Theory of Supply — Economics STD 10 — Question

Define public finance. In what way does public finance differ from private finance?

A list of goods is given below. For each of these, state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
(a) demand for school uniform
(b) demand for refrigerators
(c) demand for electricity
(d) demand for cigar by a chain smoker
(e) demand for diesel and petrol
(f) demand for personal computers
(g) demand for precious stones and costly jewellery
(h) Salt

Discuss the nature of public finance. Is it a positive science or a normative science?

Enumerate various difficulties faced under the barter system of exchange.

Explain the following functions of a central bank:
(a) Banker to the Government
(b) Banker to the Banks

Define human capital. Discuss any four important causes of low efficiency of Indian labour.

(a) What is the meaning of creeping inflation?
(b) Explain any three causes of demand-pull inflation.

Define a perfect market. Explain any four features of perfect competition.###Under which type of a market are producers price takers"? Explain its three characteristics.###What is perfect competition? Describe any three characteristics of perfect competition.

Define public expenditure. Explain two ways by which it promotes economic development. ### How has public expenditure become an important. tool for economic development in recent times?

Draw a demand curve with the help of a hypothetical individual demand schedule.