Class 11 Economics Sample Paper Term 1

We have provided below Class 11 Economics Sample Paper Term 1 With Solutions Set B. These CBSE Sample Papers for Class 11 Economics will help you to do practice and understand the type of questions expected to come in the Economics exams for Class 11. The Sample Guess papers provided by us for Grade 11 Economics have been prepared based on the current academic years instructions and examination guidelines provided by CBSE. All question papers have been provided with solutions.

CBSE Sample Paper for Class 11 Economics Term 1 With Solutions Set B

Question. Arithmetic mean of a given series is 20. If a number 3 is multiplied with each number of the series, new arithmetic mean will be ……… .
(a) 20
(b) 40
(c) 60
(d) Can’t be determined

Question. No statistical information is cent per cent accurate at any point of time. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Question. If mean of a distribution is 20 and number of items in the distribution is ₹ 10, what will be the sum of all the items in the given series?
(a) 200
(b) 400
(c) 500
(d) Can’t be determined

Question. Statistical information is required in which of the following areas?
(a) Economic laws
(b) Economic policies
(c) Government administration
(d) All of the above

Question. Statistics is defined as collection of quantitative facts as per which of the following definition?
(a) Singular definition
(b) Plural definition
(c) Both (a) and (b)
(d) None of the above

Question. Arithmetic mean is a number which is always present in the given series. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Question. Which of the following source of information has a wide scope of information?
(a) Internal sources of data
(b) External sources of data
(c) Secondary information
(d) All of the above

Question. Statistics cannot be substituted for …… .
(a) general knowledge
(b) common sense
(c) attributes
(d) variables

Question. Choose the incorrect pair from given below.

Codes
(a) A – (i)
(b) B – (ii)
(c) C – (iii)
(d) D – (iv)

Question. Mode of a given series is given as 15 while median is equal to 20. The value of arithmetic mean will be
(a) 15.25
(b) 22.50
(c) 25
(d) Can’t be determined

Question. The statistical errors that arise in the process of collection of data includes
(a) sampling errors
(b) non-sampling errors
(c) Both (a) and (b)
(d) None of the above

Question. Assertion (A) The second quartile represents the average number of the given series.
Reason (R) Median and quartiles are partition values of measures of central tendency.
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, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Both are false

Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below
(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, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Both are false

Question. Assertion (A) All giffen goods need not necessarily be inferior depending upon the level of income.
Reason (R) Any luxury good that has positive relation with the price is a giffen good.

Question. Assertion (A) Scarcity is the root cause of problem of choice that every economy has to face at points of time.
Reason (R) There is no way by which the central problems of an economy can be solved once for all.

Question. Assertion (A) Demand curve for an inferior good will shift to the left with rise in the income of the consumer.
Reason (R) When income levels increase, consumers demand for superior quality goods increases overtime.

Question. Assertion (A) Any good that can be put to multiple use have highly elastic demand.
Reason (R)When the price of a good falls, many new consumer enters the market and one good is used in many ways.

Question. Every method of collecting primary data is biased in nature due to human involvement. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Case study

Arithmetic mean has become the most widely used measure of central tendency of data. Arithmetic mean, which has maximum merits and least demerits, is the most meritorious measure of central tendency of data among all other existing measures for the same. One demerit of arithmetic mean is that it is affected by the extreme value (of observed data). After mean, the most used method is median and the least used method is mode due to the complexity in its calculation. Observe the figure given below and answer the questions.

Question. “What it ought to be” is a common phrase used for positive statements. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Question. If consumer has an income of ` 1,000 and price of good X is ` 10 while the price of good Y is ` 5, the intercept of budget line on Y-axis will be equal to ……… .
(a) 100
(b) 200
(c) 500
(d) Can’t be determined

Question. Mean is the most used method of central tendency in spite of the fact that it is affected by sampling fluctuations. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Question. Which of the following formulae can be used to calculate lower quartile in the above graph?
(a) (N/4)th term
(b) {(N+1)/4}th term
(c) 3(N/4)th term
(d) {3(N+1)/4}th term

Question. ……… th item will be the upper quartile in the above data.
(a) 12.5
(b) 25
(c) 37.5
(d) 50

Question. In the above figure, median value is given as
(a) 55
(b) 58.5
(c) 60
(d) Can’t be determined

Question. Choose the correct pair from given below.

Codes
(a) A – (i)
(b) B – (ii)
(c) C – (iii)
(d) All of the above

Question. Total utility is maximum when marginal utility becomes negative. Choose from the options below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Question. Which of the following is used to calculate median in the diagram?
(a) (N/2)th term
(b) {(N+1)/2}th term
(c) (N/4)th term
(d) {(N+1)/4}th term

Question. A consumer is in equilibrium consuming two goods X and Y. What will be the effect on demand for good Y, if price of good X falls?
(a) Demand for good Y will remain unchanged
(b) Demand for good Y will fall
(c) Demand for good Y will rise
(d) Depends upon the magnitude of change in price of good X

Question. In the calculation of price elasticity of demand, actual price is measured in
(a) numerator
(b) denominator
(c) Not included in the formula
(d) Either (a) or (b) depending upon nature of the good

Question. Which of the following is/are not true about law of diminishing marginal utility?
(a) Law operates only when the consumption is continuous
(b) Knowledge is an exception of the law
(c) The quality of goods consumed should be same for the applicability of the law
(d) All of the above are true statements

Question. Development of infrastructure planned in the government budget comes under the scope of study of which of the following branch of economics?
(a) Microeconomics
(b) Macroeconomics
(c) Descriptive economics
(d) Applied economics

Case Based

A study of demand and supply of quality of televisions in 13 European countries utilise data on exports and imports of various types of television sets. Large-screen TVs have a higher unit value, on average, but there is a large dispersion of unit values across source countries and destinations. Richer countries tend to export large-screen TVs at a lower price relative to small-screen TVs, potentially because they have a comparative advantage in producing in quality. It was found that there is a downward sloping demand for quality, with countries facing a larger quality premium buying fewer large-screen TVs. This suggests that there is no simple quality-quantity trade-off (unlike in many recent trade models), and the demand for quality should be modelled separately.

Question. Export price of large television screen is low due to ……… .
(a) competitiveness
(b) efficiency
(c) productive
(d) low demand

Question. The large screen TVs have a higher unit due to which of the following reasons?
(a) High income of the consumers
(b) Preferences of the consumer
(c) Both (a) and (b)
(d) Neither (a) nor (b)

Question. When people are ignorant about the price changes of a good, its demand is said to be
(a) price elastic
(b) price inelastic
(c) price unit elastic
(d) None of these

Question. Assertion (A) The demand curve for televisions is downward sloping and steeper.
Reason (R) When the demand is less responsive to change in price, its elasticity becomes inelastic.
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, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Both are false

Question. The price elasticity of demand of large-screen televisions will be highly elastic. Choose from the options below. B
(a) True
(b) False
(c) Partially true
(d) Incomplete statement

Case Based

Statistics is all about data. Presenting data effectively and efficiently is an art. The collected data in the first instance might have many complexities. This is where the importance of presentation of data comes in. Presentation is a way to simplify the data to enhance human understanding. With time, new and complex research started happening, people realised the importance of the presentation of data to make sense of the findings. Broadly, the raw data can be classified using three modes namely textual, tabular and diagrammatic. Each method is used for different purposes with its own merits and demerits.

Question. ……… uses small identical figures or objects for comparison of various data.
(a) Pictographs
(b) Diagrams
(c) Graphs
(d) All of these

Question. The data which is gathered and presented in various paragraph forms is known as ……… .
(a) Textual presentation
(b) Tabular presentation
(c) Diagrammatic presentation
(d) None of the above

Question. Systematic arrangement of data using various rows and columns is known as
(a) Textual presentation
(b) Tabular presentation
(c) Diagrammatic presentation
(d) None of the above

Question. Which of the following is/are the components of textual presentation?
(a) Texts
(b) Figures
(c) Both (a) and (b)
(d) None of these

Question. Visual presentation of data includes which of the following methods of data?
(a) Diagrammatic presentation
(b) Graphical presentation
(c) Both (a) and (b)
(d) None of the above