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

Which year is described as the “Year of Great Divide”?

How much educational cess has been imposed by the government on all Union taxes?

Elementary education takes a major share of total education expenditure in India.

The differences in literacy rates between males and females are widening.

Which level of education takes a major share of total education expenditure in India?

What was the share of education in total government expenditure in 2014?

What percent of GDP was invested in education in the year 1952?

When was Right to Education Act enacted?

What was the average youth literacy rate in 2015?

Read the following statements carefully and choose the correct alternative from the following:

Statement 1 - Demonetization was the step taken by the Government of India in order to tackle the problems of corruption, black money, terrorism, and circulation of fake currency in the Indian Economy.

Statement 2 - Demonetization has ensured improved tax compliance in India over the period of time.

Which of the following is the method of measuring National Income?

Which is the equilibrium condition of circular flow in the four sector model?

Which one is included in the four-sector model?

Which one is correct?

Which measure is included in Fiscal Measures?

Non-farm enterprises include:

The service sector includes activities such as:

What was the average rate of growth of employment during 1950-2010?

Read the given case study and answer the question.

Traditional economic theory viewed capital in physical terms only. Economists during the late 1950s based on the aggregate production function found that the standard measures of simple labour and physical capital were incapable of explaining adequately the rapid post-war growth. Speculations on what was missing were diverse. Some argued that the principal explanation lays in the lack of appropriate adjustments for improvement in the quality of physical capital and the embodiment of technical progress in that capital. Others suggested that the most important omission pertains to the organisational advance or a vaguely specified human capital. The residual of unexplained growth was at first ascribed to technology by Solow, but later, the residual was defined to include improvements in the quality of capital can the investment in human beings. Human capital is formed with improvement in skills education. Improved health and education is merit as well as a public good and is associated with a large number of externalities which are often indirect, indivisible and non-quantifiable.

Standard economic theories failed to explain the post war rapid growth due to ______.

‘As the income increases, people tend to save more’. Justify the given statement.