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Case-Based MCQs of Production Function Microeconomics class 11 CBSE

• December 8, 2021
• Production Function

Looking for important Case-Based MCQS questions with answers of Production Function chapter of Microeconomics class 11 CBSE, ISC, and other State Board.

Case Based Multiple Choice Questions of Production Function chapter with answers of Microeconomics class 11

Let’s Practice.

Question – 1 (Case – Study)

Farmers in our country are mostly small and marginal. They produce for self-consumption and hardly have any surplus crop to sell in the market.

These farmers produce with the help of their family members. Also due to limited landholding at times, there are more labours working compared with what is actually required, this leads to disguised unemployment.

The use of primitive tools and techniques further reduces the ability of these families to increase production.

1) In the case of disguised unemployment, the marginal product of labour is equal to

a) Zero b) Positive c) negative d) Either a) or c)

Ans – a)

Explanation:- In the case of disguised unemployment, the marginal productivity of labour becomes zero. Thus, he/she does not contribute anything to output.

2) In the case of land, the ‘law of returns to factor’ is applicable in _________ .

a) Short-run b) medium run c) long run d) None of these

3) In the above situation, productivity was low due to __________ .

a) fixity of land b) use of primitive tools and techniques c) excessive use of variable factor d) All of the above

Ans – d)

4) A rational producer should opt to produce in __ stage.

a) increasing returns to scale b) diminishing returns to scale c) constant returns to scale d) None of the above

Ans – b)

5) Which of the following is a variable factor of production in farming?

a) Farming Land b) Labour c) Equipment d) Both b) and c)

Explanation:- Labour and equipment are variable factors as they vary directly with the level of output.

Assertion (A) In the case of disguised employment total physical product becomes constant.

Reason (R) When more people work at a place than required, additional workers do not contribute much to the output.

Alternatives:-

a) Both Assertion (A) and Reason (R) are true and Reasons (R) is the the correct explanation of Assertion (A)

b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the the correct explanation of Assertion (A)

c) Assertion (A) is true, but Reason (R) is false

d) Assertion (A) is false, but Reason (R) is true.

Question – 2 (Case – Study)

Revenue is an important aspect of a producer’s behaviour. It indicates a firm’s receipts from sales. In other words, it also indicates the demand for a firm’s goods and services. More sales usually indicate more revenue but higher sale depends upon the form of market and elasticity of demand. Firms have better control over price when demand is inelastic.

i) In which form of market, average revenue is inelastic?

a) Perfect competition b) Monopoly c) Monopolistic d) None of these

Incremental revenue is always equal to price under _ market.

a) Perfect competition b) monopoly c) monopolistic d) None of these

2) Average revenue under monopolistic competition is elastic due to

a) lower price b) greater choice c) price control d) All of these

3) When average revenue is elastic, marginal revenue is

a) inelastic b) also elastic c) perfectly elastic d) perfectly inelastic

4) Assertion (A) Total Revenue and profits are equal under the market with a constant price.

Reason (R) When Price becomes constant, additional revenue becomes equal to average revenue.

Alternatives

a) Both Assertion (A) and Reason (R) are true and Reasons (R) is the correct explanation of Assertion (A)

b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

6) __ curve represent the demand curve of a firm as mentioned in the given paragraph.

a) Total revenue b) Average revenue c) Marginal revenue d) None of the above

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Assertion reason mcqs of production function microeconomics class 11 cbse.

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Chapter 2 Indian Economy (1950 – 1990) Case Study Questions

Please see Chapter 2 Indian Economy (1950 – 1990) Case Study Questions and answers below. We have provided Case Study Questions for Class 11 Economics with answers for all chapters. Students should read the case study for Chapter 2 Indian Economy (1950 – 1990) which is an important chapter in Class 11 Economics and then attempt the questions provided below. Our teachers have provided answers too so that students can check their solutions.

CASE STUDY-1

Criticism on the effects of the green revolution include the cost for many small farmers using HYV seeds, with their associated demands of increased irrigation systems and pesticides. A case  study is found in India, where farmers are buyingMonsanto BT cotton seeds—sold on the idea that these seeds produced ‘non natural insecticides’. In reality, they need to stillpay  for expensive pesticides and irrigation systems, which might lead to increased borrowing to finance the change fromtraditional seed varieties. Many farmers have difficulty in paying for the expensive technologies ,especially if they have a badharvest. These high costs of cultivation push rural farmers to take out loans—typically at high interest rates. Over-borrowing commonly entraps farmers into a cycle of debt.On top of this, India’s liberalized economy further exacerbates the farmers’s economic conditions. Indian environmentalist Vandana Shiva writes that this is the “second Green Revolution”. The first Green Revolution, she suggests, was mostlypublicly funded (by the Indian Government).Farmer’s financial issues have become especially apparent in Punjab, where its rural areas have witnessed an alarming rise insuicide rates. Excluding the countless unreported cases, there has been estimated to be a 51.97% increase in the number ofsuicides in Punjab in 1992–93, compared to the recorded 5.11% increase in the country as a whole. According to a 2019 Indian news report, indebtedness continues to be a grave issue affecting Punjabi people today, demonstrated by the more than900 recorded farmer committed suicide in Punjab in the last two years.

Question .  The green revolution include the cost for many small farmers using ________ seeds, with their associated demands of increased irrigation systems and pesticides.   

Question .  There has been estimated to be a 51.97% increase in the number of suicides in Punjab in 1992–93. (True or False).   

Question. This new Green Revolution, she says, is driven by private (and foreign) interest—notably MNCs like Monsanto—as encouraged by the: (a) Communism context (b) Liberal context (c) Neoliberal context (d) None of these   

Question. According to a 2019 Indian news report, indebtedness continues to be a grave issue affecting Punjabi people today, demonstrated by the more than ____ recorded farmer committed suicide in Punjab in the last two years.  

CASE STUDY-2

A plan spells out how the resources of a nation should be put to use. It should have some general goals as well as specific objectives which are to be achieved within a specified period of time; in India plans were of five years duration and were called five year plans (we borrowed this from the former Soviet Union, the pioneer in national planning). Our plan documents upto the year 2017 not only specify the objectives to be attained in the five years of a plan but also what is to beachieved over a period of twenty years. This long-term plan is called ‘perspective plan’. The five year plans were supposed to provide the basis for the perspective plan.

Questions :

Question. When did India give its first five year plan?

Answer . 1951

Question. Planning commission, the erstwhile central planning authority in the country, has been replaced by____________     

National institution for transforming India Aayog

Question. ‘Government decides what goods are to be produced in accordance with the needs of society’. Under what type of economic system does this take place?

Answer . Socialist economy.

Question. When was Indian planning commission constituted? (a) 6th August 1952 (b) 15th March 1950 (c) 15th August 1947 (d) 1st April 1997 

CASE STUDY-3

The Green Revolution, or the Third Agricultural Revolution, is the set of research technology transfer initiatives occurring  between 1950 and the late 1960s, that increased agricultural production worldwide, beginning most markedly in the late 1960s. The initiatives resulted in the adoption of new technologies, including High-Yielding Varieties (HYVs) of cereals, especially dwarf wheat and rice. It was associated with chemical fertilizers, agrochemicals, and controlled water-supply (usually involving irrigation) and newer methods of cultivation, including mechanization. National Bank for Agriculture and Rural Development is an apex development finance institution fully owned by  Government of India. The bank has been entrusted with “matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India”

Question. _____________ is Known as Father of Green Revolution in India. (MS Swaminathan/Vikram Sarabhai).  

MS Swaminathan

Question. NABARD was established in _________________ . (1982/1985)   

Question. The rural banking structure in India consists of a set of multi-agency institutions. __________ (RRB / SIDBI) is expected to dispense credit at cheaper rates for agricultural purposes to farmers   

Question. Which were the areas benefitted from Green Revolution    

Answer.  Wheat and Rice

CASE STUDY-4

The Indian national highway system was introduced and many roads were widened to accommodate the increasing traffic. Tourism also expanded. The twenty-point programme was launched on 14 January 1982. It was followed from 1974 to 1979. The Minimum Needs Programme (MNP) was introduced in the first year of the Fifth Five-Year Plan (1974–78). The objective of the programme is to provide certain basic minimum needs and thereby improve the living standards of the people. It is prepared and launched by D.P.Dhar

Question. When was fifth five year plan started?

Answer . 1974

Question. What were the main objectives of the plan?

Answer . Employment and poverty alleviation

Question. When did Twenty point programme launched?

Answer . 1975

Question. What was the difference between targeted growth and actual growth rate?

Answer . 0.6%

CASE STUDY-5

India which appears to have been pushed back to being the world’s 6th biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and ace to the third spot by 2030, a think tank said on Saturday. India had overtaken the UK in 2019 to become 5th largest economy in the world but has been relegated to 6th spot in 2020.

Question. Which of the following is referred as the Think Tank of India? (a) Niti Ayog of India (b) National Development Council (c) NABARD (d) IDBI 

Question. The idea of Five Year Plans was borrowed from __________. (a) The USA (b) Australia (c) Soviet Union (d) Denmark 

Question. The one of the reasons for Indian Economy to be relegated in 2020 : (a) Health Infrastructure (b) COVID 19 Pandemic (c) Framework of Planning (d) All of the Above 

Question. _____________ finally approves the draft of Indian Plans. (a) RBI (b) National Development Council (c) AYUSH Ministry (d) IDBI 

CASE STUDY-6

The land ceiling legislation also faced hurdles. The big landlords challenged the legislation in the courts, delaying its implementation. They used this delay to register their lands in the name of close relatives, thereby escaping from the legislation. The legislation also had a lot of loopholes which were exploited by the big landholders to retain their land. Land reforms were successful in Kerala and West Bengal because these states had governments committed to the policy of land to the tiller. Unfortunately other states did not have the same level of commitment and vast inequality in landholding continues to this day.

Question. Change in the ownership of landholdings, is known as ______________ (land ceiling/land reforms).    

Land reforms

Question. Mention any one challenge faced by land ceiling legislation.

Answer .(a) The big landlords challenged the legislation in the courts, delaying is implementation.   (b) The landlords used the delay to register their lands in the name of close relatives, thereby escaping from the legislation.

Question. Name the policy the two state governments adopted to make Land reforms successful. 

Answer . Land to the tiller.

Question. What is land ceiling? 

Answer . Land ceiling means fixing the maximum size of land which could be owned by an individual.

CASE STUDY-7

In a country, all the means of production are owned by top industrialists of the private sector, they are free to take all kinds of economic decisions. The government does not interfere with the movement of goods and services in the country. The GDP is rapidly accelerating though only the rich people are happy.

Question. The type of economy defined in this scenario is _________ economy.   

Question. There is _____________ ownership of the means of production.   

Question. In this economy, _____________ are maximised.   

Question. With reference to the passage, state one principal demerit of this type of economy.

Answer . Growth without social justice

CASE STUDY-8

Usually the economy of the country is based on who shall answer the questions like what to produce? How to produce? How to distribute what is produced? These questions when answered by the market forces mean a capitalist economy, when answered by government then a socialist economy and a mixed economy is where jointly these questions are answered. India opted for socialism as Indian leaders were motivated by the success of Soviet Union’s planning. Indian planners were well aware of the shortage of private capital and lack of incentive for the private sector to function in the social sector. Comprehensive planning for the country was made by the government with specific objectives of five-year plans. Hence, planning was initiated to make the public sector to work within the basic economic framework, and private sector firms were encouraged towards economic growth.

Question. Indian planners after independence were attracted to which Economy System ? (a). Socialist (b). Capitalist (c). Market (d). None 

Question. India’s First Five Year Plan was launched in the year 1951 (True/ False)    

 False 

Question. India has a mixed economy with a _____________ . (a). Small public sector (b). Large public sector (c). Large private sector (d). None of these 

CASE STUDY-9

Some economists are of view that subsidies do not allow prices to indicate the supply of a good.when electricity and water are provided at a subsidized rate or free , they will be used wastefully without any concern for their scarcity. Farmers will cultivate water intensive crops if water is supplied free, although the water resources in that region may be scarce and such crops further deplete , if water is priced to reflect scarcity, farmers will cultivate crops according to region . Fertilizer and pesticide subsidies can be harmful to environment. subsidies provide an incentive for wasteful use of resources.

Question. Define term Subsidy.

Answer . It is an economic benefit, direct or indirect, granted by the government.

Question. Highlight the basic objective of providing subsidies.

Answer . Incentive for adoption of new HYV technology .

Question. The government should continue with providing subsidies to farmers because ____________.    

Question. How subsidies can be linked as threat to environment?

Answer . If these are provided for fertilizers and pesticides then farmers will use them in abundance which will be dangerous for environment

CASE STUDY-10

The Green Revolution started in 1965 with the first introduction of HYV seeds in Indian agriculture. This was coupled with better and efficient irrigation and the correct use of fertilizers to boost the crop. The end result of the Green Revolution was to make India self-sufficient when it came to food grains. After 1947 India had to rebuild its economy. Over three-quarters  of the population depended on agriculture in some way. But agriculture in India was faced with several problems. Firstly, the productivity of grains was very low. And India was still monsoon dependent because of lack of irrigation and other infrastructure. There was also an absence of modern technology. And India had previously faced severe famines during the British Raj, who had only promoted cash crops instead of food crops. The idea was to never depend on any other country for food sufficiency. So in 1965, the government with the help of Indian geneticists M.S. Swaminathan, known as the father of Green Revolution, launched the Green Revolution. The movement lasted from 1967 to 1978 and was a great success.

Question.Green revolution is related with _____________ . (a). modern technology (b). better irrigation facilities (c). HYV seeds (d). all of the above 

Question. _____________ known as the father of green revolution.     

Indian geneticists M.S. Swaminathan

Question. Britishers encouraged Indian farmers to grow food crops. (true/false)Give reason.   

False, they forced farmers to grow cash crops

Question. What was the need of green revolution?

Answer . To make India self-sufficient 

CASE STUDY-11 The industrial sector became well diversified by 1990, largely due to public sector. It was no longer restricted to cotton textiles and jute. It also included engineering goods and a wide range of consumer goods . The industrial sector increased in the period from 11.8 % in 1950- 51 to 24.6 in 1990 – 91. This rise in industry’s share of GDP is an important indicator of development. It gave opportunities to people with small capital to get into business. New investment opportunities helped in generating more employment. It promoted growth with equity.

Question. After independence the number of industrial policies declared till now are: (a) 8 (b) 10 (c) 6 (d) 5   

Question. “Small capital to get into business “ in the above case refers to an investment in the fixed capital upto Rs. _________. (a) Rs 5 Crore (b) Rs 15 Crore (c) Rs 1 Crore (d) Rs 10 Lakh 

Question. Growth with equity is ___________________ (a) To ensure Social Justice (b) To ensure equality (c) Rural Development (d) Urban Development 

Question. The industrial sector got well diversified by 1990, due to ________________ (a) Private Sector (b) Public Sector (c) FDI (d) All of the Above 

CASE STUDY-12

In order to improve efficiency, infuse professionalism and enable them to compete more effectively in the liberalised global environment, the government identifies PSEs and declare them as maharatnas, navratnas and miniratnas. They were given greater managerial and operational autonomy, in taking various decisions to run the company efficiently and thus increase their profits. Greater operational, financial and managerial autonomy has also been granted to profit-making enterprises referred to as miniratnas. The Central Public Sector Enterprises are designated with different status. A few examples of public enterprises with their status are as follows: (i) Maharatnas – (a) Indian Oil Corporation Limited, and (b) Steel Authority of India Limited, (ii) Navratnas – (a) Hindustan Aeronautics Limited, and (b) Mahanagar Telephone Nigam Limited; (iii) Miniratnas – (a) Bharat Sanchar Nigam Limited, and (b) Airport Authority of India. Many of these profitable PSEs were originally formed during the 1950s and 1960s when self-reliance was an important  element of public policy. They were set up with the intention of providing infrastructure and direct employment to the public so that quality end-product reaches the masses at a nominal cost and the companies themselves were made accountable to all stakeholders. The granting of status resulted in better performance of these companies. Scholars allege that instead of facilitating public enterprises in their expansion and enabling them to become global players, the government partly privatised them through disinvesment. Of late, the government has decided to retain them in the public sector and enablethem to expand themselves in the global markets and raise resources by themselves from financial markets.

Question. How has government made attempts to improve the efficiency of PSUs? 

Answer . By giving them autonomy in taking managerial decisions.

Question. What are the special status granted to PSUs?

Answer . PSUs have been granted special status as maharatnas, navratnas and miniratnas.

Question. Indian Railway Catering and Tourism Corporation Limited is categorized under Maharatna or miniratna? 

Answer . Miniratna

Question. Indian Oil Corporation Limited is categorized under Maharatna or miniratna? 

Answer . Maharatna

CASE STUDY- 13

In July 1991, a package of economic reforms was announced,which marked the beginning of process of ‘Liberalisation’ in India.Liberalisation involves deregulation and reduction of government controls and greater autonomy of private investment, to make economy more competitive. The purpose of liberalisation was to unlock the economic potential of the country by encouraging private sector and multilateral corporations to invest and expand.

Question. Which of the following is a policy initiated under New Economic Policy? (a) Globalisation (b) Privatisation (c) Disinvestment (d) Liberalisation  

Question. Liberalisation means _____________ of entry and growth restrictions on the private sector.   

Question. Match the following:

(b) Liberalisation

Question. Liberalisation is a process of opening a larger part of the economy for non-government sector. (True/ False)  

CASE STUDY-14

Outsourcing was first recognized as a business strategy in 1989 and became an integral part of business economics  throughout the 1990s. The practice of outsourcing is subject to considerable controversy in many countries. Those opposed argue that it has caused the loss of domestic jobs, particularly in the manufacturing sector. Supporters say it creates an incentive for businesses and companies to allocate resources where they are most effective, and that outsourcing helps maintain the nature of free-market economies on a global scale.

Question. What is meant by outsourcing?

Answer . Outsourcing refers to contracting out some of its activities to a third party which were earlier performed by the organisation.

Question. Name some services outsourced from India.

Answer . Voice-based business processes, Record keeping, Accountancy, Music recording e.t.c

Question. Why outsourcing is good for India?

Answer . Provides employment to large number of unemployed Indians, enables the exchange of ideas and technical know-how, improves the standard of living of people, enhances India’s international worthiness credibility.

Question. Why are developed countries opposing outsourcing to India?

Answer . Outsourcing reduces the employment generation and creates job insecurity in the developed countries.

CASE STUDY-15

Import substitution policy is a set of measures aimed at stimulating production and competitiveness of domestic goods, increasing of domestic demand optimization of demand for imports. It is determined by the need to reduce the dependence of transitive economy on economic leaders. The main objective of the policy of import substitution is to encourage national production, to development the new products to stimulate demand and import restrictions. Actual directions: industrial restructuring, the balance of foreign trade, protection of the domestic market during the transition period. In the Commonwealth of Independent states import substitution is a complementary mechanism for diversification of production.

Question. The main objective of the policy of import substitution is _____________ . 

To encourage national production, to development the new products to stimulate demand and import restrictions.

Question. Import substitution policy aimed at stimulating production. (True /false)   

Question.What is the meaning of import substitution strategy?

Answer . It means producing in domestic economy itself those goods which the country has to import.

Question. Give any one way how to protect import substitution in domestic industry.

Answer . By putting high tariffs on industrial goods. 

CASE STUDY-16

Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market. International Monetary Fund(IMF) and World Bank helped them in this endeavour. Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame. Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase-wise to allow MNC’s operate in India on equality basis. As a result globalization has brought to India new technologies, new products and also the economic opportunities.

Question. ____________facilitates International Trade through removal of tariffs as well as non tariff barriers  

Question. India had compulsion to introduce reforms as dictated by (a). World Bank (b). IMF (c). both a and b (d). None of the above 

Question. Why was Indian economy liberalized in 1991?  

Answer  BOP crisis

Question. Trade liberalization benefits developed countries more than developing economies. (True / False)   

CASE STUDY-17 Owing to globalisation, you might find many Indian companies have expanded their wings to many other countries. For example, ONGC Videsh, a subsidiary of the Indian public sector enterprise, Oil and Natural Gas Corporation engaged in oil and gas exploration and production has projects in 16 countries. Tata Steel, a private company established in 1907, is one of the top ten global steel companies in the world which have operations in 26 countries and sell its products in 50 countries. It employs nearly 50,000 persons in other countries. HCL Technologies, one of the top five IT companies in India has offices in 31 countries and employs about 15,000 persons abroad. Dr Reddy’s Laboratories, initially was a small company supplying pharmaceutical goods to big Indian companies, today has manufacturing plants and research centres across the world. 

Question. Define Globalization ?

Answer . It is an outcome of the set of various policies that are aimed at transforming the world towards greater interdependence and integration. It involves creation of networks and  activities transcending economic, social and geographical boundaries.

Question. Which is the most important outcome of the process of Globalization ?

Answer . Outsourcing

Question. What type of services are generally outsourced ?

Answer . In outsourcing, a company hires regular service from external sources, mostly from other countries, which was previously provided internally or from within the country (like legal advice, computer service, advertisement, security — each provided by respective departments of the company). 

Question. In the modern (recent) times , which services are being outsourced ?

Answer . In recent times, because of the growth of fast modes of communication, particularly the growth of Information Technology (IT). Many of the services such as voice-based business processes (popularly known as BPO or call centres), record keeping, accountancy, banking services, music recording, film editing, book transcription, clinical advice or even teaching are being outsourced by companies in developed countries to India

CASE STUDY-18 

Read the following table carefully and answer the questions

Question. While the service sector continued to witness a high level of growth – higher than the overall GDP growth in 2014-15, this sector witnessed the high growth rate of_________ percent.    

Question. During the reform period, the growth of agriculture has__________ (increased/decreased)  

Question. The opening of the economy has led to a rapid increase in foreign direct investment and foreign exchange reserves. The foreign investment, which includes foreign direct investment (FDI) and foreign institutional investment(FII), has increased from about US $100 million in 1990-91 to ___________ in 2017-18. There has been an increase in the foreign exchange reserves from about US $6 billion in 1990-91 to about __________ in 2018-19.   

US $ 30 billion, US $ 413 billion

Question. The reform process has been able to address the basic problems facing our economy especially in areas of employment, agriculture, industry, infrastructure development and fiscal management.(True/ False)  

CASE STUDY-19

The global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes. WTO aims at enlarging production and trade of services to ensure optimum utilisation of world resources. India has kept in commitments towards liberalisation of trade made in the WTO by removing quantitative restrictions on imports and reduced tariff rates. 

Question. The World Trade Organisation was founded in___________ .   

Question. ‘The objective of WTO is to establish rule based regime. ‘ True/false with Reason.  

True. It provides equal opportunities to all countries in the international market for trading purposes.

Question. _____ implies free interaction among all the countries in various fields like trade, technology, outsourcing etc.  

Globalization

Question. From the set of information in column A and corresponding relevant fact in column B.

CASE STUDY-20

In his July 1991 Budget speech, marked by remarkable clarity, Dr Manmohan Singh laid out his analysis of what was ailing the Indian economy at the time, and his strategy to revive it. His argument was that protection and state-supported industrialisation had outlived their utility. The protection granted to industry had made it uncompetitive in the global market. This had hurt export growth, contributing to the Balance of Payments crisis of 1991. The way out, as Dr Singh saw it, was to open up the Indian economy so that Indian manufacturers could compete with global players in local conditions. Once they succeeded in the domestic market they would be able to find a place in the global market as well. India would then move from being, primarily, an exporter of agricultural products to one that had a global presence in industrial products as well.

Question. Three main policies of New Economic Policy are Liberalization __________ And ___________ .    

Privatisation and Globalisation

Question. Economic reforms have (Increased /reduced) the role of public sector.

Answer . Reduced

Question. Name any one industry, for which license is needed.

Answer . Atomic Energy Generation, Defence Equipments or any other correct option.

Question. Which of the following is not a tax reform. (a) Reduction in taxes (b) Reforms in Indirect Taxes (c) Simplification of Tax Process (d) Devaluation of Rupee     

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Assertion and Reasoning

Directions: In the following questions a statement of assertion (A) is followed by a statement of reason (R). Mark the correct choice as :

Question 1:  Assertion (A): Mohit gets a raise in his salary by 10% as he was a hard-working person and was an employee of the week for three months straight. Reason (R): The raise in the salary is a part of the consumption for Mohit. (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d)  Assertion (A) is false, but Reason (R) is true.

(c) Assertion (A) is true, but Reason (R) is false.

The assertion is correct because Mohit gets a raise due to his hard work. However, the reason is false because a salary raise is related to income, not consumption

Question 2: Assertion (A): Housewife working in the house is termed as Non-economic activity. Reason (R): There is no monetary gain or salary paid to the housewife for working in the house. (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d)  Assertion (A) is false, but Reason (R) is true.

Answer: (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

Both the assertion and the reason are true. The work of a housewife is considered a non-economic activity because it does not involve any monetary gain.

Question 3: Assertion (A): Arun purchased a car from the Bharat Automobiles. Reason (R): Arun is a consumer as he was the reason of the economic activity performed (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d)  Assertion (A) is false, but Reason (R) is true.

Ans. (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).

Explanation: Both the assertion and the reason are true. Arun is indeed a consumer, but the reason does not correctly explain why purchasing a car makes him a consumer.

Question 4: Assertion (A): Statistics cannot calculate the qualitative aspects of economics. Reason (R): Qualitative aspects are the aspects that influence the working of an economy, though cannot be expressed in terms of money. (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d)  Assertion (A) is false, but Reason (R) is true.

Ans. (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

Both the assertion and the reason are true. Statistics deals with quantitative data, and qualitative aspects, though influential, cannot be measured numerically.

Question 5: Assertion (A): Rajiv scored 57 in Mathematics, Ravi scored 98 in Statistics, Anita Scored 45 in Economics. The given data is statistical data. Reason (R): The statistical data needs to be numerical in nature. (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d)  Assertion (A) is false, but Reason (R) is true.

Ans: (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

Both the assertion and the reason are true. The scores are numerical data, and hence, the given data is statistical.

Case Based Questions

1. Read the following passage and answer the questions that follow:   Activities involved in production (manufacturing), distribution (transportation) and consumption (retail) are constantly seeking economies to improve their competitiveness and increase their market share. The consumption of goods and services is a primary component of economic well-being and, as such, a primary indicator of living standards. Wealth and income are available to support consumption, today and in the future. Production, in the market and at home, supports consumption.

Economies of transportation relate to the benefits that lower transport costs may grant to specific activity sectors and are derived from a locational choice. For production, it relates to a location that minimizes total transport costs and thus lowers production unit costs. Some are elements of transport costs in production while others are elements of transport costs in consumption.

Economies of scope relate to the benefits derived by expanding the range of goods and services. For production, they are commonly based on product diversification and flexible manufacturing systems able to produce a variety of products in view of changes in the demand and consumer preferences.

For distribution, economies of scope are very important and commonly achieved when a transporter is able to bundle several different loads into fewer loads. For consumption, activities offering a wider range of goods or services are usually able to attract more customers since they have more choices. Economies of scale and economies of scope are highly related.

Q1:  Establishing a dairy for producing milk products for consumers which turns to be a method of earning wealth is an example of economic activity. (a) True (b) False

Ans:  Option (a)

Establishing a dairy to produce milk products for consumers is an economic activity because it involves producing goods to sell for profit, which generates income.

Q2:  Economics is a ..................... science which studies economic behaviour of a man.  (a) social (b) physical (c) both (a) and (b) (d) none of these

Ans: Option (a)

Economics is a social science that studies the economic behavior of individuals and societies. It focuses on how people make choices to allocate scarce resources to satisfy their needs and wants.

Q3:  Assertion (A): Economies of scale and economies of scope are highly related. Reason (R): Both economies of scale and economies of scope result in the savings in cost. Select the correct alternative from the following: (a)  Both Assertion (A) and Reason ( R) are true. (b)  Both Assertion (A) and Reason (R) are false. Ans: Option (a)

Economies of scale refer to the cost advantages that a business obtains due to expansion, which results in a reduction in per-unit cost as output increases. Economies of scope refer to the cost advantages that a business obtains due to a variety of products being produced together. Both result in cost savings, making the assertion and the reason true. 

Q4. When we want to know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices. This is the study of ..................... . (a) production (b) consumption (c) both (a) and (b) (d) none of above

Ans. Option (b)

When we want to know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices. This is the study of consumption .

2. Read the following passage and answer the question that follows: 

Alok and Shyam went to their teacher and asked help for understanding statistics in a proper way. While enquiring with them their teacher Mrs. Tiwari understood that she needs to start with the basics with them. She told them Statistics is a mathematical tool used by us to analyse any sort of a data. For example, with the help of statistics we can calculate the average height of the students in your class, or average marks that the students might have got in statistics or any other subject. Shyam asked, “Can we calculate the interest of a person using statistics?” Mrs. Tiwari said, “We can only calculate the things that can be expressed in quantitative form, that is in terms of numbers then we can use statistics, or else statistics is of no use.” Alok asked, “Can I find an average of my height and weight using statistics?” Mrs. Tiwari smiled and then answer, “No Alok. The data needs to be homogeneous. You cannot find the relation between the data which is not related to each other.” Alok thought for a while and then again said, “But what is BMI Index then, ma’am? It is calculated with the help of height and weight of a person.” Mrs. Tiwari said, “That is an excellent question Alok. Body Mass Index is the ratio between the two, but not an average. When we talk of statistics 

it is not only related to only average, but we can also analyse trends, measure relations and see the depth of the data.” They both thanked their teacher and went back. State whether the given statement is true or false: Q1:  In statistics the data needs to be related to each other. (a) True (b) False

Correct Answer is Option (a)

Yes, In statistics the data needs to be related to each other .

Q2.  Which of the following is not the use of statistics? (a) Calculating the average of the data (b) Calculating the trend of the data (c) Both (a) and (b) (d) Neither (a) nor (b)

Correct Answer is Option (d)

Statistics is used for calculating both the average of the data and the trend of the data. Therefore, neither of these options is not a use of statistics. Statistics involves collecting, analyzing, interpreting, presenting, and organizing data, which includes calculating averages and trends among other functions.

Q3:  .................... it is not only related to only average, but we can also analyse trends. (a) Statistics (b) Economics (c) Both (a) and (b) (d) Neither (a) nor (b)

Statistics is not only related to only average, but we can also analyse trends.

Q4:  What can’t statistics be used for? (a) Non-numerical data (b) Quantifiable data (c) Related data (d) None of the above

Statistics cannot be used for non-numerical data because statistical methods are designed to handle numerical and quantifiable data. Non-numerical data does not fit into the mathematical framework that statistics operate within.

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• Important Questions Class 11 Economics Part B Unit 1

Important Questions Class 11 Economics Part B Unit 1- Introduction to Micro Economics

Important Questions with Answers for CBSE Class 11 Economics Part B Unit 1 – Introduction to Micro Economics, which is outlined by expert Economics teachers from the latest version of CBSE (NCERT) books.

What are the three central problems of Economy?

The three central problems of Economy are:

• What to Produce
• How to Produce
• For whom to Produce

Give two examples of Micro and Macro Economy.

Two examples of Micro economy are individual supply and individual demand and two examples of Macro economy are aggregate supply and aggregate demand.

Define Scarcity.

Scarcity refers to the deficit of resources as compared to the demand.

A growth of resources in an economy is shown in PP by.

(a) Leftward Shift

(b) Unchanged PPC

(c) Rightward Shift

(d) None of the above

What is another name for opportunity cost in economics?

(a) Economic problem

(b) Marginal Cost

(c) Total Cost

(d) Economic Cost

The central economy in market research is solved by.

(a) Demand for goods

(b) Supply of goods

(c) Planning authority

(d) Market mechanism

Is the subject of the Jute industry studied in a macroeconomy?

(d) Can’t say

What is the Production Possibility Frontier?

Production Possibility Frontier is the curve that depicts the maximum output possibility for two combination goods that are produced when the resources are fixed at a given period of time.

Define marginal rate of transformation.

Marginal Rate of Production MRT is the ratio of a particular product sacrificed to manufacture another product. MRT= ▲y / ▲x

Question 10

From the scheduled PP evaluate MRT of good X.

Question 11

The primary assumption about resources while drawing a PPC is

(a) Resources are limited

(b) Resources depend on the kind of products produced

(c) Resources can be put to a particular use

(d) Resources are constant and given

Question 12

Which of the following is a statement of normative nature in economics

(a) Economics is a study of choices /alternatives

(b)The government should be concerned with how to reduce unemployment

(c) According to the estimate, in spite of severe shortage, more than 10% of houses in Indian cities are vacant

(d) Accommodation of refugees is posing a big problem for Europe

Question 13

What are the three central problems of an economy?

Answer: The three central problems of an economy are (a) What to produce? (b) How to produce (c) For whom to produce?

Question 14

What is the opportunity cost?

Opportunity Cost is the next best alternative foregone.

Question 15

What do you mean by economising of resources?

Economizing means making the best of the available resources.

Question 16

Define Normative Economics.

Normative Economics is a theory that understands what an actual economy should be under ideal circumstances as compared to what it actually is. It is mostly based on judgmental analysis and a statement ‘what ought to be’.

Question 17

What does the problem for whom to produce refer to?

The problem for whom to produce refers to a particular section of people who will consume the end product. Here, the problem of choices arises because the manufacturers are unable to produce each product in huge quantity to satisfy everybody’s need.

So, the consumers have to make choices between which product is more important to them, so the limited resources can be distributed rationally.

Question 18

What does the opportunity cost mean? Explain with a numerical example.

Opportunity Cost is something when an individual has to give up something to achieve or acquire something else. In microeconomy, the opportunity cost is also known as alternative cost and it is also used in calculating cost benefits or analysing a project in terms of best alternative while making a choice.

For example, Dev has three career offers to choose from. Job X has a salary offer of Rs 60000, job Y offer is Rs. 70000 and job Z offer is Rs. 80000. So, in this case, out of three offers, Dev has to choose what is best for him. If Dev opts for job offer Z the next best alternative not chosen is job offer Y and thus the opportunity cost is Rs 70000.

Question 19

What is the difference between the planned economy and market economy?

Planned Economy – A planned economy has one person or a group who takes a decision on production, investment, pricing and distribution, etc, and produces products and services that are pre-planned. The planned economy is a centrally planned economy and the decisions are basically taken by the government.

In other words, the planned economy is also known as a command economy because everybody has to follow one person, his command and guidelines. The aim of the planned economy is to increase production by making sure that everything required is manufactured and that everyone’s requirements are fulfilled.

Most assets are controlled and owned by the state.

Market Economy- A market economy is controlled by external authority and may have one individual who might decide what to produce, whom to produce, and how to get the things done. This type of economy keeps changing according to the demand and supply and taste of a consumer. The main issue in the economy is that a company might refuse to manufacture goods if it’s unprofitable for them. Most assets are controlled and owned privately.

A few differences between the planned economy and market economy are as follows.

• The planned economy operates according to the structure planned by the government. Whereas, the market economy operates based on market demand.
• Decisions on production, investment, pricing, and distribution, etc are taken by the government whereas in the market economy it is in the free market.
• A planned economy doesn’t identify consumer needs, supply and shortages. Whereas, in a market economy, demand and supply are based on those factors.

Question 20

Explain the central problem of the choices of products to be produced.

The basic economic activities are based on the production, allocation and distribution of goods and services. These are the major problems in the economy and other difficulties revolve around them. Allocation of goods and services relates to a problem of assigning the inadequate supplies in such a way that it fulfills the requirements of maximum number of consumers.

As the demand for the insufficient goods is more than that of the supply it is important to utilize it in the most effective way. In other words, an economy allocates its goods and resources and picks from a different possible package of goods (what to produce), selects from various ways of production (how to produce), and therefore decides who will utilize the product (for whom to produce).

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Class 11 Economics Sample Papers, Notes & Mock Tests

Access CBSE class 11 Economics Sample Papers, NCERT Solutions, Notes, Test Papers, and Important Questions for practice. You can get this premium course content on the myCBSEguide app.

• CBSE Syllabus

CBSE Sample Papers

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• Case Study Questions

  Mock Tests

Introduction to microeconomics & central problems, consumer’s equilibrium - utility & indifference curve, theory of demand, price elasticity of demand, production function & returns to a factor, concepts of cost, concepts of revenue, producer’s equilibrium, theory of supply & price elasticity, forms of market, introduction to statistics, price determination in perfect competition, collection of data, organisation of data, presentation of data, measures of central tendency, correlation, introduction to index number.

• CBSE Test Papers
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CBSE Important Questions

Cbse value based questions, other useful resourses,   online tests,   learning videos.

As a social science subject has a great influence on every human being. Since we all are, knowingly or unknowingly, part of some sort of economic activity. Our economic life is bound to change, therefore our knowledge of economics needs to be updated according to these changes. Introduced at the secondary level, economics in the CBSE curriculum plays an important role. It grounds children's education in their own experiences. At the senior secondary level, students are exposed to this subject with an aim to make them well up on the economic realities through observation and analytical skills. One of India's best education apps myCBSEguide  brings all the course content for Class 11 Economics to the students on one platform. 

CBSE Class 11 Economics Study Material

The learners are introduced to the subject of economics as a theory of abstraction at the senior secondary level. This gives them opportunities to explore various economic issues both from their day-to-day life and also from issues, which are broader and invisible. The academic skills that they acquire in these courses would help to develop the projects and activities. They need to exercise their power of thinking and develop their perception.

Students in the first leg of senior secondary i.e., preparing for class 11 Economics, should have the comprehensive study material to drive away any confusion. Hence, they require methodically-designed course content for Class 11 Economics which is available on myCBSEguide . Here they can find everything related to the senior secondary Economics curriculum. Here's a list of useful resources for Class 11 Economics.

• CBSE Toppers Answer Sheet
• Online Tests
• Learning Videos

Out of these, those which are available in PDF and you can easily download are CBSE Class 11 Economics Syllabus, Sample Papers, Last Year Papers, Test Papers, Revision Notes, Toppers Answer Sheet, and CBSE Important Questions.

CBSE Class 11 Economics Syllabus

The senior secondary Economics syllabus is expected to provide opportunities to use information in understanding national economic operations. It would also facilitate their learning process. Hence the chapters of the curriculum focus on honing these conceptual market skills of the students. CBSE class 11 Economics has two separate sections and respective books:  Micro Economics  and the other on Statistics , students can download the  myCBSEguide app which provides complete course content for both books. 

The senior secondary economics courses also contain many projects and activities. For details check our blog on  Class 11 Economics Syllabus 2022-23 .

CBSE Class 11 Economics Important Questions & Notes

Every chapter has some important section that carries the maximum weightage. Students must know this section very well so that they do not miss out on the chance to score good marks/grades in the exam. We at myCBSEguide have an important questions section in all the subjects. You can find the important questions for Class 11 Economics on our dashboard. The important questions or extra questions are a set of a few questions which should not be skipped by anyone taking the class 11 economics test. 

Students can find the synopsis of every chapter in our revision notes section. These notes are sorted chapter-wise notes and can come in handy for quick preparation or chapter revision of school-based annual examinations. 

Class 11 Economics Chapter Wise Revision Notes 

• Economic Reform Since 1991 class 11 Notes Economics
• Indian Economy 1950-1990 class 11 Notes Economics
• Collection of Data class 11 Notes Economics
• Organisation of Data class 11 Notes Economics
• Presentation of Data class 11 Notes Economics
• Measures of Central Tendency class 11 Notes Economics
• Measures of Dispersion class 11 Notes Economics
• Correlation class 11 Notes Economics
• Introduction to Index Number class 11 Notes Economics

Class 11 Economics Sample Papers

Following the marking scheme and blueprint of the official CBSE sample papers for 2022-23, the model question papers of class 11 Economics are now available on myCBSEguide. Every year we dish out quality sample papers for all the subjects of secondary and senior secondary levels. These question papers play a decisive role in students' grades. It is a well-known fact that students aspiring to get good grades must solve as much as sample papers as they can. This practice takes them closer to accuracy and boosts their confidence as well.  Download Class 11 Economics Sample Papers 2023  from my CBSE Guide website or app.

Class 11 Economics Case Study Questions

The introduction of case study questions in the CBSE question papers  left the students perplexed as it was an unexplored area. However, the noble motive behind it was to foster analytical thinking by using their acquired knowledge in a real-life case or situation. The idea is to focus on competency-based education (CBE) fortifying the Indian education system. The case study questions test students' problem-solving skills of the students and they become aware of their ability to master a skill or competency on their own.

Since it is a new kind of question, much reliable content is not easily available. The question based on the source (case) can either be subjective or objective. Hence, students need to be acquainted with both these formats. With the help of the best CBSE  teachers we bring to you  Class 11 Economics Case Study Questions . The fact that our resources have a record of being one of the most downloaded study material in India attest to the quality of our content. 

Class 11 Economics Test Papers and Mock Tests

Test papers define short-term goals for the students. It motivates them to take small steps which ultimately leads to bigger outcomes. These tests are designed to meet different learning abilities and can lead to efficient student outcomes. Our well-furnished question bank has questions of all types to cater to the needs of the students. You can practice the chapter-based Test Papers for class 11 Economics on the  myCBSEguide app . Our mock tests and online test gives an opportunity for fun experiential learning. 

In the economics course, at the initial level, the learners are introduced to the present-day economic realities along with some basic statistical tools to understand these broader economic realities. However, the level of difficulty increases at the senior secondary level. Students need to hit the books if they aim to shine.

Economics is the most preferred subject of class 11 students who opt for the Commerce or Humanities stream. CBSE has introduced the format of class 11 Economics case study questions in the syllabus for the new academic session. It is a well-integrated program that highlights the general economic terms and …

CBSE Class 11 Economics Syllabus 2022-23

CBSE Class 11 Economics Syllabus 2022-23 includes Collection, Organisation and Presentation of Data, Statistical Tools and Interpretation, Consumer’s Equilibrium and Demand, Forms of Market and Price Determination under perfect competition with simple applications etc for the session 2022 – 2023. Here is the detailed syllabus. To download class 11 Economics …

CBSE Term-1 MCQ Sample Papers 2021-22

CBSE will ask only MCQs in Term-1 Examination this year. The board will hold this first term exam in Nov-Dec 2021. As CBSE has already cleared that 1st term exam will carry 90 minutes, now it’s time to start preparation. Students can download CBSE Term-1 MCQ Sample Papers from myCBSEguide …

CBSE Class-11 New Stream Selection Rules

The New Education Policy-2020 has suggested eliminating rigid stream selection rules. We know that there are three streams in class 11 and the choices to select subjects are limited. Students have to select subjects within the stream only. Thus, if you are taking Science Stream, you have no option to …

CBSE Reduced Syllabus by 30% for Session 2020-21

CBSE, New Delhi has reduced the syllabus for classes 9 to 12 by 30%. The CBSE Revised Syllabus 2020-21 is available in CBSE official website and myCBSEguide mobile app. Here is the complete circular regarding CBSE Revised Syllabus 2020-21: CBSE Reduced the Syllabus The prevailing health emergency in the country …

CBSE Released Syllabus for 2019-20

CBSE syllabus for 2019-20 is now available for download in CBSE official website and myCBSEguide Mobile App. The new syllabus for 2019 and exams to be held in March 2020. CBSE 2019-20 syllabus for March 2020 examination is released by CBSE, New Delhi. CBSE class 10 Syllabus for 2019 and …

CBSE Class 11 Economics Revision Notes

CBSE Class 11 Economics Revision Notes in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides class 11 Notes latest chapter wise notes for quick preparation of CBSE exams and school-based annual examinations. Class 11 Economics Revision notes are also available …

CBSE Sample Papers Class 11 Economics 2024

CBSE Sample Question Paper for Class 11 Economics – in PDF CBSE Sample Papers Class 11 Economics for the session 2023-24 are now available on myCBSEguide app.  We have followed the new marking scheme and the blueprint released by CBSE. We are providing Economics sample papers for Class 11 CBSE …

CBSE class 11 Economics New Syllabus 2018-19

CBSE class 11 Economics New Syllabus 2018-19 in PDF format for free download. Economics New syllabus for 2018 2019 class 11 CBSE is now available in myCBSEguide app. The curriculum for March 2019 exams is designed by CBSE, New Delhi as per NCERT text books for the session 2018-19. Download …

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Tips on How to prepare for Economics class 11

Author : Paakhi Jain

August 27, 2024

Overview:   Scoring 80/80 in the Economics theory paper is achievable if prepared with a balanced approach. For tips on 'How to prepare for Economics class 11?' go through the article to learn tips for enhanced preparation. 

While both CBSE & ICSE boards have theory papers for 80 marks, learning how to prepare for economics class 11 requires you to: 

• Thoroughly read your economics textbook, focusing on key concepts, definitions, and examples.
• Create mind maps to visualize relationships between different concepts.

Download Free Study Material for CBSE Class 11 Economics By SuperGrdas

How to prepare for Economics class 11? 

Before you begin your preparation, be thorough with the Class 11 Economics Syllabus   to be aware of important topics.

• To score better in economics, you should thoroughly create concise notes, highlighting important points and diagrams.
• To stay updated, you can read newspapers and magazines like the Financial Times and The Economist to understand the concept of economics.

6 Preparation tips for class 11 Economics

Learn Definitions and Meanings

• Definitions and the logic and reason behind the theory should be understood clearly.
• You can answer relevant questions to score better in economics class 11.
• After understanding the concept, memorize the definitions to write on-point answers to the exam.
• Other economics books must be used only as reference books to understand the concept more clearly.

Distinguish Between Questions

• Distinguishing between questions is very helpful as it highlights the necessary points to focus on while forming the definitions and meanings.
• Remember to mention the basis for differences in tabular form, as this will help you score better in Economics class 11.
• Try to attempt Class 11 Economics Important Questions chapter-wise for better preparation. 

Get Sample papers for Economics (Class 11th) by SuperGrads

Practice Graphs, Tables, and Formulas

• While learning how to prepare for Economics class 11, you must focus on supporting your answer with Tabular and Graphic representations along with formulas.
• Practice graphs regularly to draw correct diagrams of various curves, as asked in the questions. Use a sharpened pencil for this purpose, as it helps with neatness. 
• Tables are essential and consist of the calculations and the usage of formulas according to the findings. 
• You don’t need to memorize the formulas; instead, you should understand how each formula is obtained and used.
• Once you understand the formulas, note them as a chapter-wise formula sheet and review them regularly.
• Also, for the class 11 Economics project work, choose a topic relevant to any major chapter so you can memorise some key points while writing it down. 

Focus on Numerical Questions

• Numerical questions are scoring but can be time-consuming. Practice from reference books for 5-6 numerical questions every day. 
• The exam includes questions on chapters such as National income, the Elasticity of Demand and Supply, Revenues and Costs, etc.
• Solve numerical problems in NCERT and refer to expert-recommended economics books for class 11 for reference and additional practice.
• If the numerical is correctly solved using the correct formula, it fetches full marks for the question.
• Aim to understand the logic between numbers in a mathematical problem to make solving it easier.

Make Short Notes

• While you learn how to prepare for Economics class 11, you must prepare chapter-wise notes to make your study easy and improve your economics score.
• Use highlighters, coloured pens, pencils, and sticky notes to highlight important points.
• If you have difficulty understanding the concept, mark your doubts and clarify them with your teacher or subject-matter experts.
• While solving questions, if you get stuck at some particular point, you should mark those points for later revision. This will help you to be more attentive later on in the exam.

Unlock PYPs for CBSE Class 11 Economics by SuperGrads

Revise Regularly

• Assemble all your notes, practice journals, and formula sheets and start revising.
• Proper revision section should be done regularly as it is the key to success in scoring better on the exam.
• Do not forget to revise the concepts you found challenging and learn short tricks to remember them.

Additional Guidelines:  How to prepare for Economics class 11 CBSE & ICSE

• Attempt to complete the previous year's question papers within a time limit. This will help you increase your writing speed and make you more active.
• Solve as many Class 11 Economics Sample Papers as possible to enhance preparation levels. 
• If you struggle to understand any topic, seek guidance or extra help.
• Form a group of students who prefer economics and share doubts and solutions with them. It will help you expand your knowledge and provide more information.
• Use examples to make the concept understandable. It also helps you to present your thoughts.
• Pay attention in class. The visual explanation will help you understand the lesson. If you have any doubts, clear them out then and there.

Key Takeaways

• Create a study schedule to allocate sufficient time for each topic.
• Understand and draw diagrams to visualize economic concepts.
• Take practice tests to assess your preparation and identify areas to improve.
• Don't hesitate to ask your teacher or classmates for clarification if you have doubts.

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CBSE Class 11th Economics Value Based Questions PDF Download

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CBSE Class 11th Economics Value Based Questions are the easiest questions which you see in your question paper and the scoring one all student who attempt it surely get they are just little bit difficult and examine your basic knowledge regarding the particular chapter. Economics Value Based Questions for Class 11th are available here at Free of cost. These questions are expected to be asked in the Class 11th board examination. These Economics Value Based Questions are from complete CBSE Syllabus.

CBSE Class 11th Economics Value Based Questions

Most of these Economics Value Based Questions are quite easy and students need only a basic knowledge of the chapter to answer these questions. Download CBSE Economics Value Based Questions for board examinations. These Economics Value Based Questions are prepared by Directorate of Education, Delhi.

CBSE Economics Value Based Questions Class 11th PDF

The purpose of the Economics Value Based Questions is to make students aware of how basic values are needed in the analysis of different situations and how students require to recognize those values in their daily lives. Some questions are subject related. But even if they are not, that one-minute awareness of what we write about value without any specific preparation is a good step indeed.

CBSE Economics Value Based Questions for Class 11th download here in PDF format. The most CBSE Economics Value Based Questions for annual examination are given here for free of cost. The additional questions for practice the Class 11th exam are collected from various sources. It covers questions asked in previous year examinations.

CBSE Economics Value Based Questions for Class 11th Free PDF

Class 11th books have many questions. These questions are regularly asked in exams in one or other way. Practising such most CBSE Economics Value Based Questions certainly help students to obtain good marks in the examinations. 

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NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12

Statistics for Economics Class 11 NCERT Solutions Chapter 5 Measures of Central Tendency

July 5, 2019 by Sastry CBSE

Question 1. Which average would be suitable in the following cases? (i) Average size of readymade garments. (ii) Average intelligence of students in a class. (iii) Average production in a factory per shift. (iv) Average wages in an industrial concern. (v) When the sum of absolute deviations from average is least. (vi) When quantities of the variable are in ratios. (vii) In case of open-ended frequency distribution. Answer: (i) Mode Average size of any ready made garments should be the size for which demand is the maximum. Hence, the modal value which represents the value with the highest frequency should be taken as the average size to be produced. (ii) Median It is the value that divides the series into two equal parts. Therefore, Median will be the best measure for calculating the average intelligence of students in a class as it will give the average intelligence such that there are equal number of students above and below this average. It will not be affected by extreme values. (iii) Arithmetic Mean The average production in a factory per shift is best calculated by Arithmetic Mean as it will capture all types of fluctuations in production during the shifts. (iv) Arithmetic Mean Arithmetic Mean will be the most suitable measure. It is calculated by dividing the sum of wages of all the workers by the total number of workers in the industrial concern. It gives a fair idea of average wage bill taking into account all the workers. (v) Arithmetic Mean The algebraic sum of the deviations of values about Arithmetic Mean is zero. Hence, when the sum of absolute deviations from average is the least, then mean could be used to calculate the average. (vi) Median Median will be the most suitable measure in case the variables are in ratios as it is least affected by the extreme values. (vii) Median Median is the most suitable measure as it can be easily computed even in case of open ended frequency distribution and will not get affected by extreme values.

Question 2. Indicate the most appropriate alternative from the multiple choices provided against each question. (i) The most suitable average for qualitative measurement is (a) Arithmetic mean (b) Median (c) Mode (d) Geometric mean (e) None of these Answer: (b) Median is the most suitable average for qualitative measurement because Median divides a series in two equal parts thus representing the average qualitative measure without being affected by extreme values.

(ii) Which average is affected most by the presence of extreme items? (a) Median (b) Mode (c) Arithmetic Mean (d) Geometric Mean (e) Harmonic Mean Answer: (c) It is defined as the sum of the values of all observations divided by the number of observations and therefore it is. affected the most by extreme values.

(iii) The algebraic sum of deviation of a set of n values from AM is (a) n (b) 0 (c) 1 (d) None of these Answer: (b) This is one of the mathematical properties of arithmetic mean that the algebraic sum of deviation of a set of n values from AM is zero.

Question 3. Comment whether the following statements are true or false. (i) The sum of deviation of items from median is zero. (ii) An average alone is not enough to compare series. (iii) Arithmetic mean is a positional value. (iv) Upper quartile is the lowest value of top 25% of items. (v) Median is unduly affected by extreme observations. Answer: (i) False This mathematical property applies to the arithmetic mean and not to median. (ii) True Average is not enough to compare the series as it does not explain the extent of deviation of different items from the central tendency and the difference in the frequency of values. These are measured by measures of dispersion and kurtosis. (iii) False Median is a positional value. (iv) True The upper quartile also called the third quartile, has 75 % of the items below it and 25 % of items above it. (v) False Arithmetic mean is unduly affected by extreme observations.

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