Class 11 Question Paper 2023 Economics

ANNUAL EXAMINATION

Question Paper
2023

NCERT BASED SYLLABUS
FOR CBSE AND STATE BOARD
FOLLOWING NCERT

ANNUAL EXAMINATION (2022-23)

Class - XI Subject – Economics
Time – 3 Hours Maximum Marks - 80

General instructions:
i) All question in both section are compulsory.
ii) Question no. 1-10 and 18-27 are multiple choice questions carrying 1 marks each.
iii) Question no. 11-12 and 28-29 are short-answer questions carrying 3 marks each. Answer to
them should normally not exceed 60 words each.
iv) Question no.13-15 and 30-32are also short-answer questions carrying 4 marks each. Answer
to them should normally not exceed 70 words each.
v) Question no. 16-17 and 33-34 are long-answer questions carrying 6 marks each. Answer to
them should normally not exceed 100 words each.
vi) Answer should be brief and to the point and the above word limits should be adhered to as far
as possible.

SECTION –A
1. Total utility is maximum when: [1]
a) Marginal utility is zero
b) Marginal utility is at highest point
c) Marginal utility is equal to average utility
d) Average utility is maximum

2. What does the area under the marginal utility curve depict? [1]
a) Average utility
b) Total utility
c) Indifference curve
d) Consumer equilibrium

3. A consumer is preferred to buy more of ‘X’ as compared to ‘Y’ when:
a) MUx=MUy b) MUx>Px c) > d) < [1]

4. If marginal rate of substitution is constant throughout, the indifference curve will be
a) parallel to the x- axis
b) downward sloping concave
c) downward sloping straight line
d) upward sloping [1]

5. If due to fall in the price of good X, demand for good Y rises, the two goods are: [1]

a) Substitutes
b) Complements
c) Not related
d) competitive
1

6. When MP is greater than AP, what would you say about AP? [1]
7. When TR increases at constant rate. MR should be _________ . [1]
8. The total cost incurred for 10 units is Rs.400 and 20 units is Rs.800. Find the marginal cost. [1]
a) 400
b) 40
c) 200
d) 20
OR
MC curve cuts the AC curve from
a) Below
b) Above
c) Either (a) or (b)
d) None of these

9. Suppose the value of demand and supply curves of a commodity X is given by the following two
equations simultaneously:
Qd = 200 – 10p
Qs = 50 + 15p
What will be the equilibrium quantity? [1]

10. If quantity supplied of a commodity decreases by 80% due to a 40% decrease in price, then price
elasticity of supply is:
a) (+) 2 b) (-)2 c) (+) 0.5 d) (-) 0.5 [1]

11. Due to high level of unemployment, government starts employment generation schemes
MGNREGA, explain its effect using production possibilities curve. [3]
OR
A consumer consumes only two goods X and Y whose prices are Rs. 4 and Rs. 5 per unit
respectively. If the consumer chooses a combination of the two goods with MU of X equal to 5 and
that of Y equal to 4, is the consumer in equilibrium? Give reason. What will a rational consumer do
in this situation? Use utility analysis.

12. Find the missing value: [3]
Units of output TC AVC MC
1 90 ? 30
2 ? 27 ?
3 ? ? 27
4 180 30 ?

13. A consumer consumes two goods X and Y. Her money income is Rs. 24 and the prices of Goods X
and Y are Rs. 4 and 2 respectively. Answer the following questions:
a) Can the consumer afford a bundle of 4X and 5Y? explain.
b) What does the point on Budget line indicate in terms of prices?

c) What will be the MRSxy when consumer is in equilibrium? Explain. [4]

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14. There are train and bus services between Noida and Agra. Suppose that the train fare between two
cities comes down. How will this affect demand curve for train as well as for bus travel between two
cities. [4]
OR
Elasticity of supply of good X is 3. The elasticity of supply of a good Y is 1/3 that of good X. In case
of good X, when price of the good changes from Rs.45 to Rs.60 per unit, calculate the percentage
change in quantity supplied. In case of good Y, calculate the quantity supplied before price change
when price changes from Rs.40 to Rs.20 with 40 units as initial quantity supplied.

15. Why should MC curve cut MR curve from below in order to achieve producer’s equilibrium? Giving
reasons, identify the equilibrium level of output using MR-MC approach. [4]
Output 1 2 3 4 5
Total cost 12 22 30 40 42
Total revenue 10 20 30 40 50

16. Market for a good is in equilibrium. There is simultaneous ‘decrease’ in both demand and supply but
there is no change in market price. Explain with the help of a schedule and diagram. [6]

17. Explain with the help of numerical examples, the effect on total output of a good when only one
input used in production increases.
OR
Are the following statements true or false? Give reasons. [6]
i) Average cost falls only when marginal cost falls.
ii) Explicit cost includes opportunity cost of resources owned and used by the firm.
iii) AR is always equal to price.
iv) When TR is maximum, MR is also maximum.
v) When AR<AC, it represents a situation of loss.
vi) In a situation of equilibrium, average cost of production is the minimum.

SECTION B
18. Statistics in singular sense includes: [1]
a) Collection of data
b) Organization of data
c) Distribution of data
d) All of the above

19. State the method which estimates the population in a country. [1]

20. If the mid-values are given as: 25,34,43,53,61,70, then first class of the distribution is: [1]
a) 25-34
b) 24.5-34.5
c) 20-30
d) 20.5-29.5

21. The algebraic sum of deviation of a set of N values from arithmetic mean is: [1]
a) N b) 0 c) 1 d) none

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22. In what type of frequency distribution the values of mean, median and mode are equal? [1]
OR
What is the median of 12, 32, 9, 11, 18, 20 and 28.
a) 16 b) 18 c) 20 d) 12

23. The central 50% items of the distribution lie between _________ and __________ [1]
24. If the mean of a series is 32 and median is 40, what would be the value of mode? [1]
a) 54 b) 58 c) 56 d) 38

25. For finding the degree of agreement about beauty between two judges in a beauty contest, we use:
[1]
a) Karl pearson coefficient of co-relation
b) Coefficient of Rank co-relation
c) Scatter diagram
d) dispersion

26. Rate of Inflation is generally measured with the help of: [1]
a) Wholesale price index
b) Consumer price index
c) Sensex
d) None of these

27. Which of the following indicates “negative correlation”?
a) Price of own good and supply of the given good
b) Price of substitute good and demand for a given good
c) Price of complimentary good and demand of given good
d) Income of consumer and demand of a normal good [1]

28. Find out the frequency distribution and more than ‘cumulative frequency table: [3]
Price below 10 20 30 40 50 60
quantity 17 22 29 37 50 60

OR
The average age of a class having 35 students is 14 years. When the age of the class teacher is added
to the sum of the ages of the students, the average rises by 0.5 year. What must be the age of the
teacher?

29. Differentiate positive and negative co-relation by using suitable numerical example. [3]

30. Calculate missing frequency, if mean of the distribution is 28. [4]
C.I 0-10 10-20 20-30 30-40 40-50 50-60
frequency 12 ? 27 20 17 6
OR
Draw ‘less than’ and ‘more than’ ogive curves from the following frequency distribution.
marks 0-10 10-20 20-30 30-40 40-50 50-60

No. of 3 4 8 10 3 2
students

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31. In 2018, out of total of 2000 applicants in a college, 1200 were from commerce background. The
numbers of girls was 750, out of which 330 were from science stream. In 2019, the total number of
applicants was 3500 of which 2200 were boys. The number of students from science stream was
1100 of which 610 were girls. Tabulate the given information. [4]

32. Construct Price index no. of 2016 from the following data by (i) Laspeyre’s method and (ii)
Paasche’s method. [4]
Commodities Base year price Base year Current year Current year
expenditure price expenditure
A 10 300 12 600
B 8 120 10 250
C 6 120 6 180
D 4 40 6 120
33. Distinguish between linear and non-linear correlation. Calculate the Karl Pearson’s coefficient of
correlation between birth rate and death rate from the following data: [6]
Year Birth rate Death rate
2011 24 15
2012 26 20
2013 32 22
2014 33 24
2015 35 27
2016 30 24

34. Calculate median, upper and lower quartile from the following data: [6]
variables 0-10 10-20 20-30 30-40 40-50 50-60 60-70
frequency 10 20 35 40 25 25 15
OR
Calculate the Rank co-relation of the following data:
X 75 73 72 72 63 62 55 50
Y 10 11 13 13 13 20 16 28

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