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State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
Concept: Law of Variable Proportions
Answer the following question.
Explain the central problem for whom to produce.
Concept: Central Problems of an Economy
What is maximum price ceiling? Explain its implications.
Concept: Price Ceiling
Define fiscal deficit.
Concept: Measures of Government Deficit
Define externalities. Give an example of negative externality. What is its impact on welfare?
Concept: GDP and Welfare
Explain the ‘unit of accounts’ function of money. How has it solved the related problem created by barter?
Concept: Functions of Money
Define fixed cost. Give an example.
Concept: Cost - Fixed Cost
Explain 'Revenue Deficit in a Government budget? What does it indicate?
Concept: Measures of Government Deficit
Explain the significance of 'medium of exchange' function of money
Concept: Functions of Money
What is minimum price ceiling? Explain its implications.
Concept: Price Ceiling
Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.
Concept: Classification of Expenditure
Highlight the salient features of India’s pre independence occupational structure.
Concept: Occupational Structure
Define production function.
Concept: Production Function
Answer the following question.
Explain how the government can use the budgetary policy in reducing inequalities in incomes.
Concept: Objectives of Government Budget
Why do central problems of an economy arise?
Concept: Central Problems of an Economy
Sale of petrol and diesel cars is rising particularly in big cities. Analyse its impact on gross domestic product and welfare.
Concept: GDP and Welfare
Draw Average Variable Cost, Average Total Cost ad Marginal Cost curves in a single diagram.
Concept: Relationship Between Average Variable Cost and Average Total Cost and Marginal Cost
Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?
Concept: Functions of Money
Why is Production Possibilities Curve concave? Explain
Concept: Basics of Production Theory
