CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics: Questions 511 - 519 of 523

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Question number: 511

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

Essay Question▾

Describe in Detail

What is meant by ‘excess demand’ for a good? Explain the changes which will bring about equilibrium price.


Excess of quantity demanded of good or service on given price. Excess demand appears in a market when the quantity demanded by the buyers exceeds the quantity supplied by the sellers.

Equilibrium price and quantity are determined by the intersection of supply and demand. If change in supply, demand and both will necessarily change the equilibri

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Question number: 512

» Introductory Microeconomics » Meaning of Microeconomics and Macroeconomics

Short Answer Question▾

Write in Short

Give two examples of macroeconomic studies

Question number: 513

» Market and Price Determination » Perfect Competition

Essay Question▾

Describe in Detail

Explain the following features of perfect competition: (i) Large number of buyers and sellers (ii) Homogeneous products


(i) Large number of buyers and sellers: -

Large number of buyers and sellers mention that number of sellers is large and single seller’s share in total market supply of the product. It has conclusion. The dominant market price is one it was set through the interaction of market demand and market supply. In that all the sellers and all the buyers

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Question number: 514

» Balance of Payments » Balance of Payments Account

Short Answer Question▾

Write in Short

What does balance of payments account of a country record?

Question number: 515

» Producer Behaviour and Supply » Production Function

Essay Question▾

Describe in Detail

State the phases of the law of variable proportions in terms of total physical product. Use diagram.


Law of variable proportion attend an important place in economics. This law considers the production function with one factor variable and keeps the quantities of other factors fixed. It refer to the input and output relation when output is increased by the quantity of one input.

When quantity of one factor is varied and keeping the quantity of

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Question number: 516

» National Income and Related Aggregates » Private Income

Short Answer Question▾

Write in Short

Calculate ‘private income’ from the following data:

Calculate private income

In this given table in deatail.


( Rs. crores)

National debt interest


Gross national product at market price


Current transfers from government


Net indirect taxes


Net current transfers from the rest of the world

(-) 10

Net domestic product at factor cost accruing to government


Consumption of fixed capital


Question number: 517

» National Income and Related Aggregates » National Disposable Income

Essay Question▾

Describe in Detail

Explain the production method of estimating national income.


There are three method of estimating national income: -

(1) Income method

(2) Product method

(3) Expenditure method

(1) Income method: - In this method production of participate an activity to generate goods and services. Compensated for the productive services produced in economy. This compensation income payment takes form of wages, pro

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Question number: 518

» Government Budget and the Economy » Measures of Government Deficit

Essay Question▾

Describe in Detail

What is ‘fiscal deficit’? What are its implications?


Fiscal deficit: - It measures the total borrowing requirements of the government. It is used as a budgetary tool for understanding the budget developments in India. Fiscal deficit refers to the excess of total expenditure over total receipts Fiscal Deficit = Total Expenditure – Total Receipts excluding borrowings.

Implication of fiscal deficit

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Question number: 519

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

Short Answer Question▾

Write in Short

Give meanings of Involuntary unemployment

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