CBSE Class-12 Economics: Questions 63 - 72 of 523

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Question number: 63

» Balance of Payments » Balance of Payments Account

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Distinguish between current account and capital account of balance of payment account. Is import of machinery recorded in current account or capital account?

Question number: 64

» Market and Price Determination » Perfect Competition

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What is meant by the term ‘price taker’ in the context of a firm?

Question number: 65

» National Income and Related Aggregates » Methods of Calculating National Income » Value Added or Product Method

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Explain the effect of appreciation of domestic currency on imports.

Question number: 66

» National Income and Related Aggregates » Stocks and Flows

» National Income and Related Aggregates » Types of Goods

» National Income and Related Aggregates » Real and Nominal GDP

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State whether the following statements are true or false. Give reasons for your answer:

(a) Capital formation is a flow.

(b) Bread is always a consumer good.

(c) Nominal GDP can never be less than Real GDP.

(d) Gross domestic capital formation is always greater than gross fixed capital formation.

Question number: 67

» Balance of Payments » Balance of Payments Account

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What is meant by balance of trade?

Question number: 68

» Consumer's Equilibrium and Demand » Consumer's Equilibrium

» Producer Behaviour and Supply » Producer's Equilibrium

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There is a simultaneous ‘decrease’ in demand and supply of a commodity. When will it result in:

(a) No change in equilibrium price.

(b) A fall in equilibrium price.

Use diagrams.

Question number: 69

» Determination of Income and Employment » Meaning & Types of Employment & Unemployment

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Give meaning of involuntary unemployment.

Question number: 70

» Producer Behaviour and Supply » Production Function

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Explain why a production possibilities curve is concave.

Question number: 71

» Government Budget and the Economy » Government Budget

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Why is entertainment tax an indirect tax?

Question number: 72

» Producer Behaviour and Supply » Producer's Equilibrium

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Explain the reasons for: (i) increasing returns to a factor and (ii) increasing returns to scale.

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