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Series ARSP/08 Set ~ 8
Roll No. Q.P Code 15/8/8
Candidates must write the Q.P Code
on the title page of the answer-book.
Please check that this question paper contains 4 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): Statistics are only an end and not the means. [1]
Reason (R): Statistical calculations are simple expressions that should be supplemented by other methods for a
complete comprehension of the results.
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. ______play a very important part in the construction of index nos. [1]
a) None b) Estimations
c) Weights d) Classes
3. The nature of correlation for shoe size and IQ is _________ [1]
a) Linear b) Non-linear
c) positive relation d) No correlation
4. Construct price index number from the following data by applying(Fisher’s ideal Method [1]
Price Quantity Price Quantity
Commodity
(2000) (2000) (2001) (2001)
A 2 8 4 5
B 5 12 6 10
C 4 15 5 12
D 2 18 4 20
a) 144.5 b) 147.3
c) 144.7 d) 147.5
5. Index numbers are calculated in terms of [1]
a) Percentage b) Times
c) Data d) Ratio
6. We use price index numbers [1]
a) To compare prices b) To measure and compare prices
c) To measure prices d) To change in prices
7. A person who buys goods and services for the satisfaction of human wants [1]
a) Merchant b) Producer
c) Consumer d) Service holder
8. Square is a: [1]
a) Diagram with no dimension b) One-dimensional diagram
c) two-dimensional diagram d) three-dimensional diagram
9. Consumer Price Index (CPI) is expressed in terms of: [1]
a) b)
∑ Pn qn ∑ P1 q0
× 100 × 100
∑ Po q ∑ P0 q
n 0
c) d)
∑ P0 q0 ∑ Pn qn
∑ Pn q ∑ Po q
0 n
10. Compute the coefficient of correlation of the following score of A and B [1]
A 5 10 5 11 12 4 3 2 7 1
B 1 6 2 8 5 1 4 6 5 2
a) 0.54 b) 0.52
c) 0.58 d) 0.56
11. What is the difference between a price index and a quantity index? [3]
12. When is mean, median and mode identical. [3]
OR
What is first quartile? Show it graphically.
13. Differentiate between quantitative and qualitative classification. [4]
14. Explain the utility of diagrammatic presentation by giving any four points. [4]
OR
Briefly discuss important guidelines while constructing graphs.
15. Mr. Y works on some confidential data of ABC Ltd. One day, he got a call from some outsider to share one of [4]
the data he was working on. Mr Y denied the same and did not disclose the information to the stranger? What
value is reflected in this case?
16. When is rank correlation more precise than simple correlation coefficient? [6]
17. Calculate the value of median, first quartile (Q1) and third quartile (Q3) from the following data. [6]
Marks Number of Students
30-35 14
35-40 16
40-45 18
45-50 23
50-55 18
55-60 8
60-65 3
OR
Mr X is a shoe seller. He finds that the size 8 shoes are the largest selling ones in his shop. Size 8 has the highest
frequency in his sales data. However, the locality where his shop is located has a considerable number of handicaps.
In order to cater to the needs of the handicaps, he also keeps shoes for their purpose despite the fact that it is less
selling shoes and with low margin. Which value is reflected in this case?
Section B
18. Subsidy on the production of a commodity causes: [1]
a) increase in supply b) no change in supply
c) decrease in supply d) Contraction of supply
19. Who controls economic activities under centrally planned economies? [1]
a) Industrialists b) Consumers
c) Private firms d) Government
20. Which of the following statements is associated with general equilibrium analysis? [1]
a) Equilibrium across all markets in the b) Equilibrium price of a good in consumer
economy good market
c) Equilibrium in the market of gold ornaments d) Equilibrium price of a good in the
competitive market
21. The relationship between AR and MR when price is constant is [1]
a) AR> MR b) The values increase
c) The values decrease d) The values are same
22. AC and AVC curves never meet each other because [1]
a) Their difference is AFC is always greater b) Their difference is AFC is always greater
than AC than zero
c) Their difference is AFC is always negative d) Their difference is MC is always greater
than zero
23. Assertion (A): The demand curve shifts from right to left for a commodity. [1]
Reason (R): Demand increases since the price of complementary goods has increased.
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 not an essential condition of pure competition: [1]
a) Large number of buyers and sellers b) Homogeneous product
c) Absence of transportation cost d) Freedom of entry
25. The marginal revenue become negative when [1]
a) TR is constant and maximum b) TR stops rising at increasing rate
c) TR starts falling d) TR starts rising
26. TC increases at an increasing rate when MC is: [1]
a) negative b) constant
c) increasing d) decreasing
27. Under perfect competition, the firm earns normal profit in the long run because of: [1]
a) fee entry and exit b) large number of buyers and sellers
c) absence of selling cost d) homogeneous commodity
28. Define an economy. Why does it faces the problem of how to produce? [3]
OR
What do you understand by positive economic analysis?
29. What conditions must hold if a profit-maximizing firm produces positive output in a competitive market? [3]
30. Explain the difference between ‘change in demand’ and ‘change in quantity demanded’. [4]
31. Given the following schedule, state at which level of output, will the firm be at equilibrium and why. [4]
Quantity (in units) Price (in ₹) Total Cost (in ₹)
0 20 10
1 20 50
2 20 80
3 20 100
4 20 105
5 20 125
6 20 150
OR
Explain the conditions of producer's equilibrium.
32. Explain the conditions of consumer’s equilibrium under indifference curve approach. [4]
33. What is meant by increasing returns to a factor? Discuss any two reasons behind increasing returns to a factor. [6]
34. Answer the following questions [6]
(a) Draw a demand curve with unitary price elasticity. Give explanation. [3]
(b) The Price Elastictiy of Demand for a good is (-) 0.4. If its price increases by 5% by what percentage [3]
will its demand fall? Calculate.
