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11 ISC Economics 4 5 6

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28 views3 pages

11 ISC Economics 4 5 6

Uploaded by

nazneenation
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GRADE XI CLASS TEST FOR ACADEMIC YEAR 2024-2025

SUBJECT: ECONOMICS TOTAL MARKS: 50

Q1. True Or False: (5)

a) A developed economy is characterized by a high level of per capita income, low extent
of poverty, high quality of human capital, and a specific type of political system.
b) In a capitalist economy, profit maximization is the main objective of producers, while in
a socialistic economy, the primary goal is the maximization of social welfare.
c) In a mixed economy, all economic problems are solved solely through the free play of
market forces without any government intervention.
d) Economic growth is often considered synonymous with economic development, as both
terms refer to the same concept of increasing output and income.
e) The concept of sustainable development was introduced by the World Commission on
Environment and Development in 1987.

Q2. Choose the correct alternative: (5)

a) Which of the following factors is not responsible for the current interest in the study of
economic development problems?

a. Eradication of poverty
b. Improvement in the living standard of the people
c. Growing concerns of the governments
d. Fighting terrorism

b) How many countries are members of SAARC?

a. 7
b. 5
c. 6
d. 8

c) Which of the following statements is incorrect?

a. In a capitalistic economy, the basic economic problems are solved through the price
b. mechanism.
c. In a mixed economy, the solution of central economic problem is left to the free play of
market forces.
d. In a socialistic economy, all decisions required to solve the central problems of 'what to
produce', 'how to produce' and for 'whom to produce' are taken by the all-powerful
central (planning) authority.
PROF. NAZNEEN SIDDIQUI M.COM, B. ED, BMS, PGDHRM
e. In a mixed economy, basic economy problems are solved with the help of regulated
price mechanism.

d) Economic development has been traditionally defined by:


a. sustained increase in real per capita income
b. increase in gross domestic product
c. increase in employment
d. reduction in income equalities

e) In which economy the economic decisions are taken on the basis of price mechanism?
a. Capitalist economy
b. Socialist economy
c. Mixed economy
d. None of these

Q3 Answer the following very short answers (5)

a) Differentiate between developed and underdeveloped countries on the basis of any two
important criteria.
b) What do you mean by price mechanism?
c) What do you understand by quality of life?
d) Define sustainable development.
e) Explain the concept of economic growth.

Q4. Answer the following short answers (any 5): (10)


a) Explain the merits of socialism.
b) Point out the merits of a mixed economic system.
c) Define 'price mechanism'. Discuss the conditions essential for the effective functioning of
price mechanism.
d) How does price mechanism work to determine the functioning of an economy?
e) Explain the concept of economic growth.
f) 'Sustainable development is sharing of development opportunities between present and
future generations.
g) Discuss the strength and weaknesses of price mechanism. Explain.

PROF. NAZNEEN SIDDIQUI M.COM, B. ED, BMS, PGDHRM


Q5. Answer the following long answers (any 5): (25)

a) Explain how the basic economic problems are solved under capitalism (capitalist
economy).
b) Discuss the way a mixed economy solves its basic economic problems.
c) Distinguish between economic growth and economic development.
d) What do you mean by capitalism (capitalist economy)? Explain the main features of
capitalism.
e) What is a mixed economic system? Explain its characteristic features.
f) Write a note on the following:
(i) SAARC
(ii) ASEAN

PROF. NAZNEEN SIDDIQUI M.COM, B. ED, BMS, PGDHRM

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