ADITYA CONVENT SENIOR SEC.

SCHOOL
ANNUAL EXAMINATION 2023-24
CLASS –XI
SUBJECT-ECONOMICS [SET-B]
Time allowed: 03 Hours Maximum Marks: 80

 General Instructions:
i. This question paper contains two parts:
Part A - Statistics for Economics (40 marks)
Part B – Micro Economics (40 marks).
All questions in both the sections are compulsory. Marks for questions are indicated against each.
ii. Questions No.1 – 10 and 18 – 27 are very short-answer questions carrying 1 mark each. They are
required to be answered in one word or one sentence each.
iii. Questions No. 11–12 and 28 – 29 are short-answer questions carrying 3 marks each. Answers to them
should not normally exceed 60-80 words each.
iv. Questions No. 13 – 15 and 30 – 32 are also short-answer questions carrying 4 marks each. Answers to
them should not normally exceed 80-100 words each.
v. Questions No. 16 – 17 and 33 – 34 are long-answer questions carrying 6 marks each. Answers to them
should not normally exceed 100-150 words each.
vi. Answers should be brief and to the point and the above word limits should be adhered to as far as
possible.

Part A - Statistics for Economics

1. If mode is ill defined then it is calculated with the help of formula. [1]

a. Mode = 2 median – 3 mean c. Mode = 3 median + 3 mean

b. Mode = 2 median + 3 mean d. Mode = 3 median – 2 mean

2. Use of _____ saves time and cost. [1]

a) Secondary data c) Data
b) Primary data d) Information

3. Which is not a method to find arithmetic mean? [1]

a. Direct Method c. Step-deviation method
b. Short-cut method d. Karl Pearson’s method

4. Which of the following statements about the statistical study is true? [1]
a. Presentation of data is the first stage of statistical study
b. Analysis of data is the first stage of statistical study
c. Collection of data is the first stage of statistical study
d. Organization of data is the first stage of statistical study

5. Median of 25, 72, 28, 65, 29, 60, 30, 54, 32, 53, 33, 52, 35, 51, 42, 48, 45, 47, 46, 33 is _. [1]

a) 45.5 c) 33.5
b) 55.4 d) 63.5
6. If eight workers earn the following income—30, 36, 34, 20, 42, 46, 54, 62, then the
Arithmetic mean will be __. [1]
a. 43.2 c. 54
b. 65 d. 72
 7. ____ is also called lottery method. [1]
a) Random Sampling
b) Non-Random Sampling
c) Population
d) Sampling

8. Class Mid-point or Class Mark is equal to _____.[1]

a). (Upper class limit + Lower class limit) / 2
b). (Upper class limit – Lower class limit) / 2
c). (Upper class limit + Lower class limit) * 2
d). (Upper class limit – Lower class limit) * 2

9. Median of 2, 3, 8, 4, 9, 6, 5, is _ . [1]
a. 9 c. 5
b. 8 d. 6
10. _____ is the method of gathering information from individuals. [1]

a) Collection c) Analysis
b) Survey d) Inspection
11.“Classified data is better than raw data?” Do you agree with the given statement? Give
valid reason in support of your answer. [3]

12 .What are the stages of statistical study? [3]

13 .From the following continuous series prepare the(I)Less than, and (II)More than
Cumulative series: [4]

0-10 10-20 20-30 30-40 40-50 50-60

8 12 30 25 18 17

14. The following table gives the daily income of ten workers in a factory. Find the arithmetic
mean. [4]

A B C D E F G H I J
120 150 180 200 250 300 220 350 370 260

15.Find out the median for the data given below: [4]
Class 0-10 10-20 20-30 30-40 40-50 50-60 60-70
Frequency 10 5 5 11 14 5 10

16 .Calculate rank-difference of correlation from the following data: [6]

X 75 88 95 70 60 80 81 50
Y 120 134 150 115 110 140 142 100
17, Calculate MODE by Grouping Method . [6]

X Y
32 4
33 11
34 27
35 25
36 32
37 31
38 13
39 11
40 33
41 13

Part B – Micro Economics

18.Define economy? [1]
OR
Define micro economics?

19.What is the definition of Revenue? [1]

20.Read the following statements and choose the correct alternatives given
below: [1]

Assertion (A) Indifference curve is convex to the origin.

Reason (R) Due rise in Marginal rate of substitution (MRS)

a) Both assertion (A) and reason (R) are true, and reason (R) is the correct explanation of
assertion (A)
b) Both assertion (A) and reason(R) are true, but reason(R) is not the correct explanation
of assertion (A).
c) Assertion (A) is true but reasons (R) is false
d) Both assertion (A) and reason (R) are false.

21.What is the title of Adam Smith's seminal work that laid the foundation for classical
economics? [1]
(a) The Wealth of Nations (c) Das Capital
(b) The Communist Manifesto (d) The Road to Serfdom

22.When total utility is maximum , Marginal utility is ____________.(Minimum/Zero) [1]

23.Which of these is not a cause of economic problem? [1]

a) Unlimited wants c) Exchange
b) limited resources d) Alternate uses
24.A firm under perfect competition is _______. ( Fill in the blank with correct alternative) [1]
(a) Price taker (c) Price influencer
(b) Price maker (d) All of the above
25.Who is the Father of Economics? [1]
a) Alfred Marshall c) Adam Smith
b) Lionel Robbins d) Richard bright
26.Indifference curve characteristics are ________________. [1]

(a) Negatively sloped (c) Never Intersect each other

(b) Convex to the point of origin (d) All of the above

27.The process of converting raw material into goods is called :[1]

(a) Production (c) Investment
(b) Saving (d) Exchange
28. What are the differences between micro and macro economics? [3]

29.Explain the 'law of supply'? [3]

30.Explain the relations between total utility [TU] and marginal utility [MU] with the help of
table and diagram? [4]

31.What are the differences between Perfect Competition market and Oligopoly Market ? [4]
32.Explain these terms:

A. Market economy. [2] B. Centrally planned economy. [2]

OR
Complete the following table. [4]

Units of Total Average Marginal

Labour Production
1 -
2 50
3 -
4 190
5 -
6 -
Production Production
- -
- 70
- 60
- -
46 -
- -28

33. Explain the relations between Total Cost [TC] and Marginal Cost [MC].With the help of
table and diagram? [6]

34.Complete the following table and also draw the market demand curve. [6]

Price Demand of 'A' Demand of 'B' Market

Demand
10 5 - 10
9 - 10 17
8 13 - 24
7 - 16 32
6 22 24 -