KENDRIYA VIDYALAYA, KASHIPUR

1ST –TERM END EXAMININATION

CLASS – XI

ECONOMICS
SET -A

TIME:- 90 MIN. MM: 40

General Instructions:-

 The question paper contains 3 parts (sections).

 Part – A has 24 questions, attempt any 20 questions.
 Part – B has 24 questions, attempt any 20 questions.
 Part – C has 24 questions, attempt any 20 questions.
 All questions carry equal marks.
 There is no negative marking.

Q.
No. Part - A Marks
Assertion (A): No of students in a class is a discreate variable.
Reason (R): It can not take a fractional no.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
1 1

Identify the correctly matched examples from following:

A. A man crossing a road which was 6 lane road-------------- (i) Staitstics Data
B. A man jumped 20 feet wall after jumping 12 feet wall ----- (ii) Not Staitstics
Data
C. Rajeev Secured 50 in Statistics ---------------------------- (iii) Staitstics Data
D. Maya got 25 in Economics --------------------------- (iv) Not Staitstics Data
2 1
Assertion (A): Height of the students in a class is a continuous variable.
Reason (R): Continuous variable can assume only whole number
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
3 1
 Identify the correctly matched statements from following:
A. Range -------------------- (i) the sum of the upper class limit and lower class limit
B. Mid Value ---------------- (ii) the difference between the upper and lower class
limit
C. Class interval ----------- (iii) the value of items shown between two limits
D. Class-limit --------------- (iv) the start and end of data
4 1
Assertion (A): Ariv gets a rise in his salary by 20% as he was a hard- working
person and was an employee of the week for three months straight.
Reason (R): The raise in the salary is a part of the consumption for Ariv
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
5 1
Histogram is prepared in case of:
A. Individual series B. Discrete series
6 C. Continuous series D. None of these 1
Frequency distribution can be:
A. Discreate B. Continous
7 C. Both (a) and (b) D. None of these 1
Classes with zero frequencies are called:
A. Class B. Empty class
8 C. Nil class D. None of Above 1
Data collected from ‘ The Hindu ‘ is :
A. Secondary Data B. Primary Data
9 C. both (a) and (b) D. Neither (a) nor (b) 1
Technique which gives every item of the universe an equal chance of being
selected is ….
A. Convenient Sampling B. Random Sampling
10 C. Judgment Sampling D. Non –random Sampling 1
Which of the following is a source of secondary data?
A. Government publication B. Private publication
11 C. report published by the state bank of India . D. All of these. 1

Questionnaires are filled by the :

A. Investigator B. enumerator
C. informant D. None of these
12 1
……..data are originally collected by an investigator for the first time.
A. Primary B. Secondary
13 C. Both (a) and (b) D. None of these 1

The process of converting raw material into goods is called :

A. Production C. Saving
B. Investment D. Exchange
14 1
 Which of the following statements is not true regarding economics?
A. It is the study of market behaviour.
B. It deals with the properties of an economic man.
C. It deals with the economy as a whole.
15 D. It. deals with individual demand. 1
“Economics is a study of mankind in the ordinary business of life .” in the ordinary
business of life ‘this definition of Economics is given by :
A. Alfred Marshall C. Adam Smith
16 B. Prof. Robbins D. Prof. Samuelson 1
In calculation of _____, all items are given equal importance.
A. Simple arithmetic means B. Weighted arithmetic mean
17 C. Median D. Mode 1

Total of variables is given by _________.

A. ∑ f X B. ∑ f
C. ∑ fd D. ∑fm
18 1
Which average is calculated by Ogive?
(a) Median (b) Mode
19 (c) Mean (d) All of these 1

Which average is affected by extreme values?

(a) Mean (b) Mode
(c) Median (d) None of the above
20 1

The single value which represents the entire universe is called

(a) Central tendency (b) Range
(c) Index Number (d) Histogram
21 1

The observation which occurs most frequently in a sample is the:

(A) median (B) mean deviation
(C) standard deviation (D) mode
22 1

Which average is calculated by histogram?

(a) Median (b) Mode
(c) Mean (d) All of these
23 1

Which average is the most suitable in the case of calculating average Intelligence
of students in a class?
(a) Mode (b) Mean
(c) Median (d) Median and Mode
24 1

Q.
No. Part - B Marks

Which of the following is not a subject matter of microeconomics?

(a) Consumer’s behavior (b) Market structure
(c) Monetary Policy (d) Pricing of factor services
25 1
 Capital intensive technique is chosen in a
(a) Labour surplus economy. (b) Capital surplus economy.
(c) Developed economy. (d) Developing economy.
26 1
Assertion (A): Resources scarcity is a relative term.
Reason (R): Resources are scare in relation to the demand for resources.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
27 1
Identify the correctly matched pair from following:
A. India should create more employment opportunities ----- (i) Normative
Economics
B. Unrmployment ---------------- (ii) Microeconomics
C. Price Behaviour ----------- (iii) Macroeconomics
D. Govt. provided healthcare increase expenditure -------- (iv) Normative
Economics
28 1
Assertion (A): Total cannot be obtained while calculating mode.
Reason (R): Mode is affected by extreme values.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
29 1
Assertion (A): Median is the positional average.
Reason (R): In median, a central value is to be found which divides the series into
two equal parts.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
30 1
Assertion (A): An average is called the central tendency.
Reason (R): All the individual values are pointed arround it.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
31 1
 Assertion (A): If the numbers of runs scored by 11 players of a cricket team are:
0,0, 1 61,8, 19, 12, 50, 54, 6, 12, 23 then median is 23.
Reason (R): Median = {(n+1)/2}th value, if n is odd.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
32 1
Assertion (A): If the good ia a normal good, then an increase in income will
increase its demand and vice versa.
Reason (R): A consumer is in equilibrium when he maximise his utility, given
income and prices.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
33 1
Assertion (A): TU curve start from the origin, increase at a decreasing rate,
reaches a maximum and start falling.
Reason (R): The rising MU curve shows the law of diminishing marginal utility.
A. Both Assertion and Reason are true and Reason is the correct explanation of
Assertion
B. Both Assertion and Reason are true and Reason is not the correct explanation
of Assertion
C. Assertion is true but Reason is false.
D. Assertion is false but Reason is true.
34 1
In case of Giffen goods, demand curve is :
A.Negatively Sloping B.Positively Sloping
35 C.Zero sloping D.None of above 1
Which of the Following represents Substituted Goods:
A.Car&Petrol B.Pen &Pencil
36 C.Bread &Butter D.All of these 1
Law of demand applies in case of
A.Inferior Goods B.Normal Goods
37 C.Giffen Goods D.None of above 1
Demand includes:
A.Ability B.Desire
38 C.Willingness D.All the above 1

If indifference curve is straight line downward sloping,

(a) MRS is increasing (b) MRS is decreasing
(c) MRS is constant (d) MRS is zero
39 1
 Which of the following options is a property of an indifference curve?
(a) It is convex to the origin.
(b) The marginal rate of substitution is constant as you move along an indifference
curve.
(c) Marginal utility is constant as you move along an indifference curve.
(d) Total utility is the greatest where the 45 degrees line cuts the indifference
curve.
40 1

The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is a
clear case of
(a) Law of demand. (b) Law of diminishing returns.
(c) Law of diminishing utility. (d) Law of supply.
41 1

An indifference curve slopes down towards right since more of one commodity
and less of another result in—
(a) Same satisfaction. (b) Greater satisfaction.
(c) Maximum satisfaction. (d) Decreasing expenditure.
42 1

The consumer is in equilibrium at a point where the budget line—

(a) Is above an indifference curve. (b) Is below an indifference curve.
(c) Is tangent to an indifference curve. (d) Cuts an indifference curve.
43 1

Total utility is maximum when:-

(a) Marginal utility is zero.
(b) Marginal utility is at its highest point.
(c) Marginal utility is equal to average utility.
(d) Average utility is maximum.
44 1

The law of scarcity

(a) Does not apply to rich, developed countries.
(b) Applies only to the less developed countries.
(c) Implies that consumers’ wants will be satisfied in a socialistic system.
(d) Implies that consumers’ wants will never be completely satisfied.
45 1
When change in price of a good is 12% and the consumer change his purchase
by 24% units of that good. Calculate Price Elasticity of Demand.
A. -1 B. 2
46 C. 0 D.1 1
Identify the correctly matched statements from following:
A. Income of Consumer ----------------------- (i) Inverse relationship with Demand
B. Price of Substitute goods ------------------ (ii) Inverse relationship with Demand
C. Price of Complementory goods ---------- (iii) Direct relationship with Demand
47 D. Taste and preferences -------------------- (iv) Direct relationship with Demand 1
When change in price of a good is 25% and Price Elasticity of Demand is 1 then
what is the change in its quantity.
A. 25% B. 50%
48 C. 75% D. None 1
Q.
No. Part - C Marks
 Every society faces a scarcity of resources. Because we live in a finite world, our
resources have to be allocated based on our collective ‘needs and wants’ as a
society. This creates a problem of choice, where we might have to choose
between the different products that can be produced with the same available
resources. For example, consider the practice of agriculture in a village. Food
production and distribution depend upon agriculture. The agricultural output of a
given economy depends upon finite resources like water, manpower, fertilizers,
farming equipment, etc. Therefore, the farmer has to decide what to produce
based on what people want. If people tend to eat more rice and less wheat in a
given region, production of wheat and rice will correspond to that tendency. (But,
factors like import and export can also influence such decisions) The problem of
how much to produce also has to be determined en masse. (i.e. keeping in mind
the population and the demand) Answer 49 to 51

resources have to be allocated based on:

A. scarcity B. need and want
49 C. Both D. None 1
The agricultural output of a given economy depends upon:
A. infinite resources B. Monsoon
50 C. finite resources D. All of these 1
Above case repersent the concept of :
A. What to produce B. How to Produce
51 C. Whome to produce D. None of these 1

Answer to Q. 52 to 54
What is the valid budget set on the basis of above said question:
A. 2 of A and 6 of B B. 2 of A and 8 of B
52 C. 1 of A and 5 of B C. 3 of A and 6 of B 1
What is the ratio of price two commodities i.e. A and B on the basis of above said
question:
A. 50% B. 100%
53 C. 200% C. None of these 1
Consumer feels equilibrirm at unit level:
A. 5 for A and 5 for B commodity B. 3 for A and 3 for B commodity
54 C. 3 for A and 5 for B commodity D. 5 for A and 3 for B commodity 1
 Answer the Q. 55 to 57
What is the frequency for class interval 20 - 30 :
A. 6 B. 12
55 C. 16 D. 14 1
What is the Tally for class interval 50 - 60 :
A. II B. III
56 C. IIII D. None of these 1
What is the frequency for class interval 40 - 50 :
A. 6 B. 12
57 C. 16 D. 14 1
When price of a good is 7 per unit, a consumer buys 12 units. When price falls to
6 per unit, he spends 72 on the good. Answer Q. 58 to 60
Change in Price is:
A. -1 B. 2
58 C. 0 D.-2 1
Change in Quantity demand is:
A. 60 B. -60
59 C. 0 D.none 1
Price Elasticity of Demand.
A. -1 B. 2
60 C. 0 D.1 1

Answer Key
Q. No. Key
1 A
2 D
3 C
4 C
5 C
6 C
7 C
8 B
9 A
10 B
11 D
12 B
13 A
14 A
15 B
16 A
17 A
 18 B
19 A
20 A
21 A
22 D
23 B
24 C

Part- B Key
25 C
26 B
27 A
28 A
29 C
30 B
31 A
32 D
33 B
34 C
35 B
36 B
37 B
38 D
39 C
40 A
41 C
42 A
43 C
44 A
45 D
46 B
47 D
48 A

Part-C Key
49 B
50 C
51 A
52 A
53 B
54 D
55 A
56 C
57 B
58 A
59 C
60 C