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- Assertion (A): Perishable goods are the exception to the Law of Supply.
- Reasoning (R): Perishable goods are sold in greater quantities only at higher prices.
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Complete the correlation:
Administrative cost : Revenue expenditure : : Huge investments : ______.
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Give an economic term:
A bank that acts as a custodian of foreign exchange reserves.
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State with reasons whether you agree or disagree with the following statement:
The Reserve Bank of India performs various functions.
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Study the following passage and answer the questions:
| After agriculture, the handloom is the second largest income-generating activity in India. The industry has negligible power usage, low environmental concerns and high potential for innovation. A large number of handlooms are located in the northeastern region of India, with Assam accounting for almost half of the country. States like Andhra Pradesh, Uttar Pradesh, Odisha and Tamil Nadu also have weaving centres. India exports handloom products to more than 20 countries in the world. Some of the top importers are the US, the UK, Spain, Australia, Italy, Gennany, France, South Africa, Netherlands, etc. The US is the biggest importer of handloom products from India, consistently the top importer for the past 8 years. During 2020-21, the country imported handloom products worth ₹613.78 crore (US 83 million Dollar). The exports to the UK, which was the second largest importer of handloom from India during 2020-21 increased by 9.7% to ₹140.2 crore (US 19 million Dollar) from ₹123.13 crore (US 17.3 million Dollar) during 2019.20. |
Questions:
- Name the states in which handloom centres are located numerously.
- Name the countries/continents to which India exports handloom products.
- Write in brief about India's handloom export trade with the US.
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Explain the classification of public expenditure.
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Identify and explain the concept from the given illustration:
India sold wheat to Malaysia.
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Study the following table and answer the questions:
| Price of Ice Cream (₹) | Quantity Supplied | Market Supply | ||
| Seller A | Seller B | Seller C | (A + B + C) | |
| 50 | 0 | 2 | 5 | 7 |
| 100 | 1 | `square` | 10 | 15 |
| 150 | `square` | 6 | 15 | 23 |
| 200 | 3 | 8 | 20 | `square` |
| 250 | 4 | 10 | `square` | 39 |
Questions:
- Complete the above table.
- State whether the following statements are True or False.
(a) Market supply has a direct relation to price.
(b) As the price rises from ₹50 to ₹250, market supply rises from 7 to 39. This indicates an increase in supply.
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Study the following diagram and answer the questions:
Questions:
- In which direction does the demand curve slope?
- What is the reason for the fall in demand of rice from Q0 to Q1?
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Explain the law of demand with its assumptions.
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State and explain the ‘law of demand’ with its exceptions.
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When does ‘increase’ in demand take place?
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During depression _____________ budget is preferable. (balanced/surplus deficit/zero)
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Distinguish between the following
Revenue budget and Capital budget.
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Explain the types of a government budget.
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Fill in the blank using proper alternative given in the bracket:
Market demand is a total demand of...............buyers.
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Define or explain the following concept.
Market Demand .
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Explain with reason whether you ‘agree’ or ‘disagree’ with the following statement:
The law of 'diminishing marginal utility' is important in the practice?
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Match the following:
| Group ‘A’ | Group ‘B’ | ||
| a) | Marginal utility | 1) | Price Discrimination |
| b) | Medicines | 2) | Legal tender money |
| c) | Monopoly | 3) | Government bank |
| d) | Currency Notes | 4) | Utility from last unit. |
| e) | Central Bank | 5) | Inelastic demand |
| 6) | Commercial bank | ||
| 7) | Utility of all units | ||
| 8) | Elastic demand |
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