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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
Distinguish between revenue expenditure and capital expenditure in Government budget. Give an example of each.
Concept: Classification of Expenditure
What is minimum price ceiling? Explain its implications.
Concept: Price Ceiling
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
Explain the 'medium of exchange' function of money. How has it solved the related problem created by barter?
Concept: Functions of Money
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
Why is Production Possibilities Curve concave? Explain
Concept: Basics of Production Theory
