THE PINNACLE SCHOOL

ANNUAL EXAMINATION (2023-2024)

ECONOMICS
CLASS XI
(SET A)
Time Allowed: 3 Hours Maximum Marks: 80

SECTION A (STATISTICS)

1. Statistics in singular sense includes __________.

(a) Collection of data (b) Organization of data (1)
(c) Presentation of data (d) All of the above.

2. The statistics is concerned with (1)

(a) Aggregate of organized facts (b) aggregate of unorganized facts
(c) Aggregate of useless facts (d) aggregate of unrelated facts.

3. If mean of a series is 32 and median is 45, what would be the value of mode? (1)
(a) 54 (b) 66 (c) 56 (d) 71

4. If a constant variable is added to all variables, then mean will: (1)

(a) Rise by multiple rate (b) Rise by Half rate (c) Rise by Same rate (d) (a) or (b)

5. A term added in a series of extreme value does not affect the _________ at all.
(1)
(a) Median (b) Mean (c) Mode (d) None of these.

6. The lowest strength of association is reflected by which of the following correlation coefficients?
(1)
(a) 0.95 (b) - 0.60 (c) -0.35 (d) 0.29

Q. Nos 7-8 are based on the following CASE PROBLEM.

Primary data is information collected through original or first-hand research. On the other hand,
secondary data consists of the information which has been collected in the past by someone else.
For example, secondary data is collected by researching the internet, newspaper articles and
company reports. The objective of any study describes decides whether primary or secondary data
is to be collected. Usually, collection of primary data is costly and more time consuming than
secondary data. However, primary data serves specific needs and controls bias.

7. Secondary data is collected (Choose the correct alternative) (1)

(a) by filling up schedules (b) by filling up questionnaires
(c) through published and unpublished sources (d) all of these.

8. Data which is collected from the students in playground regarding their playing habits is collected
by using ______ method. (1)
(a) Direct Personal (b) Indirect personal (c) Information by Enumerator (d) Any of these

9. If r = 0, the two variables are _______. (1)

(a) Correlated (b) Negatively correlated (c) High Correlation (d) No correlation

10. _______ year is chosen carefully in order to estimate inflation in economy and then compared
with the _____ year. (1)
(a) Current, Base (b) Constant, Base (c) Current, constant (d) Base, current

11. Tabulate the given information.

In 2016, out a total of 1250 applicants in a college, 775 were from commerce background. The
number of girls was 125, out of which 70 were from science stream.

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In 2017, the total number of applicants for commerce stream was 1390 of which 825 were boys.
The number of students from science stream was 270, among which 110 were girls. (3)

12. A leading business group has five branches in 5 cities. The number of managers in three
different levels viz. Top level, Middle level and Lower level are given below:

City Top Level Middle Level Lower Level Total

Delhi 90 120 300 510

Mumbai 120 110 370 600
Kolkata 80 150 350 580
Chennai 100 80 280 460
Hyderabad 70 80 240 390
Draw a suitable diagram to represent the above. (3)

13. (a) Find the median for the following data: (2)
Age (in years) 12, 13, 13, 12, 14, 15, 17, 11.

(b) Arithmetic mean of 100 items was found to be 50.8. It was later discovered that one item 47 was
wrongly taken as 67. Find the correct mean. (2)

14. Calculate coefficient of correlation using actual mean method. (4)

X: 2 3 4 5 6 7 8
Y: 4 7 8 9 10 14 18

15. From the data given below, find out the index number for the year 2018 taking 2015 as the base
year by Laspyere and Paasche method. (4)

Commodities Quantity (in units) Price (In ₹)

2014 2019 2014 2019
A 10 15 50 90
B 8 10 32 50
C 6 70 15 36
D 3 30 36 20

OR
Construct the consumer price index number for 2019 on the basis of 2018 from the following data
using family budget method as well as aggregate expenditure method.
Industry A B C D
Quantity (Base year) 10 20 10 30
Quantity (Current year) 15 20 20 40
Price (base year) 10 25 75 4
Price (current year) 20 100 150 5

16. a) Compute mode from the following data: (3)

Marks 0-5 5-10 10-15 15-20 20-25 25-30 30-35 35-40
No. of students 8 6 10 12 11 17 8 2
(b) Calculate Spearman’s coefficient of rank correlation from the following data: (3)
X: 57 16 24 65 16 16 9 40 33 48
Y: 19 6 9 20 4 15 6 24 13 13
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17. (a) Find the missing frequency from the following distribution, if median is 35 and N = 170. (3)

Variable Frequency
0 – 10 10
10 – 20 20
20 – 30 x
30 – 40 40
40 – 50 y
50 – 60 25
60 – 70 15

(b) There are 50 pencils of different prices. Its mean was calculated by a student as ₹ 245, but while
calculating, price of one pencil of ₹ 180 was misread as ₹ 18. Find the corrected mean. (3)

OR

(c) Differentiate between exclusive and inclusive series of data. Give example. (3)

(d) The mean marks of 100 students of combined sections A and B are 38 marks. If mean marks of
students of section A are 40 and that of B are 35, find the number of students in sections A and B.
(3)

SECTION B (MICRO ECONOMICS)

18. Which of the following cost curve is parallel to x-axis? (1)

(a) AFC (b) TVC (c) TFC (d) TC

19. AR is always equal to _______. (1)

(a) MR (b) TR (c) Price (d) option a and c

20. Rise in price of a pen leads to fall in demand for its ink. This is an example of _________ goods.
(1)
(a) Normal (b) Complementary (c) Inferior (d) Substitute

21.“A supply curve which make 15 degrees angle starting from the origin has _______ degree of
elasticity ” (1)
(a) More than unit elastic (b) Less than unit elastic (c) Perfectly elastic (d) Unit elastic.

22. Assertion (A): The slope of indifference curve is different at different points on a curve. (1)
Reason (R): It happens because slope of indifference curve is measured by marginal rate of
substitution, which diminishes along the curve.
Alternatives:
(a) Both Assertion (A) and Reason (R) are true and Reason (R)is not the correct explanation of
Assertion (A).
(b) Assertion (A) and Reason (R) are true and Reason (R) is 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.

23. When slope of a demand curve is zero, its elasticity of demand is:- (1)
(a) zero (b) inelastic (c) infinite (d) elastic.

24. A Consumer consumes two goods. The consumer is said to be in equilibrium, when (1)
(a) Marginal utility of two goods is equal (b) Total utility of two goods is equal
(c) Price of two goods is equal (d) Per rupee marginal utility is equal.

25. Assertion (A): The demand curve shows a relationship between the quantity of the good chosen
by a consumer and the price of the good. (1)
Reason (R): The demand function is a relation between the consumer's demand for a good and its
price when other factors being constant.
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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 and 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.

26. Positive Economics deals with ________. (1)

(a) opinions (b) facts (c) Value judgment (d) suggestions.

27. If total investment in fixed assets is ₹ 2,00,000, borrowings @ 12% p.a. is ₹ 1,50,000, wages
paid ₹12,000, annual rental value of the owner’s factory building is ₹ 10,000 and estimated annual
value of the management services of the owner is ₹ 24,000, the implicit cost will be:- (1)

(a) ₹ 46,000 (b) ₹ 24,000 (c) ₹ 34,000 (d) ₹ 40,000.

28. At a price of ₹ 10 per unit the supply of a good is 80 units. When its price rises to ₹ 12 per unit,
its supply rises by 20 per cent. Calculate price elasticity of supply. (3)

29. Explain following features with their implications of perfect competition. (3)
a) Homogenous goods b) No selling cost

30. What do you mean by producer's equilibrium? State and briefly explain the conditions of
producer's equilibrium with Marginal Revenue and Marginal Cost approach. Use diagram. (4)
OR
“MR can fall even when AR rises” Defend or refute the given statement with valid reasons. Use
diagram.

31. Explain the likely behavior of total product when only the units of a variable factor are increased,
keeping all other factors fixed. Use schedule. (4)

32. A consumer consumes only two goods X and Y, both priced at 3 per unit. If the consumer
chooses a combination of these two goods with Marginal Rate of Substitution equal to 3, is the
consumer in equilibrium? What will a rational consumer do in this situation? Explain. (4)

33. (a) What will be the effect of ‘Make in India’ policy initiated by government of India on production
possibility curve. Explain using diagram. (3)
(b) Differentiate between movement and shift in supply. (3)

34. (a) What is the effect on equilibrium price and quantity in the following cases? (3)
(i) A favorable change in taste of consumers (ii) Increase in number of firms.
(b) Explain the concept of price ceiling? (3)
OR

(c) Explain the chain of reactions if the market price rises above the equilibrium price. Use diagram
and schedule. (3)
(d) Complete the following table:- (3)

OUTPUT TC TFC TVC MC

0 120
1 150
2 180
3 200

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