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

Read the following figure carefully and choose the correct pair from the alternatives given below:

_________ committee was set up for the development and promotion of small scale industries in India.

First Industrial Policy Resolution of Independent India was announced in the year ______.

Distinguish between Factor Cost and Market Price.

“Organic Farming is the need of the hour to promote sustainable development but, has its own limitations.”

Elaborate any two advantages and limitations each of organic farming in the light of the above statement.

State the meaning of organic farming. Discuss how does it help in promoting sustainable development.

What is maximum price ceiling? Explain its implications.

What is minimum price ceiling? Explain its implications.

What is meant by price ceiling? Explain its implications.

When is a firm called ‘price-taker’?

Define budget deficit and trade deficit. The excess of private investment over saving of a country in a particular year was Rs 2,000 crores. The amount of budget deficit was (−) Rs 1,500 crores. What was the volume of trade deficit of the country?

Can you think of any commodity on which price ceiling is imposed in India? What may be the consequence of price-ceiling?

Answer the following question.
Explain the meaning and implications of the maximum price ceiling and minimum price ceiling.

Which of the following is the main objective of carrying out various economic activities?

Assertion (A): Public goods are those goods and services that are collectively consumed by the public.

Reason (R): Public goods are excludable and rivalrous in nature.

An example of factor payments is:

Calculation of National Income at Market Prices is known as ____________.

Which one is a component of profit?

Distinguish between positive externalities and negative externalities.

Giving valid reasons explain which of the following will not be included in estimation of National Income of India?

1. Purchase of shares of X. Ltd. by an investor in the National Stock Exchange.
2. Salaries paid by the French Embassy, New Delhi to the local workers of the  housekeeping department.
3. Compensation paid by the Government of India to the victims of floods.