Economics XI First Semester Exam

Study Notes

First Semester Examination

The examination is for standard XI, in the subject of Economics.
It contains 50 marks and is 2.30 hours long.
All questions are compulsory and tables/diagrams are to be drawn where needed.

Question 1

Part A: Correcting correlations.
- The correlation between Gold Coin : Metal Money should be Credit Card : Plastic Money.
- The correlation between Economics : Kautilya should be Economics : Adam Smith.
- The correlation between Exchange of goods : Goods should be Modern Economy : Services.
- The correlation between Deciles : Percentiles should be Deciles : 10.
- The correlation between Individual necessity : Judge's coat should be Travel by train : Individual need.
Part B: Finding the odd word out.
- The odd word out in the list Mobile, Tablet, Computer, Debit Card should be Debit Card.
- The odd word out in the list Animals Skin (Money), Metal Coins, Shells, Iusk should be Iusk.
- The odd word out in the list Quartiles, Deciles, Mode, Percentiles should be Mode.
- The odd word out in the list Want, Utility, Wealth, Investment should be Investment.
- The odd word out in the list Mumbai, Pune, Baramati, Nashik should be Baramati.

Question 2

Part A: Distinguish between the following.
- Economic growth refers to the increase in the production of goods and services in a country over a period of time. Economic development involves improvements in living standards, social well-being, and reducing poverty.
- Standard coins are made of a metal with a definite weight and value. Token coins, on the other hand, are lighter and made of less expensive materials, their value is determined by the government.
- Quartiles divide a dataset into four equal parts. Percentiles divide a dataset into one hundred equal parts.
Part B: Identify and explain the concepts from the following illustrations.
- The investment of Rs. 5000 Crores by Japan in India for research on robotic technology is an example of Foreign Direct Investment.
- The concept dividing the series into ten equal parts is called Deciles.
- The use of cows, goats, and sheep as a medium of exchange in prehistoric times is an example of Barter System.

Question 3

Explain the factors of production:
- Land: Natural resources used in production
- Labor: Human effort used in production
- Capital: Man-made resources used in production
- Entrepreneurship: The skill to manage and combine all other factors
Explain the features of the economy of Maharashtra:
- Strong industrial base with a focus on manufacturing
- Large agricultural sector
- Significant service sector, including tourism and finance
- Home to major financial institutions and trading centres
Calculate D4 and D8 for the data (10, 15, 7, 8, 12, 13, 14, 11, 9):
- Arrange the data in ascending order
- D4: Fourth decile, which is the value that divides the data into 4 equal parts (4th decile = 10.5)
- D8: Eighth decile, which is the value that divides the data into 8 equal parts (8th decile = 13).

Question 4

Value in use and value in exchange are not the same.
- Value in use refers to the satisfaction one derives from a good.
- Value in exchange is the value of a good in terms of other goods.
General acceptance is not the only quality of money.
- Other important qualities: durability, portability, divisibility, homogeneity, and stability of value.
There are many problems in the industrial sector of Maharashtra.
Example problem is the lack of adequate infrastructure, including power supply and transportation links.

Question 5

The type of money Ajit used in the vegetable market was Cash Money, while the credit card he used at D-Mart represents Plastic Money.
Plastic Money is a form of electronic money where payment is made using a credit card.
The passage highlights the shift towards a cashless economy, relying on credit cards for transactions.

Table and Graph Questions

Part A: Calculate the cumulative frequency based on the given table.
The table with Income and Number of Persons needs to be processed to create a cumulative frequency table.
For each income level, add up the corresponding number of persons and all the previous persons' count.
Part B: Find the total frequency (n) from the given data.
The sum of the "Number of Persons" column in the table will represent the total frequency.

Description

Test your understanding of key economic concepts in this first semester exam for Standard XI. The quiz includes various question types such as correlation corrections and finding odd words out. Ensure you can apply economic theories to practical examples effectively.