JKG INTERNATIONAL SCHOOL

ECONOMICS(030)
HALFYEARLY EXAM
Class XI Session 2023-24
SET A
Time: 3 Hours Max. Marks: 80
General Instructions:
1.This question paper contains two sections: Section A – Statistics for economics
Section B – Micro economics
2.This paper contains 20 Multiple Choice Questions type questions of 1 mark each.
3.This paper contains 4 Short Answer Questions type questions of 3 marks each to be answered in 60 to 80 words.
4.This paper contains 6 Short Answer Questions type questions of 4 marks each to be answered in 80 to 100 words.
5.This paper contains 4 Long Answer Questions type questions of 6 marks each to be answered in 100 to 150 words .
Section A

Q1. Which average is affected most by the presence of extreme items ? 1

(a) Median (b) Airthmetic Mean
(c) Mode (d) All the above
Q2. Which of the following is the merit of a good questionnaire? 1
(a) Difficulty (b) Less number of questions
(c) Not in proper order (d) Invalid questions
Q3. Under random sampling , each item if the universe have _________ chance of being
Selected 1
Q4. Which of the following is a method of secondary data collection
(a) Direct personal investigation (b) Direct oral investigation
(c) Questionnaire (d) none of these
Q5. The number of observations in a class is called 1
(a) Density (c) frequency
(b) Both a and b (d) none of the above
Q6. _____________ is the first stage of statistics in singular sense. 1
Q7. The sum of deviations from the _________ is always zero.
(a) Median
(b) Mode
(c) Mean
(d) None of the above 1
Q8. In a ____________ series various values of the variable are shown along with there
corresponding frequency. 1
Q9. Method of collecting primary data is
(a) Personal interview (b) telephone interview
(c) Mailing questionnaire (d) all of the above 1
Q10. Which of the following diagrams is used to find the value of mode graphically?
(a) Pie chart
(b) Bar graph
(c) Histogram
(d) None of the above 1
Q11. Define statistics . explain its utility in the field of economics planning? 3
Q12. Distinguish between direct personal investigation and indirect oral investigation. 3
Q13 calculate mean from the given information. 4

C.I 0-10 10-20 20-30 30-40 40-50

Frequenc 5 8 15 10 2
y
Q14 . Statistics does not recognize individual items. Consider the statement, “the weight of Mr X in the
college is 70 KG”. This statement does not constitute statistical data. Statistical methods are
not going to investigate anything about this statement. Whereas, if the weights of all the
students of the college are given, statistical methods may be applied to analyse that data.
Statistics is both a science and an art. It is systematic and finds applications in
studying problems in economics, business, astronomy, physics, medicine etc. Statistical
methods are sophisticated in nature. Everyone is not expected to possess the intelligence
required to understand and to apply these methods to practical problems. This is the job of an
expert, who is well-versed with statistical methods.
1. Statistical laws are universal. True/ False
2. The average marks scored by Mohan in mathematics is not a statistics. True/False
Choose correct answer:
3. Statistics are:
(A)Aggregate of facts
(B) Numerically expressed
(C) Collected for a pre-deter mind purpose
(D)All of these
4. Statistics is:
(A)Science
(B) Arts
(C) A and B both
(D)None of these 4

Q15. Classify the following data by taking class interval such that their mid values are
17,22,27,32 and so On. 4
30 42 30 49 18 24 19 24 34 38 16 24
30 27 42 54 22 47 11 17 22 25 33 47
33 22 30 36 46 23 27 25 47 18 24 49
31 41 31 59 26 27 18 45 12 28 41 42

Q16. What are the requisite of a good table.

Or
Differentiate census and sample methods. 6

Q17. (a) Make histogram and frequency polygon from the following information: 6
0-20 20-40 40-60 60-80 80-100
Class
frequency 10 4 6 14 16

(b) Identify two advantages of graphical presentation

Section B
Q18 What is the behavior of MC, as output increases ? 1
Q19. When 5 units of a good are sold, total revenue is ` 100. When 6 units are sold, marginal revenue is
₹8. At what price are 6 units sold ? (Choose the correct alternative)
(a) ₹ 28 per unit (b) ₹ 20 per unit
(c) ₹ 18 per unit (d) ₹ 12 per unit 1
Q20. The Problem of Choice arises due to the fact that : 1
(a) Resources are scare (b) Resources are in abundance
(c) Have alternative use (d) Both (a) and (c)
Q21. Which of the following is a variable cost ? 1
(a) Salary of permanent staff (b) License fees
(c) Rent of premises (d) Wages
Q22 The change in demand for a commodity due to increase in its price is called: 1
(a) Contraction of demand (b) Increase in demand
(c) Extension of demand (d) Decrease in demand
Q23 Make the correct pair of the following: 1
(i) Law of demand (A) Giffen goods
(ii) Substitute goods (B) Milk -sugar
(iii) Complimentary goods (C) Qualitative concept
(iv) Direct price demand relation (D) Coke-pepsi
(a) i-A (b)ii-B (c)iii-C (d)iv-D
Q24 What does rightward shift of PPC indicate? 1
Q25. The slope of PP curve implies ____________MRT. 1
Q26. Normal profit are a part of ____.( Fill in the blank with correct alternative)
(a) Cost of production
(b) Total revenue
(c) Both (a) and (b)
(d) None of the above
Q27. Indifference curve analysis was given by ______________ 1
Q28. What is the relationship between TU and MU ? use diagram. 3
Q29. What will be the reaction of a consumer if price of one of the two commodity change?
Use cardinal approach to explain. 3
Q30. Explain profit maximization condition of a producer with the help of diagram . 4
Q31. Define price elasticity of demand. A consumer buys 40 units of a good at a price of ₹ 3 per unit.
When price rises to ₹ 4 per unit he buys 30 units. Calculate price elasticity of demand. 4

Q32. Read the following hypothetical text and answer the given questions:
Each economy has scarce resources and will have possibility of
being exhausted gradually after a continuous use. Growth of resources, therefore,
become a basic problem of the economy. It can achieve this objective through
technological advancement. Under-developed countries like India, Pakistan,
Thailand etc. have remained poor because of poor growth of their resources. Besides
fuller utilization of resources, these countries should try to raise their productive
capacities, by exploring further availability of natural resources and discovering
better techniques for their use. Moreover, full use of productive capacity is also
indispensable for the growth of the economy.

Since economic theory is classified into Micro and Macro Theory. Microeconomic
theory deals with the allocation of resources in the market economy. In this theory,
decisions regarding ‘what’, ‘how’ and ‘for whom’ to produce are decided on the
basis of price mechanism. Goods are freely bought and sold in the market economy
on an agreed price. Macroeconomic theory deals with the fuller and efficient use of resources. It
also deals with the growth of resources and problems relating saving, investment, inflation,
unemployment etc. Development economics deals with the problem of
growth of resources.
1. Which is a central problem of an economy?
(a) Allocation of resources (b) optimum utilisation of resources
(c) Economic development (d) all of these
2. To which factor, economic problem is basically related to:
(a) Choice (b) Consumer selection (c) firm selection (d) none of these
3. What measures have been followed by India to raise its productive capacities by exploring:
(a) Technique (b) Natural resources
(c) Discovering better technique (d) all of these
 4. Macro Economics deals with the ……………………..
(a) Allocation of resources (b) Aggregate use of resources
(c) both (a) & (b) (d) none of these 4
Q33 A consumer has total money income of Rs. 500 to be spent on two goods X and Y with
price RS. 50 and Rs. 10 per unit respectively. On the basis of the given information answer
the following.
(a) Give the equation of the budget line for the consumer
(b) What is the value of slope of the budget line?
(c) How many units can a consumer buy if he spend all his income on goods X?
(d) How does the budget line changes if there is a 50% fall in price of good Y? 6
Q34 Explain the likely behavior of TP and MP when for the increasing production only one input is
increased, all other inputs are kept constant. 6