A Seller Cannot influence the market price under:
- AMonopolistic Competition
- BAll of these
- CMonopoly
- ✓Perfect Competition
Answer: D.
View full solution →Question types
Model Paper 1 question types
39 questions across 8 question groups — pick any mix to generate a Economics paper with step-by-step answer keys.
39
Questions
8
Question groups
5
Question types
01
M.C.Q (1 Marks)
10 Q→023 Marks Question
3 Q→034 Marks Question
4 Q→046 Marks Question
2 Q→05M.C.Q (1 Marks)
10 Q→063 Marks Question
3 Q→074 Marks Question
4 Q→086 Marks Question
3 Q→Sample Questions
Model Paper 1 questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
With the increase in output, the difference between total cost and total variable cost:
- ANone of these
- BDecreases
- CIncreases
- ✓Remains Constant
Answer: D.
View full solution →The demand curve is elastic when marginal revenue has a positive value, and inelastic when the marginal revenue has a negative value.
- AFalse
- BCan't say
- ✓1
- DMay be
Answer: C.
View full solution →If the demand curve of a firm is a horizontal straight line:
- A
- Bfirms can differentiate their of a commodity product
- C
- ✓
Answer: D.
View full solution →Assertion (A): In a situation of increase in income less of the inferior good is purchased.
Reason (R): The consumer prefers to shift on to superior substitutes because now he can afford them.
Reason (R): The consumer prefers to shift on to superior substitutes because now he can afford them.
- ABoth A and R are true and R is the correct explanation of A.
- ✓Both A and R are true but R is not the correct explanation of A.
- CA is true but R is false.
- DA is false but R is true
Answer: B.
View full solution →Explain the implication of 'freedom of entry and exit of the firms' under perfect competition.
Giving reason, comment on the shape of the Production Possibilities Curve based on the following schedule.
| Good X (units) | 0 | 1 | 2 | 3 | 4 |
| Good Y (units) | 20 | 18 | 14 | 8 | 0 |
State three reasons which give rise to an economic problem.
Given the price of a good, how will a consumer decide as to how much quantity to buy of that good? Explain.
Explain the conditions of producer's equilibrium.
Given the following schedule, state at which level of output, will the firm be at equilibrium and why.
| Quantity (in units) | Price (in ₹) | Total Cost (in ₹) |
| 0 | 10 | 5 |
| 1 | 10 | 25 |
| 2 | 10 | 35 |
| 3 | 10 | 40 |
| 4 | 10 | 50 |
| 5 | 10 | 70 |
| 6 | 10 | 100 |
Explain the effects of change in income on demand for a good.
(i) A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the good is (-)1. How many units the consumer will buy at a price of Rs 10 per unit. Calculate.
(ii) Price elasticity of demand of goods is (-) 4. When price of the goods falls, its demand rises by 24 percentage. Calculate percentage change in price
(ii) Price elasticity of demand of goods is (-) 4. When price of the goods falls, its demand rises by 24 percentage. Calculate percentage change in price
Mr. Sohan Singh has a small scale unit producing chairs and other furniture. Read the following information and answer the given questions :
1. Wages of daily workers = Rs. 5,000
2. Monthly rent of the building = Rs. 5,000
3. Cost of raw material = Rs. 10,000
4. Insurance cost = Rs. 2,000 In the month of July he sold 20 chairs at Rs. 1,000 each.
i. What is his fixed cost?
ii. What is his variable cost?
iii. Is he producing at breakeven point?
iv. Should he closed down his unit or not?
1. Wages of daily workers = Rs. 5,000
2. Monthly rent of the building = Rs. 5,000
3. Cost of raw material = Rs. 10,000
4. Insurance cost = Rs. 2,000 In the month of July he sold 20 chairs at Rs. 1,000 each.
i. What is his fixed cost?
ii. What is his variable cost?
iii. Is he producing at breakeven point?
iv. Should he closed down his unit or not?
Calculate the correlation coefficient of the marks obtained by 12 students in mathematics and statistics and interpret it
- A0.76
- ✓0.78
- C0.77
- D
Answer: B.
View full solution →_________ reflects on the price change experienced by families of people.
- Aweighted average price
- Bnone
- ✓consumer price index
- Dwhole sale price index
Answer: C.
View full solution →Histogram is prepared in case of:
- ADiscrete series
- ✓Continuos series
- CIndividual series
- DOpen end series
Answer: B.
View full solution →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
- AAffected by multiplicity of
- ✓Aggregate of facts causes
- CNumerically expressed
- DAffected by extreme values
Answer: B.
View full solution →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
- A35
- B85
- C135
- ✓65
Answer: D.
View full solution →Average daily wages of 50 workers of a factory was Rs.200. Each worker is given a raise of Rs.20. What is the new average daily wages? Which property of arithmetic mean does the above example point to?
What is first quartile? Show it graphically.
Using the simple aggregative method, calculate the index number for the given data.
View full solution →| A | B | C | D | |
| $P_1$ | 15 | 22 | 20 | 27 |
| $P _0$ | 10 | 20 | 18 | 25 |
Mr. X is conducting a survey in his locality to understand proportion of rich and poor persons in his locality. Due to lack of time, he did not cover a part of his locality and took certain assumptions for the data. Do you think he did the right thing?
Direction of export is shown in the following table. Prepare a pie diagram to show the percentage distribution of export.
| Country | Export (in %) |
| USA | 25 |
| Japan | 15 |
| UK | 30 |
| China | 20 |
| Others | 10 |
Draw the ‘less-than’ and ‘more-than’ ogive from the data given below
| Weekly Wages (in Rs.) | Number of Workers |
| 0-20 | 10 |
| 20-40 | 20 |
| 40-60 | 40 |
| 60-80 | 20 |
| 80-100 | 10 |
Convert the following inclusive class interval into exclusive class interval.
| Inclusive Class Interval | Frequency (f) |
| 0-99 | 2 |
| 100-199 | 4 |
| 200-299 | 5 |
| 300-399 | 6 |
| 400-499 | 3 |
| 500-599 | 5 |
| Total | 25 |
Compute mode from the following data.
| Score | Frequency |
| 0-10 | 10 |
| 10-20 | 20 |
| 20-30 | 18 |
| 30-40 | 32 |
| 40-50 | 21 |
Calculate Q1 and Q3 from the following table.
| Wages (in Rs.) | Number of Workers |
| 0-5 | 4 |
| 5-10 | 6 |
| 10-15 | 3 |
| 15-20 | 8 |
| 20-25 | 12 |
| 25-30 | 7 |
Calculate the correlation coefficient between the height of fathers in inches (X) and their sons (Y).
| X | 65 | 66 | 57 | 67 | 68 | 69 | 70 | 72 |
| Y | 67 | 56 | 65 | 68 | 72 | 72 | 69 | 71 |
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