NIOS Solved Papers: Economics (214) - Oct' 2015

Economics Solved Papers
1. Private goods are those goods:
a)         Which are exclusively enjoyed by the individuals
b)         Which are available in abundance.
c)          Which are available without any discrimination.
d)         Which are free gifts of nature.
Ans.:- (a) Which are exclusively enjoyed by the individuals.
2. Freedom of enterprise is a main characteristic of:
a)         Socialist economy.                
b)         Mixed economy.
c)          Capitalist economy.                             
d)         None of the above.
Ans.:- (c) Capitalist economy.
3. Resource allocation in a planned economic system is based on:
a)         Principle of Profit maximization.
b)         Principle of social welfare.
c)          Combined Principle of Profit maximization and social welfare.
d)         None of the above.
Ans.:- (b) Principle of social welfare.
4. Departmental enterprises are under the control of:
a)         Foreign Production units.
b)         Private Production units.
c)          Government Production units.
d)         None of the above.
Ans.:- (c) Government Production units.
5. Cost of self supplied factors refers to:
a)         Implicit Cost             .              
b)         Fixed Cost.
c)          Variable Cost.         
d)         Explicit Cost.
Ans.:- (a) Implicit Cost.
6. When the quantity supplied of a good is more than the quantity demanded at a given price, this is the situation of :
a)         Excess Demand.    
b)         Excess Supply.
c)          Equilibrium.             
d)         None of the above.
Ans.:- (b) Excess Supply
7. Mass data in unorganised form are called:
a)         Primary data.          
b)         Secondary data.
c)          Raw data. 
d)         Array.
Ans.:- (d) Array
8. In case of cheating the consumer can get compensation by using:
a)         Right to information.                                           
b)         Right to seek Redressal.
c)          Right to be heard.                 
d)         Right to consumer education.
Ans.:- (b) Right to seek Redressal.
9. Give two examples of free goods used by you in daily life and justify why are they called free goods?             2
Ans.:- Free goods are free gift of nature such as air and sunlight. They are available in abundance i.e. in unlimited quantity and the supply is much more than the demand. We don’t have to pay anything to get them.
10. State any two of the salient features of an economy.                                              2
Ans.:- Two salient features of an economy:-
1)         Economic institutions are manmade. Thus an economy is what we make it.
Levels of economic activities keep on changing.

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