2019
ECONOMICS
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions
PART – A
1. Answer the following as directed: 1x6=6
a) Give the meaning of statistics in plural sense. 1
Ans: Statistics in Plural Sense – It means aggregate of facts affected to a marked extent of multiplicity of causes numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and placed in relation to each other.
b) What do you mean by Secondary data? 1
Ans: Secondary Data: Data which are collected by someone else, used in investigation are knows as Secondary data. Data are primary to the collector, but secondary to the user.
c) ___________ method involves each and every items of the universe. (Fill in the blank) 1
Ans: Census or Complete Enumeration
d) The diagram which represents the data in a circle is – 1
1) Bar diagram
2) Pie-diagram
3) Multiple diagram
4) Subdivided bar diagram.
e) Name three most commonly used statistical averages. 1
Ans: Mean
f) There are _____ quartiles in a series. (Fill in the blank) 1
Ans: 3 (Three)
2. Mention four limitations of statistics. 2
Ans: Limitations of statistics are as follows:
(i) Statistics deals only with quantitative characteristics.
(ii) Statistics deals with aggregates not with individuals.
(iii) Statistical laws are not perfectly accurate.
(iv) Statistical results are only an average.
3. Name any four methods of collecting primary data. 2
Ans: Methods of collecting primary Data
(a) Direct Personal Observation.
(b) Indirect Oral Investigation.
(c) Schedule and questionnaire.
(d) Local reports.
4. What is the difference between random sampling and non-random sampling? 2
Ans: Random sampling ensures that each possible sample has an equal probability of being selected, and each item in the entire population has an equal chance of being included in the sample.
In Non-random sampling the items are selected from the population at a uniform interval defined in terms of time, order or space.
5. What is the difference between frequency polygon and frequency curve? 2
Ans: Frequency polygon: A frequency polygon is a graph of frequency distribution. It has more than four sides. It is particularly effective in comparing two or more frequency distributions.
Frequency Curve: A frequency curve is the line which is drawn freehand through the various points of the polygon.
6. Define weighted arithmetic mean. 2
Ans: Weighted arithmetic mean is one which is calculated by taking into consideration relative importance of the different items in given series. The formula for computing weighted arithmetic mean is: ∑WX/∑W.
7. Name the two measures of dispersion. 2
Ans: Quartile Deviation and Standard deviation
8. Mention specific characteristics of arithmetic mean. 4
Ans: Properties of arithmetic mean:
1. The sum of deviations of the items from the arithmetic mean is always zero i.e. ∑(X–X) =0.
2. The Sum of the squared deviations of the items from A.M. is minimum, which is less than the sum of the squared deviations of the items from any other values.
3. If each item in the series is replaced by the mean, then the sum of these substitutions will be equal to the sum of the individual items.
4. If we are given the sizes and means of two series then the mean of the combined series can be obtained.
AHSEC CLASS 11 CHAPTER-WISE NOTES
Part A: Introductory Micro Economics
Introduction to Micro Economics
Consumer Behaviour and Demand
Producer Behaviour and Supply
Forms of Market and Price Determination:
Simple Applications of Tools of Demand & Supply
Part B: Statistics for Economics
Collection, Organisation and Presentation of Data
Statistical Tools & Interpretation
9. Draw an ogive from the following table: 4
Income | 0-10 | 10-20 | 20-30 | 30-40 | 40-50 |
No. of persons | 5 | 15 | 25 | 3 | 2 |
Ans: Follow our YouTube Channel for Solution
Or
Represent the following information in Pie-diagram:
Items of expenditure | Labour | Bricks | Marble | Cement |
Company | 10,000 | 3,000 | 5,000 | 2,000 |
Ans: Follow our YouTube Channel for Solution
10. “Sampling is the best method of collecting primary data” – Justify this statement. 4
Ans: A Sample is that part of the universe which we select for the purpose of investigation. Sampling is the process of learning about the population on the basis of sample drawn from it. In sampling technique only a part of the universe is studied instead of every unit of the universe.
Sampling is best method of collecting primary data due to the following reasons:
1. Very accurate as compared to other method.
2. Economical in nature because it involves less cost as compared to other methods.
3. Very reliable as compared to other methods.
4. It involves less time as compared to other.
11. Calculate arithmetic mean from the following data: 4
Class Interval | 20-25 | 25-30 | 30-35 | 35-40 | 40-45 | 45-50 | 50-60 |
Frequency | 10 | 12 | 8 | 20 | 11 | 4 | 5 |
Ans: Follow our YouTube Channel for Solution
12. Find out Karl Pearson’s co-efficient of correlation from the following data: 4
X | 50 | 54 | 56 | 58 | 59 | 60 | 61 | 62 | 65 | 75 |
Y | 20 | 22 | 24 | 30 | 32 | 36 | 38 | 40 | 44 | 54 |
Ans: Follow our YouTube Channel for Solution
Or
Explain the significance of an index number. 4
Ans: Index number is an indicator of changes in prices and quantities. It is a specialized average designed to measure the change in a group of related variables over a period of time. These index numbers are also known as barometers of economic activity. It offers a device of estimating the relative changes of a variable when measurement of actual changes is not possible. It is also an indicator of inflationary or deflationary tendencies. Advantages of index number:
1. Measurement of change in the price level or the value of money.
2. Index number helps to ascertain the living standards of people.
3. Price index numbers serve as a useful guide to the business community in planning.
4. Index of exports and imports provides useful information regarding foreign trade.
13. Define Standard deviation, Range, Quartile deviation, Lorenz curve, Mean deviation and Inter-quartile range. 1x6=6
Ans: S.D: The standard deviation commonly denoted by ‘σ’ (Sigma) is the most widely used measure of dispersion. It is the square root of the second moment of dispersion and is calculated from the arithmetic mean. In short, it may be defined as the root-mean-square deviation from the mean.
Range: Range is defined as the difference between the value of the smallest item and the value of the largest item included in the distribution. It is the simplest method of measuring dispersion.
Q.D: - The QD is half of the difference between the upper and lower quartiles. Symbolically, QD= ½ (Q3- Q1) QD is an absolute measure of dispersion.
M.D: For a given set of observation, MD is defined as the arithmetic mean of the absolute deviation of the observations from an appropriate measure of central tendency. The formula for computing MD is MD= ∑│D│/ N
Or
Calculate Mean deviation and its coefficient using arithmetic mean. 3+3=6
Marks | 20 | 30 | 40 | 50 | 60 | 70 |
No. of Students | 8 | 12 | 20 | 10 | 6 | 4 |
Ans: Follow our YouTube Channel for Solution
14. Construct an Index number for 1999 taking as the base using simple average of price relative method. 6
Commodities | A | B | C | D | E | F |
Price in 1985 (Rs.) | 8 | 15 | 12 | 10 | 10 | 12.5 |
Price in 1999 (Rs.) | 10 | 21 | 36 | 14 | 12 | 17 |
Ans: Follow our YouTube Channel for Solution
Or
Mention one merit and one demerit of medium. Calculate median from the following data: 1+1+4=6
X | 10 - 20 | 20 – 40 | 40 – 70 | 70 – 110 | 110 – 180 |
Y | 4 | 10 | 26 | 8 | 2 |
Ans: Follow our YouTube Channel for Solution
PART – B
(INDIAN ECONOMIC DEVELOPMENT)
15. Answer the following: 1x6=6
a) Railways were introduced in _____ in India. 1
Ans: 16th April, 1853
b) What do you mean by Modernization? 1
Ans:
c) Define Privatization. 1
Ans: Privatization: It refers to general process of involving the private sector in the ownership or management of state owned enterprises.
d) What is the full form of NABARD? 1
Ans: National Bank for Agriculture and Rural Development
e) What is Human Capital? 1
Ans: Human capital refers to the stock of skill, ability, expertise, education and knowledge involved in the people.
f) Mention any two causes of inflation. 1
Ans: Lack of Supply
16. Name two notable economists who estimated India’s per-capita income during the Colonial Period. 2
Ans: Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao and R.C. Desai
17. Mention two important problems of Indian Agriculture. 2
Ans: 1. Low level of agricultural productivity, 2. High dependence on Monsoon, 3. Lack of Proper Input.
18. Point out two failures of economic reforms in India. 2
Ans: 1. Neglect of agriculture, 2. Urban concentration of growth process.
19. Define absolute poverty and relative poverty. 2
Ans: Absolute poverty refers to the total number of people living below poverty line.
Relative poverty refers to poverty of people in comparison to other people, regions or nations.
20. Mention the importance of human capital formation in India. 2
Ans: Importance of Human capital formation:
1. Inventions, innovations and technological improvement are all due to the extra knowledge acquired during education which provides lot of innovations and inventions.
2. The knowledgeable, skilled and physically fit people help in the human capital formation.
21. What do you mean by agricultural marketing? 2
Ans: Agricultural marketing is a process that involves the assembling, storage, processing, transportation, packaging, grading and distribution of different agricultural commodities across the country.
22. Mention four unemployment alleviation programme taken by Indian Government. 4
Ans: Employment generation programme of Govt. of India:
a) Jawahar Rozgar Yojana/Jawahar Gram Samriddhi Yojana.
b) Integrated Rural Development Programme (IRDP).
c) Sampoorna Gramin Rozgar Yojana (SGRY).
d) Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) 2005.
Or
What is Rural Credit? Why do farmers need rural credit? 1+3
Ans: Rural Credit: Rural Credit means provision of loans especially in production for agriculture and non-agricultural sectors. The loans have provided in rural areas to the farmers in order to purchase machineries, agricultural implements etc. On the basis time, rural credit can be classified as: short-term credit, medium-term credit and long-term credit.
Farmers need credit for various reasons
a) Purchase of modern equipments for agriculture purpose.
b) Purchase of seeds and fertilizers.
c) To acquire storage facility for agricultural output.
23. Briefly mention the basic causes of poverty in India. 4
Ans: Causes of poverty
1. Underdevelopment of the Indian economy: The root cause of poverty is the under development of the Indian economy. The underdevelopment is caused by the relative backwardness of agriculture & industrial sector.
2. Population explosion: Rapid growth of population, particularly among the poor, is responsible for the problem of poverty in the country.
3. High level of un-employment: Poverty is caused by unemployment or low rates of wages.
4. Inequalities of income: An important cause of poverty in India is the existence of large inequalities in distribution of national income & concentration of economic power.
Or
Briefly mention the causes of inflation.
Ans: The causes of inflation are:
a) Increase in money supply: Inflation may emerge in an economy when the supply of money increases due to increase in the purchasing power of people which may lead to inflation. The increase in supply of money may due to credit expansion of the commercial banks.
b) Population expansion: The rapid growths of population raise the aggregate demand in the economy due to increase in consumption, investment etc. and thus lead to inflation.
c) Weak supply of commodities: The weak supply of commodities also leads to rise in prices. When the supply of commodities decreases, the traders are unable to meet the demand of the people and thus they raises the prices of goods and services causing inflation.
d) International factors: International factors may be the reason of inflation. Sometimes the prices of a basic raw material like diesel rise in the international market which leads to rise in the price of that commodity in all the countries of the world.
24. What is Environment? What causes a stress on environment? 4
Ans: Environment is defined as the total planetary inheritance and the totality of all resources. Environment includes all the biotic and abiotic factors that influence each other.
Causes of stress on environment:
a) Emission from industries causes air and water pollution.
b) Increased use of pesticides causes soil pollution.
c) Burning of fossil fuels from transportation and electricity production.
d) Noise and light pollution caused by household sources, social events, commercial and industrial activities and transportation.
Or
Explain the types of infrastructure.
Ans: Infrastructure refers to such core elements of economic & social change which serve as a support system to production activity in the economy. It is mainly divided into two parts: Economic and Social infrastructure.
Economic infrastructure: It refers to all such elements of economic change like- power, transport, communication etc. which serve as a support system to the process of economic growth.
Social infrastructure: It refers to core elements of social change like- schools, colleges, hospitals, banking etc. which serve as a support system to the process of social development of a country.
25. Make a comparison between India and Pakistan as regards national income, size of population, birth rate, literacy rate and sex ratio. 4
Ans: Comparison of India and Pakistan
Basis | India | Pakistan |
Birth rate | Moderate to high birth rate | High birth rate |
Sex Ratio | 931 Female against 1000 male | 887 Females against 1000 males |
Literacy | Literacy rate is 91.7% | Literacy rate is 76% |
Size of population | 135 crores | 20 crores |
26. Explain the positive impacts of economic reforms. 4
Ans: Positive impacts of economics reforms are listed below:
1. Increase in Industrial production: Economic reforms increases industrial production by giving various types of financial support and incentives to industrial sector.
2. Check on fiscal deficit: Economic Reforms helps in reducing fiscal deficit.
3. Check on inflation: It helps in controlling inflation by maintaining proper balance between demand and supply.
4. Flow of private foreign investment: Govt. is taking various steps to increase the flow of private foreign investment in Indian Economy.
27. What do you mean by environmental degradation? Suggest some measures to solve the problems of environmental degradation. 1+5=6
Ans: The following strategies should be adhered to, for sustainable development:
1. Use of Non-conventional source of Energy like wind and solar says are cleaner and greener technologies, which can be effectively used to replace thermal and hydropower.
2. Use of CNG as fuel in public transport system has lowered air pollution and the air has become cleaner. The use of LPG and Gobar Gas is being promoted which reduces air pollution.
3. Establishment of Mini-Hydel plants in mountain regions to generate electricity through mini Hydel plants.
4. Wind Power: In areas where speed of wind is usually high, wind mills can provide electricity without any adverse impact on the environment. Wind turbines move with the wind and electricity is generated. No doubt, the initial cost is high. But the benefits are such that the high cost gets easily absorbed.
5. Solar Power through Photovoltaic Cells: India is naturally endowed with a large quantity of solar energy in the form of sunlight. We use it in different ways.
Or
Explain briefly the following: 3+3=6
a) Demand-pull inflation.
Ans: Demand Pull Inflation: Inflation will result if there is too much spending when compared to output. Aggregate demand is greater than aggregate supply which leads to price hike and inflation. An increase in aggregate demand when the economy is at less than full employment level will result in an increase in both price and output. If the economy is at full employment then the demand will increase which leads to inflation.
b) Cost-push inflation.
Ans: Cost Push Inflation: Inflation is caused by change in the supply side of the economy, it increases cost of production, prices and inflation. Initially increase in costs leads to a chain of wage increases which leads to increase in demand and cost.
28. What do you mean by organic farming? Make a comparison between traditional farming and organic farming. 2+4=6
Ans: Meaning of Organic Farming: Organic farming is the process of producing food naturally. This method avoids the use of synthetic chemical fertilizers. It is very eco-friendly and very essential for sustainable development. It has a zero impact on environment.
Difference between organic farming and traditional farming
Basis | Organic farming | Traditional farming |
Cost | It is cheaper. | It is costlier. |
Health benefits | Organic farming products are good for health. | These products are considered harmful. |
Use of chemicals | No use of chemical in organic farming. | Synthetic chemical fertilizers are used. |
Impact on environment | It is eco-friendly in nature. | It causes serious damages to environment. |
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