NIOS Solved Papers: Economics (318) - April' 2015

APRIL’ 2015
Day and Date of Examination .........................................................................
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Time : 3 Hours ] 
 [ Maximum Marks : 100]
Note : (i) This Question Paper consists of two Sections, viz., ‘A’ and ‘B’.
(ii) All questions from Section ‘A’ are to be attempted.
(iii) Section ‘B’ has got more than one option. Candidates are required to attempt questions from one option only.
1. What makes a good a consumer good or a producer good?     2
Ans.:- Consumer goods are goods meant for consumption they are also known as final products while producer goods are meant to be processed and converted into consumer goods.
Consumer goods include products such as foodstuffs and cars. While producer goods are products such as plastic sheets for manufacturing pipes waste paper that can be turned into tissue.

2. A firm’s opening stock and stock investment are R 2,000 and R 1,000 respectively. Calculate its closing stock.                2
Ans.:-Closing stock = opening stock +stock investment – sales
                                       = 2000 + 1000 – 0
                                       = 3000
3. Why does the problem of how to produce arise?                                                                                        2
Ans.:- The problem of how to produce arise because of the following reasons:-
a)      It arises due to the availability of techniques log production.
b)      This problem refers to selection of the category of the people who will ultimately consume the goods. i.e., whether to produce goods for more poor and les rich or more rich and less poor. Since resources are scarce in every economy, no society can satisfy all the wants of it’s people. Thus, a problem of choice arises.

4. In an economy there is a growth of resources. Show it with the help of a diagram.                     2
Ans.:- Economic growth has two meanings:
1. Firstly, and most commonly, growth is defined as an increase in the output that an economy produces over a period of time, the minimum being two consecutive quarters.
2. The second meaning of economic growth is an increase in what an economy can produce if it is using all its scarce resources. An increase in an economy’s productive potential can be shown by an outward shift in the economy’s production possibility frontier (PPF).
The simplest way to show economic growth is to bundle all goods into two basic categories, consumer and capital goods. An outward shift of a PPF means that an economy has increased its capacity to produce.

5. Mention any two characteristics of statistical data.                                                                                    2
Ans.:- Characteristics of statistical data are:-
1. It consists of aggregates of facts:- In the plural sense, statistics refers to data, but data to be called statistics must consist of aggregate of certain facts.
2. It is effected by many causes:- It is not easy to study the effects of one factor only by ignoring the effects of other factors. Here we have to go for the effects of all the factors on the phenomenon separately as well as collectively, because effects of the factors can change with change of place, time or situation.

6. Define capital.                                                                                                                                                             2
Ans.:- Capital :-Capital refers to the financial resources that businesses can use to fund their operations like cash, machinery, equipment and other resources. These are the assets that allow the business to produce a product or service to sell to customers.

7. Give two examples each of real flows and money flows.                                           2
Ans.:- Real flows – wages, consumption payments
           Money flows – thorough savings, taxation.
8. Calculate a firm’s value of output from the following data:                                       2
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