Samacheer Kalvi students, here is the Class XI Economics Exam Answer Key 2024. Answers are provided for the 1 mark questions in Part 1 and for the sum in Q 47 (b). If you need the answers for other questions, please let us know in the comments section.
Class XI Economics Exam Answer Key
Part 1
Choose the most appropriate answer from the given four alternatives and write the option code and the corresponding answer.
1. Wages that are paid on the basis of quantum of work done is ___________
(a) Piece wages (b) Nominal wages (c) Time wages (d) Real wages
Answer: Piece wages
2. Identify the year of launch of MUDRA bank.
(a) 2010 (b) 2000 (c) 2015 (d) 2005
Answer: (c) 2015
3. The Planning Commission has been replaced by the ___________ on 1st January 2015.
(a) Law Commission (b) NITI Aayog (c) Human Rights Commission (d) Finance Commission
Answer: (b) NITI Aayog
4. “Economics is a study of mankind in the ordinary business of life” – It is the statement of:
(a) Alfred Marshall (b) Adam Smith (c) Samuelson (d) Lionel Robbins Commission
Answer: (a) Alfred Marshall
5. The functional relationship between “inputs” and “outputs” is called as _______.
(a) Savings function (b) Consumption function (c) Investment function (d) Production function
Answer: (d) Production function
6. Goods and Services tax is _______.
(a) like value added tax (b) a multi point tax (c) a single point tax with no cascading effects (d) having cascading effect
Answer: (c) a single point tax with no cascading effects
7. If the total fixed cost (TFC) is 1000 and the total variable cost (TVC) is 200, then find the total cost:
(a) 500 (b) 800 (c) 20,000 (d) 1200
Answer: (d) 1200
8. The concept of “Quasi-Rent” is associated with:
(a) Walker (b) Ricardo (c) Marshall (d) Keynes
Answer: (c) Marshall
9. Tenth Five Year Plan period was:
(a) 2007-2012 (b) 1992-1997 (c) 1997-2002 (d) 2002-2007
Answer: (d) 2002-2007
10. In India’s total cement production, Tamil Nadu ranks:
(a) first (b) third (c) second (d) fourth
Answer: (b) third
11. Long run average cost curve is also called as _______ curve.
(a) production (b) demand (c) sales (d) planning
Answer: (d) planning
12. (y-y1) =m (x-x1) gives the:
(a) constant (b) slope (c) curve (d) straight line
Answer: (d) straight line
13. Match the following:
(1) Blue Revolution (i) Oil seeds
(2) Yellow Revolution (ii) Shrimp
(3) Grey Revolution (iii) Fish
(4) Pink Revolution (iv) Fertilizers
(a) (1)- (iii), (2)- (i), (3)- (iv), (4)- (ii)
(b) (1)- (iii), (2)- (iv), (3)- (i), (4)- (ii)
(c) (1)- (iv), (2)- (iii), (3)- (ii), (4)- (i)
(d) (1)- (ii), (2)- (i), (3)- (iv), (4)- (iii)
Answer: (a) (1)- (iii), (2)- (i), (3)- (iv), (4)- (ii)
14. Who has given scarcity definition of economics?
(a) Robbins (b) Adam Smith (c) Robertson (d) Marshall
Answer: (a) Robbins
15. In which market form, does absence of competition prevail?
(a) Duopoly (b) Perfect competition (c) Oligopoly (d) Monopoly
Answer: (d) Monopoly
16. The position of Indian economy among the other strongest economies in the world is:
(a) Fifth (b) Fourth (c) Tenth (d) Seventh
Answer: (d) Seventh
17. In monopoly, MR curve lies below ___________ curve.
(a) AR (b) TR (c) AC (d) MC
Answer: (a) AR
18. Formula for calculating AP is:
(a) TP/MP (b) ΔTP/N (c) TP/N (d) ΔTP/ΔN
Answer: (c) TP/N
19. Amartya Kumara Sen received the Nobel prize in Economics in the year
(a) 2008 (b) 1998 (c) 2010 (d) 2000
Answer: (b) 1998
20. When marginal utility reaches zero, the total utility will be:
(a) Zero (b) Minimum (c) Negative (d) Maximum
Answer: (d) Maximum
Part IV
Q. 47 (b)
Solve the following linear equations by using Cramers rule.
7x_{1}-x_{2}-x_{3}=0\\ 10x_{1}-2x_{2}+x_{3}=8\\ 6x_{1}+3x_{2}-2x_{3}=7
\left[ \begin{array}{ccc} 7 & -1 & -1\\ 10 & -2 & 1\\ 6 & 3 & -2 \end{array} \right] \left[ \begin{array}{ccc} x_{1}\\ x_{2}\\ x_{3} \end{array} \right] =\left[ \begin{array}{ccc} 0\\ 8\\ 7 \end{array} \right]
\Delta =\left[ \begin{array}{ccc} 7 & -1 & -1\\ 10 & -2 & 1\\ 6 & 3 & -2 \end{array} \right]
= 7 (4 – 3) + 1 (-20 -6) -1 (30 + 12)\\ = 7 (1) + 1 (-26) -1 (42)\\ =+ 7 -26 – 42\\ \Delta =-61
x_{1} =\left[ \begin{array}{ccc} 0 & -1 & -1\\ 8 & -2 & 1\\ 7 & 3 & -2 \end{array} \right]\\ = 0 (4 -3) + 1 (-16 -7) – 1 (24+14)\\ = 0 + 1 (-23) – 1 (38)\\ = -23 – 38\\ =-61
x_{2} =\left[ \begin{array}{ccc} 7 & 0 & -1\\ 10 & 8 & 1\\ 6 & 7 & -2 \end{array} \right]\\ = 7 (-16 – 7) – 0 (- 20 – 6) – 1 (70 – 48)\\ = 7 ( -23) + 0 (-20 – 6) – 1(70 – 48)\\ = – 161 – 22\\ = – 183
x_{3} =\left[ \begin{array}{ccc} 7 & -1 & 0\\ 10 & -2 & 8\\ 6 & 3 & 7 \end{array} \right]\\ = 7(-14 -24) + 1 (70 – 48) + 1 (30 + 12)\\ = 7 (-38) + 1 (22) + 0\\ = – 266 + 22\\ = – 244
x_{1} =\frac{\Delta x_{1}}{\Delta} =\frac{-61}{-61} =1\\ x_{2} =\frac{\Delta x_{2}}{\Delta} =\frac{-183}{-61} =3\\ x_{3} =\frac{\Delta x_{3}}{\Delta} =\frac{-244}{-61} =4\\ Therefore, x_{1} =1; x_{2} =3; x_{3} =4
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