# AHSEC - Class 11 Question Papers: Economics' 2021 | Class 11 Economics Question Papers

Class 11 Economics Question Papers
AHSEC Class 11 Question Papers

2021

ECONOMICS

Full Marks: 100

Pass Marks: 30

Time: 3 hours

The figures in the margin indicate full marks for the questions

PART – A

1. Answer the following as directed:

(a)  What do you understand by market economy?                                1

(b) Opportunity cost is also known as _______ cost. (Fill in the blank)           1

(c)  Define utility.                  1

(d) What is the shape of average product curve?    1

(e)  What is the relation between marginal cost curve of a firm and its supply curve?              1

(f)   What is price-ceiling?                                  1

2. What are the central problems of an economy?    2

Or

What does a production possibility curve indicate?   2

3. Write the law of diminishing marginal utility.                  2

Or

What is complementary good? Write with example.     2

4. What do you understand by fixed factor and variable factor of production?       2

5. State the law of variable proportion.                   2

Or

What is market supply? How is the market supply curve derived?               1+1=2

6. Write the conditions for determining profit maximizing output for a firm under perfect competition.    2

Or

“Firms under monopolistic competition produce differentiated products.” Interpret the sentence.   2

### AHSEC CLASS 11 CHAPTER-WISE NOTES

Part A: Introductory Micro Economics

Introduction to Micro Economics

Consumer Behaviour and Demand

* Law of Demand

* Elasticity of Demand

Producer Behaviour and Supply

Forms of Market and Price Determination:

* Perfect Comptetition

Simple Applications of Tools of Demand & Supply

Part B: Statistics for Economics

Introduction to Statistics

Collection, Organisation and Presentation of Data

Statistical Tools & Interpretation

* Measure of Central Tendency

* Dispersion

* Index Number

Correlation analysis

Summary Notes of Statistics for Economics available here

7. (a) What does a budget line indicate?                 1

(b) The slope of the budget line is _______. (Fill in the blank)        1

Or

What do you understand by ‘monotonic preferences’?   2

8. Prepare an imaginary demand schedule and on its basis, draw a demand curve.              4

Or

Discuss the characteristics of indifference curve.                4

9. The following table gives total cost (TC) schedule of a firm. Determine total variable cost (TVC), average variable cost (AVC), average cost (AC) and marginal cost (MC) schedule:                            4

 Quantity of Output (Q): 0 1 2 3 4 Total Cost (TC) : 10 40 60 80 95

Or

(a) Define average fixed cost.      1

(b) When a firm produces 4 units of output, its total cost is Rs. 40 and total variable cost is Rs. 20. Calculate average fixed cost.            2

(c) Draw an average fixed cost curve.                       1

10. Write four differences between perfectly competitive market and monopoly market.                                4

Or

Write the characteristics of monopolistic competitive market.     4

11. Define the following:               1x4=4

(a)       Normal profit.

(b)       Super-normal profit.

(c)        Break-even point.

(d)       Shut-down point.

12. Briefly discuss two factors that affect supply curve of a firm.                  4

Or

Diagrammatically explain how market equilibrium is attained.  4

13. (a) What is marginal revenue of a firm?                           1

(b) Write the difference between revenue and profit of a firm.                                    1

(c) For a firm under perfect competition, show that Price (P) = Average Revenue (AR) = Marginal Revenue (MR).     4

Or

(a) Define production function.                                  1

(b) What does an isoquant indicate?                        1

(c) The slope of an isoquant is _______ (positive / negative / zero). (Fill in the blank with correct option) 1

(d) The production function for a firm is given as , where Q is quantity of output, L is the amount of labour employed and K is the amount of capital employed. Find total output when the firm employs 5 units of labour and 2 units of capital. Estimate total output if labour employed fails to 0 unit and capital employed increases to 10 units.        3

14. What do you understand by movement along the demand curve and shift in the demand curve? Explain with the help of diagram.               6

Or

(a) What does price elasticity of demand indicate?            1

(b) Write the formula of calculating price elasticity of demand.    1

(c) What do you understand by ‘elastic demand’ and ‘inelastic demand’? 2

(d) When the price of a commodity is Rs. 4, then 25 units of it is demanded. When the price increases to Rs. 5, the quantity demanded falls to 20 units. Calculate price elasticity of demand.               2

PART – B

15. Answer the following as directed:

(a)       Who is known as the father of economics?         1

(b)       Give the meaning of statistics in plural sense.    1

(c)        What is primary data? 1

(d)       Statistics deals only with quantitative data. (Write whether the statement is True or False)  1

(e)       Arithmetic mean is mostly affected by _______. (Fill in the blank)            1

(f)         Index numbers are also termed as _______. (Fill in the blank)     1

16. Write two importance’s of statistics in economics.     2

Or

Mention any two limitations of statistics.                               2

17. Write two advantages of direct personal investigation method of data collection.        2

Or

Write two advantages of classification of data.    2

18. What do you understand by class frequency and class interval?            2

Or

Write two differences between discrete and continuous variable.              2

19. Write two characteristics of a good average.                 2

20. Write two merits of mode.   2

21. Write the formula of calculating median for continuous frequency distribution.   2

Or

Give the formula of calculating arithmetic mean by step deviation method in case of continuous series.   2

22. What are the advantages of sampling method of data collection over the census method?           4

Or

Write the characteristics of a good questionnaire.             4

23. Briefly discuss the importance of index number.         4

Or

Mention the steps in constructing index number.              4

24. Define correlation. What do you understand by positive, negative and zero correlation? Write with example. 1+1+1+1=4

Or

Explain the concept of scatter diagram. 4

25. What is range? Write one merit and two demerits of range.                 1+1+2=4

Or

Write a short note on ‘measures of dispersion’.                  4

26. Discuss the limitations of median.                      4

Or

Determine median for the following distribution:               4

 Wages (in Rs.) 20 21 22 23 24 25 26 27 28 No. of Workers: 8 10 11 16 20 25 19 9 6

27. Briefly discuss the merits and demerits of arithmetic mean.   6

Or

(a) What do you understand by measures of central tendency?   1

(b) What are the three main types of measures of central tendency? Define each of them.  1+3=4

(c) Write the empirical relation between mean, median and mode.           1

28. Briefly discuss four advantages and two disadvantages of diagrammatic presentation of data.  4+2=6

Or

What do you understand by tabulation of data? Briefly discuss the objective of tabulation of data. 2+4=6

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