# CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics: Questions 241 - 248 of 523

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## Question number: 241

Appeared in Year: 2012

Essay Question▾

### Describe in Detail

Explain the distinction between autonomous and accommodating transaction in balance of payments. Also explain the concept of balance of payments ‘deficit’ in this context.

### Explanation

Autonomous item in balance of payments: - In this autonomous items include international transactions with a motive of earning profits. Transactions are independent of balance of payments. Autonomous transaction are also called ‘above the line items’ in balance of payments.

Accommodating transaction: - It includes include international transaction this is

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## Question number: 242

» Consumer's Equilibrium and Demand » Demand » Elasticity of Demand

Appeared in Year: 2012

Essay Question▾

### Describe in Detail

A consumer buys 20 units of good at a price of Rs. 5 per unit. He incurs an expenditure of Rs. 120 when he buys 24 units. Calculate price elasticity of demand using the percentage method. Comment upon the likely shape of demand curve based on this information.

### Explanation

 Price (P) Quantity (Q) Total Expenditure 5 20 120 5 24 120

So, Total expenditure = Price Quantity

120 = Price 24

Price = = 5

Elasticity of demand =

= 100

=

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## Question number: 243

Appeared in Year: 2012

### Write in Short

Define stock variable.

## Question number: 244

### Write in Short

Give two examples of the study of aggregates of the economic system.

## Question number: 245

### Write in Short

List two items of the capital account of balance of payments account.

## Question number: 246

### Write in Short

Give meanings of marginal physical product

## Question number: 247

Essay Question▾

### Describe in Detail

Why does the difference between Average Total Cost and Average Variable Cost decrease as the output is increased? Can these two be equal at some level of output? Explain.

### Explanation

In this diagram output level increase and difference between Average Total Cost and Average Variable Cost goes on falling.

Average Total Cost (ATC) minus Average Variable Cost (AVC)

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## Question number: 248

» Consumer's Equilibrium and Demand » Demand » Elasticity of Demand

Essay Question▾

### Describe in Detail

When price of a good falls by 10 percent, its quantity demanded rises from 40 units to 50 units. Calculate price elasticity of demand by the percentage method.

### Explanation

%change in price = 10

So, price elasticity of demand by the percentage method is 2.5

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