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 Series ARSP/14 Set ~ 14
Roll No. Q.P Code 15/14/14
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): Various problems arise due to unequal distribution of wealth and national income and are solved [1]
with the help of statistical data.
Reason (R): Statistical methods are used in solving the problem of the distribution of national income.

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. In most of the weighted index numbers, the weight pertains to: [1]

a) Both base and current year b) base year or current year .

c) Base year d) current year

3. A modified version of Karl Pearson’s formula is [1]
Σxy Σxy
a) r = b) r = 2 2
nδx ⋅δy nΣ X ⋅Σ Y

Σxy Σxy
c) r = d) r = 2 2
2 2 Σ x ⋅Σ y
√Σ x ×Σ y

4. Find index number for year 2005 taking 2000 as the base year from the following data by simple average of [1]
price relative method:

Commodities A B C D E

Price (2000) (Rs) 100 80 160 220 40

Price (2005) (Rs) 140 120 180 240 40

a) 122.2 b) 154.32

c) 121.32 d) 135.32
 5. Suppose we want to know the average changes in the price of a set of commodities in 2010 with respect to the [1]
prices of same set of commodities in 2008. In this case what will be the base year?

a) 2010 b) 2000

c) 2008 d) None
6. 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
7. It deals with the collection, presentation, analysis, and interpretation of quantitative information. This statement [1]
defines

a) statistics in the plural sense b) statistics in singular sense and statistics in

plural sense

c) Statistics in general sense d) statistics in the singular sense

8. Ogive curve can be drawn for: [1]

a) less than type distribution b) Both (More than type distribution) and (less
than type distribution)

c) More than type distribution d) None of (More than type distribution) and
(less than type distribution)
9. Cost of living index numbers are also used to find real wage by the process of [1]

a) Base shifting b) Deflating of index number

c) Splicing of index number d) None of the given

10. Calculate Karl Pearson’s coefficient of correlation on the following data: [1]

X 15 18 21 24 27 30 36 39 42 48

Y 25 25 27 27 31 33 35 41 41 45

a) 0.75 b) 0.45

c) 0.89 d) 0.98
11. The consumer price index for June, 2005 was 125. The food index was 120 and that of other items 135. What is [3]
the percentage of the total weight given to food?
12. Find out the median of the data given below by arranging them in ascending order [3]

X 160 150 152 161 156

Frequency 5 8 6 3 7

OR
If mean of a distribution is Rs.700 and sum of all the observations is Rs.6300, then find the number of observations.
13. Differentiate between quantitative and qualitative classification. [4]
14. The following data shows the number of cars manufactured by Maruti Ltd, Tata Motors and Hyundai in the year [4]
2015-16. Represent it with the help of a pie-diagram.
Production of Cars (in Rs.)
 Maruti Limited 15,75,000

Tata Motors 7,25,000

Hyundai 5,50,000

OR
What are time series graph? What are its other names?
15. Explain difference between the primary data and the secondary data. [4]
16. Calculate coefficient of correlation between age group and rate of mortality from the following data: [6]

Age Group 0 - 20 20 - 40 40 - 60 60 - 80 80 - 100

Mortality 350 280 540 760 900

17. What are the merits and limitations of arithmetic mean? [6]
OR
Which average is called average of position?
Section B
18. The law of supply does not apply to: [1]

a) agricultural and perishable commodities b) perishable commodities

c) industrial products d) agricultural products

19. Micros, which means small belongs to: [1]

a) Greek word b) German word

c) Arabian word d) English word

20. Is AR = price [1]

a) Yes b) Can’t say

c) No d) May be
21. The average revenue is a declining curve if and only if MR [1]

a) False b) True

c) Can’t say d) May be

22. What happens when production is shut down? [1]

a) Variable Costs Decline b) Fixed Costs become zero

c) Fixed Cost Increases d) Variable Costs become zero

23. Assertion (A): Extension of demand is indicated by a movement along the same demand curve. [1]
Reason (R): It means a movement from left to right on-demand curve.

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. A firm under perfect competition is a price taker not a price maker due to [1]

a) Supply of identical goods by all sellers b) Supply of differentiated goods by all sellers

c) Supply of rare goods by all sellers d) Greater belief in the market forces
25. For a perfectly competitive firm, price is: [1]

a) equal to MR b) equal to AR and equal to MR

c) greater than MR d) equal to AR

26. The defined shape of AFC is due to [1]

a) U shape of MC b) Variable TFC

c) Constant TC d) Constant TFC

27. Which is a basic for the classification of the market? [1]

a) All of these b) Imperfect Competition

c) Zero Competition (Monopoly) d) Perfect Competition

28. If an Economy is not able to utilise its available resources efficiently, what will be the effect on PPF? What will [3]
you suggest for economic growth?
OR
Given PP is production possibility curve of an economy. Study the diagram carefully and answer the following
questions :

i. Calculate Marginal opportunity cost, when the economy move from point A to C.
ii. Why PP is downward sloping?
iii. Is there any way to increase the agricultural production without increasing area under cultivation?
iv. What lesson you have learnt from the given PP Curve?
v. Should an economy operate at K level?
29. What is the relation between market price and average revenue of a price-taking firm? [3]
30. Distinguish between expansion in demand and increase in demand with the help of diagram. [4]
31. The following table shows the total cost schedule for a competitive firm. It is given that the price of the good is ₹ [4]
10. Calculate the profit at each output level. Find the profit-maximizing level of output.

Output TC (₹)

0 5

1 15

2 22

3 27

4 31

5 38

6 49
 7 63

8 81

9 101

10 123

OR
Explain the condition of producer's equilibrium with the help of a numerical example. Use Marginal Cost and
Marginal Revenue approach.
32. A consumer consumes only two goods. What are the conditions of consumer's equilibrium in the utility [4]
approach? Explain the changes that will take place when the consumer is not at equilibrium.
33. Mr. Sohan Singh has a small scale unit producing chairs and other furniture. Read the following information and [6]
answer the given questions :
1. Wages of daily workers = Rs. 5,000
2. Monthly rent of the building = Rs. 5,000
3. Cost of raw material = Rs. 10,000
4. Insurance cost = Rs. 2,000
In the month of July he sold 20 chairs at Rs. 1,000 each.
i. What is his fixed cost?
ii. What is his variable cost?
iii. Is he producing at breakeven point?
iv. Should he closed down his unit or not?
34. Answer the following questions [6]
(a) Explain any two factors that affect Price Elasticity of Demand. [3]
(b) When the price of a commodity falls by 20% its demand rises from 400 units to 500 units. Calculate [3]
its Price Elasticity of Demand.