Commerce (English Medium) Class 12 - CBSE Question Bank Solutions

State the meanings of the following:

Operating Surplus

“In order to protect domestic industries, India followed the regime of restrictions on imports.”

Briefly outline and discuss such steps taken by the government to promote import substitution policy.

Define cost.

Give two examples of fixed costs.

Define fixed cost. Give an example.

What is the behaviour of (a) Average Fixed Cost and (b) Average Variable Cost as more and more units of a good are produced?

Define price floor. Explain the implications of price floor.

Can there be some fixed cost in the long run? If not, why?

Who is a worker?

Define worker-population ratio.

Are the following workers — a beggar, a thief, a smuggler, a gambler? Why? 

Raj is going to school. When he is not in school, you will find him working in his farm. Can you consider him as a worker? Why?

Meena is a housewife. Besides taking care of household chores, she works in the cloth shop which is owned and operated by her husband. Can she be considered as a worker? Why?

Answer the following question.
In the given diagram, OP is the market-determined price, and OP₁ is the price fixed by the government.

Answer the following question.
Define Price Floor. State the likely consequence of this type of intervention by the government.

The sum of the value of all final goods and services produced within the domestic territory of a country in a year is:

Those activities which contribute to GNP are called:

Workers enjoy job security in:

Out of these which of the following is a worker?

Compare and analyze the ‘Women Worker Population Ratio’ in Rural and Urban areas based on following information: