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Economics M.C.Q (1 Marks)

Model Paper 1 · CBSE STD 11 Commerce (CBSE - English Medium). 10 questions.

Questions

M.C.Q (1 Marks)

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10 questions · 8 auto-graded MCQ + 2 self-marked written.

MCQ 11 Mark
Calculate the correlation coefficient of the marks obtained by 12 students in mathematics and statistics and interpret it
Image
Answer
Correct option: B.
0.78
(b) 0.78
Explanation:
XYdXdYdX2dY2dXdY
5022-12-81446496
5425-8-5642540
5634-643616-24
5928-3-2946
6026-2-44168
62(A)30(A)00000
6132-1214-2
653030900
67285-2254-10
713494811636
713696813654
74401210144100120
$\Sigma$65598285324
$\begin{array}{l} r =\frac{N \sum X Y-\sum X \sum Y}{\sqrt{N \sum X^2-\left(\sum X\right)^2} \sqrt{N \sum Y^2-\left(\sum Y\right)^2}} \\ =\frac{12(324)-(6)(5)}{\sqrt{12(598)-(6)^2} \sqrt{12(285)-(5)^2}}=0.78\end{array}$
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MCQ 21 Mark
_________ reflects on the price change experienced by families of people.
  • A
    weighted average price
  • B
    none
  • ✓
    consumer price index
  • D
    whole sale price index
Answer
Correct option: C.
consumer price index
(c) consumer price index
Explanation: Consumer index number (CPI) or cost of living index numbers are helpful in studying the change in consumer expenditure .Here, family is basically a consumer unit.
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MCQ 31 Mark
Histogram is prepared in case of:
  • A
    Discrete series
  • ✓
    Continuos series
  • C
    Individual series
  • D
    Open end series
Answer
Correct option: B.
Continuos series
(b) Continuos series
Explanation: Histograms are a special form of bar chart where the data represent continuous rather than discrete categories. This means that in a histogram there are no gaps between the columns representing the different categories. A histogram is used for data on ages because age is a continuous rather than a discrete category.
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MCQ 41 Mark
Read the data - It is stated that there are 300 students in art faculty, 400 in commerce faculty and 300 in science faculty. This data represents which characteristics of statistics
  • A
    Affected by multiplicity of
  • ✓
    Aggregate of facts causes
  • C
    Numerically expressed
  • D
    Affected by extreme values
Answer
Correct option: B.
Aggregate of facts causes
(b) Aggregate of facts
Explanation: 300 students, 200 students represent a sum, it's, therefore, an aggregate of facts.
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MCQ 51 Mark
If the prices of all commodities in a place have decreased $35 \%$ over the base period prices, then the index number of prices of that place is now
  • A
    35
  • B
    85
  • C
    135
  • ✓
    65
Answer
Correct option: D.
65
(d) 65
Explanation:
The price of Base year $=100$
Decrease in Prices by $35 \%$ i.e $100 \times \frac{35}{100}=35$
Index number of the prices of that place now $=100-35=65$
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MCQ 61 Mark
In Laspeyre’s index number, the weight pertains to
  • A
    None of the given
  • B
    Both Base year and current year quantities
  • C
    Current year quantities
  • ✓
    Base year quantities
Answer
Correct option: D.
Base year quantities
(d) Base year quantities
Explanation: A weighted aggregative price index using base period quantities as weights is known as Laspeyre’s price index.
This method uses the base period quantities as weights.
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MCQ 71 Mark
Construct price index number from the following data by applying(Fisher’s ideal Method
CommodityPrice (2000)Quantity (2000)Price (2001)Quantity (2001)
A2845
B512610
C415512
D218420
  • A
    144.5
  • B
    147.3
  • C
    144.7
  • D
    147.5
Answer
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MCQ 81 Mark
When the mean of series is a decimal number, then which method should be used for computing Karl Pearson’s coefficient of correlation?
  • A
    Step Deviation Method
  • B
    Short-cut Method
  • C
    Indirect method
  • D
    Direct Method
Answer

(b) Short-cut Method
Explanation: To avoid difficult calculations due to mean being in fraction, deviations are taken from assumed means while calculating coefficient of correlation. The formula is also modified for standard deviations because deviations are taken from assumed means.

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MCQ 91 Mark
Paasche's index number is expressed in terms of:
  • ✓
    $\frac{\sum P_n q_n}{\sum P_o q_n}$
  • B
    $\frac{\sum P_o q_o}{\sum P_n q_o}$
  • C
    $\frac{\sum P_n q_o}{\sum P_o q_o} \times 100$
  • D
    $\frac{\sum P_{n q n}}{\sum P_o q_n}$
Answer
Correct option: A.
$\frac{\sum P_n q_n}{\sum P_o q_n}$
(a) $\frac{\sum P_n q_n}{\sum P_o q_n}$
Explanation: A weighted aggregative price index using current period quantities as weights is known as Paasche's price index. It is calculated as follow: $P_{01}=\frac{\sum P_n q_n}{\sum P_{o q_n}}$
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MCQ 101 Mark
Assertion (A): Economists might not be interested in predicting the changes in one economic factor due to the changes in another factor.
Reason (R): Statistics helps to predict the future behavior of phenomena for the future is predicted on the basis of available statistics of past and present.
  • A
    Both A and R are true and R is the correct explanation of A.
  • B
    Both A and R are true but R is not the correct explanation of A.
  • C
    A is true but R is false
  • ✓
    A is false but R is true.
Answer
Correct option: D.
A is false but R is true.
(d) A is false but R is true.
Explanation: Economists might be interested in predicting the changes in one economic factor due to the changes in another factor. Statistics helps to predict the future behavior of phenomena for the future is predicted on the basis of available statistics of past and present.
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