CBSE Class 11 Economics Question Paper Set 21 Solved

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

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

3 Define price elasticity of demand.

OR

Define demand for a good.

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?

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?

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.

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.

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.

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.

10 Briefly explain the theory of optimal choice of the consumer using budget line and indifference curve.

11 Why should Marginal Revenue be equal to Marginal Cost at equilibrium level of output of a firm? Explain using suitable diagram.

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.

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

14 State one difference between a discrete variable and a continuous variable

OR

How is chronological classification different from Spatial classification of data?

15 Define Inter Quartile Range. 

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.

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.

18 Calculate Arithmetic Mean for the following distribution.

Calculate First Quartile, Second Quartile and Third Quartile for the following distribution

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.

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

21 Find product moment correlation using the method of Karl Pearson’s coefficient of correlation for the following data related Length and weight.

22 Calculate the value of Median and locate the same on a graph and verify the result.

23 Calculate Mean Deviation from median and its coefficient for the following distribution

Calculate Standard Deviation and its coefficient.

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.

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