National Income and Related Aggregates-Types of Goods (CBSE Class-12 Economics): Questions 1 - 9 of 10

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: 1

» National Income and Related Aggregates » Types of Goods

Short Answer Question▾

Write in Short

‘Machine’ purchased is always a final good. ’ Do you agree? Give reasons for your answer.

Question number: 2

» National Income and Related Aggregates » Stocks and Flows

» National Income and Related Aggregates » Types of Goods

» National Income and Related Aggregates » Real and Nominal GDP

Short Answer Question▾

Write in Short

State whether the following statements are true or false. Give reasons for your answer:

(a) Capital formation is a flow.

(b) Bread is always a consumer good.

(c) Nominal GDP can never be less than Real GDP.

(d) Gross domestic capital formation is always greater than gross fixed capital formation.

Question number: 3

» 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: 4

» 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: 5

» National Income and Related Aggregates » Types of Goods

Appeared in Year: 2012

Essay Question▾

Describe in Detail

Given price of a good, how does a consumer decide as to how much of that good is to be purchased?

Explanation

In this a consumer compares marginal utility of the good with its price. The consumer will be at equilibrium when the marginal utility of good is equal to price of good.

It is represented as MUX = PX

If MUX > PX then price… (51 more words) …

Question number: 6

» National Income and Related Aggregates » Types of Goods

Essay Question▾

Describe in Detail

Distinguish between the Normal good and Inferior good

Explanation

Distinguish between Normal good and Inferior good

In detail Normal good and Inferior good difference.

Normal good

Inferior good

Consumption of normal goods increase with the increase in the income of the consumer.

Consumption of inferior goods increase with the decrease in the income of the consumer.

Normal goods are… (80 more words) …

Question number: 7

» National Income and Related Aggregates » Types of Goods

Short Answer Question▾

Write in Short

What is the difference between the values of exports of goods and imports of goods?

Question number: 8

» National Income and Related Aggregates » Types of Goods

Short Answer Question▾

Write in Short

What is meant by inferior good in economics?

Question number: 9

» National Income and Related Aggregates » Types of Goods

Essay Question▾

Describe in Detail

What is the likely effect on the study of good if the prices of the inputs used in production of that good fall? Explain.

Explanation

Input of price is used for production of shares in negative relationship and supply of good. When input price is decreased then its production cost also decreases. The producers increase the production of a good because of decrease in input price and supply of good increases.

This is supply curve digram.

This Is Supply Curve… (44 more words) …

Sign In