Dev Academy of Science and Commerce

December Examination
11th- Economics
Part-1 M.M.:80
(Micro economics)
(Objective Type Questions) 8X1=8
1. (i) Human wants are :
(A) Unlimited (B) Limited (C) Negligible (D) None of these
(ii) Which of the following is the study of micro-economics?
(A) Aggregate demand (B) National Income (C) Trade Cycle (D) Consumer Equilibrium
(iii) Which of the factors lead to decrease in supply?
(A) fall in input price (B) Fall in price of other goods
(C) Increase in excise tax rate (D) none of these
(iv) If the demand curve of a firm is compatible with market demand curve, then:
(A) Firm is price taker (B) Firm is a monopoly firm
(C) Firm can fix any price without restriction (D) MR is equal to AR
(v) The year of World's Great Depression is:
(A) 1927 (B) 1929 (C) 1931 (D) 1933
State whether the following statements are true or false:
(vi) Rise in the price of substitute goods is the cause of increase in demand.
(vii) The longer the period, the less elastic is demand.
(viii) A specific quantity within the supply schedule refers to supply.
(Very short answer type question) 4X2=8
2. What is meant by 'opportunity cost'?
3. What is meant by inferior goods?
4. What is meant by internal economies?
5. Define Oligopoly.
(Short Answer Type Questions) 3X4=12
6. Distinguish between returns to a factor and returns to a scale.
7. Distinguish between increase in demand and extension of demand.
8. What are the assumptions of law of demand?
(Long Answer Type Questions) 2X6=12
9. What is price elasticity of demand? Explain the total expenditure method to measure it.
OR
What is demand curve? Why does a demand curve slope downwards?
10. Distinguish between extension of supply and increase in supply with the help of diagrams.
OR
Discuss the short-run equilibrium of the firm under perfect competition by way of marginal approach.
 Part-2
(Statistics)
(Very short answer type question) 5X2=10
11. Who is producer?
12. Who is consumer?
13. What is product?
14. Define (any two) (a) class-interval (b) frequency (c) cumulative frequency.
15. The mean of 100 observations was found to be 40. Later on, it was discovered that the two items were
wrongly taken as 30 and 27 instead of 3 and 72. Find the correct mean.
(Short Answer Type Questions) 3X4=12
16. Distinguish between primary and secondary data.
17. Represent the following data with the help of pie diagram:

Items of expenditure Amount spent in rupees

Food 40
Clothing 20
Fuel and Lighting 50
House rent 70
Miscellaneous 20

18. Calculate the mode of the following series:

Class 30-59 60-89 90-119 120-149 150-179 180-209 210-239
Frequency 4 7 12 15 18 6 5

(Long Answer Type Questions) 3X6=18

19. The median value of the data is given that is 40 and N = 60. Fill up the missing frequencies:
Variable 0-10 10-30 30-60 60-80 80-90
Frequency 5 ? ? 8 2

20. Draw an appropriate Diagram for the following data:

Production (in ‘000 tones)
Year
Wheat Rice Cotton
2002 35 22 10
2003 15 25 16
2004 40 12 20
2005 30 32 23
2006 42 18 08

21. What is primary data? Name all types of collection of data. Explain any one method.