NIOS| ECONOMICS (214)| SOLVED PAPER – (OCT - 2022)| SECONDARY| ENGLISH MEDIUM
ECONOMICS
(214)
[OCT - 2022]
Time: 3 Hours
Maximum Marks: 100
Note: (i) All questions are compulsory.
(ii) Marks
allotted to each question are indicated against it.
(iii) Each
question from Question Nos. 1 to 8 has four alternatives (A), (B), (C) and (D)
and out of which one is the most appropriate. Select the correct answer and
write it in your answer-book against the number of question.
1. Classical thinkers believed that Economics is: 1
(A) the science of wealth
(B) the
science of development
(C) the
science of consumption
(D) the
science of competition
2. Production activities require: 1
(A) Skilled labour
(B) Unskilled labour
(C) (A) and (B) Both
(D) None of
these
3. The oldest form of economy is: 1
(A) the
socialist economy
(B) the capitalist economy
(C) the mixed
economy
(D) the
centrally planned economy
4. The price at which quantity demanded of a commodity is
equal to its quantity supplied is called: 1
(A) the equilibrium price
(B) the
supply price
(C) the
demand price
(D) the fixed
price
5. In the study of economics mostly these informations
are used for analysis: 1
(A)
qualitative
(B)
quantitative
(C) qualitative and quantitative both
(D) imaginary
6. For production of goods and services these resources
are required: 1
(A) man-made
(B) natural
(C) man-made and natural both
(D) imported
7. The environment includes these factors: 1
(A) biotic
factors
(B) abiotic
factors
(C) biotic and abiotic factors both
(D) none of
these
8. The institute that conducts the quality testing of
many consumer goods is: 1
(A) Indian
Statistical Institute
(B)
Industrial Training Institute
(C) Indian
Institute of Technology
(D) Indian Standard Institute
9. What is meant by an economy? 2
Ans:- Economy is a system that involves the
production, distribution, trade and consumption of goods and services. It can
also mean how well production and consumption occurs, as well as the quality of
goods and services.
10. What is the relationship between price of a commodity
and its demand? 2
Ans:- The price of a product and the quantity
demanded of that product are inversely related, as stated by the law of demand.
An inverse relationship means that higher prices result in less quantity
demanded and lower prices result in more quantity demanded.
11. Explain barter system with an example. 2
Ans:- Barter system is a way of exchanging goods and
services without using money. It was used before the invention of money.
Examples of
barter system:-
(i) A cobbler
makes shoes in exchange for wheat from a farmer.
(ii) An
agricultural laborer receives grains as a reward for his labour.
12. Define supply. State the law of supply. 2
Ans:- The law of supply is a basic economic concept.
It states that an increase in the price of goods or services leads to an increase
in their supply. Supply is defined as the quantity of goods or services that
suppliers are willing and able to provide to customers.
13. Fair price shops are for help to poor people.
Explain. 2
Ans:- Fair price shops, also known as ration shops,
are part of the public distribution system.
They sell basic
necessities like food, sugar and kerosene at subsidized prices.
The government
buys these goods directly from farmers and sells them in shops at half the
price. With this, people can buy these items at lower prices.
How fair
price shops help poor people:-
(i) Fair
Price: Fair price shops sell food grains at a fair price compared to the
market price.
(ii)
Subsidized goods: Fair price shops provide subsidized food and non-food
goods to people below the poverty line.
14. Explain qualitative information and quantitative
information with example. 2
Ans:- Quantitative data is number-based, countable,
or measurable. Qualitative data is interpretation-based, descriptive, and
language-related. Quantitative data tells us how much, how much, or how many
times in a calculation. Qualitative data can help us understand why, how, or
what happened behind certain behaviors.
Quantitative
data is fixed and "universal", whereas qualitative data is subjective
and dynamic. For example, if something weighs 20 kilograms, this can be
considered an objective fact. However, two people may have very different
qualitative descriptions of how they experience a particular event.
15. Goods and services both are important to satisfy
human wants. Explain giving example from your daily life. 2
Ans:- Both goods and services are important to
satisfy human needs. Goods are physical items that can be seen or touched,
while services are non-physical items that cannot be seen or touched.
Examples of goods:-
(i) Food
(ii) Medicines
(iii) Books,
notebooks, pens and paper
(iv) Computer,
furniture, phone, bag and apple
Examples of
services:-
(i) Haircuts
(ii) washing
clothes
(iii) mending
shoes
(iv) sewing
clothes
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