INDIAN SCHOOL AL WADI AL KABIR

DEPARTMENT OF COMMERCE

CLASS -XI- ASSESSMENT- I -2023-24

DATE: 24/09/2023 ECONOMICS (030) MARKS: 80

General Instructions:
1) All questions in both the sections are compulsory.
2) Marks for questions are indicated each.
3) All parts of a question should be answered at one place.

Q. SECTION A: STATISTICS Marks

No
1 The process of converting raw material into goods is called: 1
a. Production
b. Saving
c. Investment
d. Exchange
2 Identify the activity which is not done with the motive of earning livelihood from the given below. 1
a. Blood donation camp
b. Free meal distribution during nationwide Covid-19 lockdowns
c. Visiting an orphanage to distribute cloths
d. All of the above
3 1
Which of the following is/are the feature(s) of an ideal questionnaire?
(i) Questions should be in MCQ from as much as possible
(ii) Numerical calculations should be avoided
(iii) Logical sequence should be followed
(iv) Questions related to religious, political and personal views should be avoided
Choose from the options below.
a. (i), (ii) and (iii)
b. (ii), (iii) and (iv)
c. (i), (iii) and (iv)
d. (i), (ii), (iii) and (iv)
4 The world is facing the Covid pandemic even now. During its initial days, government of India 1
conducted tests of citizens on a frequent interval to ensure that virus does not spread to the
community. This is an example of which of the following types of survey?
a. Sample survey
b. Census survey
c. Both (a) and (b)
d. Descriptive survey

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5 Following are the types of frequency distribution except: 1
a. Open ended
b. Frequency array
c. Exclusive
d. Cumulative frequency
6 Read the following statement given below and choose the correct alternative. 1
Alternatives:
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 Reason (R) is false.
d. Assertion (A) is false, but Reason (R) is true.
Assertion (A): Attributes of a variable can vary from one investigator to another depending
upon the method of statistical enquiry used.
Reason (R): Variables can take any value including integral and fractional values.
7 Write the correct pair. 1
Column I Column II
A. Caption (i) Explanation of contents of table
B. Head note (ii) Supplements the title
C. Title of table (iii) Below the footnote
D. Source of data (iv) Column heading
Codes:
(a) A – (i)
(b) B – (ii)
(c) C – (iii)
(d) D – (iv)
8 Read the following statement given below and choose the correct alternative 1
Statement 1- Title of the table must be compatible with the objective of the study.
Statement 2- Caption is the title given to the rows of a table
a) Both are correct
b) Both are incorrect
c) Statement 1 is correct and statement 2 is incorrect
d) Statement 1 is incorrect and statement 2 is correct
9 The scores of students in a class scores are 97, 85, 92, 78 and 90. What will be the average 1
score?
a. 85.4
b. 88.4
c. 90.5
d. 92.4
10 Which of the following central tendency can be located using histogram? 1
(i) Median
(ii) Quartiles
(iii) Mode
Choose from the options below.
a. Only (i)
b. (ii) and (iii)
c. Only (iii)
d. (i), (ii) and (iii)
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11 3
The following table shows Birth and Death rate (per thousand) in India according to the Census
Reports between 1931 to 2021(hypothetical figures). Present the data in the form of a multiple
bar diagram:

Year 1931 1941 1951 1961 1971 1981 1991 2021

Birth Rate 46 45 40 42 41 37 32.5 22.5
Death Rate 36 31 27 23 19 15 11.5 7.3
12 The following table gives distribution of marks secured by Grade XII Students in Marketing 3
Calculate the median marks secured by the students.
Marks 10-20 20-30 30-40 40-50 50-60 60-70 70-80
No. of Students 42 38 120 84 48 36 31

13 a. What is a variable? Distinguish between a discrete and a continuous variable. Give example. 2+2
b. Explain the concepts of:
i. Frequency distribution
ii. Exclusive series

14 Read the following report and answer the questions on the basis of the same: - 4
DIAGRAMMATIC P RESENTATION OF DATA provides the quickest understanding of the
actual situation to be explained by data in comparison to tabular or textual presentations.
Diagrammatic presentation of data translates quite effectively the highly abstract ideas
contained in numbers into more concrete and easily comprehensible form.
Diagrams may be less accurate but are much more effective than tables in presenting the data.
There are various kinds of diagrams in common use. Amongst them the important ones are the
following:
(i) Geometric diagram (ii) Frequency diagram (iii) Arithmetic line graph
- NCERT
a. Frequency diagram include ----------
i. Histograms
ii. Polygon
iii. Ogive
iv. All of these

b. Which of the following is correct?

i. Bars are equidistant from each other
ii. Bars are also called columns
iii. Bars are one dimensional diagrams
iv. All of these

c. Bar diagrams are ------- form of diagrammatic presentation.

i. Geometric
ii. Arithmetic
iii. Pictographic
iv. None of these

d. Read the following statement given below and choose the correct alternative
Statement 1- Percentage bar diagrams are diagrams which shows simultaneously different

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 parts of the values of a set of data in terms of percentages.
Statement 2- The percentage bar diagrams are used generally when the values are of low
magnitude
a) Both are correct
b) Both are incorrect
c) Statement 1 is correct and statement 2 is incorrect
d) Statement 1 is incorrect and statement 2 is correct

15 The following table shows marks secured by the students of a class in an examination in 4
Economics. Calculate mean marks using Assumed mean method.
Marks 0-10 10-20 20-30 30-40 40-50
No. of Students 20 24 40 36 20
16 Draw a histogram, frequency curve and frequency polygon from the following table: 6

Marks 0-5 5-10 10-15 15-20 20-25 25-30 30-35 35-40 40-45 45-50
No. of Students 3 7 13 25 40 14 10 7 4 2

17 Find out the arithmetic mean by Step-deviation Method from the following: 6
C-I 0-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80
Frequency 12 16 32 52 42 32 18 12

SECTION B: MICRO ECONOMICS

18 Read the following statement given below and choose the correct alternative 1
Statement 1- Economic problem is the problem of economising the resources
Statement 2- Scarcity is a situation in which there is enough of resources to meet all human
wants
a) Both are correct
b) Both are incorrect
c) Statement 1 is correct and statement 2 is incorrect
d) Statement 1 is incorrect and statement 2 is correct
19 The following table shows the Production possibility of cricket bats and sarees of an imaginary 1
economy.
Prod of cricket bats (in thousand) 0 1 2 3 4 5
Prod of Sarees (in lakh) 75 70 62 50 30 0
If the production of cricket bats is increased from 3 thousand to 4 thousand, what is the
opportunity cost that economy has to bear?
a. Zero
b. 8 lakh sarees
c. 30 lakh sarees
d. 20 lakh sarees
20 Define monotonic preference of the consumer. 1

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21 1

On the basis of the above diagram, state the level of consumption at which point of satiety lies.
a. At 2nd unit of commodity
b. At 3rd unit of commodity
c. At 6 th unit of commodity
d. At 5th unit of the commodity
22 Read the following statement given below and choose the correct alternative. 1
Alternatives:
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 Reason (R) is false.
d. Assertion (A) is false, but Reason (R) is true.
Assertion (A): Indifference curve slopes downward from left to right.
Reason (R): According to monotonic preference, more of a good always leads to higher
satisfaction
23 Movement along the demand curve occurs due to change in: 1
a. Own price of the commodity
b. determinants of demand, other than own price of the commodity
c. Both (a) and (b)
d. None of these
24 From the set of statements given in Column I and Column II, choose the correct pair of 1
statements:

Column I
A. Price elasticity of demand
B. Slope of demand curve
C. Ed < 1
D. Perfectly elastic demand curve
Column II
i. Degree of responsiveness of demand for
the commodity to a change in its own
price
ii. ∆Q/∆P
iii. % change in price < Percentage
change in quantity demanded
iv. Vertical straight line, parallel to y-axis

Alternatives:
a. A – (i)
b. B – (ii)
c. C – (iii)
d. D – (iv)

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25 When total product is 100 units and units of variable factor are 4, average product will be: 1
a. 25
b. 400
c. 96
d. 104

26 Read the following statement given below and choose the correct alternative 1
Statement 1- When MP decreases, TP increases at a decreasing rate.
Statement 2- When MP = 0, there is no addition to TP.
a) Both are correct
b) Both are incorrect
c) Statement 1 is correct and statement 2 is incorrect
d) Statement 1 is incorrect and statement 2 is correct

27 When Marginal product turns negative: 1

a. Total output will begin to fall
b. Total output will begin to rise
c. Total output will remain constant
d. None of these

28 a. What does movement along PPC indicate? 3

b. PPC is concave to the origin. What does it indicate?
c. What is the slope of PPC? What does it show?

29 Show diagrammatically consumer’s equilibrium using indifference curve analysis. 3

30 a. What is the relation between Good-X and Good -Y, if with rise in the price of Good-X, 2+2
demand for Good-Y rises? Give an example.
b. The following news was printed in the Economic Times:
“Petrol and Diesel prices were cut by Rs 2 per liter each as international oil prices slumped to
a five-year low.”
Use a diagram and economic theory to Analyse the impact on the demand for cars in India.

31 Read the following report and answer the questions on the basis of the same: - 4
Economists use the term demand to refer to the amount of some good or service
consumers are willing and able to purchase at each price. Demand is based on needs and
wants—a consumer may be able to differentiate between a need and a want, but from an
economist’s perspective they are the same thing. Demand is also based on ability to pay.
If you cannot pay for it, you have no effective demand. What a buyer pays for a unit of
the specific good or service is called price. The total number of units purchased at that
price is called the quantity demanded. A rise in price of a good or service almost always
decreases the quantity demanded of that good or service. Conversely, a fall in price will
increase the quantity demanded. When the price of a gallon of gasoline goes up, for
example, people look for ways to reduce their consumption by combining several errands,
commuting by carpool or mass transit, or taking weekend or vacation trips closer to home.
Economists call this inverse relationship between price and quantity demanded the law of
demand. The law of demand assumes that all other variables that affect demand are held
constant.

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 1. The law of demand states that: -
(a) When prices rise demand rises.
(b) When prices rise demand falls
(c) When income rises demand rises
(d) When income rises demand falls.

2. When the price of a substitute of commodity X rises, the demand for X_______
(a) Rises
(b) Falls
(c) Remains constant
(d) None of the above

3. Demand has reference to: -

(a) A given period of time
(b) A given price
(c) A given period of time and given price
(d) None of the above.

4. Law of demand must fail in case of: -

(a) Normal goods
(b) Giffen goods
(c) Inferior goods
(d) None of these

32 Explain the concept of a production function. Explain the concepts of the short run and the long 4
run with examples.

33 a. Is the demand for the following elastic, inelastic? Give reason. 2+2+2
i. Demand for textbooks
ii. Demand for cars
b. The demand for a goods falls to 500 units in response to rise in price by Rs. 10. If the
original demand was 600 units at the price of Rs. 30, calculate price elasticity of demand.
c. What is the degree of elasticity of demand in case of the following demand curve Use
diagrams.
a. Straight line Parallel to X -axis?
b. Straight line parallel to Y -axis?

34 a. Define AP and MP. 2+2+2

b. State the behavior of TP and MP when only one input is increased and all other inputs
remain fixed.
c. Represent the behavior of TP and MP in one single diagram.

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 INDIAN SCHOOL AL WADI AL KABIR
DEPARTMENT OF COMMERCE

CLASS -XI- ASSESSMENT- I -2023-24

DATE: /09/2023 ANSWER KEY- ECONOMICS MARKS: 80

Q. No. SECTION A: STATISTICS Marks

1 A: a 1

2 A: d 1

3 A: d 1

4 A: a 1

5 1
A: b

6 A: b
1

7 1
A: b
8 1
A: c
9 A: b 1

10 1
A: c
11 3

Key- 1mk
Axes- ½ mk

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 Scale- ½ mk
Drawing- 1 mk
12 3

Colu- ½ mk
Size – 1 mk
Formula- ½ mk
Calcul-1 mk

13 a. A measurable characteristic which takes different value at different points of time and in 2+2
different circumstance is called a variable. Different variable varies differently and
depending on the way they vary, they are broadly classified into two types. 2-mk-
Discrete and Continuous variable.
A discrete variable is one that can only take on a specific set of values, while a continuous 1 mk
variable is one that can take on any value within a certain range. The main difference
between discrete and continuous variables is that discrete variables can be counted, while defi+ 1
continuous variables can be measured.
For example, the number of children in a family is a discrete variable, because it can only mk eg
take on whole number values such as 0, 1, 2, etc. On the other hand, the height of a person
is a continuous variable, because it can take on any value within a certain range, such as
between 1 and 2 meters
b. 2 -mk-
i. A frequency distribution is a representation, either in a graphical or tabular format, that
displays the number of observations within a given interval.
ii. Exclusive series is that series in which the upper limit is not included in that class and is
included in upcoming class. The exclusive series is a type of continuous series. For
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 example: - 0-110, 110-120, 120-130, 130-140, 140-150 we can see that upper limit of the 1mk
class is included in the next class interval.
+1mk

14 A: d 4
A: d (1 – mark each)
A: a
A: c
15 4

Columns - ½ mk each
Formula – ½ mk
Final ans n calculation – 1.1/2 mk
16 2+2+2

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17 6

½ mk ½ mk 1mk 1mk 1mk

Formula – ½ mk
CaL n Final ans- 1. ½ mk

SECTION B: MICRO ECONOMICS

18 A: c 1

19 A: d 1

20 It means that the consumer prefers a particular bundle over the other bundle if the former 1
consists of at least more of one good and no less of the other good.
21 A: d 1

22 A: b 1

23 A: a 1

24 A: a 1

25 A: a 1

26 A: b 1

27 A: a 1

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28 1+ 1+

½+½

29 Indifference curve analysis: 3

An indifference curve depicts all the combinations of two goods that provide the consumer
with equal satisfaction. When the Budget line is tangent to the indifference curve, a
consumer will be in equilibrium, according to the indifference curve approach.
(Draw n Explain the graphs)

Diagram- 1mk
Explanation of the graph- 2- mk
30 a. Substitute goods: Pepsi n Cola – Explain. 2+2
Diag -1mk
Expl – 1 mk
b.

Same as first one.

31 a. When prices rise demand falls 4
b. Rises
c. A given period of time and given price
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 d. Giffen goods
1 mark each
32 The production function of a firm depicts the relationship between the inputs used in the 4
production process and the final output. It specifies how many units of different inputs are
needed in order to produce the maximum possible output.
In short run, a firm cannot change all the inputs, which means that the output can be
increased (decreased) only by employing more (less) of the variable factor (labour). It is
generally assumed that in short run a firm does not have sufficient or enough time to vary
its fixed factors such as, installing a new machine, etc. Hence, the output levels vary only
because of varying employment levels of the variable factor.
In long run, a firm can change all its inputs, which means that the output can be increased
(decreased) by employing more (less) of both the inputs − variable and fixed factors. In the
long run, all inputs (including capital) are variable and can be changed according to the
required levels of output
Defi-1 mk
S.R – 1.1/2 mk
L.R – 1.1/2 mk
33 a. 1. The demand for textbooks is inelastic because even if the price rises the demand will 2+2+2
never change. – 1 mk
2. The demand for cars is elastic as it is a luxury good so when the price of a car goes up,
the demand for it comes down- 1 mk
b.

½ mk
Formula – ½ mk
Ans n Expl – 1 mk
c. The horizontal demand curve parallel to X-axis implies that the elasticity of demand
is infinite. – 1 mk

The demand curve parallel to Y-axis implies that the elasticity of demand
is Zero- 1 mk

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34 a. The term average product refers to the average output (or products) produced by each 2+2+2
input – 1 mk
M.P: the extra output that results from adding one unit of the input to the existing
combination of productive factors. 1- mk
b. Law of variable proportion or returns to variable factor - This law state that keeping
other factors of production constant, when only one variable factor is increased, in the
beginning total physical product increases at an increasing rate, then increases at a
decreasing rate and ultimately decline. - 2 -mk
c.

Graph n Explain- 2 mks

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