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Calculation of National Income at Market Prices is known as ____________.
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Which one is a component of profit?
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Distinguish between positive externalities and negative externalities.
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Giving valid reasons explain which of the following will not be included in estimation of National Income of India?
- Purchase of shares of X. Ltd. by an investor in the National Stock Exchange.
- Salaries paid by the French Embassy, New Delhi to the local workers of the housekeeping department.
- Compensation paid by the Government of India to the victims of floods.
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Study the following information and compare the Economies of India and Singapore on the grounds of ‘Investment in infrastructure as a percentage of GDP’
| Some Infrastructure in India and other Countries, 2018 | |||||
| Country | Investment* in Infrastructure as a % GDP | Percentage of people using safely managed | Mobile Subscribers/100 People | Consumption of energy (mL tonnes of oil equivalent) | |
| Drinking Water Sources | Sanitation Services | ||||
| China | 44 | 96 | 72 | 115 | 3274 |
| Hong Kong | 22 | 100 | 92 | 259 | 31 |
| India | 30 | 94 | 40 | 87 | 809 |
| South Korea | 31 | 98 | 100 | 130 | 301 |
| Pakistan | 16 | 35 | 64 | 73 | 85 |
| Singapore | 28 | 100 | 100 | 146 | 88 |
| Indonesia | 34 | 87 | 61 | 120 | 186 |
Sources: World Development Indicators 2019, World Bank website: www.worldbank.org.; BP Statistical Review of World Energy 2019. 69th Edition.
Note: (*) refers to Gross Capital Formation.
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State the meanings of the following:
Operating Surplus
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“In order to protect domestic industries, India followed the regime of restrictions on imports.”
Briefly outline and discuss such steps taken by the government to promote import substitution policy.
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Give two examples of fixed costs.
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Define fixed cost. Give an example.
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What is the behaviour of (a) Average Fixed Cost and (b) Average Variable Cost as more and more units of a good are produced?
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Define price floor. Explain the implications of price floor.
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Can there be some fixed cost in the long run? If not, why?
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Who is a worker?
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Define worker-population ratio.
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Are the following workers — a beggar, a thief, a smuggler, a gambler? Why?
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Raj is going to school. When he is not in school, you will find him working in his farm. Can you consider him as a worker? Why?
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Meena is a housewife. Besides taking care of household chores, she works in the cloth shop which is owned and operated by her husband. Can she be considered as a worker? Why?
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Answer the following question.
Define Price Floor. State the likely consequence of this type of intervention by the government.
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The sum of the value of all final goods and services produced within the domestic territory of a country in a year is:
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