National Income and Related Aggregates (CBSE Class-12 Economics): Questions 19 - 22 of 68

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Question number: 19

» National Income and Related Aggregates » Types of Goods

Essay Question▾

Describe in Detail

Given the market price of a good how does a consumer decide as to how many units of that good to buy? Explain.

Explanation

How much goods to purchase at given price is decided by a consumer by comparing Marginal utility (MU) of good with its price (P). Marginal utility of good which is equal to price of good. MUx = Px

market price of a good

Market Price of a Good

This image of market… (48 more words) …

Question number: 20

» National Income and Related Aggregates » Gross National Product

Appeared in Year: 2005

Essay Question▾

Describe in Detail

From the following data about firm ‘X’, calculate gross value added at factor cost:

calculate gross value added at factor cost

calculate gross value added at factor cost wih details

-

Rs. (in thousand)

Sales

500

Opening stock

30

Closing stock

20

Purchase of intermediate produce

300

Purchase of machinery

150

Subsidy

40

Explanation

Gross value added at factor cost by firm ‘X’ = Sales + Closing stock -

Opening stock + Subsidy - Purchase of intermediate produce

= 500 + 20 – 30 + 40 – 300

= 230 Rs.

Question number: 21

» National Income and Related Aggregates » Types of Goods

Appeared in Year: 2010

Essay Question▾

Describe in Detail

Explain the basis of classifying goods into intermediate and final goods. Give suitable examples

Explanation

Goods are allocated as intermediate goods.

Final goods: - Final goods are goods that are used by consumers. Goods that pass the complete stages of production and transformation which is required to make it consumable. For example: - When we purchase milk for consumption.

Intermediate goods: - This type of… (30 more words) …

Question number: 22

» National Income and Related Aggregates » Private Income

Appeared in Year: 2006

Essay Question▾

Describe in Detail

From the following data calculate:

a. Private income, and b. Personal disposable income

calculate Private income and Personal disposable income

calculate Private income and Personal disposable income details.

( Rs. in lakhs)

Income from domestic product accruing to the private sector

4000

Savings of non-departmental public enterprises

200

Current transfers from government administrative departments

150

Savings of private corporate sector

400

Current transfers from rest of the world

50

Net factor income from abroad

(-40)

Corporation tax

60

Direct personal taxes

140

Explanation

(A) Private income = Income from domestic product accruing to the private sector + Current transfers from government administrative departments + Current transfers from rest of the world + Net factor income from abroad

= 4000 + 150 + 50 + (-40)

= Rs. 4160 lakhs

(B) Personal disposable income… (28 more words) …

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