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Assertion (A): Under exceptional cases, demand curve has a positive slope.
Reasoning (R): In exceptional cases, consumer buys more when the price of a commodity rises and buys less when the price of commodity falls.
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Assertion (A): The supply curve of labour slopes downwards.
Reasoning (R): After a certain point of time, when wage rate rises, the supply of labour (hours of work) tends to fall.
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Distinguish Between:
Import Trade and Export Trade
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State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of diminishing marginal utility.
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State with reason whether you agree or disagree with the following statement
Marginal utility curve slopes downwards.
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State with reason whether you agree or disagree with the following statement:
The supply curve of labour is backward bending.
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State with reason whether you agree or disagree with the following statement:
There are many exceptions to the law of supply.
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Purchase of goods and services from one country and selling them to another country is ______
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State with reasons whether you agree or disagree with the following statement.
There are no exceptions to the law of diminishing marginal utility.
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Obligatory functions of the Government:
- Provision of employment
- Maintaining internal law and order
- Welfare measures
- Exporting goods and service
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Give an economic term:
Purchase of goods from one country and selling them to another country.
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Give an economic term:
Expenditure incurred on various government departments.
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Identify and explain the concept from the given illustration:
Mahesh supplied (sold) more fruits at a comparatively low price due to the perishable nature of fruits.
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Study the following passage and answer the following questions:
| Entrepot trade is a trade in which goods are imported from a foreign country for re-exporting to another country at a higher price. It simply means buying goods from one nation and selling them to another nation to earn profits. Entrepot trade is free from import duties charges. Goods imported in entrepot trade are kept and stored in bonded warehouses till the time they are re-exported to different countries. The goods which are imported are processed and re-packed for re-exporting them. |
Questions:
- Write the meaning of entrepot trade in your own words.
- Write any two features of entrepot trade.
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Explain why the demand curve slopes downwards.
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- Assertion (A): The demand curve slopes downwards.
- Reasoning (R): A fall in the price of goods increases the real income of the consumer enabling him/her to buy more.
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- Assertion (A): Perishable goods are the exception to the Law of Supply.
- Reasoning (R): Perishable goods are sold in greater quantities only at higher prices.
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Complete the correlation:
Administrative cost : Revenue expenditure : : Huge investments : ______.
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Give an economic term:
A bank that acts as a custodian of foreign exchange reserves.
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State with reasons whether you agree or disagree with the following statement:
The Reserve Bank of India performs various functions.
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