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State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
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Explain the precautions that are taken while estimating additional income by the value-added method.
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State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
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What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
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What do you understand by ‘parametric shift of a line’? How does a line shift when its (i) slope decreases, and (ii) its intercept increases?
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Measure the level of ex-ante aggregate demand when autonomous investment and consumption expenditure (A) is Rs 50 crores, and MPS is 0.2 and level of income (Y) is Rs 4000 crores. State whether the economy is in equilibrium or not (cite reasons).
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What is the law of variable proportions?
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Match the following:
| 1. | Prime Minister | A. | Seeds that give large proportion of output |
| 2. | Gross Domestic Product | B. | Quantity of goods that can be imported |
| 3. | Quota | C. | Chairperson of the planning commission |
| 4. | Land Reforms | D. | The money value of all the final goods and services produced within the economy in one year |
| 5. | HYV Seeds | E. | Improvements in the field of agriculture to increase its productivity |
| 6. | Subsidy | F. | The monetary assistance given by government for production activities. |
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Do you think that in the last 50 years, employment generated in the country is commensurate with the growth of GDP in India? How?
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Answer the following question.
"Indian Rupee (₹) plunged to an all-time low of ₹ 74.48 against the US Dollar ($)".
− The Economic Times
In light of the above report, discuss the impact of the situation on Indian Imports.
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Answer the following question.
What precautions should be taken while estimating national income by value-added method? Explain.
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Define the following: Value Addition
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According to adjustable peg system (or Bretton Woods System ) of Exchange Rate ______.
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It is a conscious design to shape the socio-economic processes in order to achieve an objective?
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In which of the following type of economy are resources owned privately and the main objective behind economic activities is profit-making?
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When was the National Development Council (NDC) set up as an adjunct to the Planning Commission?
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When was NITI Aayog established?
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Who is the ex-officio chairman of the planning commission?
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When was Planning commission established?
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How is microeconomics different from macroeconomics?
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