (Set-I)

 A

Ou tp ut (in un,its)
chain 6
od Y is a su bs titu te of Good X. The price of Go od y falls. Explain the
Go
rket for Good X. Use diagram.
of eff ect s of thi s change in the ma
OR
OR
1+2+
and market supply schedule of a
Given be low is the ma rke t demand =6
commodity.

Price (f) 1 2 3 4 5
30 25 20 15
Ma rke t Demand (units] 35
10 25 40 45
Ma rke t Suoolv (units} 5
of price and quantity.
(a) Ascertain the eq uili bri um level ."
exists an excess demand of 20 un its
(b) "A t a pri ce of f4 pe r un it, there
h reason.
Defend or ref ute the statement wit
Wh at wil l hap pen if the ma rke t price is below the eq uili bri um price?
(c)
Explain.