HSC Commerce (English Medium) १२ वीं कक्षा - Maharashtra State Board Question Bank Solutions for Economics

Statements related to weighted index number:

1. Suitable weights are assigned to various commodities.
2. It gives relative importance to the commodity in the group.
3. In most cases, quantities are used as weights.
4. Laaspeyre’s Price index and Paasche’s Price Index are methods of constructing weighted index number.

Choose the correct option.

Precautions to be taken while estimating national income by output method:

1. Only value of final goods and services must be taken in to account.
2. Indirect taxes included in the market prices are to be deducted.
3. Subsidies given by the government on certain products must be added.
4. Sale and purchase of second hand goods should be considered.

Features of composition of India’s foreign trade:

1. Increasing share in Gross National Income
2. Increase in volume and value of trade
3. Division of labour and specialization
4. Stability in price level

Give economic term.

Net market value of all final goods and services produced within the territorial boundaries of a country during a period of one year –

Give an economic term:

Wear and tear of capital assets due to their use in the process of production.

Find the odd word

Steps involved in the construction of index number -

Find the odd word

Practical difficulties in measuring national income -

Find the odd word

Development of New Port -

Assertion (A): Under exceptional cases, demand curve has a positive slope.

Reasoning (R): In exceptional cases, consumer buys more when the price of a commodity rises and buys less when the price of commodity falls.

Assertion (A): Generally, arithmetic mean is used in the construction of index numbers.

Reasoning (R): Arithmetic mean is simple to compute compared to other averages.

Assertion and Reasoning type question.

Assertion (A): Transfer payments are included in national income.

Reasoning (R): Transfer payments such as pension, unemployment allowance etc. are a part of government expenditure.

Identify & explain the concept from the given illustration.

Sarla, a retired school teacher receives a monthly pension of ₹ 20,000/- from the Government.

Distinguish Between

Gross Domestic Product and Net Domestic Product

State with reason whether you agree or disagree with the following statement:

Any year can be selected as the base year

State with reason whether you agree or disagree with the following statement:

Transfer payments are included in national income.

Study the following table, figure, passage and answer the question given below it.

1. Complete the above table (1m)
2. Construct Price Index number from the above data (3m)

Answer in detail:

Explain in detail the output method of measuring national income

Give an economic term:

The gross market value of all final goods and services produced within the domestic territory of a country during a period of a year.

State with reasons whether you agree or disagree with the following statement.

Price under perfect competition is decided by the interaction between demand and supply.

Study the following table and answer the questions given below it.

1. Calculate GDP (Gross Domestic Product) on the basis of the above table.
2. Calculate NDP (Net Domestic Product) on the basis of the above table.