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Question Bank Solutions for ISC (Arts) Class 12 - CISCE - Economics

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Economics
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GNP(fc) = GNP(mp) - ______.

[6.02] Concepts and Definition
Chapter: [6.02] Concepts and Definition
Concept: Aggregates Related to National Income - Gross National Product (GNP)

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

[0.012] Elasticity of Demand
Chapter: [0.012] Elasticity of Demand
Concept: Elasticity of Demand

Answer the following question.
What is meant by production function?

[0.015] Concept of Production and Production Function
Chapter: [0.015] Concept of Production and Production Function
Concept: Production Function

Answer the following question.
Explain discounting bills of exchange as one of the functions of the banks.

[0.032] Banks
Chapter: [0.032] Banks
Concept: Function of Commercial Banks

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

[0.011000000000000001] Demand
Chapter: [0.011000000000000001] Demand
Concept: Demand

Answer the following question.
Draw diagrams to show the elasticity of demand when it is:
(i) Greater than one
(ii) Less than one
(iii) Unity

[0.012] Elasticity of Demand
Chapter: [0.012] Elasticity of Demand
Concept: Elasticity of Demand

Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a fall in the price of substitute goods.

[0.013999999999999999] Market Mechanism
Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Answer the following question.
Discuss the various components of the current account of the balance of payment.

[4.01] Balance of Payment
Chapter: [4.01] Balance of Payment
Concept: Concept of Balance of Payments Account

Answer the following question.
With the help of a diagram, show the circular flow of income in a two-sector model with Savings and Investment.

[6.01] Circular Flow of Income.
Chapter: [6.01] Circular Flow of Income.
Concept: Circular Flow of Income (Two Sector Model)

Answer the following question.
Show with the help of diagrams, the effect on equilibrium price and quantity when:
There is a rise in the prices of inputs.

[0.013999999999999999] Market Mechanism
Chapter: [0.013999999999999999] Market Mechanism
Concept: Market Equilibrium

Medium of exchange and measure of value is ______.

[0.031] Money
Chapter: [0.031] Money
Concept: Function of Money - Primary Function

Briefly explain two reasons for the adverse Balance of Payments in any economy.

[4.01] Balance of Payment
Chapter: [4.01] Balance of Payment
Concept: Concept of Balance of Payments Account

Draw a well labelled diagram of two sector model of a circular flow of income including the financial sector.

[6.01] Circular Flow of Income.
Chapter: [6.01] Circular Flow of Income.
Concept: Circular Flow of Income (Two Sector Model)

Answer the following question.
How can gross domestic product at factor cost be obtained from the gross national product at market price?

[6.02] Concepts and Definition
Chapter: [6.02] Concepts and Definition
Concept: Gross and Net Domestic Product (GDP and NDP)

Answer the following question.
Show with the help of a diagram, how a perfectly competitive firm earns normal profit in short-run equilibrium.

[0.017] Main Market Forms
Chapter: [0.017] Main Market Forms
Concept: Features of Perfect Competition

Answer the following question. 
Explain any two secondary functions of money.

[0.031] Money
Chapter: [0.031] Money
Concept: Function of Money - Secondary Functions

Explain the steps involved in calculating the National income by Income method.

[6.03] Methods of Measuring National Income
Chapter: [6.03] Methods of Measuring National Income
Concept: Methods of Measurement of National Income > Income Method

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

[0.02] Theory of Income and Employment
Chapter: [0.02] Theory of Income and Employment
Concept: Demand

Answer the following question.
From the follow ing data, calculate GNPMP and NNPFC by Expenditure Method.

(i) Mixed-income of self-employed 450 crores
(ii) Compensation of employees 550 crores
(iii) Private final consumption expenditure 1000 crores
(iv) Net factor income from abroad -20 crores
(v) Net indirect taxes 150 crores
(vi) Consumption of fixed capital 170 crores
(vii) Net domestic capital formation 380 crores
(viii) Net exports -30 crores
(ix) Profits 400 crores
(x) Rent 150 crores
(xi) Interest 200 crores
(xii) Government final consumption expenditure 550 crores
[6.03] Methods of Measuring National Income
Chapter: [6.03] Methods of Measuring National Income
Concept: Methods of Measurement of National Income > Expenditure Method

How is the rate of exchange determined in a flexible exchange rate system?

[4.01] Balance of Payment
Chapter: [4.01] Balance of Payment
Concept: Concept of Foreign Exchange Rate
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