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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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Study the following passage and answer the questions:
| After agriculture, the handloom is the second largest income-generating activity in India. The industry has negligible power usage, low environmental concerns and high potential for innovation. A large number of handlooms are located in the northeastern region of India, with Assam accounting for almost half of the country. States like Andhra Pradesh, Uttar Pradesh, Odisha and Tamil Nadu also have weaving centres. India exports handloom products to more than 20 countries in the world. Some of the top importers are the US, the UK, Spain, Australia, Italy, Gennany, France, South Africa, Netherlands, etc. The US is the biggest importer of handloom products from India, consistently the top importer for the past 8 years. During 2020-21, the country imported handloom products worth ₹613.78 crore (US 83 million Dollar). The exports to the UK, which was the second largest importer of handloom from India during 2020-21 increased by 9.7% to ₹140.2 crore (US 19 million Dollar) from ₹123.13 crore (US 17.3 million Dollar) during 2019.20. |
Questions:
- Name the states in which handloom centres are located numerously.
- Name the countries/continents to which India exports handloom products.
- Write in brief about India's handloom export trade with the US.
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Explain the classification of public expenditure.
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Identify and explain the concept from the given illustration:
India sold wheat to Malaysia.
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Study the following table and answer the questions:
| Price of Ice Cream (₹) | Quantity Supplied | Market Supply | ||
| Seller A | Seller B | Seller C | (A + B + C) | |
| 50 | 0 | 2 | 5 | 7 |
| 100 | 1 | `square` | 10 | 15 |
| 150 | `square` | 6 | 15 | 23 |
| 200 | 3 | 8 | 20 | `square` |
| 250 | 4 | 10 | `square` | 39 |
Questions:
- Complete the above table.
- State whether the following statements are True or False.
(a) Market supply has a direct relation to price.
(b) As the price rises from ₹50 to ₹250, market supply rises from 7 to 39. This indicates an increase in supply.
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