CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics: Questions 365 - 373 of 523

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Question number: 365

» Producer Behaviour and Supply » Revenue

Essay Question▾

Describe in Detail

Complete the following table:

Output (units)

Total Revenue ( Rs. )

Marginal Revenue ( Rs. )

Average Revenue ( Rs. )

1

-

-

8

2

-

4

-

3

12

-

4

4

8

-

2

Explanation

Output (units)

Total Revenue ( Rs. )

Marginal Revenue ( Rs. )

Average Revenue ( Rs. )

1

8

-

8 (8 Equation 1)

2

12

4 (12 - 8)

6 (12 Equation 2)

3

12

0 (12 - 12)

4 (12 Equation 3)

4

8

-4 (8 - 12)

… (23 more words) …

Question number: 366

» Producer Behaviour and Supply » Cost

Essay Question▾

Describe in Detail

Complete the following table:

Output (units)

Average Variable cost ( Rs. )

Total cost

Marginal cost

1

-

60

20

2

18

-

-

3

-

-

18

4

20

120

-

5

20

-

-

Explanation

swer: -

Output (units)

Average Variable cost ( Rs. )

Total cost

Marginal cost

TVC

1

20 (20/1)

60

20

20

2

18

76 (36 + 40)

16 (94 - 76)

36 (18 Equation 2)

3

18 (54/3)

94 (76 + 18)

18

54

4

20

120

26 (120 -

… (49 more words) …

Question number: 367

» Determination of Income and Employment » Short-Run Equilibrium Output

Short Answer Question▾

Write in Short

Why is income tax a direct tax?

Question number: 368

» Government Budget and the Economy » Government Budget

Essay Question▾

Describe in Detail

While calculating national income of India from its domestic factor income, how will you treat the following? Give reasons for your answer.

(i) Salaries received by Indians working in branches of foreign banks in India.

(ii) Profits earned by an Indian Bank from its branches abroad.

(iii) Rent paid by embassy of Japan in India to an Indian resident.

Explanation

(i) Salaries received by Indians working in branches of foreign banks in India is part of net factor income from abroad because these employees are normal residents of India working in foreign establishments. So, this is added to domestic factor income to get national income.

(ii) Profits earned by an

… (61 more words) …

Question number: 369

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

Short Answer Question▾

Write in Short

When is the demand of commodity said to be elastic?

Question number: 370

» Money and Banking » Central Bank & Its Functions » Central Bank

Essay Question▾

Describe in Detail

State any three points of distinction between central bank and commercial banks.

Explanation

Characteristics

Central Bank

Commercial bank

Definition

Central bank is the institution of a country’s monetary system.

Commercial banks are part of banking structure.

Authority

It has authority to print new currency notes

It has no authority to print currency notes.

Custody

It is custodian of country’s foreign exchange and stock

… (13 more words) …

Question number: 371

» Government Budget and the Economy » Government Budget

Essay Question▾

Describe in Detail

Explain the circular flow of income.

Explanation

Various sectors like households, firms, government and foreign sectors work. These sectors function with mutual understanding. There is flow of expenditure and income and that of goods and services from these sectors.

Circular flow in a two sector model

Circular Flow in a Two Sector Model

This image of Circular flow in a two sector model

In

… (55 more words) …

Question number: 372

» Producer Behaviour and Supply » Production Function

Essay Question▾

Describe in Detail

Distinguish between intermediate products and final products. Give example.

Explanation

Characteristic

Final products

Intermediate products

What is use?

Final products are products that are ready for use by final consumers.

Intermediate products used as raw materials for production.

Processing

Products do not require any further processing.

Products require further processing and go in various stages of production.

Example

Wheat purchased

… (21 more words) …

Question number: 373

» Market and Price Determination » Perfect Competition

Essay Question▾

Describe in Detail

Why is a firm under Perfect competition a price-taker? Explain

Explanation

A firm under perfect competition is a price –taker because of the existence of large number of sellers in perfect competitive market selling homogenous products. In large number of seller arise a situation of free and perfect competition in market.

The market price is determined by hands of market by

… (35 more words) …

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