Advertisements
Advertisements
Question
Explain the meaning of ‘Budget set’.
Advertisements
Solution
A budget set refers to attainable bundles of a set of two goods, given the prices of goods
and the income of the consumer.
An equation of the budget set is P1X1 + P2X2 < M.
where
X1 = Quantity of Good-1
X2 = Quantity of Good-2
P1 = Price of Good-1
P2 = Price of Good-2
APPEARS IN
RELATED QUESTIONS
During the period of inflation surplus budget is advisable.
Explain the major components of government budget.
Define the following concept:
Budget
Fill in the blank with proper alternatives given in the bracket:
Budget is the _________________ of the revenue and expenditure of the coming year.
Give reason or explain the following statement:
A dieficit budget nay prove useful during the period of depression.
Fill in the blank using proper alternatives given in the bracket:
During depression .............. budget is preferable.
Distinguish between:
Deficit budget and balanced budget
Define "Trade surplus" and "Trade Deficit".
Identify the right group of pairs from the given options.
| Column I | Column II |
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
identify the right group of pairs from the given options.
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
A Surplus Budget is one in which:
A Deficit Budget is one in which:
A Surplus Budget is used during inflation primarily to:
The classification of budgets into Union Budget and State Budget is based on:
The Plan Budget vs. Non-Plan Budget classification is based on:
Why is a Surplus Budget NOT suitable during a recession?
What is the effect of a Deficit Budget on aggregate demand?
