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NIOS Solved Papers: Economics (318) - Oct' 2014


NIOS SOLVED PAPERS
OCT’ 2014
ECONOMICS
(318)
Day and Date of Examination ..................................................................
Signature of Invigilators 1. ............................................................................
2. ............................................................................
General Instructions :
1. Candidate must write his/her Roll Number on the first page of the question paper.
2. Please check the question pa per to verify that the total pages and total number of questions contained
in the paper are the same as those printed on the top of the first page. Also check to see that the
questions are in sequential or der.
3. Making any identification mark in the answer-book or writing roll number anywhere other than the
specified places will lead to disqualification of the candidate.
4. Write your Question Paper Code No. 49/HIS/1, Set u on the answer-book.
5. (a) The question pa per is in English/Hindi medium only. However, if you wish, you can answer in
any one of the languages listed below :
English, Hindi, Urdu, Punjabi, Bengali, Tamil, Malayalam, Kannada, Telugu, Marathi,
Oriya, Gujarati, Konkani, Manipuri, Assamese, Nepali, Kashmiri, Sanskrit and Sindhi.
You are required to indicate the language you have chosen to answer in the box provided in the
answer-book.
(b) If you choose to write the answer in the language other than Hindi and English, the
responsibility for any errors/mistakes in understanding the question will be yours only.
Roll No.
ECONOMICS
(318)
[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.
SECTION–A
1. Distinguish between gross investment and net investment.                  2
Ans.:- The following are the differences between gross investment and net investment:-
Gross investment:
1)Gross investment = a total purchase of construction of new capital good.
2)Not considered to be a better indicator in comparison to net investment.
Net investment:
1)It is estimated by subtracting capital depreciation from gross investment.
2)Net investment = gross investment- depreciation.

2. Categorise the following into consumer goods and producer goods:         2
a)      Utensils in a household kitchen
b)      Sewing machine of a tailor
c)       Fertilizers used in farming
d)      Milk used by a household
3. What is a production possibility curve?            2
Ans.:-  The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. Sometimes called the production possibilities frontier (PPF).

4. What is meant by the term ‘economic growth’?           2
Ans.:- Economic Growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real terms.

5. “Statistical data are aggregate of facts.” Explain.         2
Ans.:- Statistical data consists of facts: In the plural sense, statistics refers to data, but data to be called statistics must consist of aggregate of certain facts. A single and isolated fact or figure like, 60 kgs. Weight of a student or the death of a particular person on a day does not amount to statistics.

6. Distinguish between stock and flow.                                 2
Ans.:- The following are the differences between stock and flow:-
Basis
Stock
Flow
Meaning
Stock variable refers to that variable, which is measured at a particular point of time.
Flow variable refers to that variable, which is measured over a period of time.
Time Dimension
It does not have a time dimension
It has a time dimension as its magnitude can be measured over a period of time.

7. What are intermediate goods? Give one example of intermediate goods.     2
Ans.:- Intermediate goods are items that we use to create another products or the ingredients of finished goods. Suppliers of intermediate goods sell them to, for example, manufacturers for the inclusion in their final products.

8. Value of output of a firm is R 9,000. Its intermediate consumption expenditure is R 6,000. Calculate value added by the firm.          2
Ans.:- Value added by the firm = output – intermediate consumption expenditure
                                                            = 9000 - 6000
                                                            = 3000

9. What are substitute goods? Give one example of substitute goods.                  2
Ans.:- “Products that can satisfy some of the same customer needs as each other. Tea and coffee are classic examples of substitute goods”.

10. Describe any two main features of Indian economy as a developing economy.          5
Ans.:- Two main features of Indian economy as a developing economy are :-
1. Low per capita income:- In India, the national income and per capita income is very low and it is considered as one of the basic features of underdevelopment. As per World Bank estimates, the per capita income of India stood at only $ 720 in 2005. Keeping aside a very few countries, this per capita income figure of India is the lowest in the world and it is even lower than China and Pakistan.
2. Excessive dependence of agriculture and primary producing:- Indian economy is characterized by too much dependence on agriculture and thus it is primary producing. Out of the total working population of our country, a very high proportion of it is engaged in agriculture and allied activities, which contributed a large share in the national income of our country.
11. Calculate the arithmetic mean by using ‘assumed mean’ method from the data given below :           5
Marks:
0-10
10-20
20-30
30-40
40-50
No. of Students:
20
24
40
36
20



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