VELS VIDYASHRAM SR. SEC.

SCHOOL
REVISION EXAMINATION (2022-23)
ECONOMICS (030)
CLASS: XI MARKS: 80 DATE: 21-01-2023 TIME: 3 HRS

GENERAL INSTRUCTIONS:
1. This question paper contains two sections:
Section A – Micro Economics
Section B – Statistics for Economics
2. This paper contains 20 Multiple Choice Questions type questions of 1 mark each. 3. This paper
contains 4 Short Answer Questions type questions of 3 marks each to be answered in 60 to 80 words.
4. This paper contains 6 Short Answer Questions type questions of 4 marks each to be answered in 80
to 100 words.
5. This paper contains 4 Long Answer Questions type questions of 6 marks each to be answered in 100
to 150 words.

Q. QUESTIONS MA
No. PART-A – MICRO-ECONOMICS RKS
1 Both AP and MP curve are generally _______________ . 1
a. U-shaped.
b. Inversely U-shaped.
c. Rising.
d. Falling.

2 Which two curves are intersected by MC curve at their minimum 1

point. a. AC and AVC b. AVC and AFC
c. AC and AFC d. AC and TVC

3 If total revenue is Rs. 30,000 when 12,000 units are sold, then average revenue is equal 1
to ______________________.
a. 2.75 b. 2.50
c. 3.45 d. 3.30

4 If quantity supplied increase form 60% due to 50% increase in price, then elasticity 1
of supply is :
a. -1.2 b. +1.2
c. -0.83 d. +0.83
5 Read the following statements: Assertion (A) and Reason (R). Choose the 1
correct alternatives given below:
Assertion (A): Minimum wage legislation is an example of imposition of price
ceiling. Reason (R): Under minimum wage legislation, minimum wages are set
above the equilibrium wage level by the government.
a. Both Assertion and Reason are true and Reason (R) is the correct explanation
of Assertion (A).
b. Both Assertion and Reason are true and Reason (R) is not the correct explanation
of (A).
c. Assertion (A) is True but Reason (R) is False
d. Assertion (A) is False but Reason (R) is True

6 Assertion(A): Law of supply is a qualitative statement. 1

Reason (R): Law of supply indicates the magnitude of change in the quantity supplied.

a. Both Assertion and Reason are true and Reason (R) is the correct explanation
of Assertion (A).
b. Both Assertion and Reason are true and Reason (R) is not the correct explanation
of (A).
c. Assertion (A) is True but Reason (R) is False.
d. Assertion (A) is False but Reason (R) is True

7 Match the statements given under A with the correct options given under B. 1

(A) (B)
(i) Stock a. Upward Movement
(ii) Increase in
b. Total quantity available at particular point
Supply
of time.
(iii) Expansion in
c. Cterisparibus
supply
(iv) Law of supply d. Supply rises at the same price.

a. (i)-b (ii)-c (iii)-d (iv)-e

b. (i)-b (ii)-d (iii)-a (iv)-c
c. (i)- d (ii)-e (iii)-b (iv)-a
d. (i)-e (ii)-a (iii)-c (iv)-d
8 Read the following statement carefully and choose the correct alternative from 1
the following:
Statement-1: Price and average revenue is one and the same thing.
Statement-2: Slop of total revenue curve is represented by marginal revenue.

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.

9 How much selling costs are incurred in case of perfect competition 1

a. Very high b. Moderate high
c. Zero d. Very less
Or
The following diagram depicts the situation of

a.Excess supply b. Excess Demand

c. Equilibrium condition d. None of these

10 Fall in input price would cause: 1

(a) Fall in equilibrium price and rise in quantity.

(b)rise in equilibrium price and fall in quantity.

(c)fall in equilibrium price as well as quantity.
(d)rise in equilibrium price as well as quantity.

11 Supply curve is the rising portion of marginal cost curve over and above the minimum 3
of average variable cost curve. Do you agree? Support your answer with valid reason.

12 State any three features of perfect competition? 3

13 Show with help of a diagram, the effect on equilibrium price and quantity of a 4
commodity when
a) Supply is perfectly inelastic and demand decreases.
b) The demand curve perfectly elastic and the supply curve shifts out.

14 State whether following statements are True of False. Give reason for your 4
answer. a. The difference between ATC and AVC is constant.
b. AC falls when MC falls.
15 The equilibrium market wage rate is Rs.1400 per month the government finding it low, 4
fixes minimum wage rate at Rs. 1800 per month. Examine the implication of this
decision. Use diagram.

16 Explain with the help of diagram, the effect of the following on the supply of a 6
good. a. A rise in the rate of excise duty.
b. A fall in the price of other good.
c. A fall in the price of factor inputs.

17 Read the given case carefully and answer the following questions on the basis of the 6
same:
Market price is the price at which good is sold in the market. Under perfect
competition market, the price is decided with market forces of demand and supply. Any
price where demand and supply is not equal considered as unstable price. Sometimes
government interferes in the market of a commodity that interference may be direct or
indirect. Government controls price through taxes and subsidies on the good. Price
ceiling policy is helpful generally to consumer of that good whereas as price floor
policy helps to producer of goods. Price ceiling and price floor are the legal interference
by the government.

Q.1 Give another name for market determinant price.

Q.2 Explain the concept of price ceiling.
Q.3 Why does the government of India fix “support price for some crops”. Give reason.

PART – B STATISTICS

18 Which of the following is also known as cost-of-living 1

index______________. a) Consumer price index c) Producer price index
b) Wholesale price index d) Fisher’s index

19 For open end classification which of the following is best measure of central 1
tendency. a. Arithmetic Mean b. Median
c. Geo-grammatic Mean d. Mode

20 If mode is ill defined, then it is calculated with the help of formula 1

______. a. Mode = 3Median - 2Mean b. Mode = 2Median + 3Mean
c. Mode = 3Median - 3Mean d. Mode = 2Median - 2Mean

21 Read the following and choose the correct alternatives: 1

Assertion (A): The correlation between height and weight of the person is
positive. Reason (R): Positive correlation means movement of two variables is
in the same direction.
a. Both Assertion and Reason are true and Reason (R) is the correct explanation
of Assertion (A).
b. Both Assertion and Reason are true and Reason (R) is not the correct explanation
of (A).
c. Assertion (A) is True but Reason (R) is False
d. Assertion (A) is False but Reason (R) is True
22 Read the following statement carefully and choose the correct alternative from 1
the following:
Statement-1: Scattered diagram is a non-mathematical method of studying
correlation. Statement-2: The method of scattered diagram provides the exact value
of correlation.

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.

23 Which correlation coefficient indicates strongest relationship? 1

a. r = 0.8
b. r = 0.4
c. r = 0.09
d. r = 0.2

24 If price index is 95, it means price are_________ 1

a. Increase by 10% b. Decreased by 5 %
b. c. Increase by 95% d. Decreased by 95%

25 Index number is also known as_______ 1

a. Market price b. Wholesale Price
c. Rational weight d. Barometer of economic activity

26 Match the item given under Column I with the suitable statement under Column 1
II: Column I Column II
i) Quartile deviation is
(a). Middle value is the arranged data.
also known as
ii) Median (b). It helps to graphically locate mode.
iii) Histogram (c). It helps to graphically locate median. iv) Ogive
(d). Inter- quartile range
a. (i)-a (ii)-c (iii)-d (iv)-e
b. (i)-d (ii)-a (iii)-b (iv)-c
c. (i)- d (ii)-e (iii)-b (iv)-a
d. (i)-e (ii)-a (iii)-c (iv)-d

27 Which of the following index number indicates the change in industrial 1

production: a. NIFTY b. GDP c. CPI d. IIP

28 “Arithmetic mean is affected by very large and very small values but median and 3
mode are not affected by them.” Explain.

29 Explain the relation between price and quantity supplied through a scattered 3

diagram. Price (₹) 10 20 30 40 50 60

 Quantity Supplied 25 50 75 100 125 150

30 Write the four usage of wholesale price index number. 4

Or
What is an Index Number? Explain the difficulties or problems in involved
while constructing an Index Number.

31 Calculate median and mode from the following data. 4

32 Why does rank correlation coefficient differ from Pearsonian correlation 4

coefficient. Or
What is correlation? Distinguish between positive and negative correlation.

33 Construct index number by Paasche’s and Laspeyre’s method. 6

34 Calculate the coefficient of correlation for the following data by the actual mean 6

method: