Question types

Model Paper 3 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
Sample Questions

Model Paper 3 questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Main feature of perfectly competitive market is:
  • All of these
  • B
    Uniform price
  • C
    Homogeneous product
  • D
    Large number of buyers and sellers

Answer: A.

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In perfect competition, which of the following curves generally lies below the demand curve and slopes downward?
  • Marginal revenue
  • B
    Marginal cost
  • C
    Average cost
  • D
    Average revenue

Answer: A.

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Assertion (A): An individual is influenced by emerging trends and fashions.
Reason (R): An individual simply wants to be trendy accordingly, one prefers to buy more of a commodity.
  • A
    Both 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.
  • C
    A is true but R is false.
  • D
    A is false but R is true.

Answer: B.

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Calculate MRT from following table. What will be the shape of PPF and why?
CombinationsGreen Chilly (Units)Sugar Units
A1001
B951
C852
D703
E504
F255
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Q 114 Marks Question4 Marks
From the following schedule, find out the level of output at which the producer is in equilibrium. Give reasons for your answer
Output (Units)1234567
Price (Rs.)24242424242424
Total Cost26507292115139165
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Q 136 Marks Question6 Marks
Answer the following questions
(i) If a product price increases, a family's spending on the product has to increase. Defend or refute.
(ii) The demand for a good double due to 25% fall in its price. Calculate its price elasticity of demand
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Q 15M.C.Q (1 Marks)1 Mark
In an evaluation of answer script the following marks are awarded by the examiners. Can you find any correlation between the two?
1st8895709650807585
2nd8490885548858272
  • A
    $0.578$
  • B
    $0.365$
  • $0.363$
  • D
    $0.543$

Answer: C.

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Q 16M.C.Q (1 Marks)1 Mark
Consumer Price Index (CPI) is expressed in terms of:
  • A
    $\frac{\sum P_n q_n}{\sum P_{o q_n}} \times 100$
  • $\frac{\sum P_1 q_0}{\sum P_0 q_0} \times 100$
  • C
    $\frac{\sum P_0 q_0}{\sum P_n q_0}$
  • D
    $\frac{\sum P_n q_n}{\sum P_o q_n}$

Answer: B.

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Q 18M.C.Q (1 Marks)1 Mark
Which of the following statement can be called Statistics?
  • A
    Technology of Japan is very advanced.
  • B
    In our school there are 5000 students.
  • India has per capita income of Rs. 20,000 p.a
  • D
    USA is the richest country in the world.

Answer: C.

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Q 19M.C.Q (1 Marks)1 Mark
Price-relative is expressed in terms of:
  • A
    $\frac{P_n}{P_o} \times 100$
  • B
    $P =\frac{P_0}{P}$
  • $P =\frac{P_n}{P_o} \times 100$
  • D
    $P =\frac{P_n}{P_0}$

Answer: C.

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Q 296 Marks Question6 Marks
Calculate Karl Pearson's coefficient of correlation between the following two series by short-cut method.
X2427282829303233353540
Y1820222522282830273022
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