11 Economics Sp03

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Class 11 - Economics
Sample Paper 03
Maximum Marks: 40
Time Allowed: 90 minutes
General Instructions:
1. There are a total 60 questions in this paper out of which 50 questions are to be attempted.
2. This paper is divided into three Sections:
1. Section A – Contains 24 questions. Attempt any 20 questions.
2. Section B – Contains 24 questions. Attempt any 20 questions.
3. Section C – Contains 12 questions. Attempt any 10 questions.
3. All questions carry equal marks.
4. There is no negative marking.
Section A
1. From the following data find out the value of median graphically
Marks 0-10 10-20 20-30 30-40 40-50 50-60
No. of Students 6 11 20 12 6 5
a. 25.2
b. 22.6
c. 23.4
d. 26.5
2. Sugar Mills association publishes information regarding sugar mills in India. It is a source of data from
_______.
a. Government publication
b. Publication by Trade Business Association
c. Publication of research institutions
d. Report of committees
3. Collection of data includes ________.
a. Method of collecting data
b. Only collecting of information.
c. Collecting valuable data from variety of sources, using suitable method of collection.
d. Regeneration of data form the actual one.
4. Mode=3 Median-2 ____.
a. Quartile
b. Mean
c. GM
d. HM
5. Non-economic activities are
a. Concerned with investment
b. Not concerned with money
c. None of these
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d. Concerned with money

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6. What is the elasticity between the mid-point and upper extreme points of a straight line continuous
demand curve?
a. Greater than 1
b. Infinite
c. Zero
d. Less than one
7. Census is
a. The method in which no data is collected
b. The method of planning, organising and publishing data.
c. The method in which few units out of the entire population are chosen.
d. The method In which data is collected from each and every unit.
8. When the distribution is of open end classes which average may appropriate
a. Mode
b. Median
c. None
d. Mean
9. In tabulation, source of the data is shown in the:
a. Body
b. Stub
c. Source note
d. Caption
10. When price elasticity of demand for normal goods is calculated, the value is always:
a. Negative
b. Greater than one
c. Constant
d. Positive
11. The frequency distribution of two variables is known as
a. Multivariate distribution
b. Univariate distribution
c. Sub- multivariate distribution
d. Bivariate distribution
12. Median can be calculated from series:
a. Discrete
b. Continuous
c. All of these
d. Individual
13. Which partition value divides the total set of values into four equal Parts
a. Percentile
b. Deciles
c. Mode
d. Quartile
14. In case of a straight-line demand curve meeting the two axes, the price elasticity of demand at the mid-
point of the line would be:
a. 0

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b. 1
c. 1.5
d. 2
15. Which of the following formula is used for calculating combined arithmetic mean?
a.
b.
c. None of these
d.
16. To find the median, it is necessary to arrange the data in:
a. Ascending or descending order
b. Ascending order
c. Descending order
d. None of above
17. The tangency between price line and indifference curve shows?
a. MRS=P
b. MRSxy =
c. Marginal rate of substitution equals to income
d. MRSxy =
18. What is the relationship between slope and the demand curve?
a. 1
b.
c. 0
d. less than 1
19. For the construction of a grouped frequency distribution, we take:
a. Class boundaries
b. Class limits
c. None of these
d. Class boundaries and Class limits
20. When the distribution is negatively skewed
a. X > M > Z
b. X < M < Z
c. X > M < Z
d. X < M > Z
21. The propounder of law of diminishing marginal utility is:
a. Hicks
b. Chapman
c. Adam smith
d. Gossen
22. If the mean of five observations x, x + 2, x + 4, x + 6, x + 8 is 11. Find the mean of 1st three observations
a. 8
b. 10
c. 9
d. 7
23. Pie chart is

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a. any form of pictorial representation of data

b. diagram with no dimension
c. None
d. A circle broken down into component sub-divisions
24. Standard deviation is
a. None of these
b. Absolute measure
c. Both (Absolute measure) and (Relative measure)
d. Relative measure
Section B
25. Assertion (A): A new science has evolved nowadays which is called Econometrics.
Reason (R): There is a vital relationship between economics, mathematics, and statistics due to the
importance of mathematics and statistics in economics.
a. Both A and R are true and R is the correct explanation of A.
b. Both A and R are 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.
26. The middle most value of a set of observations is:
a. Mean
b. Median
c. None of these
d. Mode
27. Assertion (A): Research institutions, trade associations, universities, labor bureaus, research workers,
and scholars do collect data but they normally publish it.
Reason (R): An individual can also get the information from records and files of government and
private offices.
28. Drawing conclusion from the data analyzed is the stage of
a. Interpretation of data
b. Analysis of data
c. Collection of data
d. Presentation of data
29. Assertion (A): The collected data in the unorganized form is called raw data.
Reason (R): The limitation of the human mind to understand such complex, varied and unorganized
data, it is necessary to make them available for comparison, analysis, and appreciation by proper and
suitable grouping and arranged in condensed form.
30. Price and demand are positively correlated in case of:
a. Necessities
b. Luxuries
c. Giffen goods

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d. Comforts
31. The selection of the proper diagram depends upon
a. purpose of presentation
b. All of these
c. the ratio of minimum and maximum values
d. nature of data
32. Median:
a. Involves complex calculations
b. Cannot be determined
c. Can be determined graphically
d. Affected by extreme items
33. Assertion (A): Adjusted frequencies will decide the heights of each rectangle of histogram but the
width will be according to class limits.
Reason (R): The frequencies of minimum class intervals non which the frequencies of other classes are
adjusted will not be changed.
34. Consuming two goods, a consumer attains equilibrium when:
a.
b.
c.
d.
35. Primary data can be collected from-
a. its source of origin
b. NSSO
c. agency
d. website
36. An open-end class is the class which lacks
a. Higher limit
b. Lower limit
c. Both lower limit and higher limit
d. Either lower limit or higher limit
37. Assertion (A): The sum of the deviations of the items from the arithmetic mean is always equal to zero.
Reason (R): Mean is a point of balance and the sum of the positive deviations is greater to the sum of
the negative deviations.
38. Economics is divided into three parts
a. Conserve, Product and Distribution
b. Consumption, Production and Data collection
c. Consumption, Capital and Data collection

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d. Consumption, Production and Distribution

39. Assertion (A): The basic problem arisen due to the unlimited nature of human want
Reason (R): Human want is the desire, aspiration, and motives of human.
40. Assertion (A): Marginal rate of substitution is diminishing.
Reason (R): As the consumer is having more and more of Good1, his intensity of desire to have it tends
to fall down.
41. Assertion (A): Extension of demand is indicated by a movement along the same demand curve.
Reason (R): It means a movement from left to right on-demand curve.
42. Stratified sample is preferred where:
a. Population is perfectly homogeneous
b. Small samples are required
c. Population is non- homogeneous
d. Random sampling is not possible
43. Which of the following statement is true?
a. It is very difficult to misuse statistics.
b. Statistics can be used by one and all.
c. Statistics deals with all kinds of data.
d. Statistics can be moulded to make god or devil from it.
44. ’“While calculating median in a continuous frequency distribution with unequal class intervals, it is
required to convert it into a frequency distribution with equal class intervals.” This statement is
a. false
b. partly false
c. true
d. partly true
45. How variable is differ from attributes
a. None of these
b. They can be measured Qualitatively
c. They can be measured numerically
d. They can be measured both numerically as well as qualitatively
46. Assertion (A): The elasticity of demand always measures the percentage change in the price of the
commodity and its quantity supplied.
Reason (R): Since the unit of the commodity continue to figure in the estimation and comparison of
elasticity of two goods and is ruled out in such a situation.

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47. The slope of the demand curve of a normal good is:
a. Negative
b. Positive
c. Zero
d. Undefined
48. It deals with the collection, presentation, analysis, and interpretation of quantitative information. This
statement defines
a. statistics in the plural sense
b. statistics in singular sense and statistics in plural sense
c. None of these
d. statistics in the singular sense
Section C
Question No. 49 to 54 are based on the given text. Read the text carefully and answer the
questions:
Expressed in terms of time, consider a commuter who chooses to drive to work, rather than using
public transportation. Because of heavy traffic and a lack of parking, it takes the commuter 90 minutes
to get to work. The same commute on public transportation would have taken only 40 minutes. The
commuter might naturally have chosen driving over public transportation because he could not have
anticipated traffic delays in driving. Once the choice has been made to drive, it is not possible to change
one's mind, thus the choice itself becomes irrelevant. Experience can create a basis for future decisions,
however: the commuter may be less inclined to drive next time, knowing the consequences of traffic
congestion.
49. The opportunity cost of driving from the above text would be ________ minutes.
a. 50
b. 130
c. 40
d. 90
50. Opportunity cost is ________.
a. the additional benefit of buying an additional unit of a product.
b. the cost incurred in the past before we make a decision about what to do in the future.
c. a cost that cannot be avoided. regardless of what is done in the future.
d. that which we forgo, or give up when we make a choice or a decision.
51. Statement 1: Marginal opportunity cost is calculated in terms of the loss of time for every additional
means of transportation of commuter.
Statement 2: Other resources remain constant while choosing the option of transportation.
a. Statement 1 is incorrect and Statement 1 is correct
b. Both the statements are correct
c. Both the statements are incorrect
d. Statement1 is correct and Statement 2 is incorrect
52. PPC is also called:
a. Production possibility frontier
b. All of these

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c. Transformation curve
d. Opportunity cost curve
53. Which of the following statements about opportunity cost is true based on the above text?
i. Opportunity cost is equal to implicit costs plus explicit costs.
ii. Opportunity cost only measures direct monetary costs.
iii. Opportunity cost accounts for alternative uses of resources such as time and money.
a. i and iii only
b. i only
c. i, ii and iii
d. iii only
54. The choice of the commuter emerges when ________ resources are to be used for the satisfaction of
unlimited wants.
a. limited
b. both limited and unlimited
c. unlimited
d. none of these
Question No. 55 to 60 are based on the given text. Read the text carefully and answer the
questions:
We used microdata from the VII Family Budget Survey 2012-2013, which collects information on
expenditures made by Chilean urban households on items such as beverages and foods. We estimated a
Linear Approximation of an Almost Ideal Demand System Model to derive own and cross-price
elasticities of milk, coffee, tea, and other infusions, plain water, soft drinks, other flavored beverages,
sweet snacks, sugar and honey, and desserts. We considered the censored nature of the data and
included the Inverse Mills Ratio in each equation of the demand system.
We found our own price-elasticity of -1.37 for soft drinks. This implies that a price increase of 10% is
associated with a reduction in consumption of 13.7%. We found that the rest of the food and beverages
included in the demand system behave as substitutes for soft drinks. For instance, plain water showed
a cross-price elasticity of 0.63: a 10% increase in the price of soft drinks could lead to an increase of
6.3% of plain water. Own and cross-price elasticities were similar between models.
55. The coefficient of elasticity of demand is negative. It means:

a. The two goods are complementary to each other
b. Price and quantity demanded move in the same direction
c. The Law of demand holds
d. Consumers sometimes buy negative units of a commodity
56. When the percentage change in quantity demanded is more than the percentage change in price then
the demand curve is:
a. Flatter
b. Steeper
c. Rectangular hyperbola
d. Horizontal
57. A consumer spends ₹ 1000 on a good priced at ₹ 8 per unit. When the price rises by 25 percent, the
consumer continues to spend ₹ 1000 on the good. The price elasticity of demand is ________.

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a. -0.2
b. 0.2
c. -0.8
d. 0.8
58. Suresh has a superstore. He deals in various items. His son who is in 11th standard wants to know the
elasticity of various items of their store. He analyzed various items. Now he is looking for coffee. The
price elasticity of demand for coffee is ________.
a. elastic
b. perfectly elastic
c. inelastic
d. perfectly inelastic
59. The demand for a good is elastic if-
a. an increase in its price results in a decrease in total revenue.
b. a decrease in its price results in a decrease in total revenue.
c. the good is a necessity.
d. an increase in its price results in an increase in total revenue.
60. We found our own price-elasticity of -1.37 for soft drinks. It means the price elasticity of demand is-
a. inelastic
b. perfectly elastic
c. perfectly inelastic
d. elastic

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Class 11 - Economics
Sample Paper 03
Solution
Section A
1. (d) 26.5
Explanation: Steps involved in calculating median using less than Ogive approach -
i. Convert the series into a 'less than ' cumulative frequency distribution.
ii. Let N be the total number of students whose data is given.N will also be the cumulative frequency
of the last interval. Find the th item(student) and mark it on the y-axis.In this case the
th item (student) is = 30 student.

iii. Draw a perpendicular from 30 to the right to cut the Ogive curve at a point
iv. From point where the Ogive curve is cut, draw a perpendicular on the x-axis. The point at which it
touches the x-axis will be the median value of the series.
2. (b) Publication by Trade Business Association
Explanation: Sugar mill association's publications are part of various industrial and trade associations
and are Non-Government Publications
3. (c) Collecting valuable data from variety of sources, using suitable method of collection.
Explanation: In statistics, collection of data have two dimensions. ie; a collection of data from
informants and the method of collecting it. here source means the population or the informants and
methods are questionnaire, telephonic interview, information through correspondence, etc.
4. (b) Mean
Explanation: This is an empirical method of calculating the third kind of average when two other
averages are given. Like, median can be calculated when mean and mode are given.
5. (b) Not concerned with money
Explanation: Non-economic activity is undertaken without taking into account monetary reward.
6. (a) Greater than 1
Explanation: Greater than 1
7. (d) The method In which data is collected from each and every unit.
Explanation: The Census Method is also called a complete enumeration method wherein each and
every item in the universe is selected for the data collection. The universe might constitute a particular
place, a group of people or any specific locality which is the complete set of items and which are of
interest in any particular situation.
8. (b) Median
Explanation: An open ended distribution means that one or more of your classes are open-ended. In
other words, it doesn’t have a boundary. In this frequency distribution table only find median from this
data.
9. (c) Source note
Explanation: Source note is placed just before the footnote at the bottom of a table which implies to
the source of data written in the table.
10. (a) Negative
Explanation: Negative, because of the inverse relation between price and quantity demanded.
11. (d) Bivariate distribution

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Explanation: Bivariate distribution is the combined probability distribution of two randomly different
variables. Normally, these can be plotted graphically on x and y axes so their relationship can be
analyzed and any relevant causal effect can be identified. This type of data analysis is useful in risk
management.

12. (c) All of these
Explanation: Median can be calculated in individual, discrete, and continuous distribution where
different methods are applied to each distribution for calculating the median.
13. (d) Quartile
Explanation: Quartiles are the measures which divide the data into four equal parts, each portion
contains equal number of observations.
14. (b) 1
Explanation: 1, because percentage change in P is equal to the percentage change in Q.
15. (d)
Explanation: The composite series or the combined mean is obtained on combining the component
series.
16. (a) Ascending or descending order
Explanation: In order to find the median, the arrangement of the data should take place in order from
least to the greatest. In case the number of terms in the data set happens to be even, then one must find
the median is found by taking the mean (average) of the two numbers that are the middlemost.
17. (d) MRSxy =
Explanation: At point of tangency,slope of the both IC and budget line is same,
i.e. MRS=MRE
18. (b)
Explanation: slope is given by change in y axis / change in X axis.
19. (a) Class boundaries
Explanation: A grouped frequency distribution is an ordered list of a variable X, into groups in one
column with a listing in a second column, the frequency column. A grouped frequency distribution is
an arrangement of class intervals and corresponding frequencies in a table.
20. (b) X < M < Z
Explanation: A distribution is negatively skewed the mean is usually lesser than the median and
Median is lesser than Mode.
21. (d) Gossen
Explanation: The propounder of law of diminishing marginal utility is Gossen.
22. (c) 9
Explanation: Mean is calculated as the sum of the values of all observations divided by the number of
observations
N= 3
Sum of the values of 1st. three observations = 11 + 9 + 7 = 27
Mean = 27/3 = 9
23. (d) A circle broken down into component sub-divisions
Explanation: A pie diagram is also a component diagram, but unlike a bar diagram, here it is a circle
whose area is proportionally divided among the components. it represents. It is also called a pie chart.
The circle is divided into as many parts as there are components by drawing straight lines from the

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centre to the circumference

24. (b) Absolute measure
Explanation: Standard deviation is the measure of dispersion of a set of data from its mean. It
measures the absolute variability of a distribution; the higher the dispersion or variability, the greater
is the standard deviation and greater will be the magnitude of the deviation of the value from their
mean.
Section B
25. (a) Both A and R are true and R is the correct explanation of A.
Explanation: New science has evolved nowadays which is called Econometrics as there is a vital
relationship between economics, mathematics, and statistics due to the importance of mathematics and
statistics in economics.
26. (b) Median
Explanation: The median is the middle score for a set of data that has been arranged in order of
magnitude. The median is less affected by outliers and skewed data.
27. (d) A is false but R is true.
Explanation: Research institutions, trade associations, universities, labor bureaus, research workers
and scholars do collect data, but they normally do not publish it. An individual can also get the
information from records and files of government and private offices.
28. (a) Interpretation of data
Explanation: Interpretation of data refers to concluding it.
29. (a) Both A and R are true and R is the correct explanation of A.
Explanation: The collected data in the unorganized form is called raw data because of the limitation of
the human mind to understand such complex, varied and unorganized data, it is necessary to make
them available for comparison, analysis, and appreciation by proper and suitable grouping and
arranged in condensed form.
30. (c) Giffen goods
Explanation: Giffen goods are highly inferior goods which are the exception to the law of demand.
31. (b) All of these
Explanation: Data must work with multiple chart types, it should ensure your message is clear and
accurate and help people understand complicated data.
32. (c) Can be determined graphically
Explanation: The median value of a series may be determinded through the graphic presentation of
data in the form of Ogives.
33. (b) Both A and R are true but R is not the correct explanation of A.
Explanation: Adjusted frequencies will decide the heights of each rectangle of histogram but the width
will be according to class limits. The frequencies of minimum class intervals non which the frequencies
of other classes are adjusted will not be changed.
34. (a)
Explanation:
The consumer strikes his equilibrium when he is in a state of equi marginal utility. This occurs when
the last rupee spent by him yields equal marginal utility whether he spends it on good X or good Y.
35. (a) its source of origin
Explanation: Primary data is data that is collected by a researcher from first-hand sources, using
methods like surveys, interviews, or experiments. It is collected with the research project in mind,
directly from primary sources.
36. (d) Either lower limit or higher limit

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Explanation: If, in a frequency distribution, the initial class interval is indeterminate at its beginning
and/or the final class interval is indeterminate at its end, the distribution is said to possess
“open ended” classes. A class has either no lower class limit or no upper class limit in a frequency table
is called an open-end class.
37. (c) A is true but R is false.
Explanation: The sum of the deviations of the items from the arithmetic mean is always equal to
zero. Mean is a point of balance and the sum of the positive deviations is equal to the sum of the
negative deviations.
38. (d) Consumption, Production and Distribution
Explanation: A good or service is firstly produced then distributed and ultimately consumed.
Explanation: Both A and R are true but R is not the correct explanation of A.
40. (c) A is true but R is false.
Explanation: The marginal rate of substitution is diminishing because as the consumer is having more
and more of Good1, his intensity of desire to have it tends to rise up.
Explanation: The extension of demand is indicated by a movement along the same demand curve. It
means a movement from left to right on-demand curve.
42. (c) Population is non- homogeneous
Explanation: Population is non- homogeneous which is divided into various strata on the basis of
certain characteristics and then sample is drawn from each stratum independently.
43. (d) Statistics can be moulded to make god or devil from it.
Explanation: It refers to the misuse of statistics.Statistics can be misused by deliberately twisting and
manipulating data.
44. (a) false
Explanation: Median is used to calculate positional average so it can be calculated even if we have
unequal class intervals.
45. (c) They can be measured numerically
Explanation: Attributes assigned to variables may have the same units as the variable or have no units
. If you want to store data that requires units different from those of the associated variable, it is better
to use a variable than an attribute.
46. (d) A is false but R is true.
Explanation: The elasticity of demand always measures the percentage change in the price of the
commodity and its quantity demanded. Since if percentage change is not taken or if the absolute
change is taken then the unit of the commodity continues to figure in the estimation and comparison of
elasticity of two goods and is ruled out in such a situation.
47. (a) Negative
Explanation: The slope of the demand curve of a normal good is negative.
48. (d) statistics in the singular sense
Explanation: The word statistics is used both as singular and plural. As singular, it stands for
collection, presentation, analysis, and interpretation of data whereas plural means numerical facts
collected for a specific purpose.
Section C
49. (a) 50
Explanation: 50
50. (d) that which we forgo, or give up when we make a choice or a decision.
Explanation: that which we forgo, or give up when we make a choice or a decision.

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51. (b) Both the statements are correct

Explanation: Both the statements are correct
52. (b) All of these
Explanation: All of these
53. (d) iii only
Explanation: iii only
54. (a) limited
Explanation: limited
55. (c) The Law of demand holds
Explanation: The Law of demand holds
56. (a) Flatter
Explanation: Flatter
57. (c) -0.8
Explanation: -0.8
58. (c) inelastic
Explanation: inelastic
59. (a) an increase in its price results in a decrease in total revenue.
Explanation: an increase in its price results in a decrease in total revenue.
60. (a) inelastic
Explanation: inelastic

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d. Concerned with money

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a. any form of pictorial representation of data

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d. Consumption, Production and Distribution

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c. A is true but R is false.

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55. The coefficient of elasticity of demand is negative. It means:

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th item (student) is = 30 student.

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centre to the circumference

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51. (b) Both the statements are correct

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