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 Series ARSP/07 Set ~ 7
Roll No. Q.P Code 15/7/7
Candidates must write the Q.P Code
on the title page of the answer-book.

 Please check that this question paper contains 5 printed pages.

 Q.P. Code given on the right hand side of the question paper should be written
on the title page of the answer-book by the candidate.
 Please check that this question paper contains 34 questions.
 Please write down the serial number of the question in the answer-book
before attempting it.
 15 Minute times has been allotted to read this question paper. The question
paper will be distributed at 10:15 a.m. From 10.15 a.m to 10.30 a.m, the students
will read the question paper only and will not write any answer on the answer –
book during this period.

ECONOMICS

Time allowed: 3 hours Maximum Marks: 80

General Instructions:

1. This question paper contains two sections:

Section A – Micro Economics

Section B – Statistics

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
1. Assertion (A): Arun purchased a car from Bharat Automobiles. [1]
Reason (R): Arun is a consumer as he was the reason of the economic activity performed.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.

c) A is true but R is false. d) A is false but R is true.

2. P10 is the index for time [1]

a) 0 on 1 b) 0 on 0

c) I on 1 d) 1 on 0
3. When two variables move together in the same direction, it is said to be [1]

a) Zero correlation b) Negative correlation

c) Positive correlation d) No correlation

4. Taking 1999 as base year calculate index number of the year 2004 [1]

Year 1999 2000 2001 2002 2003 2004

Price (Rs) 10 14 16 20 22 24

a) 210 b) 240

c) 230 d) 220
5. A weighted aggregate price index where the weight for each item is its base period quantity is known as the [1]

a) Producer Price Index b) CPI

c) Paasche Index d) Laspeyres Index

 6. Simple aggregate of quantities is a type of [1]

a) Quantity indices b) Quantity control

c) Both Quality control and Quantity Indices d) Price control

7. Which of the following facts is Statistics? [1]

a) Ram secured 90 percent marks in b) Ram secured 60 percent marks in English

Economics

c) Ram secured 90 percent marks in d) Ram secured 80 percent marks in

Economics this year, whereas he secured 80 Mathematics
percent marks in Economics previous year
8. The effect of data on mind through Tabulation: [1]

a) All of these b) Hypothetical

c) Temporary d) Permanent
9. If the index number of prices at a place in 1994 is 250 with 1984 as base year, then the prices have increased on [1]
average

a) 450 b) 350

c) 250 d) 150
10. Find out Karl Pearson’s coefficient of correlation in the following series relating to prices and demand of a [1]
commodity.

Price (Rs.) 11 12 13 14 15 16 17 18 19 20

Demand 30 29 29 25 24 24 24 21 18 15

a) 0.92 b) 0.94

c) 0.98 d) 0.96
11. Explain NIFTY, SENSEX, HDI and Producer Price Index. [3]
12. The sales of a balloon seller in seven days of a week are as given below. [3]

Days Mon Tue Wed Thu Fri Sat Sun

Sales (in Rs.) 100 150 125 140 160 200 250

If the profit is 20% of sales, then find his average profit per day.
OR
What do you mean by deciles?
13. Write the characteristics of good classification. [4]
14. What are the functions of a graph? [4]
OR
Construct a histogram for the following frequency distribution.

Marks Obtained Number of Students

1-10 4

11-20 6
 21-30 12

31-40 20

41-50 8

51-60 10

15. How is indirect oral investigation different from direct oral investigation? [4]
16. Karl Pearson's Method is superior to Rank Correlation. Do you agree? Justify your answer. [6]
17. If the arithmetic mean of the data given below is 28, find [6]
a. The missing frequency.
b. The median of the series.

Profit Per Retail Shop (in ₹) 0-10 10-20 20-30 30-40 40-50 50-60

Number of Retail Shops 12 18 27 - 17 6

OR
The size of landholdings of 380 families in a village is given below. Find the median size of landholdings

Size of Land holdings (in acre) Less than 100 100-200 200-300 300-400 400 and above

Number of Families 40 89 148 64 39

Section B
18. When the supply curve is a vertical straight line, it indicates: [1]

a) relatively elastic supply b) perfectly inelastic supply

c) perfectly elastic supply d) unitary elastic supply

19. What do we study in the microeconomics branch of economics? [1]

a) Economy as a whole b) Individual economic unit or agent

c) Mixed economies d) Individual economy

20. In the situation of market equilibrium: [1]

a) market demand = market supply b) market demand ≠ market supply

c) market demand > market supply d) market demand < market supply
21. If AR curve is a horizontal straight line, the MR curve will be: [1]

a) Upward sloping b) Inversely shaped

c) Horizontal straight line d) Downward sloping

22. What happens to ATC when MC > ATC? [1]

a) ATC will decrease b) ATC will rise

c) ATC will remain constan d) ATC will fall

23. Assertion (A): Favourable change in tastes and preferences induces the buyer to buy more of a commodity even [1]
when its price continues to be the same.
Reason (R): Tastes and preferences of an individual do not tend to change with change in climatic environment.

a) Both A and R are true and R is the correct b) Both A and R are true but R is not the
explanation of A. correct explanation of A.
 c) A is true but R is false. d) A is false but R is true.
24. Which of the following is a feature of perfect competition? [1]

a) Homogeneous Units of the Product b) Large Number of Buyers and Sellers

c) Perfect Knowledge of the Market d) All of these

25. The AR curve and industry demand curve are same in case of? [1]

a) Monopoly b) Perfect competition

c) None of above d) Oligopoly

26. A firm is operating with a Total Variable Cost of ₹ 500 when 5 units of the given output are produced and the [1]
Total Fixed Costs are ₹ 200 What will be the Average Total Cost of producing 5 units of output?

a) ₹ 100 b) ₹ 300

c) ₹ 120 d) ₹ 140
27. Which of the following is the feature of pure competition? [1]

a) Perfect knowledge of the market b) Homogenity by products

c) All of these d) Perfect mobility of factors

28. What will happen to the PPC of Bihar if the river Kosi cause a widespread flood? [3]
OR
For labourers working under MGNREGA Govt has increased minimum employment from 100 to 150 days. How will
this affect real and potential level of production.
29. Given reasons for the following statements: [3]
i. A perfectly competitive firm is a price – taker.
ii. product differentiation is a characteristic feature of a monopolistic competitive market.
iii. A monopolist cannot fix both the quantity that he likes to produce and the price at which he would like to
sell.
30. Distinguish between Individual's Demand and Market Demand. Name the factors affecting demand for a goods [4]
by an individual.
31. Give the meaning of producer’s equilibrium. A producer produces that quantity of his product at which Marginal [4]
Cost and Marginal Revenue are equal. Is he earning maximum profits? Give reasons for your answer.
OR
From the following schedule, find out the level of output at which the producer is in equilibrium, using marginal cost
and marginal revenue approach. Give reasons for your answer.

Price per Output Total Cost

Unit (Rs.) (units) (Rs.)

8 1 6

7 2 11

6 3 15

5 4 18

5 5 23
32. A consumer consumes only two goods, each priced at ₹ 1 per unit. If the consumer chooses a combination of the [4]
two goods with Marginal Rate of Substitution equal to 2, is the consumer in equilibrium? Give reasons. Explain
what will a rational consumer do in this situation.
33. Explain the law of variable proportion with the help of diagram/schedule. [6]
34. Answer the following questions [6]
(a) A consumer buys 30 units of a good at a price of Rs 10 per unit. Price elasticity of demand for the [3]
good is (-)1. How many units the consumer will buy at a price of Rs 9 per unit? Calculate.
(b) Calculate Price Elasticity of Demand by Percentage Method. [3]

Price Per Unit (Rs) Quality (units)

10 0

9 10