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With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
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State whether the following items will be included in the estimation of National Income or not: Give a reason for your answer.
Government expenditure on street lighting.
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Illustrate that the investment multiplier is inversely proportional to MPS.
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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 |
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What are Average product?
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What is marginal product?
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With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.
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Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
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Explain the different components of Final Expenditure in calculating the National income by Expenditure method.
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Figures (A), (B) and (C) given below represent different types of Demand curves.
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| (A) | (B) | (C) |
What kind of goods do each of these Demand curves represent? Give a reason for each of the curves.
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Draw a straight-line demand curve joining both the axes. Indicate the following on the demand curve.
Elasticity of demand is equal to zero
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How does public expenditure on social security schemes enhance production in an economy?
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Differentiate between personal income and private income.
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Differentiate between the expansion of demand and an increase in demand, using diagrams.
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Explain four ways of redemption of public debt.
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Explain the following method of redemption of Public Debt:
Debt conversion
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Explain the following method of redemption of Public Debt:
Sinking fund
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______ is the creation of new currency to fill the gap between Government revenue and Government expenditure of the country.
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Per capita income is not considered a good indicator of economic welfare. Explain this statement by giving two reasons.
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India has been operating on a managed floating exchange rate regime since March 1993. Explain the statement.
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