HALF YEARLY QUESTION PAPER ECONOMICS

(2022-23)

SECTION A (STATISTICS)

Answer the following questions:

1.Statistical methods help to:

a. Analyse economic problems

b. Formulate policies to solve them
c. Find economic relationships
d. All the above

(OR)

Which of the following is correct regarding statistics?

a) Aggregates of acts
b) Numerically expressed
c) Affected by multiplicity of causes
d) All of the above

2.Read the following statements carefully:

Statement 1: Statistics makes the complicated data simple and intelligible

Statement II: Any single numerical figure is statistics.

In the light of the given statements, choose the current alternative from the following.

a.Statement 1 is true and statement 2 is false.

b.Statement I is false and statement 2 is true
c.Both statements 1 and 2 are true
d.Both statements 1 and 2 are false.

3.Bar diagrams are_________ dimensional diagram.

a.Onc
b.Two
c.Three
d.None of these

4.Find out the Arithmetic mean of the series:10. 15,25,20,30

a)10
b)15
c)20
d)25

5.Read the following statements: - Assertion (A) and Reason (R) Choose one of the correct
alternatives given below:

Assertion (A): Survey is a method of collecting information from individual

Reason (R): Census is a method of collecting information from groups

a. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explar ation 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 fue but Reason (R) is false.
d. Assertion (A) is false but Reason (R) is true.

6.Read the following statements: - Assertion (A) and Reason (R) Choose one of the correct
alternatives given below:

Assertion (A): Secondary data is taken from already available Sources.

Reason (R): Government publications are a very good source of secondary data.

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

7.The sum of the deviation to individual observations of a series is zero in:

(a) Mode
(b) Median
(c) Histogram
(d) Arithmetic Mean

OR
What is the relationship among mean, median and mode:-

A) Mode = 3 mean - 2 median

B) Median = 3 Mode -2

C) Mode = 3 median - 2 mean

D) mean=3 median -2 Mode

8.Data represented through histogram can help in finding graphically the ___________
(Fill up the blank with correct alternative):
a) Mean
b) Median
c) Mode
d) All of these

9.Median of 2,5,8,4,9,6,7 is:

a) 9
b) 8
c) 7
d) 6

10.Census of India conducted a survey on literacy in Bihar sex and location and presented its
report in the form of a table.
The type of classification used in tabulation is termed as:
a.Temporal
b. Qualitative
c.Spatial
d.Quantitative

(OR)

__________ are the data collected for the first time from the source of origin
(Fill up the blank with the correct alternative)
a) Primary data
b) secondary data
c) Internal data
d) None of these

11.Briefly explain any three limitations of statistics?

12."A questionnaire is said to be the backbone of any survey" Do you agree? What are the
qualities/characteristics of a good questionnaire?
OR

"Dear students there is a task for you to do. You have to collect information from 100 families
about their income and expenditure in your locality but you don't have telephone number "

(a) What are the different methods of collection of data?

(b) Which mode you will chose to collect the data in the given situation? Explain about your
chosen method with its two merits.

13.Explain the importance of Statistics in Economics.

14.Represent the following data in the form of pie diagram:

Items of food clothing housing Food and others

expenditure lights

% of income 60 15 10 10 5
spent

15.Define the term Median. Mention any three advantages of medien

OR

Compute Median from the following data:

X F

0-10 2

10-20 3

20-30 4

30-40 10

40-50 5

50-60 4

60=70 2
16. a) What is frequency distribution ?

b) Distinguish between Census method and Sample Method.

17. a) Compute mode from the following data:

X F

0-10 5

10-20 6

20-30 7

30-40 15

40-50 4

50-60 3

60=70 2

b) Mention any two advantages of mode.

OR

a.Calculate the arithmetic mean from the following data:

X F

15 8

20 4

22 7

23 3

27 8

35 7

18 5

B.State two limitations of mean.

SECTION B (MICRO ECONOMICS)

18. Study of an industry is part of

A.Micro economics
B.Macro economics
C. Both [a] and [b]
D. Welfare economics

[OR]

Microeconomics is also known as

[Theory of income and employment/price theory]

Identify the central problem which deals with deciding the quantity of goods to be produced A.
What to produce
A. What to produce
B. How to produce
C. For whom to produce
D. None of these

Read the following statements: - Assertion (A) and Reason (R) Choose one of the correct
alternatives given below: Assertion[a]; Opportunity cost can be less than, more than or equal to
the given value of a factor. Reason[R]; PPC will shift to the left when there is underutilisation of
resources.
a. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explore action 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.

21. If a fall in the income of a consumer, leads to a rise in demand for a good, the good is said
to be
A.substitute
B.complementary
C.Normal
D.inferior

22. Downward movement along the demand curve is caused by:

A.Rise in price of the commodity
B.Fall in price of the commodity
C. Rise in price of substitute goods
D. Fall in the price of substitute goods
23. Read the following statements carefully
Statement 1: When utility can be measured in utils it is called the cardinal approach
Statement 2: The law of Diminishing Marginal Utility is also known as the Psychological law of
consumption
In light of the given statements choose the correct alternative from the following
A. Statement 1 is true and statement 2 is false.
B.Statement I is false and statement 2 is true
C.Both statements 1 and 2 are true
D.Both statements 1 and 2 are false.

24. When the price of tomatoes increases people buy more tomato puree. It can be inferred that
tomato puree and tomatoes are _
A. Normal goods
B. Complementary goods
C. Substitute goods
D. Inferior good

25. When marginal utility is negative total utility is :

A. Zero
B. Diminishing
C. Maximum
D. Minimum

26. If the consumer consumes only one commodity X, he will be in equilibrium when:
A. Mux<Px
B. Mux=Px
C. MUx>Px
D. Mux=0

27. Read the following statements carefully

Statement 1: Movement along the demand curve and shift in the demand curve imply one and
the same.
Statement 2: Demand for necessities is perfectly elastic.
In the light of the given statement, choose the correct alternative
A. Statement 1 is true and statement 2 is false.
B.Statement I is false and statement 2 is true.
C. Both statements 1 and 2 are true.
D.Both statements 1 and 2 are false.

[OR]

How does the availability of close substitutes affect the elasticity of demand for a product?
A. More Elastic
B. Less Elastic
C. Inelastic
D. None of these

28. Distinguish between microeconomics and macroeconomics. Give an example of each

[OR]
Explain the central problem For whom to produce

29. Write any three differences between cardinal and ordinal.

30.1.Explain PPC with the help of a Schedule and diagram.

2. Show underutilisation of resources on PPC

31. A consumer consumes only two goods X and Y. At a certain level of these goods, he finds
that the ratio of marginal utility to price in the case of X is lower than in the case of Y. Explain
the reaction of the consumer.

(OR)

A Consumer buys 10 units of a commodity at a price of Rs 10 Per unit. He incurs an

expenditure of Rs200 on buying 20 units. Calculate the price elasticity of demand by the
percentage method. Comment upon the shape of the demand curve based on this information.

32. Differentiate between the movement along the demand and shift in demand with appropriate
examples and reasons.

33. A consumer consumes only two goods X and Y. Explain the condition of consumer
equilibrium using indifference curve analysis.
(OR)

Explain briefly any FOUR factors affecting price elasticity of demand.

34. Explain the law of demand. Explain four determinants of demand.