Arts (English Medium) Class 12 - CBSE Question Bank Solutions for Economics

X and Y are complementary goods. The price of Y falls. Explain the chain of effects of this change in the market of X.

Explain the chain of an effect of excess demand of a good on it equilibrium price.

Explain the meaning of excess demand and excess supply with the help of a schedule. Explain their effect on equilibrium price.

Equilibrium price of an essential medicine is too high. Explain what possible steps can be taken to bring down the equilibrium price but only through the market forces. Also explain the series of changes that will occur in the market.

From the data given below about an economy, calculate (a) investment expenditure and (b) consumption expenditure.

Suppose the price at which the equilibrium is attained in exercise 5 is above the minimum average cost of the firms constituting the market. Now if we allow for free entry and exit of firms, how will the market price adjust to it?

At what level of price do the firms in a perfectly competitive market supply when free entry and exit is allowed in the market? How is the equilibrium quantity determined in such a market?

If the price of a substitute Y of good X increases, what impact does it have on the equilibrium price and quantity of good X?

What are high yielding variety (HYV) seeds?

What is marketable surplus?

Explain the need for land reforms implemented in the agriculture sector.  

Why was green revolution implemented? Explain in brief.

Explain the statement that green revolution enabled the government to procure sufficient food grains to build its stocks that could be used during times of shortage.

While subsidies encourage farmers to use new technology, they are a huge burden on government finances. Discuss the usefulness of subsidies in the light of this fact.

Why, despite the implementation of green revolution, 65 per cent of our population continued to be engaged in the agriculture sector till 1990?

What do you mean by agricultural marketing?

Distinguish between ‘Green Revolution’ and ‘Golden Revolution’.

Explain the role of non-farm employment in promoting rural diversification.

Bring out the importance of animal husbandry, fisheries and horticulture as a source of diversification.