1.

Which of the following represents the problem of “ what to

produce “?
A. Choosing between manual labour and machines
B. Allocating resources efficiently.
C. Distributing goods among different income groups.
D. Deciding whether to produce luxurious or essential
goods.
2. Which of the following statements best describe the cardinal
utility approach?
A. Utility can be ranked in order of preference without
assigning exact numerical values.
B. Utility can be measured in exact numerical units, Such as
1,2,3, etc
C. Utility cannot be measured or compared in any form.
D. Utility is only qualitative and cannot be ranked.
3. With the free entry and exit, the equilibrium number of firms
determined in a market by _______
market quantity supply of each
demand
firm. ( Fill in the blanks)
4. Comment on the nature of goods, if the demand of one goods
increases due to decrease in the price of another goods.
A. substitute goods
B. Complementary goods.
C. Inferior goods.
D. Giffen goods
5. What is the another name for fixed cost?
A. Prime cost.
B. Overhead cost.
 C. Opportunity cost.
D. Direct cost.
6. When the firms producing 3 tonnes of sugar, It receives total
revenue of ₹24. Raising production to 4 tonnes, increase total
Revenue to ₹28. Thus, marginal revenue is_____
A. ₹4
B. ₹8
C. 28
D. 52
7. The producer aims to make decision that maximise profit.
Which assumption of producer equilibrium is highlighted in the
above statement?
A. Rational behaviour.
B. Irrational behaviour.
C. Consistency.
D. Competency.
8. What does the slope of the marginal cost curve represents?
A. Revenue changes.
B. Change in cost with respect to output.
C. Change in total revenue.
D. Price fluctuation.
9. “An increase in demand raises both the equilibrium price and
quantity in perfect competition”
What happens to the market?
A. The demand curve shifts leftward,Leading to a new lower
equilibrium.
B. The demand curve shifts rightward,Leading to a new
higher equilibrium.
 C. The supply curve shift ward, Leading to lower price.
D. The demand curve remains unchanged and price stay
constant.
10. In a perfectly competitive market,the demand curve for
individual firm is______,Indicating
perfectly that firms are price sticker
elastic
and cannot influence market price.( Fill in the blanks)
11. “ In a centrally planned economy , All economic
decisions are made by the government or central authority with
a focus on social welfare.”
How does a centrally planned economy differ from a market
economy in terms of decision making and resources
allocation?
12. Define the term :
a. Monotonic preferences
b. Isoquant
13. “ Demand curve Slopes upward when law of demand
fails” . State it with the help of a diagram .
14. State the mutual relationship between average cost and
marginal cost.
15. Define the term Viable and Non viable industry.
16. Write the meaning of break even point and shut down
point with the help of a diagram.
17. A. What should the firms profit when average variable
cost is ₹20 per unit. Average fixed cost is ₹10 per unit, price of
the output is ₹25 per unit, and only 8 units of outputs are
produced.
B. Explain the price output determination of a firm under
perfect competition in the very short period
18. [Link] any five properties of Indifference curve with
the help of a diagram .
B . Diagramatically Illustrate the different degrees of
elasticities of demand.
19. A. The present section studies some simple application
of the tools of supply and demand curve. The study focuses on
2 cases of government intervention in the commodity market,
that is, price ceiling and price floor. Do you agree. If then
explain it with the help pf a diagram
B. The consumer buys 160 units of goods at a price of ₹8 per
unit. Price falls to ₹6 per unit. How much quantity will the
consumer buy at the new price if price elasticity of demand is
(-)2?
20. ______Characteristics
Qualita- such as honesty, poverty, etc are
-tive
not suitable for statistical analysis.(Fill in the blank)
21. The mean of 5 number is 27. If one is excluded,their
means 25 . The excluded number is:
A. 35
B. 45
C. 25
D. None of these
estimated
22. Absolute Error= Actual value - __________(
value Fill up the
blank)
23. The most accurate mode of data presentation is:
A. Diagrammatic method
B. Tabulation
C. Textual Presentation
D. None of these
24. Mean of 20 items was found to be 12. On verification, It
was founded that an item 15 was miscopied as 10. The correct
mean is :
A. 12.10
B. 12.25
C. 12.20
D. None of these
25. If Mean = 150 and mode = 190 ,What will be median?
A. 163.23
B. 163.22
C. 163.33
D. 163.34
26. If r is the correlation coefficient between two variables,
then:
A. −1 ≤ r ≤ 1
B. 1 ≤ r ≤ 2
C. −1 ≤ r ≤ 0
D. 0 ≤ r ≤ +1
27. Data represented through a histogram can help in finding
graphically the:
A. Mean
B. Median
C. Mode
D. All of these
28. ______ is placed just below the title.
A. Source
B. Table Number
C. Head Note
 D. Foot Note
29. Welfare definition of economics has been given by.
A. Lionel Robbins
B. Adam Smith
C. Alfred Marshall
D. Professor Samuelson
30. What do you mean by statistical enquiry?
31. Write a short note on National Sample Survey
Organization.
32. Write any three properties of Arithmetic mean.
33. Following is the data of weekly pocket money (in₹) of
teenagers.
102 125 76 111 71 121 154 81 129 72 91 118 175 62 144
91 107 64 128 82 83 74 135 149 119 125 100 84 120 115
a. Prepare a frequency table for the given data taking width of
each class interval as 20 and mid value of the first class as 70.
Also calculate mid values of each class.
b. How much percentage of teenager have weekly pocket money
between ₹82 to ₹120?
34. A. The coefficient of rank correlation of the marks
obtained by 10 students in accounts and maths was found to
be 0.8. It was later discovered that the difference in ranks in
the 2 subjects obtained by one of the students was wrongly
taken as 7 instead of 9. Find the correct coefficient of rank
correlation.
B. Write the difference between wholesale price index and
consumer price index.
35. Construct an index for 2024-25 taking 2022-23 as the
base by the simple average of price relative method.
 Commodities A B C D
Prices (2022-23) 10 20 30 40
Prices( 2024-25) 13 17 60 70
36. An incomplete distribution is given below:
Marks 10-20 20-30 30-40 40-50 50-60 60-70 70-80 Total
No. Of 24 60 ? 130 ? 50 36 458
Students
You are given that the median value is 47. Using the median
formula, fill up the missing frequencies
Draw a commodity frequency curve of less than and more than
from the following data.
Weekly 20-39 40-59 60-79 80-99 100-119 120-139
pocket
money (₹)
No. Of 9 11 15 25 10 5
Teenagers

37. The Following table gives the monthly expenditure of 2

families A and B. Represent them by means of sub-divided bar
diagram and percentage diagram.
Items of expenditure Family A (Income : Family B (Income :
₹50,000) ₹80,000)
Food 15,000 23,000
Clothing 9,000 17,000
House rent 11,000 11,000
Education 5,000 9,000
Fuel and lighting 4,000 13,000
Miscellaneous 6,000 7,000