ISC (Arts) Class 12 - CISCE Question Bank Solutions

Give two differences between intended supply and actual supply.

Prices of air conditioners and refrigerators have shot up in the new year as consumer durables makers pass on the impact of rising raw material costs and higher freight charges to customers, while home appliances like washing machines may witness a 5–10 per cent price hike later this month or by March.

(Source: The Economic Times)

Explain the behaviour of supply of this consumer durable. Illustrate the same in a diagram.

Medium of exchange and measure of value is ______.

Explain the law of variable proportions with the help of a diagram.

Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?

When the Marginal Product turns negative, Total Product will ______.

Why is the AVC curve U-shaped?

At the point of inflexion, ______ is maximum.

With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.

Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.

What are Average product?

What is marginal product?

With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.

Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.

Explain the concept of deficient demand with the help of aggregate demand and aggregate supply curves. Discuss one physical and one monetary measure to correct it.

How is it determined by using Saving and Investment approach?

Why is effective demand also known as expost demand?

With reference to Simple Keynesian model, give the meaning of ex-ante demand.

If aggregate demand exceeds aggregate supply in a situation of full employment, what will be its impact on the economy?

With the help of a diagram, determine the equilibrium level of output and income by using Aggregate demand and aggregate supply approach.