Class XI
Economics
Term II (2023-2024)
Revision Sheet
SECTION-A (STATISTICS FOR ECONOMICS)
Q1. Identify the economic activity from the following:
a. A student praying for good marks in a temple.
b. Production of sanitizers during the pandemic situation.
c. Cooking by your mother.
d. An old man attending ‘SATSANG’.
Q2. State whether the following statement is true or false: “Statistics deals with both quantitative and qualitative
data.”
Q3. In inclusive class intervals of a frequency distribution.
a. Upper limit of each class interval is included.
b. Lower limit of each class interval is included.
c. Both (a) and (b)
d. None of these.
Q4. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given
below:
Assertion (A): Bivariate frequency distribution is also known as two-way frequency distribution.
Reason (R): In the case of bivariate frequency distribution data is classified based on two variables.
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
Q5. The arithmetic mean of the items 10, 15, x, 20,30 is 20. Find the missing item.
Q6. In the case of continuous series, the size of ………………………. indicates the observation in which the median
lies. (N+1/2th item, N/2th item).
Q7. Read the following statements carefully and choose the correct alternative from the following.
Statement-1: A simple bar diagram depicts only one characteristic of the data for various years.
Statement-2: A simple bar diagram can be either vertical or horizontal.
Alternatives:
a. Both the statements are true.
b. Both the statements are false.
c. Statement 1 is true, and Statement 2 is false.
d. Statement 1 is false, and Statement 2 is true.
(OR)
Read the following statements carefully and choose the correct alternative from the following.
Statement-1: A Histogram can be used to determine the value of the median.
Statement-2: A Histogram is a one-dimensional diagram.
Alternatives:
a. Both the statements are true.
b. Both the statements are false.
c. Statement 1 is true, and Statement 2 is false.
d. Statement 1 is false, and Statement 2 is true.
Q8. Mention the two main sources of data.
Q9. Match the following columns I and II:
Column I Column II
i. Positive Correlation a. Variables change in a constant proportion
ii. Linear Correlation b. Degree of correlation is ± 1.
iii. Correlation c. Variables move in same direction
iv. Perfect correlation d Quantitative relationship between different variables.
Q10. From the set of items given in column I and corresponding items given in column II, choose the correct pair of
statements:
Column I Column II
A. Wholesale Price Index Number i. Family budget method
B. Retail Price Index Number ii. Measure of Inflation
C. Base year iii. Succeeding year
D. Weighted average of Price relative method iv. Cost of Living Index.
Alternatives:
a. A - i c. C - iii
b. B - ii d. D – iv
Q11. Give the meaning of the Personal Interview method of collecting primary data. Write down two of its merits.
(OR)
Distinguish between census and sampling methods of data collection.
Q12. Explain any three functions of statistics.
Q13. Find the missing frequency, if the mean wages are Rs 50.75.
Weekly wages 40-43 43-46 46-49 49-52 52-55
Frequency 3 6 9 13 ?
(OR)
Determine the missing frequency when the mode = 36 and the Total frequency is 30.
Class Interval 10-20 20-30 30-40 40-50 50-60
Frequency ? 5 12 ? 2
Q14. Convert the following more than cumulative frequency distribution to less than cumulative frequency
distribution.
Class intervals more than 10 20 30 40 50 60 70 80
Frequency 124 119 107 84 55 31 12 2
Q15. Represent the following data with the help of a multiple-bar diagram.
Production (in 000 tons)
Year
Wheat Rice Cotton
2020 35 22 10
2021 15 25 16
2022 40 12 20
(OR)
Draw a histogram and calculate the mode from the following data.
Marks 0-20 20-40 40-60 60-80 80-100
No. of Students 40 51 64 38 7
Q16. Answer the following questions.
i) From the following data, construct an index for the year 2023 taking 2020 as the base year by using: -
a. Simple aggregative method.
b. Simple average of the relative method.
Commodities A B C D E
Prices (2020) 1 2 2 4 5
Prices (2023) 1.2 2.1 2.3 5 5.4
ii) State any two uses of the Consumer price index.
Q17. Answer the following questions.
i) Compute the coefficient of Rank correlation related to the marks scored in mathematics and accountancy
by 8 students, given below.
Marks in Math 50 60 65 70 75 40 80 85
Marks in Accts 80 71 60 75 90 82 70 50
ii) State any two properties of the coefficient of correlation
(OR)
From the following data calculate Karl Pearson’s coefficient of correlation and state the nature of the coefficient
of correlation.
X 2 4 6 8 10
Y 1 3 5 7 9
SECTION- B (INTRODUCTORY MICROECONOMICS)
Q18. State whether the following statement is true or false with reasons.
“All points below the budget line show the various possible bundles which cost exactly equal to consumer’s
money income.”
(OR)
…………………………. measures the slope of the indifference curve. (𝑃𝑥 /𝑃𝑦 𝑜𝑟 𝑀𝑅𝑆 𝑥𝑦).
Q19. Give the meaning of Inferior goods with examples.
Q20. Read the following statements carefully and choose the correct alternative from the following.
Statement -1: Substitute goods have competitive demand.
Statement -2: Cross demand is positive in the case of complementary goods.
Alternatives:
a. Both the statements are true.
b. Both the statements are false.
c. Statement 1 is true and Statement 2 is false
d. Statement 1 is false and Statement 2 is true.
Q21. Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given
below:
Assertion (A): A rising Average Product is possible only when the Marginal Product is more than the Average
Product.
Reason (R): Sometimes Average product can either be ‘0’ or ‘Negative’.
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.
Q22. A person states and manages his own business on the premises of his residence by investing Rs 1 lakh out of
which Rs 30000 is borrowed at the rate of 10% from the State Bank of India.
From the given statement, the implicit cost will be ……………………..
a. Rent of the premise c. 10% of Rs 70000
b. Management cost d. All of the above
Q23. From the set of items given in column I and corresponding items given in column II, choose the correct pair of
statements:
Column I Column II
A. AR i. Sometimes can be Negative
B. MR ii. Always straight line parallel to X - axis
C. TR iii. Gradually increases when price remains constant
D. AR iv. Sometimes becomes zero.
Alternatives:
a. A - i c. C - iii
b. B - ii d. D - iv
Q24. A change in market supply will not affect the equilibrium quantity but the equilibrium price will change
indirectly with the change in supply when the Market demand curve is …………………..
a. A horizontal straight line parallel to OX axis.
b. A vertical straight line parallel to OY axis.
c. A Downward sloping curve.
d. A Downward sloping flatter curve.
Q25. Read the following statements carefully and choose the correct alternative from the following.
Statement -1: In a decreasing price industry the fall in MR is always double the fall in AR.
Statement -2: In a constant price industry 𝐴𝑅 = 𝑀𝑅 = 𝑃𝑟𝑖𝑐𝑒.
Alternatives:
a. Both the statements are true.
b. Both the statements are false.
c. Statement 1 is true, and Statement 2 is false.
d. Statement 1 is false, and Statement 2 is true.
Q26. Match the following columns I and II:
Column I Column II
a. Freedom of entry and exit i. Uniform price
b. Firms under perfect competition ii. Perfectly elastic
c. Homogenous Products iii. Normal profit in the long run
d. Demand curve under Perfect competition iv. Price takers
Q27. Due to the Successful implementation of the Make in India programme, the Foreign Direct Investment and
Foreign Institutional Investment has increased in the domestic territory of India. It will result: -
a. no change in PPC of India.
b. India will approach towards the PPC due to fuller utilization of resources.
c. PPC of India will shift right ward.
d. PPC of India will shift left ward.
Q28. Do rich countries also face central problems? Give reasons for your answer.
Q29. State the behavior of Total product and Marginal product under returns to a factor in the short run production
function.
(OR)
Complete the following table.
Price/unit Output (units) Total Revenue Marginal Revenue
7 7
2 10
3 -1
1 -5
Q30. A consumer buys 200 units of a good at a price of Rs.5 per unit. With the price change, he buys only 100 units.
If the elasticity of demand is unitary elastic, find out the changed price.
Q31. Answer the following questions:
a. Explain the behavior of AFC.
b. Why average cost falls up to a greater output level as compared to the average variable cost?
Q32. Explain the conditions of the producer’s equilibrium under perfect competition using a diagram.
(OR)
Explain the impact of change in technology on the supply of a product. Use diagram.
Q33. Answer the following questions:
a. A consumer is in equilibrium while consuming two goods X and Y, with given prices 𝑃𝑥 𝑎𝑛𝑑 𝑃𝑦. Explain
what happens if (mux/Px)/(muy/Py).
b. Two indifference curves will never intersect each other. Justify.
(OR)
Answer the following questions:
c. A consumer is in equilibrium while consuming two goods X and Y, with given prices 𝑃𝑥 𝑎𝑛𝑑 𝑃𝑦.
Explain what will happen if 𝑃𝑥 falls.
d. Define MRS and how it determines the shape of an indifference curve.
Q34. Answer the following questions:
a. Explain using diagram the effect on the equilibrium price of Good-X when the price of Good-Y increases
where Good – X and Good -Y are substitute to each other.
b. Using diagram define price floor and state any two effects on the market of a good.
