Introduction to Micro and Macro Economics — Economics STD 12 Commerce / Arts — Question

Public finance is……………..
(a) one of the old branches of economics, which highlights the role of government
(b) a study of the principles of income and expenditure of the government
(c) also a part of the study of political science
(d) less elastic in supply

a) National Income Committee — 1949
b) Financial year 1’ April to 31st March
c) Income method — National Income = Rent + Wages + Interest + Profit + Mixed income + Net Income from abroad
d) Expenditure method – National Income = Rent + Wages + Interest + Profit

Exceptions to the law of Demand.
(a) Inferior goods
(b) Jewellery
(c) Habitual goods
(d) Price of substitute goods

Index Numbers are used –
(a) to determine production
(b) to determine the level of employment
(c) to revise dearness allowance
(d) to revise cost of living

Direct demand.
(a) Vegetable
(b) Milk
(c) Land
(d) Cloth

Exceptions to the law of supply are

The members of National Income Committee in 1949 were —

Concepts studied under Micro economics.
a) National income
b) General price level
c) Factor pricing
d) Product pricing

Theory of Economic Welfare.
(a) Efficiency in production
(b) Efficiency in consumption
(c) Overall economic efficiency
(d) Efficiency in social activities

Enactment of the Co-operative Credit Societies Act .