Determination of Income and Employment — Economics STD 12 Humanities & Commerce — Question

A country's balance of trade is ₹ (-) 60 crores and value of import of goods is ₹ 100 crores. Find out the value of export of goods.

Will the following items be included or not in National Income of India? Give reason for your answer.

Money received from sale of second hand goods.

OR

Money received by government from sale of a public sector firm to a private owner.

OR

Sale and Purchase of Second hand goods.

What are revenue receipts in a government budget?

What does the upward sloping supply curve indicate?

Define marginal propensity to save?

Income effect states that as price of a good falls, demand rises because there is rise in:

1. Money income.
2. Real income.
3. Relative price of other goods.
4. Marginal utility.

Give the meaning of market demand.

OR

What is market demand?

If a farmer grows rice and wheat, how will a decrease in the price of wheat affect the supply curve of rice?

What is the shape of AP and MP?

Define money.