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Page 1 Roll Number Code Number SET A General Instructions: i. All questions are compulsory ii. Marks for questions are indicated against the questions. iii. Questions No. 1-4 and 13-16 are very short answer questions carrying 1 mark each. These are to be answered in one sentence each. iv. Questions No. 5 & 6 and 17 & 18 are short answer questions carrying 3 marks each. Answer to them should normally not exceed 60 words each. v. Questions No. 7-9 and 19-21 are short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. vi. Questions No.10 -12 and 22-24 are short answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. vii. Answers should be brief and to the point and the above word limit should be adhered to as far as possible. PART A - MICRO ECONOMICS 1 If with rise in price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative) A. Substitute goods B. Complementary goods C. Not at all related D. Jointly demanded 1 2 A budget line of the consumer becomes steeper (slope increases) when: (Choose the correct alternative) A. Income of the consumer decreases B. Price of good1 increases C. Price of good 1 decreases D. Prices of both good1 and good2 increase in the same proportion 1 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. Max. Marks:80 Page 2 Roll Number Code Number SET A General Instructions: i. All questions are compulsory ii. Marks for questions are indicated against the questions. iii. Questions No. 1-4 and 13-16 are very short answer questions carrying 1 mark each. These are to be answered in one sentence each. iv. Questions No. 5 & 6 and 17 & 18 are short answer questions carrying 3 marks each. Answer to them should normally not exceed 60 words each. v. Questions No. 7-9 and 19-21 are short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. vi. Questions No.10 -12 and 22-24 are short answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. vii. Answers should be brief and to the point and the above word limit should be adhered to as far as possible. PART A - MICRO ECONOMICS 1 If with rise in price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative) A. Substitute goods B. Complementary goods C. Not at all related D. Jointly demanded 1 2 A budget line of the consumer becomes steeper (slope increases) when: (Choose the correct alternative) A. Income of the consumer decreases B. Price of good1 increases C. Price of good 1 decreases D. Prices of both good1 and good2 increase in the same proportion 1 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. Max. Marks:80 3 Define price elasticity of demand. OR Define demand for a good. 1 4 What happens to Total Fixed Cost when firm increases the level of output? OR Why does Average Variable Cost diminish in the initial stage of production? 1 5 A firm supplies 1000 units of a good at a price of Rs.10 per unit. Its price elasticity of supply is 2. How many units of this good will the firm supply if price decreases to Rs. 8 per unit? 3 6 Discuss the nature of total revenue curve of a firm if the firm is functioning under a perfectly competitive market. OR Discuss the implication behind the feature of ‘perfect freedom of entry and exit’ of firms under perfect competition. 3 7 Define a Production Possibility Curve. How does it explain the problem of choice? Explain using a diagram OR Define Marginal Rate of Transformation. How does it influence the shape of production possibility curve? Show with diagrams. 4 8 Using suitable diagram explain the effect on demand for a good when: a. Price of its substitute good rises. b. Price of its complementary good rises. 4 9 Answer the following: a. Give two points of similarities between Monopolistic competition and Perfect competition b. Give two points of distinction between Monopoly market and Oligopoly market. 4 10 Briefly explain the theory of optimal choice of the consumer using budget line and indifference curve. 6 11 Why should Marginal Revenue be equal to Marginal Cost at equilibrium level of output of a firm? Explain using suitable diagram. 6 12 Consider the market for Tea in terms of its market price and quantity exchanged. Explain the possible impact on its market price and quantity exchanged when market price of coffee rises. Use diagram. OR In the recent budget government decided to fix a floor price of paddy by 50% above the market price. What could be the purpose behind this policy? What are the possible consequences of the policy? Explain using a diagram. 6 Page 3 Roll Number Code Number SET A General Instructions: i. All questions are compulsory ii. Marks for questions are indicated against the questions. iii. Questions No. 1-4 and 13-16 are very short answer questions carrying 1 mark each. These are to be answered in one sentence each. iv. Questions No. 5 & 6 and 17 & 18 are short answer questions carrying 3 marks each. Answer to them should normally not exceed 60 words each. v. Questions No. 7-9 and 19-21 are short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. vi. Questions No.10 -12 and 22-24 are short answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. vii. Answers should be brief and to the point and the above word limit should be adhered to as far as possible. PART A - MICRO ECONOMICS 1 If with rise in price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative) A. Substitute goods B. Complementary goods C. Not at all related D. Jointly demanded 1 2 A budget line of the consumer becomes steeper (slope increases) when: (Choose the correct alternative) A. Income of the consumer decreases B. Price of good1 increases C. Price of good 1 decreases D. Prices of both good1 and good2 increase in the same proportion 1 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. Max. Marks:80 3 Define price elasticity of demand. OR Define demand for a good. 1 4 What happens to Total Fixed Cost when firm increases the level of output? OR Why does Average Variable Cost diminish in the initial stage of production? 1 5 A firm supplies 1000 units of a good at a price of Rs.10 per unit. Its price elasticity of supply is 2. How many units of this good will the firm supply if price decreases to Rs. 8 per unit? 3 6 Discuss the nature of total revenue curve of a firm if the firm is functioning under a perfectly competitive market. OR Discuss the implication behind the feature of ‘perfect freedom of entry and exit’ of firms under perfect competition. 3 7 Define a Production Possibility Curve. How does it explain the problem of choice? Explain using a diagram OR Define Marginal Rate of Transformation. How does it influence the shape of production possibility curve? Show with diagrams. 4 8 Using suitable diagram explain the effect on demand for a good when: a. Price of its substitute good rises. b. Price of its complementary good rises. 4 9 Answer the following: a. Give two points of similarities between Monopolistic competition and Perfect competition b. Give two points of distinction between Monopoly market and Oligopoly market. 4 10 Briefly explain the theory of optimal choice of the consumer using budget line and indifference curve. 6 11 Why should Marginal Revenue be equal to Marginal Cost at equilibrium level of output of a firm? Explain using suitable diagram. 6 12 Consider the market for Tea in terms of its market price and quantity exchanged. Explain the possible impact on its market price and quantity exchanged when market price of coffee rises. Use diagram. OR In the recent budget government decided to fix a floor price of paddy by 50% above the market price. What could be the purpose behind this policy? What are the possible consequences of the policy? Explain using a diagram. 6 PART - B – STATISTICS 13 Statistical calculation of a classified data is based on: (Choose correct answer) A. Actual values of observations B. The upper class limits C. The lower class limits D. The class mid points 1 14 State one difference between a discrete variable and a continuous variable OR How is chronological classification different from Spatial classification of data? 1 15 Define Inter Quartile Range. 1 16 Interpret the value of ‘r=+1’ in the case of coefficient of correlation. OR Interpret the result if all the dots in a scatter diagram lie on an upward sloping straight line. 1 17 The subject economics involves the study of man engaged in economic activities of various kinds. These economic activities are broadly classified under three heads. What are these? State with meaning. 3 18 Calculate Arithmetic Mean for the following distribution. Marks more than 0 10 20 30 40 50 Number of students 50 46 40 20 10 3 OR Calculate First Quartile, Second Quartile and Third Quartile for the following distribution Marks 10 20 30 40 50 60 70 80 Number of students 8 12 20 30 20 14 11 4 3 19 The most common type of instrument used in surveys to collect information or data is questionnaire. The success of any statistical investigation is determined by the quality of the questionnaire and the response that evoke from the respondents. What are the essential characteristics of a good questionnaire? OR It is stated that ‘Non Sampling errors’ are more serious than ‘Sampling errors’. Why? What are the possible non sampling errors? Explain with meaning. 4 Page 4 Roll Number Code Number SET A General Instructions: i. All questions are compulsory ii. Marks for questions are indicated against the questions. iii. Questions No. 1-4 and 13-16 are very short answer questions carrying 1 mark each. These are to be answered in one sentence each. iv. Questions No. 5 & 6 and 17 & 18 are short answer questions carrying 3 marks each. Answer to them should normally not exceed 60 words each. v. Questions No. 7-9 and 19-21 are short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. vi. Questions No.10 -12 and 22-24 are short answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. vii. Answers should be brief and to the point and the above word limit should be adhered to as far as possible. PART A - MICRO ECONOMICS 1 If with rise in price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative) A. Substitute goods B. Complementary goods C. Not at all related D. Jointly demanded 1 2 A budget line of the consumer becomes steeper (slope increases) when: (Choose the correct alternative) A. Income of the consumer decreases B. Price of good1 increases C. Price of good 1 decreases D. Prices of both good1 and good2 increase in the same proportion 1 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. Max. Marks:80 3 Define price elasticity of demand. OR Define demand for a good. 1 4 What happens to Total Fixed Cost when firm increases the level of output? OR Why does Average Variable Cost diminish in the initial stage of production? 1 5 A firm supplies 1000 units of a good at a price of Rs.10 per unit. Its price elasticity of supply is 2. How many units of this good will the firm supply if price decreases to Rs. 8 per unit? 3 6 Discuss the nature of total revenue curve of a firm if the firm is functioning under a perfectly competitive market. OR Discuss the implication behind the feature of ‘perfect freedom of entry and exit’ of firms under perfect competition. 3 7 Define a Production Possibility Curve. How does it explain the problem of choice? Explain using a diagram OR Define Marginal Rate of Transformation. How does it influence the shape of production possibility curve? Show with diagrams. 4 8 Using suitable diagram explain the effect on demand for a good when: a. Price of its substitute good rises. b. Price of its complementary good rises. 4 9 Answer the following: a. Give two points of similarities between Monopolistic competition and Perfect competition b. Give two points of distinction between Monopoly market and Oligopoly market. 4 10 Briefly explain the theory of optimal choice of the consumer using budget line and indifference curve. 6 11 Why should Marginal Revenue be equal to Marginal Cost at equilibrium level of output of a firm? Explain using suitable diagram. 6 12 Consider the market for Tea in terms of its market price and quantity exchanged. Explain the possible impact on its market price and quantity exchanged when market price of coffee rises. Use diagram. OR In the recent budget government decided to fix a floor price of paddy by 50% above the market price. What could be the purpose behind this policy? What are the possible consequences of the policy? Explain using a diagram. 6 PART - B – STATISTICS 13 Statistical calculation of a classified data is based on: (Choose correct answer) A. Actual values of observations B. The upper class limits C. The lower class limits D. The class mid points 1 14 State one difference between a discrete variable and a continuous variable OR How is chronological classification different from Spatial classification of data? 1 15 Define Inter Quartile Range. 1 16 Interpret the value of ‘r=+1’ in the case of coefficient of correlation. OR Interpret the result if all the dots in a scatter diagram lie on an upward sloping straight line. 1 17 The subject economics involves the study of man engaged in economic activities of various kinds. These economic activities are broadly classified under three heads. What are these? State with meaning. 3 18 Calculate Arithmetic Mean for the following distribution. Marks more than 0 10 20 30 40 50 Number of students 50 46 40 20 10 3 OR Calculate First Quartile, Second Quartile and Third Quartile for the following distribution Marks 10 20 30 40 50 60 70 80 Number of students 8 12 20 30 20 14 11 4 3 19 The most common type of instrument used in surveys to collect information or data is questionnaire. The success of any statistical investigation is determined by the quality of the questionnaire and the response that evoke from the respondents. What are the essential characteristics of a good questionnaire? OR It is stated that ‘Non Sampling errors’ are more serious than ‘Sampling errors’. Why? What are the possible non sampling errors? Explain with meaning. 4 20 Draw a pie diagram for the following information regarding expected expenditure allocated for the different sub-sectors of Primary sector of the economy in the recent budget. Sectors Expenditure (Rs. Crores) Agriculture 2800 Animal Husbandry 2500 Fisheries 1400 Forestry and Logging 1200 Mining and Quarrying 2100 4 21 Find product moment correlation using the method of Karl Pearson’s coefficient of correlation for the following data related Length and weight. Length 3 4 6 7 10 Weight 9 11 14 15 16 4 22 Calculate the value of Median and locate the same on a graph and verify the result. Classes 0-4 4-8 8-12 12-16 16-20 20-24 24-28 28-32 32-38 38-42 frequencies 3 8 14 30 40 28 14 8 3 2 6 23 Calculate Mean Deviation from median and its coefficient for the following distribution Values 5 15 25 35 45 Frequencies 8 12 15 9 6 OR Calculate Standard Deviation and its coefficient. Classes 5 – 15 15 - 25 25 - 35 35 - 45 45 - 55 Frequencies 8 13 15 9 6 6 24 Calculate Index numbers for the year 2010 considering 2005 as the base year using the following methods: a. Laspeyer’s Method. b. Paasche’s Method. Commodities 2005 2010 Price Quantities Price Quantities A 100 7 150 4 B 75 6 100 8 C 90 11 90 10 D 60 5 40 6 6 End of the Question Paper Page 5 Roll Number Code Number SET A General Instructions: i. All questions are compulsory ii. Marks for questions are indicated against the questions. iii. Questions No. 1-4 and 13-16 are very short answer questions carrying 1 mark each. These are to be answered in one sentence each. iv. Questions No. 5 & 6 and 17 & 18 are short answer questions carrying 3 marks each. Answer to them should normally not exceed 60 words each. v. Questions No. 7-9 and 19-21 are short answer questions carrying 4 marks each. Answer to them should normally not exceed 70 words each. vi. Questions No.10 -12 and 22-24 are short answer questions carrying 6 marks each. Answer to them should normally not exceed 100 words each. vii. Answers should be brief and to the point and the above word limit should be adhered to as far as possible. PART A - MICRO ECONOMICS 1 If with rise in price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative) A. Substitute goods B. Complementary goods C. Not at all related D. Jointly demanded 1 2 A budget line of the consumer becomes steeper (slope increases) when: (Choose the correct alternative) A. Income of the consumer decreases B. Price of good1 increases C. Price of good 1 decreases D. Prices of both good1 and good2 increase in the same proportion 1 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. Max. Marks:80 3 Define price elasticity of demand. OR Define demand for a good. 1 4 What happens to Total Fixed Cost when firm increases the level of output? OR Why does Average Variable Cost diminish in the initial stage of production? 1 5 A firm supplies 1000 units of a good at a price of Rs.10 per unit. Its price elasticity of supply is 2. How many units of this good will the firm supply if price decreases to Rs. 8 per unit? 3 6 Discuss the nature of total revenue curve of a firm if the firm is functioning under a perfectly competitive market. OR Discuss the implication behind the feature of ‘perfect freedom of entry and exit’ of firms under perfect competition. 3 7 Define a Production Possibility Curve. How does it explain the problem of choice? Explain using a diagram OR Define Marginal Rate of Transformation. How does it influence the shape of production possibility curve? Show with diagrams. 4 8 Using suitable diagram explain the effect on demand for a good when: a. Price of its substitute good rises. b. Price of its complementary good rises. 4 9 Answer the following: a. Give two points of similarities between Monopolistic competition and Perfect competition b. Give two points of distinction between Monopoly market and Oligopoly market. 4 10 Briefly explain the theory of optimal choice of the consumer using budget line and indifference curve. 6 11 Why should Marginal Revenue be equal to Marginal Cost at equilibrium level of output of a firm? Explain using suitable diagram. 6 12 Consider the market for Tea in terms of its market price and quantity exchanged. Explain the possible impact on its market price and quantity exchanged when market price of coffee rises. Use diagram. OR In the recent budget government decided to fix a floor price of paddy by 50% above the market price. What could be the purpose behind this policy? What are the possible consequences of the policy? Explain using a diagram. 6 PART - B – STATISTICS 13 Statistical calculation of a classified data is based on: (Choose correct answer) A. Actual values of observations B. The upper class limits C. The lower class limits D. The class mid points 1 14 State one difference between a discrete variable and a continuous variable OR How is chronological classification different from Spatial classification of data? 1 15 Define Inter Quartile Range. 1 16 Interpret the value of ‘r=+1’ in the case of coefficient of correlation. OR Interpret the result if all the dots in a scatter diagram lie on an upward sloping straight line. 1 17 The subject economics involves the study of man engaged in economic activities of various kinds. These economic activities are broadly classified under three heads. What are these? State with meaning. 3 18 Calculate Arithmetic Mean for the following distribution. Marks more than 0 10 20 30 40 50 Number of students 50 46 40 20 10 3 OR Calculate First Quartile, Second Quartile and Third Quartile for the following distribution Marks 10 20 30 40 50 60 70 80 Number of students 8 12 20 30 20 14 11 4 3 19 The most common type of instrument used in surveys to collect information or data is questionnaire. The success of any statistical investigation is determined by the quality of the questionnaire and the response that evoke from the respondents. What are the essential characteristics of a good questionnaire? OR It is stated that ‘Non Sampling errors’ are more serious than ‘Sampling errors’. Why? What are the possible non sampling errors? Explain with meaning. 4 20 Draw a pie diagram for the following information regarding expected expenditure allocated for the different sub-sectors of Primary sector of the economy in the recent budget. Sectors Expenditure (Rs. Crores) Agriculture 2800 Animal Husbandry 2500 Fisheries 1400 Forestry and Logging 1200 Mining and Quarrying 2100 4 21 Find product moment correlation using the method of Karl Pearson’s coefficient of correlation for the following data related Length and weight. Length 3 4 6 7 10 Weight 9 11 14 15 16 4 22 Calculate the value of Median and locate the same on a graph and verify the result. Classes 0-4 4-8 8-12 12-16 16-20 20-24 24-28 28-32 32-38 38-42 frequencies 3 8 14 30 40 28 14 8 3 2 6 23 Calculate Mean Deviation from median and its coefficient for the following distribution Values 5 15 25 35 45 Frequencies 8 12 15 9 6 OR Calculate Standard Deviation and its coefficient. Classes 5 – 15 15 - 25 25 - 35 35 - 45 45 - 55 Frequencies 8 13 15 9 6 6 24 Calculate Index numbers for the year 2010 considering 2005 as the base year using the following methods: a. Laspeyer’s Method. b. Paasche’s Method. Commodities 2005 2010 Price Quantities Price Quantities A 100 7 150 4 B 75 6 100 8 C 90 11 90 10 D 60 5 40 6 6 End of the Question Paper EXPECTED VALUE POINTS AND SCHEME OF EVALUATION Q.NO. Answers Marks (with split up) 1 A. Substitute goods 1 2 B. Price of good1 increases 1 3 Degree of responsiveness of quantity demanded for a given change in its price OR Quantity of a good that a consumer is willing to buy at a given price during a particular period of time 1 4 TFC remains constant OR Increasing retruns 1 5 Ed=(?Q/?P) x (P/Q); (x-1000) /-2 x 10/1000; 2=x-1000/-200; -400=x-1000; -400=x-1000; x=600. Ans=600 3 6 In perfectly competitive market, market price is constant and uniform. This gives total revenue curve the following features. a. TR increases as output increases b. TR has a constant slope, TR becomes an upward sloping straight line c. TR is zero at zero output so that it starts from origin OR If existing firms make abnormal profits in the short run, new firms will enter into the market attracted by the abnormal profits. Market supply increases. Price falls and abnormal profits are competed away. If existing firms are making loss, loss making firms can leave the market. Market supply decreases. Market price rises and the remaining firms will get normal profits. This implies that all firms will make only normal profits in the long run. 3 7 PPC is a graphical medium of highlighting the central problems of ‘what to produce’ It shows various combinations of two goods that can be produced with available technologies and with given resources, which are fully efficiently utilized. The curve that gives maximum amount of two goods that can be produced in the economy with given resources and technology is called production possibility frontier. Diagram A B 4 FINAL TERM EXAMINATION SUBJECT :ECONOMICS CLASS: XI Time Allotted: 3 Hrs. SET A Max. Marks:80Read More
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