# CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics: Questions 347 - 356 of 523

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 523 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 900.00 or

## Question number: 347

Essay Question▾

### Describe in Detail

Complete the following table:

 Output (units) Average Revenue Marginal revenue Total revenue 1 - 15 - 2 - - 26 3 11 - - 4 - 3 -

### Explanation

 Output (units) Average Revenue Marginal revenue Total revenue 1 15 15 15 2 13 11 26 3 11 7 33 4 9 3 36

In that sum

Average revenue =

And Total Revenue =

Here

In that sum only second row is given total revenue s

… (73 more words) …

## Question number: 348

Essay Question▾

### Describe in Detail

Explain the Law of Variable Proportions through the behavior of both Total Product and Marginal Product. Give reasons.

### Explanation

Law of variable proportion is that as more and more of variable factor is used with fixed factors. When marginal product of variable factor starts decreasing. Decreasing Marginal product is zero or negative.

In that diag

… (114 more words) …

## Question number: 349

Essay Question▾

### Describe in Detail

Give reasons and explain how the following are treated while estimating national income:

(i) Payment of fees to a lawyer engaged by a firm.

(ii) Rent free house to and employee by an employer.

(iii) Purchases by foreign tourists.

### Explanation

(i) Payment of fees to a lawyer engaged by a firm: - It is central expenditure for the company it’s reason is that it involve purchase of services by single production unit from to another production unit. so, it is not included in national income.

(ii) Rent free house to and employee by an employer. : - it is included in the national income by

… (40 more words) …

## Question number: 350

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

### Write in Short

Define deflationary gap.

## Question number: 351

» Producer Behaviour and Supply » Supply » Market Supply

### Write in Short

What is market supply’?

## Question number: 352

Essay Question▾

### Describe in Detail

What is ’fiscal deficit? What are its implications?

### Explanation

Fiscal deficit is defined as excess of total expenditure and total receipts excluding borrowings.

Its formula is Fiscal Deficit = Total Expenditure – Total Receipts other then borrowing and other liabilities.

The implications of fiscal deficits are: -

(1) Causes inflation

(2) Growing indebtedness

(3) Reduces future growth and developmen

… (15 more words) …

## Question number: 353

Essay Question▾

### Describe in Detail

Explain the implications of the following:

(i) The feature ‘differentiated product’ under monopolistic competition.

(ii) The feature ‘large number of sellers’ under perfect competition.

### Explanation

(i) The feature ‘differentiated product’ under monopolistic competition.

some generation in position to perform some degree of monopoly with product differeentiation.

In Production differentiation differentiating the products on brand, color, size. The product of firm is close and it is not perfect subtitute of other firm.

This implication

… (82 more words) …

## Question number: 354

### Write in Short

Give meaning of full employment.

## Question number: 355

Essay Question▾

### Describe in Detail

Explain the central problem ‘how to produce’.

### Explanation

• This problem occurs because there are many techniques available for production of commodity like for production of rice, we may use more labor and less capital or less labor more capital both this technique we can produce equal amount of rice.
• The problem is that to how resources should be combined for production. The goods would be generated e

… (43 more words) …

## Question number: 356

Essay Question▾

### Describe in Detail

Calculate ‘intermediate consumption’ from the following data:

 - ( Rs. lakhs) Value of output 200 Net value added at factor cost 80 Sales tax 15 Subsidy 5 Depreciation 20

### Explanation

Intermediate consumption =

Value of output - Net value added at factor cost - Sales tax - Subsidy - Depreciation

=

= Rs. 90 lakh

… (14 more words) …

f Page