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Explain four ways of redemption of public debt.
Concept: Methods of Redemption of Public Debt
______ is the creation of new currency to fill the gap between Government revenue and Government expenditure of the country.
Concept: Deficit Financing
Explain the following method of redemption of Public Debt:
Debt conversion
Concept: Methods of Redemption of Public Debt
Explain the following method of redemption of Public Debt:
Sinking fund
Concept: Methods of Redemption of Public Debt
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
Concept: Law of Variable Proportions
When the Marginal Product turns negative, Total Product will ______.
Concept: Law of Variable Proportions
Why is the AVC curve U-shaped?
Concept: Law of Variable Proportions
How does public expenditure on social security schemes enhance production in an economy?
Concept: Importance of Public Expenditure in a Developing Country
At the point of inflexion, ______ is maximum.
Concept: Law of Variable Proportions
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Concept: Law of Variable Proportions
Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.
| Table I | Table II | ||||
| Machines | Labour | Output of A (units) | Machines | Labour | Output of B (units) |
| 5 | 10 | 1000 | 5 | 10 | 400 |
| 5 | 11 | 1150 | 10 | 20 | 800 |
| 5 | 12 | 1310 | 15 | 30 | 1200 |
Concept: Law of Variable Proportions
Normal profits for a firm imply that the firm is breaking even. Explain.
Concept: Concept of Production
What are Average product?
Concept: Law of Variable Proportions
What is marginal product?
Concept: Law of Variable Proportions
With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.
Concept: Law of Variable Proportions
Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
Concept: Law of Variable Proportions
Give one difference between accounting cost and opportunity cost.
Concept: Opportunity Cost
Explain how a producer can maximize profit by using MR and MC curves.
Concept: Opportunity Cost
From the following data, calculate GNPMP and NNPFC by Expenditure Method.
| ₹ (in crore) | |
| (i) Mixed income of self-employed | 450 crores |
| (ii) Compensation of employees | 550 crores |
| (iii) Private final consumption expenditure | 1000 crores |
| (iv) Net factor income from abroad | (−)20 crores |
| (v) Net indirect taxes | 150 crores |
| (vi) Consumption of fixed capital | 170 crores |
| (vii) Net domestic capital formation | 380 crores |
| (viii) Net exports | (−)30 crores |
| (ix) Profits | 400 crores |
| (x) Rent | 150 crores |
| (xi) Interest | 200 crores |
| (xii) Government final consumption expenditure | 550 crores |
Concept: Methods of Measurement of National Income >> Expenditure Method
Explain the steps involved in calculating the National income by Income method.
Concept: Methods of Measurement of National Income >> Income Method
