CBSE Class-12 Economics: Questions 285 - 293 of 523

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Question number: 285

» Producer Behaviour and Supply » Production Function

Short Answer Question▾

Write in Short

Give two reasons for the problem of choice.

Question number: 286

» National Income and Related Aggregates » GDP and Welfare

Essay Question▾

Describe in Detail

Give the meaning of Nominal GDP and Real GDP. Which of these is the indicator of economic welfare and why?

Explanation

Nominal GDP means value of all goods and services at current prices produced in the accounting year within domestic territory of country.

Real GDP means money value of goods and services at year’s prices produced in accounting year within domestic territory of country.

Real GDP is good indicator of economic… (7 more words) …

Question number: 287

» Government Budget and the Economy » Government Budget

Essay Question▾

Describe in Detail

A consumer consumes only two goods. Why is the consumer in equilibrium when he buys only that combination of the two goods that is shown at the point of tangency of the budget line with an indifference curve? Explain.

Explanation

the consumer in equilibrium

The Consumer in Equilibrium

the consumer in equilibrium in thi figure

Above diagram is process of consumer’s equilibrium. Assume the two goods be X and Y as shown in the diagram. The tangency is at point E Slope of indifference curve = Slope of budget line.

The equilibrium purchase is… (82 more words) …

Question number: 288

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

Short Answer Question▾

Write in Short

Give meanings of aggregate demand

Question number: 289

» Producer Behaviour and Supply » Supply » Supply Curve

Essay Question▾

Describe in Detail

Draw straight line supply curves with price elasticity of supply equal to (i) one, (ii) less than one and (iii) more than one

Explanation

Price elasticity of supply is the measure of change in quantity supplied of commodity because of the change in its price. Law of supply is the direction in which supply will change in result of change in price, a decrease in price will result into contraction of supply and a… (108 more words) …

Question number: 290

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

Short Answer Question▾

Write in Short

What happens to total expenditure of a commodity when its price falls and its demand is price elastic?

Question number: 291

» Market and Price Determination » Monopoly

Essay Question▾

Describe in Detail

Explain the features of monopoly market

Explanation

(1) Single seller: - The word monopoly actually translates as “one seller”. A monopolist is the single seller of the product whose substitutes are not available readily and hence it enjoys monopoly over the product and it’s pricing.

(2) Unique product: - A monopoly achieves single-seller status because the good… (73 more words) …

Question number: 292

» National Income and Related Aggregates » Gross and Net Domestic Product

Essay Question▾

Describe in Detail

Calculate ‘Gross value added at factor cost’ from the following data:

Calculate Gross value added at factor cost

In this sum Calculate Gross value added at factor cost

-

( Rs. Lakhs)

Sales tax

20

Sales

400

Purchase of raw material

250

Excise duty

30

Change in stocks

(-40)

Import of raw material

12

Depreciation

9

Explanation

Gross value added at factor cost = Sales + Change in stocks - Purchase of raw material - Sales tax + Excise duty

= 400 + (-40) – 250 – (20 + 30)

=60

Question number: 293

» Producer Behaviour and Supply » Production Function

Essay Question▾

Describe in Detail

Distinguish between Developmental expenditure and non-developmental expenditure.

Explanation

Distinguish between Developmental expenditure and non-developmental expenditure.

In detail explain distinguish between Developmental expenditure and non-developmental expenditure.

characteristics

Development expenditure

Non development

expenditure

Importance

The important heads of developmental expenditure within the revenue account are social and community services, economic services and grants- in-aid to states and union territories

Non-development… (81 more words) …

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