WORKSHEET

SUBJECT- ECONOMICS
CLASS- 11
Economics and economy
Q1. Define economics.

Q2. Explain how scarcity and choice go together.

Q3. Why does an economic problem arises? Explain.

Q4. Distinguish between microeconomic and macroeconomic.

Q5. Distinguish between a centrally planned economy , mixed economy and

market economy.

Q6. Give two- two examples of micro and macro economics.

Q7. All resources are not equally scarce all the time. Do you agree with this
statement? If not give reason.

Q8. What is normative economics?

Q9. Which of the following is not considered with the problem of choice?

1. Excessive income 3. Alternative use of resources

2. Unlimited wants 4. Scarce resources

Q10. Give one example of positive economy.

Central problems of an economy

Q1. What are the central problems of an economy?

Q2. What does slope of PPC show?

Q3. Define opportunity cost.

Q4. How is production possibility frontier affected when resources are
inefficiently employed in an economy?

Q5. Explain what happens to the PPC of Kashmir if the widespread floods have
led to the destruction of human lives? With the help of diagram.

Q6. “an economy always produces on but not inside a PPC.” DEFEND OR
REFUTE.

Q7. Giving reason, comment on the shape of production possibilities curve

based on the following:

Good Y 30 27 21 12 0
Good X 0 1 2 3 4

Q8. Define marginal opportunity cost along a PPC.

Q9. How are central problems solved in different economies?

Q10. Explain the central problem of “what is produce and in what quantities”?

Q11. “Massive unemployment shifts the PPC to the left” .defend or refute.

Q12. Raj have three options of a job, offering him a salary of Rs 20000, Rs
25000 and Rs 30000respectively. What is raj’s opportunity cost?

Consumer’s Equilibrium- Utility Analysis

Q1. What is meant by utility?

Q2. A consumer will purchase more of Good-X than Good-Y, only when
𝑀𝑈𝑥 𝑀𝑈𝑥 𝑀𝑈𝑦
1. = MUM 3. <
𝑃𝑦 𝑃𝑥 𝑃𝑦
𝑀𝑈𝑥 𝑀𝑈𝑥 𝑀𝑈𝑦
2. = MUM 4. >
𝑃𝑦 𝑃𝑦 𝑃𝑦

Q3. Distinguish between cardinal and ordinal measurement of utility.

Q4. Explain the law of marginal utility.

Q5. Let MUX =25, MUY =30, PX =5 and PY =5. Is the consumer in state of
equilibrium?

Q6. Given the market price of a good, how does a consumer decide as to how
many units of that good to buy? Explain.

Q7. What do you mean by consumer equilibrium? Give logical reasoning as to

how he reaches his state of equilibrium.

Q8. A consumer consumes only two goods X and Y. marginal utility of X and Y
are 5 and 4 respectively. The price of X and Y are Rs 4 per unit and Rs 5 per
unit respectively. Is the consumer in equilibrium? What will be the future
reaction of the consumer? Explain.

Q9. When the price of onion is very high, the poor man simply stops buying it.
Explain the economics of it, using utility analysis.

Q10. What is the marginal utility of money?

Q11. Higher consumption of a commodity may mean lower and lower

marginal utility, but it never implies negative utility. Do you agree?

Q12. What is the relation between total utility and marginal utility.

Consumer’s Equilibrium- Indifference Curve Analysis

Q1. As we move the indifference curve (left to right), the slope of IC tends to

a. Unity c. rise
b. Zero d. decline

Q2. Define monotonic preferences of the consumer.

Q3. What is meant by budget set?

Q4. On what factors, position of budget line depend?

Q5. Why is an indifference curve negatively sloped? Explain.

Q6. Explain briefly the concept of consumer budget.

Q7 A consumer wants to consume two goods. The prices of goods are Rs 4 and
Rs 5 respectively. The consumer income is Rs 20.

a. Write down the equation of budget line

b. How much good -1 can the consumer if she spends her entire income on
that good?
c. How much good -2 can the consumer if she spends her entire income on
that good?
d. What is the slope of budget line.

Q8. Explain the meaning of budget line. What can cause the change in it?

Q9. A consumer’s budget is Rs 40. He is buying good-1 and good-2. Price of

good-1 is Rs 8 per unit, and of good -2 is Rs 10 per unit. Draw a budget line on
the basis of these figures.

Q10. why IC is convex to origin?

Q11. Marginal rate of substitution along an indifference curve tends to

diminish. Comment.

Q12. Explain the properties of indifference curve.

Statistics

Introduction

Q1. Explain the scope of statistics.

Q2. Define statistics. What are its basic characteristics?

Q3. What are the reasons for studying economics?

Q4. Explain the main limitations of statistics.

Q5. What is consumption?

Q6. Distinguish between quantitative and qualitative data, and give some
example of both.
Q7. “Statistics is defined as the science which deals with the analysis of
statistical data.” Give example.

Q8. Distinguish between descriptive and inferential statistics.

Q9. Define statistics as a singular noun.

Q10. “There are three kinds of lies-lies, damned lies and statistics.” Explain.

Collection of data

Q1. Define data. What are the main sources of data?

Q2. Distinguish between:

a. Primary and secondary data

b. Primary and secondary source

Q3. What are the main sources of errors in the collection of data?

Q4. Describe the questionnaire method of collecting primary data. What

precautions must be taken while preparing a questionnaire? Is there any
difference between a questionnaire and a schedule?

Q5. What precautions are necessary to use secondary data?

Q6. What are important types of data as published in ‘census of India’ AND
‘reports and publications of NSSO’?

Q7. How many ways to collect the secondary data?

Q8. What are the qualities of good questionnaire?

Q9. What are measurement errors and recording mistake?

Q10. What is meant by indirect oral investigation? Give merits and demerits.