KENDRIYA VIDYALAYA SANGTHAN R.O. RAIPUR (C.G.

HALF YEARLY EXAMINATION (2022-23)

ECONOMICS (030)

CLASS 11th

TIME: 3 HOURS M.M. – 80

MARKING SCHEME

Q.N Answer Mark

. s
1 Excessive income 1
2 c) government 1
3 c) statement 1 is true and statement 2 is false 1
4 both the statements are true
or 1
Price ratio
5 c) statement 1 is true and statement 2 is false 1
6 b) both the statements are false 1
7 b) Constant. 1
8 a) Total output will begin to fall. 1
9 d) TP is decreasing at a constant rate. 1
10 a) 25 1
11 Microeconomics is the study of economics at an individual, group, or company
level. Whereas, macroeconomics is the study of a national economy as a whole.
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Microeconomics focuses on issues that affect individuals and companies. Macroeconomics
focuses on issues that affect nations and the world economy.
12 A normal good is one whose demand increases when people's incomes start to increase, giving
it a positive income elasticity of demand. Inferior goods are associated with a negative income
elasticity, while normal goods are related to a positive income elasticity.
Or
Price elasticity of demand is a measurement of the change in the consumption of a product in 3
relation to a change in its price. Expressed mathematically, it is:

Price Elasticity of Demand = Percentage Change in Quantity Demanded ÷ Percentage Change

in Price
13  Central Problems of An Economy At the micro level, every economy has to face three central
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problems, i.e. what to produce, how to produce and for whom to produce
14 I) d) Lower price of the commodity.
ii) b)Unitary
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iii) c)Infinity
iv) a) True
15 production function, in economics, equation that expresses the relationship between the 4
quantities of productive factors (such as labour and capital) used and the amount of product
obtained.
 Or
Short-run is a period when some factors of production are fixed and some are variable. Output
can be increased only by increasing the application of the variable factor. In the short run, the
scale of production remains constant.
The long run is a period when all factors of production are variable. Output can be increased
by increasing the application of all factors of production. In the long run, the scale of output
can be changed.
16 Consumer equilibrium refers to a situation, in which a consumer derives maximum
satisfaction, with no intention to change it and subject to given prices and his given income.
The point of maximum satisfaction is achieved by studying indifference map and budget line
together.

17 (i) When MP increases, TP increases at an increasing rate.  (ii) When MP 6

is constant, TP increases at constant rate. (iii) When MP decreases, TP
increases at a diminishing rate  (iv) When MP is zero, TP is
maximum.  (v) When MP is negative, TP declines.
Or

Or
When the amount of only one input is increased, while other inputs are held constant, the total
physical product initially increases at an increasing rate. This is the first phase of increasing
marginal returns to the variable input.
Beyond a point, with increase in the employment of the variable input, total physical product
 starts increasing at a diminishing rate. This is the second phase of diminishing marginal
returns to the variable input.
Eventually, further increase in the variable input causes the total physical product to decline.
This is the third phase of negative marginal returns to the variable input. The following
schedule and diagram illustrate the point:
The schedule and diagram show that there are three phases of increases in TPP. In Phase I.
TPP increases at an in increasing rate. In phase II, TPP increases at a diminishing rate and in
phase III, TPP declines.

Reasons behind different phases:

In Phase I, we get increasing returns to a variable input because greater use of the input makes
it possible to utilise fixed indivisible inputs more fully and also to introduce a greater division
of labour.
In Phase II, we get diminishing returns to the variable input because in this stage the
proportion between the variable input and the fixed input has crossed the optimum proportion
between them and a variable input such as labour has less and less fixed inputs to work with.
In Phase III, the variable input becomes too much relative to the fixed inputs which obstructs
the production process and therefore results in a fall in total physical product.
18 a) Statistics. 1
19 d) All of these. 1
20 a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
1
Assertion (A).
21 d) All of these 1
22 d) Assertion (A) is false but Reason (R) is true. 1
23 c) statement 1 is true and statement 2 is false
or 1
d) All of these
24 a) Two 1
25 c) Maximum 1
26 c) statement 1 is true and statement 2 is false 1
27 b) both the statements are false 1

28 1) Statistics and planning: - Statistics in indispensable into planning in the modern age which is term as
" the age of planning'. Almost all over the world the govt are re-storing to planning for economic
development.
2) Statistics and economics: - Statistical data and technique of statistical analysis have to immensely
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useful involving economical problem. Such as wages price, time series analysis, termed analysis.
3) Statistics and business: - Statistics is an irresponsible tool of production control. Business executive
are relying more and more on statistical technique for studying the much and desire of valued
customers.
29 Probability sampling methods 3
 Simple random sampling.
Systematic sampling.
Stratified sampling.
Cluster sampling.
Convenience sampling.
Purposive sampling.
Snowball sampling.
Or
Tabulation is a systematic and logical representation of numeric data in rows and columns to
facilitate comparison and statistical analysis. It facilitates comparison by bringing related
information close to each other and helps in statistical analysis and interpretation
30 i) a) Its source of origin
ii) b) Secondary sources.
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iii) c) Indirect oral investigation.
iv) d) All of these.
31 A Pie Chart is a type of graph that displays data in a circular graph. The pieces of the graph are
proportional to the fraction of the whole in each category. In other words, each slice of the pie
is relative to the size of that category in the group as a whole. In this: 1) Various observations
of the data are represented by the sectors of the circle. 2) The total angle formed at the centre
is 360°. 3) The whole circle represents the sum of the values of all the components. 4) The
angle at the centre corresponding to the particular observation component is given by (Value
of Component divided by total value) multiplied by 360 degree. Steps of construction of pie
chart for a given data: ● Find the central angle for each component using the formula given on
the previous page. ● Draw a circle of any radius. ● Draw a horizontal radius ● Starting with
the horizontal radius, draw radii, making central angles corresponding to the values of
respective components. ● Repeat the process for all the components of the given data. ● These
radii divide the whole circle into various sectors. ● Now, shade the sectors with different
colours to denote various components. ● Thus, we obtain the required pie chart.
Or
A histogram is a display of statistical information that uses rectangles to show the frequency of
data items in successive numerical intervals of equal size. In the most common form of
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histogram, the independent variable is plotted along the horizontal axis and the dependent
variable is plotted along the vertical axis.

1) Arithmetic mean rigidly defined by Algebraic Formula. 2) It is easy to calculate and simple
32 to understand. 3) It is based on all observations of the given data. 4) It is capable of being
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treated mathematically hence it is widely used in statistical analysis.
33 The mid points of all tops of a histogram are joined to create a frequency polygon and a
frequency curve. However, the points in a frequency polygon are joined with a foot-rule (to
create a straight line), while the points in a frequency curve are joined freehand.
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 Frequency Polygon:

Frequency Curve:

Or
28.7

34 Solution on Graph paper

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