NIOS Solved Papers: Economics (214) - Oct' 2016

Economics Solved Papers
1. Which one of the following is a non economic want?
a)         Air.
b)         Mobile phone.
c)          Television.
d)         Car
Ans.:- (a) Air
2. Which one out of the following is not a feature of a capitalist economy?
a)         Profit Motive.
b)         Absence of government interference.
c)          Collective ownership of means of production.                         
d)         Freedom of Enterprise.
Ans.:- (b) Absence of government interference.

3. An economic system which combines government planning with the free market economy, is called:
a)         Capitalism.
b)         Socialism.
c)          Mixed Economic System.  
d)         None of the above.
Ans.:- (c) Mixed Economic System
4. Kendriya Bhandar is a production unit in the form of:
a)         Corporation.                                           
b)         Private Non-Profit Organization.
c)          Co-Operative Society.         
d)         Partnership.
Ans.:- (c) Co-Operative Society.
5. Output per unit of a variable input is:
a)         Marginal Product. 
b)         Average Product.
c)          Total Product.         
d)         None of the above.
Ans.:- (a) Marginal Product.
6. Needle and thread are examples of:
a)         Complementary goods.     
b)         Substitute goods.
c)          Inferior goods.                       
d)         Unrelated goods.
Ans.:- (b) Substitute goods.
7. Which one of the following is a variable?
a)         Intelligence level of a boy.
b)         Bravery.
c)          Beauty of a girl.                      
d)         Height of students.
Ans.:- (d) Height of students.
8. Which one of the following is a non-renewable resource?
a)         Trees in the forest.                              
b)         Fish in the ocean.
c)          Coal in the coal-field.
d)         None of the above.
Ans.:- (c) Coal in the coal-field.
9. Mention two examples of your economic wants in daily life and justify why they are economic wants.           2
Ans.:- Bread and Milk are two examples of our economic wants in daily life and these are called economic wants because for these wants we have to pay certain amount of money.

10. Define an economy. What are the two basis on which it is differentiated?                   2
Ans.:- According to A.J.Brown, ‘’ An economy is a system by which people get living”.
Two basis on which it is differentiated are
Developed economy and Developing economy

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